My Experience with Quicken Loans

Anonymous — Tue, 28 Mar 2017 15:43:18 GMT

I know there is a lot of negative posts about Quicken (and I'm sure people have had bad experiences), but I just wanted to share mine, as I think people are more apt to post negative experiences than positive ones. Quicken certainly isnt for everyone, and there are definitely better options if you qualify, but I didnt have many options.

About me: Married, lowest middle score around 630, DTI 30%

I was pre-approved through Quicken very easily (as most have stated, too easily). Found a house the next week (105,000 seller to pay closing costs up to 4000), put in an offer and let Quicken know. Talked to the first rep, who went through the process. Had lots of forms to send through their upload feature. Nothing out of the norm, 2 years of w2's, 2 years of Tax Returns, 2 months of bank statements, work verification, etc. Had a little hiccup as their were dispute comments (3 for me 1 for my husband) on our credit report. He said if I could get a couple off there, he could do the rest. Got mine off, but for some reason my husbands wasnt as easy. Quicken got it removed for me. This dispute comment process killed about a week of time. Once it was taken care of, I received my Conditional Approval and was offered a 30yr FHA 3.5% down payment with a 3.85% interest rate. Quicken scheduled my appraisal (I had to pay 400 dollars to them that would be deducted from closing costs). Then I moved to the next step with a new representative. Critique: The dispute comments were a little bit of a pain, but i would have had to deal with it with any lender. My first representative was Moos... He was very nice, and did not mind me emailing constantly. He always returned my messages or called the same day, usually within an hour. (14 days from start to finish)

Next, I heard from Anessa. She was the most wonderful, patient, person to deal with. There was some additional documentation that had to be uploaded. A new student loan account had popped up on my credit report so I had to send in documentation. I had to send a couple letters of explanation for deposits in my checking acct and on why my pay stubs had a different address than my current address. I had to find and choose my home insurance provider and let Quicken know who I wanted to go with. My appraisal came back sufficient, and Quicken started the title work. Within 10 days my loan was in final review with the underwriter. Underwriting took about 3 days. (13 days from start to finish). I got the "Clear to Close" with no conditions.

Quicken had everything on their end done within 27 days. I received my Closing Disclosure to "sign" with the full breakdown of costs. My closing costs were 2950 which according to my local real estate agent was actually about 500-1000 less than what she considered average based on experience (which is why we asked seller for up to 4000). This 2950 was paid for by seller. My down payment was 3.5% minus the earnest check to the real estate agent as promised. There were no negative surprises in the closing disclosure. Once I okayed the Closing Disclosure, I had to wait 3 days to close.

So on day 30, I closed on my house.

One of the main points about Quicken is to be organized, and upload information as soon as you can. I never let anything sit in my To Do list for more than a couple hours. I messaged them often on progress and where we were. I suppose if over-communication annoys you, they will not be a good fit. But I appreciated it, being a first time home buyer with severe anxiety!

But anyway, just wanted to share a good experience with Quicken... YMMV.... wow, that was longer than intended (the post not the process)

Re: My Experience with Quicken Loans

Anonymous — Tue, 28 Mar 2017 18:58:23 GMT

I am happy to read this. Not because I am going with Quicken, but I think you are right about a number of things. More often than not, at least from what I have seen/heard, when something goes sideways with anyone whether its a lender or another business, its because the expectations are set, but not everyone abides by what it takes to actually MEET those expectations.

Sounds like you were fully engaged, and I can tell you from experience, that is more than half the battle! Good job!

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My Experience with Quicken Loans

Re: My Experience with Quicken Loans