topic Re: Should we go with another lender? in Mortgage Loans

Should we go with another lender?

CiSer904 — Tue, 12 Apr 2022 19:48:32 GMT

Hello all

My husband and I applied for a VA loan with Rocket. We were all good, but when we went to an open house and the realtor asked who our lender was, and we told her, she did not seem impressed (if that's even the right word). She said that she's heard a lot of bad things about them Then when I mentioned the closing cost estimate they gave, I have several people telling me it's a lot ($24k for a $350k loan). I guess my questions is, how badly would our credit be affected if we now went to check out other lenders? Is it worth it at this point?

Re: Should we go with another lender?

Anonymous — Tue, 12 Apr 2022 19:52:26 GMT

How long ago did you obtain the pre-approval from Rocket Mortgage? Generally, Mortgage inquiries within a shorter period of time, even with different lenders will be counted as 1 inquiry for scoring purposes.

Re: Should we go with another lender?

CiSer904 — Tue, 12 Apr 2022 19:53:59 GMT

Its been over a month now. We did get a time frame given to us as to when we could check other lenders without penalty, but It's past that now. I know we'll get point deducted, I'mjust uncertain as to how much it usually is and whether its worth it then.

Re: Should we go with another lender?

Anonymous — Fri, 09 Sep 2022 19:54:29 GMT

Re: Should we go with another lender?

CiSer904 — Tue, 12 Apr 2022 20:12:21 GMT

Thanks so much. We'll definitely be calling around. The realtor gave us a local person to talk to that knows our area and deals with VA loans, so I'll definitely contact him.

Re: Should we go with another lender?

dragontears — Tue, 12 Apr 2022 20:19:07 GMT

What are your current mortgage scores?

Re: Should we go with another lender?

CiSer904 — Tue, 12 Apr 2022 20:20:38 GMT

His middle 5,4 and 2 is 670 and mine is 635.

Re: Should we go with another lender?

SouthernCredit — Wed, 13 Apr 2022 03:04:44 GMT

My wife is in real estate, and says all the realtors around here HATE the online lenders. She says they are notoriously difficult to deal with if/when there is any issue that pops up, and their processes can sometimes be "black-boxish" (her words). She says you should definitely shop around.

Re: Should we go with another lender?

CiSer904 — Wed, 13 Apr 2022 13:06:44 GMT

@SouthernCredit wrote:
My wife is in real estate, and says all the realtors around here HATE the online lenders. She says they are notoriously difficult to deal with if/when there is any issue that pops up, and their processes can sometimes be "black-boxish" (her words). She says you should definitely shop around.

Thanks so much! Your wife too! We definitely will be looking elsewhere as well.

Re: Should we go with another lender?

DSTforlife — Thu, 14 Apr 2022 16:50:20 GMT

I refinanced my home with Rocket Mortgage back in 2020. I didn't do my due diligence and realized after the fact that I paid way more than I should have in points and still got a crappy rate. I refinanced again at the end of 2021 with a credit union, and the closing costs were much much more reasonable...no origination fees and I got lender credits. I gave Rocket Mortgage the opportunity to match the credit union and they couldn't. In addition, i felt the loan officer was deceptive...trying to double talk me into a 7/6 ARM. When i asked if the 6 meant the rate wouldn't change for another 6 years after the original 7 year fixed, he said that was correct. When I did more research, I learned the 6 meant it would raise every 6 MONTHS and not years. I was done with them at that point.

They constantly cold call you about refinancing even after you tell them you aren't interested and to remove your number. And, when I was shopping HELOC rates, the loan officer would not listen to me when I told him that I was only interested in HELOC and no cash-out refi or home loan. It was as if he heard nothing i was saying and I had to hang up on him. I will never give Rocket Mortgage a favorable review.

I say go with a credit union or local lender. Preferably a company that does not sell your loan...which was the only good thing about Rocket Mortgage.