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Valued Member
matt6781
Posts: 28
Registered: ‎03-13-2011

Quicken Loans Approval?

So my wife and I applied with Quicken loans, after giving them all our perntenent info

they pulled our reports. Were choosing to go Fha because conventional just isn't an option

as of right now. But not to get off track, they gave us our two middle scores both of us in the 

675 to 685 range. About 5 hours after the initial phone call they send a PDF printable preapproval to my email, a 

letter for a Max amount of 200k on a fha 30 year fixed. The letter also consists of a expiration date of when

the preapproval expires. The only glaring thing  I saw missing was the mortgage rate and a.p.r., But I assume

that the good faith estimate will nail down the rate plus a lock period to hold it. That's the hope anyway :smileyhappy:

Just seeing if any here on the board has delt with Quicken loans, How strong do you think this document is?

 

Frequent Contributor
Hammer23
Posts: 424
Registered: ‎01-21-2012

Re: Quicken Loans Approval?

My Real Estate Agent strongly suggested we get anadditional Pre-Approval through someone other than Quicken. She stated Quicken's Pre Approvals normally where not worth much as they did not contain any sort of formal underwriting. Just a quick check of your stated income and cbr report. You already took the hit to your credit for the one pull, now any additional pulls in a short window will not hurt you for a mortgage. I would recommend giving another lender a shot as well. In my case they did a formal underwriting review, figured out I qualified for a RD loan (which is much less expensive than FHA) and got me a 3.75% fixed rate. I close on my loan in 30 days. 

 

Hope this helps. 

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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Quicken Loans Approval?

My realtor suggested that I run away from Quicken Loans and use a local bank.......Im glad I listened because it dont see how I could have closed without a local LO that I had constant contact with

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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Quicken Loans Approval?

You won't be able to nail down a rate until you have a signed purchase agreement - this means you find house, make offer, and seller accepts, and then you go "Under Contract." Once "under contract" no one else can try to buy the house unless you back out or something like that.

To other question: No to Quicken. They want too much money up front, bad service (So I've read). I would go to a mortgage BANKER as they fund the mortage, it is all in=house, your LO will know exactly what the underwiter will need for you to qualify. If you want a recommendation, you can send me a PM.

(Also stay away from Wells Fargo - nightmare stories here about them.)

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Frequent Contributor
Hammer23
Posts: 424
Registered: ‎01-21-2012

Re: Quicken Loans Approval?

My family has had nothing but good experiences with Wells Fargo on the mortgage side.

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Community Leader
Valued Contributor
StartingOver10
Posts: 2,993
Registered: ‎03-06-2010

Re: Quicken Loans Approval?

[ Edited ]

I'm a Realtor and in our area Quicken pre-approvals are not accepted without you going to someone else to have a "real" pre-approval done.  Too many deals fall through with a Quicken loan at the very last moment. You can close with any lender you choose, but you have to show you have a strong pre-approval from a local or national lender that can close. In our area, just having the pre-approval from Quicken puts you at a disadvantage when you make your offer (because of Quicken's reputation for not closing - not because of you).

 

Also, as pointed out above, you can not lock the rate until you have a contract.   

New Member
woogidyboogidy
Posts: 3
Registered: ‎05-17-2012

Re: Quicken Loans Approval?

I did thid same thing at the beginning. I made the mistake of going with quicken loans at first, but then switched to Morgatge Lenders of America. I couldn't be happier. Closed yesterday.

Established Member
emily504
Posts: 22
Registered: ‎04-24-2012

Re: Quicken Loans Approval?

Would not suggest Quicken Loan. I try to refinance and contact them just to ask question. they are not even willing to answer my question first all but instead keep asking my for my SS#. I won't give out my SS# during my initial contact plus this is through only chat on Quicken Loan web site. After this experience, i am not trusting Quicken Loan anymore not want to have anything to do with them. We have our Mortgage with wellsfargo, could not be more happy with them.

Regular Contributor
wanttomove
Posts: 181
Registered: ‎03-25-2011

Re: Quicken Loans Approval?

I closed with Quicken. At the time of getting pre-approvals we had 3. Initially we went with Chase, but they dropped the ball and at the last minute we switched to Quicken. I think their customer service is excellent. They are even open on Saturdays and even if your LO is not there someone else can access your file and give you a status update.

While I agree their preapproval doesn't hold much weight their customer service was waaaaaay better than Chase. They always answered my calls and emails, and always let me know what was going on through their website.


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