Quicken loans.....anyone know anything about them

I'm looking to refinance a loan on some property. When I first got my loan, I didn't have a lot of choice for terms (there was already money borrowed against it by the previous owner so I was lucky the bank wasn't pushing for a sale and full payment). They basically let me take over the loan. As a result, I ended up with an interest rate that is getting to high so I'm wanting to refinance. The bank is slow getting me any information about refinancing so a friend suggested I go elsewhere and suggested Quicken Loans, but I know nothing about them. Any thoughts or experience with them?

Loans

Lending Tree is another good place. On line loans are good. My HEL was set up years ago with PNC Bank. No closing cost and the appraisal was a drive by photo.

The local banks no longer have us locked in to their terms.

I've done a refi with quicken. Went fine.

In Georgia: Keep in mind that if you refi with a credit union you don't have to pay the intangible tax (An intangible recording tax is due and payable on each instrument securing one or more long-term notes at the rate of $1.50 per each $500.00 or fraction thereof)I just refied here: www.deltacommunitycu.com

Prolly ok to refi but purchase money loans where a buyer is purchasing property get me real nervous, from my experience many times there are goof ups or delays. As an agent I get the feeling they could care less about the terms of the contract they see and just decide to move at their own speed. I would get quotes and hopefully a local lender like a Delta Credit Union can match their numbers. Just my .02

My last refi was done through Quicken Loans. Went well and very easy. Lots of ways to pay online and get docs online as well.

My dad refi'd with Quicken sometime around '11, give or take. Around that same time, a few family friends did too, and all were very happy. All said it was the easiest mortgage refi they'd ever been through.

Based on that, I got them to quote a mortgage when my wife and I bought a house in November, but did not go with them.

Their rate was close to the local lenders rate, but the local lender beat them slightly. Local lender also managed to close us in 29 days (and Thanksgiving holiday fell in that time).

Our offer on the house was accepted at the close of business on a Thursday. That Friday, I requested final quotes from both Quicken and local lender (had been preapproved with both). Friday evening (well after close of business), Quicken called back with quote info (different rep than mine - covered a different shift). He pushed a real hard sell approach; I needed to commit right then, claiming we wouldn't meet our desired close if I waited even a few hours. I wasn't willing to commit until I got local lenders quote, which I got the next morning (Saturday).

Because of the perceived rush, I was sure to get all of my ducks in a row by Saturday morning, to speak with my Quicken rep. It was his day off, but he still dealt with me via cell, but finally pointed out that nothing would happen until open of business Monday anyway, so it would be better to just wait until then to do anything else. It somewhat rubbed me the wrong way that they pulled the hard sell Friday night due to time crunch, but weren't bothered at all to wait until Monday.

That, coupled with a slightly (and not much at all) overall cost of loan difference made me stick with the local lender.

Delta CU and SWBC are both local, competitive and hold your mortgage. Correcting insurance & tax info along with reestablishing a proper escrow gets bothersome as the onlines sell your mortgage repeatedly.

Just remember that a refi places PMI in effect forever if you have an FHA loan and your percent refinanced makes PMI necessary. Someone correct me if I am wrong.

gunnurse said:

Just remember that a refi places PMI in effect forever if you have an FHA loan and your percent refinanced makes PMI necessary. Someone correct me if I am wrong.

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PMI is not forever. It will come off when certain benchmarks are reached, which are beyond the scope of this discussion.

PMI is a legal rip-off. If the lender insists on you paying for PMI, you should sit down with a financial professional, and discuss whether this is purchase you really need to make

In your loan did you pay off the second mortgage also? It's not legal for someone to sell a house personally that is financed or has liens against it.