05-24-2012 10:22 PM
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
Just seeing if any here on the board has delt with Quicken loans, How strong do you think this document is?
05-25-2012 04:27 AM
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.
05-25-2012 09:39 AM
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
05-25-2012 10:13 AM
05-25-2012 10:43 AM
My family has had nothing but good experiences with Wells Fargo on the mortgage side.
05-25-2012 11:01 AM - edited 05-25-2012 11:02 AM
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.
06-01-2012 09:41 AM
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.
06-01-2012 10:08 AM
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.
06-01-2012 02:00 PM
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.