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This is good information, I was considering using them... glad I read this review
Sorry you had a bad experience with them. I think like most businesses, they have "good eggs" and "bad eggs" working there. I'm closing in a few days on a house, and I used Quicken/Rocket, and have been extremely happy. My mortgage banker was communicative, great about explaining things to a first-time homebuyer, and not pushy at all. I found the all-online process to be painless, and they turned around a fully underwritten preapproval in <24 hours. (By contrast, NFCU took over a week, and was way more expensive) When you're in escrow, they have you work with a 2nd person (banker is the numbers person, 2nd person is the documents person), and then finally the "closing team". It seemed odd to get passed around, but they were very good about keeping in contact throughout everything.
My agent did say that Quicken used to have a not-so-great reputation here, but she's worked with them a few times recently and has had good experiences, so maybe they're turning things around. I certainly wouldn't hesitate to recommend them to people after my experience.
I can't tell you how many people call me with stories like that. I don't collect any fees upfront (excluding an appraisal fee once under contract on a purchase). I feel bad for folks, but I get lots of calls from people who got beat up by one of these internet lenders. Best wishes to you!
Be careful of PenFed. Their initial pre-qual is quick, but their mortgage lending and underwriting staff is unbearably slow.
I went with a local lender and had so much trouble that eventually after the run around for 5 months I tried Quicken Loans. I have been extremely pleased with them. Granted there was a small hickup with the closing and seller consessions but it is working out. I still keep in close contact with my beginning LO and she has been very helpful with getting information to me even though my loan is now with the closing team. Now if the government would speed up I will be able to close on the house soon. Been waiting now for almost two weeks for the government to get me the committment document. One thing about Quicken is that unless you keep on top of things you won't notice if the loan has stalled. I noticed mine had stalled and assumed it was due to my insurance premium and instead it was due to the deductible. If I hadn't kept on top of this my loan would have probably been denied at underwriter.
@JVille wrote:
Just stay away from the Internet Lenders! I can never understand why anyone would think it’s a good idea. Local lender is the best source.
BYW that $500 Fee would eventually have been used toward the Appraisal Fee. When you make a formal application you will pay a Application Fee/Appraisal. This is normal.
No offense Jville but this is an outdated concept. Do you know how many loans I "save" every month from a "local lender" all across the country? Try 3-5. I have real estate agents not only outside of my local market but also outside of my state refer their buyers to me.
The location of your lender does not matter, it's the competency of the Loan Officer & their team that will make or break your transaction.