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Advice Needed - Quicken Loans?

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ayuaxl1
Member

Advice Needed - Quicken Loans?

Yesterday I was quoted 4.375% for 1st time homebuyer 3% conventional loan, mortgage mid score of 683. This was from a credit union and loan officer suggested this loan over FHA, stating the PMI on FHA was coming in much higher than the 3% conventional. She said this would not be an in house loan but one offered through investor Quicken Loans which I don't really know anything about so not sure if this is a good way to go. Also after researching further I have not seen the best reviews on Quicken. She also said if I paid down debt (currently at 67% utilization) to increase score I could get a better rate. Does anyone know about this type of loan and Quicken? The maximum I would have to put as down payment would be $10,000. Also I bank with Wells Fargo but would rather not go with them for a loan. Can anyone recommend any credit unions or mortgage companies to go with that are good and trustworthy. I am in Charlotte, NC area. You can PM me if you like. Any help would be greatly appreciated!
Message 1 of 4
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StartingOver10
Moderator Emerita

Re: Advice Needed - Quicken Loans?


@ayuaxl1 wrote:
Yesterday I was quoted 4.375% for 1st time homebuyer 3% conventional loan, mortgage mid score of 683. This was from a credit union and loan officer suggested this loan over FHA, stating the PMI on FHA was coming in much higher than the 3% conventional. She said this would not be an in house loan but one offered through investor Quicken Loans which I don't really know anything about so not sure if this is a good way to go. Also after researching further I have not seen the best reviews on Quicken. She also said if I paid down debt (currently at 67% utilization) to increase score I could get a better rate. Does anyone know about this type of loan and Quicken? The maximum I would have to put as down payment would be $10,000. Also I bank with Wells Fargo but would rather not go with them for a loan. Can anyone recommend any credit unions or mortgage companies to go with that are good and trustworthy. I am in Charlotte, NC area. You can PM me if you like. Any help would be greatly appreciated!

^^^Wow.  This LO that you spoke to doesn't sound knowledgeable at all.  That 3% down payment conventional loan program is available all over the place and both the mortgage insurance and closing costs are substantially higher than FHA's closing costs and mortgage insurance. In fact, with the 3% conventional program, the interest rate is higher than FHA's rate too.  

 

I have not seen that Quicken Loans is an investor except through direct origination of their own loans.

 

Also, you are right, applying for a mortgage through Wells Fargo would not be the solution. 

I will pm you a couple of good lenders in a few minutes but a very good resource is your Realtor and friends and family that have had a good experience financing their home's. Your Realtor will have a short list of very good lenders in your area.  My suggestion is to stay away from big box banks (mostly). Definitely stay away from that credit union that gave you the mixed up advice.  

 

Whichever lender you choose, have the LO compare the two programs so you can see the difference in funds, interest rate and mortgage insurance. If you want to go conventional, then putting down 5% rather than 3% will give you a much, much better monthly payment and have fewer closing costs. The LO can provide specifics to you based on a property you are interested in purchasing. 

Message 2 of 4
ayuaxl1
Member

Re: Advice Needed - Quicken Loans?

Thank you for the advice! I felt like there was something not quite right with the info she was giving me. I do plan to ask my realtor too which I am also searching for one right now. Also will ask any family/friends I know.
Message 3 of 4
Anonymous
Not applicable

Re: Advice Needed - Quicken Loans?

Yea- your realtor will be a great source for who the best loan originators are. They know who closes their loans on time, who causes delays, and who gives good customer service. If you ask about a place to get a loan, and your realtor cringes, it's a bad sign....

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