tractor
Senior Member
Joined: Jan 4, 2011 15:19:30 GMT -5
Posts: 3,455
Member is Online
|
Post by tractor on Feb 22, 2021 15:57:25 GMT -5
Anyone here use Quicken Loans for a refinance? I’ve just started looking into combining my first (2.6%, 6 years left) and second (5.65% 8 years left) into one loan. They are offering 2.65% fixed rate on an 11-yr note. Payments will go down $600/month. $3,700 in closing costs.
They can close in 3-weeks.
Everything seems decent, but the lender I spoke with is kind of an aggressive jerk. I know they are a huge company, and I can look past the asshole if it makes sense.
I just wonder if anyone got burned by them? Or had a great experience?
|
|
bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,921
|
Post by bean29 on Feb 22, 2021 17:24:51 GMT -5
Did you contact
1) the bank that holds your current mortgage and
2) the bank you usually bank with?
I talked to the credit union that holds my Mortgage recently b/c I was thinking about asking for a bigger line of credit. They had told me in November when I combined my first and second (did pretty much what you are trying to do) that I had to wait a year to refi, but she said when I called recently to confirm I had a LOC that the credit union had just waived those requirements and they will refinance any loan, I guess they were losing too many customers.
I actually was just asking about a HELOC, not refinance.
|
|
tractor
Senior Member
Joined: Jan 4, 2011 15:19:30 GMT -5
Posts: 3,455
Member is Online
|
Post by tractor on Feb 22, 2021 20:50:30 GMT -5
Not yet, but I plan to call them this week.
|
|
alabamagal
Junior Associate
Joined: Dec 23, 2010 11:30:29 GMT -5
Posts: 8,117
|
Post by alabamagal on Feb 23, 2021 6:31:07 GMT -5
When I bought my house 18 months ago I started with them. They had pretty high closing costs. Got a recommendation for a local guy at credit union and got much better deal.
I don’t think they are bad, just watch fees. Quick closing may not be huge benefit if you are just doing refi.
|
|
Peace77
Senior Member
Joined: Dec 29, 2010 1:42:40 GMT -5
Posts: 3,920
|
Post by Peace77 on Feb 23, 2021 12:26:47 GMT -5
I had a good experience. It was easy.
I appreciated that they would do a HARP refinance when other lenders wouldn’t.
|
|
nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
|
Post by nidena on Feb 23, 2021 23:42:24 GMT -5
I would go through a mortgage broker rather than any of the large banks. You can find great ones on vettedva.com and they'll be able to shop numerous small companies on your behalf.
|
|
tractor
Senior Member
Joined: Jan 4, 2011 15:19:30 GMT -5
Posts: 3,455
Member is Online
|
Post by tractor on Feb 24, 2021 13:58:19 GMT -5
I had another conversation with the agent yesterday. The call started out OK, but I found the more questions I asked, the more agitated and aggressive he became. By the end I was done, he was upset that I wanted to read the documents before I signed them.
Today I spoke with the local bank, very easy to talk with, no pressure, no sense off urgency and willing to work with me. Their rates are the same, and closing costs are $5000 less, so long Quicken Loans, I tried, but your asshole representative liked to talk more than listen.
|
|
susana1954
Well-Known Member
Joined: Feb 23, 2021 18:50:55 GMT -5
Posts: 1,397
|
Post by susana1954 on Feb 24, 2021 17:25:24 GMT -5
I had another conversation with the agent yesterday. The call started out OK, but I found the more questions I asked, the more agitated and aggressive he became. By the end I was done, he was upset that I wanted to read the documents before I signed them. Today I spoke with the local bank, very easy to talk with, no pressure, no sense off urgency and willing to work with me. Their rates are the same, and closing costs are $5000 less, so long Quicken Loans, I tried, but your asshole representative liked to talk more than listen. When I tried to use Quicken for a refi, they demanded $500 upfront before they would even give me the details. The $500 would be used for the appraisal and credit report. So, yes, they were very aggressive. I contacted Chase, who has my mortgage, to see if I qualified for their no-fee refinance under HARP (I think it was). I did. So I stopped the Quicken process. I got back about $150 of my deposit. I also got an appraisal and credit report so it wasn't completely useless. They have some really bad reviews, but I am sure they have some good ones as well. Most people who review a company are unhappy.
|
|
tractor
Senior Member
Joined: Jan 4, 2011 15:19:30 GMT -5
Posts: 3,455
Member is Online
|
Post by tractor on Feb 25, 2021 15:34:04 GMT -5
The saga continues...after letting the broker know I was going someplace else, he tried pleading with me, telling me the interest rate I was locked into was “gold” and an opportunity I shouldn’t pass up. When I let him know that the rate they were offering was the same as I was receiving elsewhere, he countered by offering $1,250 off their closing costs.
After pointing out they were still $5,000 higher than the other offer, and that if he wanted my business he should have given me his best offer first. He came back with a total of $3000 in closing costs and a promise to close within two weeks.
Kind of like a bad car negotiation. I have no intention of moving forward with Quicken, he just rubs me the wrong way. However, if you want to work with them in the future you might want to try and walk away to encourage them to make a better offer.
I’m not big on playing these types of games.
|
|
seriousthistime
Senior Member
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 4,707
|
Post by seriousthistime on Feb 26, 2021 8:27:43 GMT -5
When I went through a refi a few years ago, I contacted Quicken Loans and their rates and closing costs were higher than elsewhere. I told the rep their rate and closing costs were high, and he said that Quicken Loans will always have slightly higher rates and costs than other places but they could close quickly. On a refi, there's no need for speed like there is with a purchase and a contract date for financing. I went elsewhere, never looked back.
|
|