Looking for Quicken Loans reviews? Here’s mine.
We recently refinanced our home loan. Performing this allowed us to lessen our payment by $186 a thirty days, and conserve $22,000 in interest repayments throughout the lifetime of the mortgage.
I’m truly happy with the outcome that is financial of refinance, and I also truly encourage you to definitely check always mortgage rates that are better still now to see when you can see comparable savings in your home loan. But I’m additionally pleased about the process of doing the refinance with Quicken Loans.
This can be my very first refinance. And so I don’t have much to compare it to.
But I am able to inform you of my experience that is particular and you select if using the services of Quicken Loans on the purchase or refinance is right for you. I’ll help you save the data on Quicken Loans on their own. You know them among the biggest names in home mortgages, with “highest in customer care for main home loan origination” according to J.D. Energy and Associates.
The things I will consider is the way they did company beside me. Quicken Loans breaks down the real estate loan procedure into 7 easy steps. Here’s just how all of my actions went:
1. Connection (might 25, 2011) – we used my very own mortgage price table and discovered a reasonable rate from Quicken Loans. I’ll be honest, I became lured in by the undeniable fact that I’m knowledgeable about the Quicken brand name. After clicking “learn more” I was taken fully to the Quicken Loans site and done the contact page. Some body from Quicken Loans reached away to me personally and I also provided authorization for my credit to be drawn.
2. Credit Discussion (might 25, 2011) – I received a contact from Quicken Loans that my credit have been drawn in addition they had been willing to talk about mortgage choices. I called them up and talked with my home loan Banker, Eric Pacifi. We offered Eric more info about my earnings, work situation, loan kind, and much more.
3. Good Faith Estimate and Deposit (May 25, 2011) – Before that conversation finished, I happened to be told that every thing looked good and I also could now log into my Quicken Loans online account to see my good faith estimate. The rate I happened to be quoted had been 4.875per cent for a 30 refinance year. If I happened to be cool with that then we’re able to then proceed using the actual application, as soon as a deposit of $500 had been paid.
Quicken Loans has a non-refundable deposit that you have to spend. Spending this permits Quicken Loans to lock your rate, put up an appraisal, procedure the job, and get serious about generally employing you. When your application gets rejected you might be refunded the deposit less georgia payday loans near me any fees they will have incurred.
There is certainly a little bit of debate surrounding this deposit.
Lots of people came online to whine about taking a loss because of this deposit. We can’t talk for them, but I could state that Quicken Loans wouldn’t be running a business very very long if their single interest were to rob unqualified folks of $500.
We felt comfortable going ahead and I also taken care of the deposit utilizing my Chase Freedom card. Deposits may be from $400 to $700 according to the Quicken Loans web site. A more diligent, prudent individual could have taken the GFE after which shopped several other loan providers. But I happened to be drawn in because of the undeniable fact that Quicken Loans did seem deterred by n’t my self-employment earnings or shortage thereof. They provided me with the green light, I thought so it was time to move forward.
4. Appraisal (might 26, 2011) – This was managed quickly and without much hassle. Nobody stumbled on the house to accomplish an appraisal. I suppose the could actually repeat this online utilizing comps from the location. We bought this spot with 20% initially, therefore I knew there wouldn’t be a concern regarding the refinance as the loan balance continues to be well beneath the worth regarding the property…one associated with the great things about residing in Texas.
5. Verify Income and Assets (May 26 – July 1, 2011) – that is the most part that is tedious of procedure. We sent Quicken Loans several documents to validate my earnings and assets: individual and company tax statements from 2009 and 2010, bank statements, your your retirement account statements, proof insurance, and my final pay stub from my business.
Throughout this period, my Quicken Loans mortgage banker, Eric, did a beneficial task of upgrading me personally in the latest home loan prices (I happened to be drifting for at the very least 50 % of June) and telling me the progress with all the underwriters. He additionally assisted to describe the rates, various term options, and assisted working a situation out to obtain round the debt-to-income problem I experienced.
This process that is whole a long time because half way through the discussions, I happened to be told we needed seriously to be rid of some debt making sure that my debt-to-income ratio will be sufficient when it comes to underwriters to just accept. We made a decision to pay our one off remaining auto loan. It had been with a nearby credit union at 3%, so we had been gradually having to pay it well. But if we intended we could refinance our destination, then it needed to get.
We sent the credit union a check from my Capital One 360 bank account and it also took very nearly a couple of weeks to allow them to have it and process it. Then I got a page through the credit union stating that the mortgage was paid. Then, the underwriters necessary to see where in actuality the cash to cover off the loan arrived from. And so I needed to re-send the lender statements and such in order for I had actually paid off the debt myself that they could get confidence.
There have been maybe once or twice where in fact the communication amongst the home loan banker and my Quicken Loans consumer service agent could have been better. I became telling them both exactly the same things a times that are few. Also, we ended up beingn’t given good solution as to why they decided to pay back $1,000 more for my old home loan (held at Bank of America). I could now simply take the reimbursement check from BOA and payoff my Quicken Loans’ home loan with it, nonetheless it seemed odd which they just didn’t desire to pay the precise quantity.
6. Process and Underwriting – (May 26 – July 13, 2011) – This was all taking place behind the scenes when I ended up being providing information to Quicken Loans.
7. Closing (July 13, 2011) – we had been actually away from town when Quicken Loans called to schedule the closing. They stated they might take action anywhere also it would simply just take significantly less than an hour or so, and so I proposed we look after it while during the hotel we had been residing at. Some body from Quicken Loans set up the full time plus a separate closing agent turned up at our resort to close the mortgage. She had been efficient, knowledgeable, and expert. We finalized about 100 items of paper and then we were on our way. This is the absolute most enjoyable an element of the entire procedure, considering my objectives of loan closings.
- Pros: No real conferences or faxing needed. Competitive price. Truthful responses. On the web account management. Fast closing.
- Cons: Periodic interaction breakdown. Doubt in connection with deposit and loan payoff.
Overall I’m happy with my Quicken Loans experience. They are engineered to generate a positive refinance or brand new home loan experience. I would personally undoubtedly amuse with them again for my loan that is next I would recommend them for you guys if you believe a refinance or purchase is in your future.
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