Quicken Loans

[TitanX]

Hey guys, has anyone used Rocket Mortgage by Quicken Loans? We are getting ready to move to Florida and don't really know what lender to go through. Anyone have any recommendations or thoughts about Quicken Loans?
Thanks!

[Anonymous]

You're probably not going to get a lot of glowing reviews here. I used them for pre approval and talked to one of their agents and agreed to let him pull my credit. He asked how much I'd have for a downpayment and I stated around 30k, but only had 11k at the time I was talking to him. He then said he wouldn't be able to pre approve me since I didn't have all of the down payment funds now even though the house I am buliding won't be done until the end of summer. HP on my credit report and never got a pre approval. I'm done with them. YEMV. Most people will say go local and do it face to face. I agree with that sentiment. If you're looking to interview lenders, you can try Zillow.

[StartingOver10]

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@TitanX wrote:

Hey guys, has anyone used Rocket Mortgage by Quicken Loans? We are getting ready to move to Florida and don't really know what lender to go through. Anyone have any recommendations or thoughts about Quicken Loans?
Thanks!

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Quicken doesn't have a good reputation here (S Florida).   They will issue a pre-approval or pre-qualification easy enough, but not close the loan due to some overlay they have but don't tell you until way late into the process.

Having a pre-approval or pre-qualification from QL will hurt your negotiation chances when you find a property (here) due to their reputation for not closing. 

I don't think you necessarily need to go local at all, but you do need a good loan officer and a good company,  Some people prefer local. IME it is best to stay away from QL and to stay away from the big box banks.  Go with a mortgage  banker or a correspondent lender with an experienced and knowledgeable LO.  If you want a referal to a couple, pm me. 

[Anonymous]

I started my home buying journey with Quicken.  The quickly gave me a preapproval, but when I found my realtor and gave them my lender information, he said, most realtors won't work with Quicken because of the above comment.  They are quick to preauthorize but denials when it counts.  I am going through countrywide and a local loan officer.   Due to close on the 14th of next month, but the officer said he could be ready to close at the end of this month if needed.  Good luck to you!!

[Anonymous]

I experienced the exact same thing during my home purchase. My realtor hadn't had any experience with them, but had heard many complaints from her colleagues. When we went to make an offer the sellers realtor said they would be unlikely to accept an offer from a buyer using Quicken. Exact reason mentioned above, they go through all the motions but then don't close on the loan last minute.

[Anonymous]

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@StartingOver10 wrote:

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@TitanX wrote:

Hey guys, has anyone used Rocket Mortgage by Quicken Loans? We are getting ready to move to Florida and don't really know what lender to go through. Anyone have any recommendations or thoughts about Quicken Loans?
Thanks!

---

Quicken doesn't have a good reputation here (S Florida).   They will issue a pre-approval or pre-qualification easy enough, but not close the loan due to some overlay they have but don't tell you until way late into the process.

Having a pre-approval or pre-qualification from QL will hurt your negotiation chances when you find a property (here) due to their reputation for not closing. 

I don't think you necessarily need to go local at all, but you do need a good loan officer and a good company,  Some people prefer local. IME it is best to stay away from QL and to stay away from the big box banks.  Go with a mortgage  banker or a correspondent lender with an experienced and knowledgeable LO.  If you want a referal to a couple, pm me. 

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+1.

[halos24]

Hello, we just used them with no problem. We wanted time with Wells Fargo then decided to go with Quicken on Jan 2, 2016 and happy we did. Our rate was beaten to Wells and we closed a week earlier than the 45 days usually anticipated. You regardless will get a mixed bag of reviews but so happy we didn't get scared from it. All documents requested were standard and loved that you upload everything from the computer directly or iPhone!

Good luck!

[Anonymous]

Just to add a comment, a coworker closed a refinance with Quicken last December and said the process was painless and that she had Quicken following up with her very quickly to answer questions, etc. When I asked her if she'd use them again she didn't hesitate to say yes.

[TitanX]

Thanks for the responses everyone. I decided not to go with them. I spoke with a local lender down in Florida that seemed good. Also spoke with PrimeLending. Checking to see what kind of rate and all each will give. I will definitely follow up with the experience with either one I go with.