Rocket Mortgage / Quicken Loans Refi Experience

[Anonymous]

Hi All,

My wife and I just applied last night to refi our primary residence with Rocket Mortgage.  We provided all documentation requested during the day and got an approval about an hour ago.  The experience so far has been great, they are super responsive and seem to want the business, but I see some negative comments about experience with them here in the forums.  They have an excellent rating on Nerd Wallet and have a ton of J.D. Power awards.

We are in Illinois, we are refinancing to lower our payment, and not taking any cash out.  When we purchased, we kept our condo as investment property and resulted in a slightly higher interest rate on the new house because of the lender risk.  Now we have over 2 years of solid rental history on the investment property, so we figured we'd see about lowering our rate.  We were able to get approved at 4.17% with no money at closing.  They pulled Equifax, which are 754 (myself) and 760 (wife) and there aren't any skeletons in our closet.

Should we expect any shenangians from QL when closing time comes?

Thanks in advance!

[kc0039]

20 year fixed or 30 year fixed? 4.17% APR on a 30 year is great if your loan amount is $200,000 or less. Refinancing with them is fine because you already have the house, but it's the purchases that we worry about. The purchase involves buyers, sellers, 2 attorneys, a title company, and the lender. Sometimes Quicken will drop the loan at the end because it does not work anymore. There shouldn't be any shenanigans, but you should look into getting a quote from local lenders by giving them a copy of the loan estimate and see if they can do BETTER. Not  match it, but BETTER

[Anonymous]

Thanks for the response, the loan was for a 30 year fixed, at 4.17 percent on a $192,000 loan amount.  Straight refi to lower rate, no cash out.

Things were moving smoothly until a massive lack of communication on their part started to happen.  The biggest thing was that we were using our own title company (my brother's) and I made it explicitly clear from the start, and had confirmation back by email and through their message board from the loan officer that the title order would be sent to my brother's firm.

All of the sudden I get an email that the title had been ordered from Title Source, which is the firm they use for all of their title, without our permission.  I reached out to the original lender that we purchased with a couple years ago and gave him an opportunity to quote us.  We were able to get locked in at 4.0% on a 30yr fixed with Movement Mortgage (who was the original lender when we purchased, before they sold the loan a year ago to RoundPoint)

Long story short...  I would never recommend Quicken Loans to anyone.