Quicken Loans????

[jonjohn]

I am nearing the end of my house purchasing prep work. I have all of my ducks in a row (for the most part). I went onto Lending Tree just to get a feel. I got a few hits on lenders and one of them was Quicken Loans. Does anyone know anything about them? I always see the commercials,but it has an "expedia" feel to me. Also, another one was RoundPoint mortgage company????? Insight?

[Lac2509]

I have heard both ways with quicken loans.  I have heard good things (people closed quickly with no issues), but I have also heard people have issues (and that they promise a lot and it costs quite a bit up front and people have a hard time closing).

I am just starting this journey too, so definitely take this with a grain of salt, but my realtor this weekend told my husband and I to stay away from dot com (.com) mortgage lenders because they are expensive and that some people don't end up closing.

That is what I have heard.  I have googled reviews on quicken loans before, and it is definitely a mixed bag.  I have heard they have great customer satisfaction results, but that some people didn't end up closing and they have up front costs of over 500 dollars.  This money they claim to put into your closing costs, but I would have a hard time paying someone up front for something that isn't guaranteed.

Just my two cents.  Hope that helps.

[jonjohn]

It definately helps.. thank you...

[prince1969]

I was near the end with Wells Fargo but I am almost at the point where I will change lenders if they don't stop with some of the foolishness and Quicken caught my eye because of the 20 & 25 year FHA loans. I thought it was only 30 or 15 for FHA. I just don't want to deal with pmi which is why I chose the 15 year FHA and the payments were not much more anyway. But my question is if the pmi is just on the 30 year FHA before the June change. I can make a sizable down payment.

[jonjohn]

June change??? What am I missing?

[jonjohn]

And, what is 703 (walmart)??? lol

[ccubedzx3]

I am in the process of using Quicken right now.  FWIW, I think their website that they use for sending/receiving documentation is outstanding.  It is very easy to upload all of your documentation and see the status of where you stand throughout the process.   I am in round 3 or 4 of underwriting, which is a bit tedious, but it is due to the fact that we started this build process 8 months ago. Because of that, they needed much more financial history than if I were to buy an exisiting home.  They have been great at communicating, almost to a fault really.  The nice thing is, you get your loan specialist who basically sets things up, then you have a client specialist that looks over your documentation.  You then have 2 points of contact throughout the madness.

I'd say I would be on the side of recommending them, rather than blasting them.  Good luck!

[prince1969]

It is the TU Fico score that Walmart lets its card holders see once a month. Can't remember the version. Maybe TU04.

[jonjohn]

Great information.. thanks all....

[foofighter74]

Unfortunately, the walmart Transunion score is TU08.  It would be great if it was TU04 though, as that's what a lot of mortgage lenders actually pull!