Working with Quicken Loans?

[Anonymous]

I was just wondering if anyone had any experience with Quicken Loans? Is it a scam, worked out in the end, any fee's that come up that I should know about? My husbands mid score is up from 525 to 558 in one month and Quicken Loans is offering to pre-approve us for a $140k loan, 30 year fixed rate at 5.5%...Thanks for any and all advice!!!

[WannaHouse]

I believe a member "wonderin" just closed with a quicken loan.

I am guessing all went well since they got their house.

[WannaHouse]

If you go to the top of the page, there is a search box. Search for Quicken, and you will get alot of previous threads for the good and the bad.

[Anonymous]

Well we got pre-approved with Quicken Loans with a contingency...right now our DTI is at 38% and they want it at 35% or below which is no problem for us... Do you think I should stick with Quicken Loans and not get offers from anyone else, or keep an eye out? I'm just afraid of having our credit ran too many times and then our credit score goes down after doing all this work to bring it up..( which thanks to FICO forum, it went from 525 to 558 in a month)....

[Anonymous]

---

@Anonymous wrote:
Do you think I should stick with Quicken Loans and not get offers from anyone else, or keep an eye out? I'm just afraid of having our credit ran too many times and then our credit score goes down after doing all this work to bring it up..( which thanks to FICO forum, it went from 525 to 558 in a month)....

---

If all the mortgage credit pulls are within a 14 day window they will only hurt your credit score as if they were one.  That is, you already took the hit so you can try others without doing more damage.  You might want to see if anyone you know can refer you to someone.  It sounds like it's kind of hit or miss when you apply somewhere randomly.  You might have experienced, helpful people working on your loan or you might end up with a newbie or someone that doesn't do a great job.  If you get a referral you can avoid that.  I got my pre-approval from my credit union but if I ever find a house I plan to also apply at my agen'ts preferred broker and with the loan officer my friend used. Also, if you have more than one option you can compare fees and perhaps negotiate.  I think Wonderin pitted Countrywide and Quicken against each other and they were willing to lower rates and fees to be competitive.  Anyway, food for thought..

[DallasLoanGuy]

---

@Anonymous wrote:
I was just wondering if anyone had any experience with Quicken Loans? Is it a scam, worked out in the end, any fee's that come up that I should know about? My husbands mid score is up from 525 to 558 in one month and Quicken Loans is offering to pre-approve us for a $140k loan, 30 year fixed rate at 5.5%...Thanks for any and all advice!!!

---

lock it right now and demand a rate lock confirmation.

 that deal does not exist

 

[Anonymous]

---

@DallasLoanGuy wrote:

---

@Anonymous wrote:
I was just wondering if anyone had any experience with Quicken Loans? Is it a scam, worked out in the end, any fee's that come up that I should know about? My husbands mid score is up from 525 to 558 in one month and Quicken Loans is offering to pre-approve us for a $140k loan, 30 year fixed rate at 5.5%...Thanks for any and all advice!!!

---

lock it right now and demand a rate lock confirmation.

 that deal does not exist

 

---

That's what I was thinking. I got offered 5.5% today with a 760 score.

OP, good luck!

[Anonymous]

---

@WannaHouse wrote:

I believe a member "wonderin" just closed with a quicken loan.

I am guessing all went well since they got their house.

---

We *almost* did, but in the end, just for "convenience" and because DH was too timid about using a lender that wasn't "famous" (even if for the wrong thing), we ended up with CountryWide.

They didn't *seem* to be shady -- the guy we spoke to was nice and professional -- though he *did* like to gloss over things. For one, we could never tell how far we were in the process and everything was always "great" (meaning, VERY ambiguous). We just continually had an "uh-oh" feeling. So if you WANT to go with them, I'd just make sure to ask lots 'n' lots of questions.

(FTR, the LO we spoke to seemed almost ... desperate ... to assure us that Quicken was indeed a "major player" in the mortgage game)

Though, as Rmily said, we did pit Quicken and CountryWide against each other and got a great deal out of it. If I were you, I'd definitely seek quotes from several lenders, just to be on the safe side.

Best of luck!!!

Message Edited by Wonderin on 01-29-2009 04:05 PM

[Anonymous]

Thanks for the information. One other question, when we look at other lenders do we submit all our paperwork again to each and every lender that we consider or how does it work?

[fishbjc]

Quicken loans funded like 19 Billion $$$ last year in home loans. 

Personally, I don't like the *shady salesman* type of L.O.  I don't care for BS and I don't like gloss.  I want a straight shooter.  Keep it quick, Keep it professional and get the paperwork done on time.

If you'll search Quicken Loans on the WWW....you'll get a lot of info.  Ask around.

I'm with Chase now, they've been good to me.