Hello all!
I thought I would share my experience with Quicken Loans, having just closed a week ago.
My wife and I decided to do some major remodeling on a home we owned out right with no mortgage. I kept seeing ads for quicken loans, but hadn't done much research.. one day while browsing around last month, I decided to chat online and ask a few questions.. I chatted with a knowledgable rep that answered my questions and made me feel comfortable, so I pulled the trigger and gave my info for pre-qualification. I was instantly "pre-approved" based on my info and the credit pulls. Background info: went through bankruptcy and abandoned previous home in 2009 so had to go FHA, with a 45 day lock on the rate. I am an SCorp owner and my income has increase significantly toward the end of last year; but of course we had to use the last 2 years of returns rather than current income.
The first few days everything went quickly.. I was requested to submit lots of information, which I provided within minutes of the request. Within 24 hours I had a conditional approval. Two days later my appraisal was scheduled and we finished up sending a few other requests. Our appraiser came within 7 days of initial application. Then everything went quiet for about 5 days... and that drove me crazy, going from so much information and daily contact...to almost nothingness.
Finally around day 12-14 our appraisal came in and to our delight, was much higher than we needed. Now, just to wait for our final approval and clear to close.. Around day 17, our status changed to "Solutions consultant" UGH! We had an issue with my wife's student loan because it was on IBR so the full amount of the payment would need to be utilized which would impact our DTI. We re-did the IBR with the lenders and provided updated statements within about 3 days. Back through underwriting and silence for about another 7 days. All was looking good again, then again..back to Solutions department. Now, it was that because the IBR was less then what the interest payment would be, it could not be counted and therefore they had to use the full amount of what the payment would be.
This seemed to be our last hurdle..dealing with the student loans to get our DTI where it needed to be. We didn't owe much debt aside from 2 cars, the student loans and a few installment lines. There was just enough wiggle room in DTI by adding all of the installment lines to take care of the DTI. So, finally we put them into the deal, back through underwriting..and finally on day 35 - final approval!! Closing was scheduled for day 40 and we were funded on day 45 
All in all, I would say the experience was pretty easy. I enjoyed doing most everything via chat/email/online, with minimal phone interaction. The consultants that I spoke with throughout the process were all very friendly, knowledgeable and helpful. With the exception of a few periods of not activity, the process did flow pretty smoothly. I originally thought we would close early, but in the end we closed right on time. Funds were wired into my account on the promised date.
@dazacman30 wrote:Hello all!
I thought I would share my experience with Quicken Loans, having just closed a week ago.
My wife and I decided to do some major remodeling on a home we owned out right with no mortgage. I kept seeing ads for quicken loans, but hadn't done much research.. one day while browsing around last month, I decided to chat online and ask a few questions.. I chatted with a knowledgable rep that answered my questions and made me feel comfortable, so I pulled the trigger and gave my info for pre-qualification. I was instantly "pre-approved" based on my info and the credit pulls. Background info: went through bankruptcy and abandoned previous home in 2009 so had to go FHA, with a 45 day lock on the rate. I am an SCorp owner and my income has increase significantly toward the end of last year; but of course we had to use the last 2 years of returns rather than current income.
The first few days everything went quickly.. I was requested to submit lots of information, which I provided within minutes of the request. Within 24 hours I had a conditional approval. Two days later my appraisal was scheduled and we finished up sending a few other requests. Our appraiser came within 7 days of initial application. Then everything went quiet for about 5 days... and that drove me crazy, going from so much information and daily contact...to almost nothingness.
Finally around day 12-14 our appraisal came in and to our delight, was much higher than we needed. Now, just to wait for our final approval and clear to close.. Around day 17, our status changed to "Solutions consultant" UGH! We had an issue with my wife's student loan because it was on IBR so the full amount of the payment would need to be utilized which would impact our DTI. We re-did the IBR with the lenders and provided updated statements within about 3 days. Back through underwriting and silence for about another 7 days. All was looking good again, then again..back to Solutions department. Now, it was that because the IBR was less then what the interest payment would be, it could not be counted and therefore they had to use the full amount of what the payment would be.
This seemed to be our last hurdle..dealing with the student loans to get our DTI where it needed to be. We didn't owe much debt aside from 2 cars, the student loans and a few installment lines. There was just enough wiggle room in DTI by adding all of the installment lines to take care of the DTI. So, finally we put them into the deal, back through underwriting..and finally on day 35 - final approval!! Closing was scheduled for day 40 and we were funded on day 45
All in all, I would say the experience was pretty easy. I enjoyed doing most everything via chat/email/online, with minimal phone interaction. The consultants that I spoke with throughout the process were all very friendly, knowledgeable and helpful. With the exception of a few periods of not activity, the process did flow pretty smoothly. I originally thought we would close early, but in the end we closed right on time. Funds were wired into my account on the promised date.
Congrats and thanks for writing the informative post! I'm trying to decide between quicken and my CU for home refi.
@coldmornings wrote:Glad you had a great experience with Quicken. I wish I had a single positive thing to say about them, but I cannot.
As far as scores after BK, I just signed a customer up yesterday on a car that had a bankruptcy about 2.5 years ago and she is now a 740. It can happen, but it heavily depends on chapter 7 vs chapter 13 ( I work in auto finance )
I didn't start reading all of the reviews on them til after i pulled the trigger, and it sure made me nervous for a while.. I was glad to get through with a positive experience
We did a chapter 7 discharged May 2nd 2012. Scores are 715-701-696. Was not easy but can be done.
Starting Score: EQ608 TU531 EX568