Has anyone dealt with Quicken loan (Houston: mortgage broker, credit, loans) - Texas (TX) - City-Data Forum

cabinet maker · 08-12-2013, 06:57 PM

I've been in touch with Quicken loan. They told me that I'm pre approved for a loan, but won't give me any details about the loan until after I have signed a purchase agreement for a house. I don't feel comfortable about signing a purchase agreement without a clue as to what kind of loan that they are going to offer me. Has anyone dealt with Quicken loan or any other mortgage broker. Is this standard procedure? Thanks

cheryjohns · 08-12-2013, 07:21 PM

Been wondering about them myself. Found this: Ripoff Report | quicken-loans directory of Complaints & Reviews

Liljo22 · 08-12-2013, 07:51 PM

I was dealing with them for my mom. Their rep gave her a really bad rate so I told her to look elsewhere. He called her back the next day and said he reworked the loan and got her a better rate. She had him call me and I asked him if he got the better rate by adding points and he told me no. Paperwork comes and there are $1400 in points added in. He tells my mom and me that he never said there were no points and that he would not risk his license like that. All phone calls are taped so I told him to check the tape and tell me again he did say that.
He calls back and apologizes because he told me no points. I wanted that rate without points but he would not budge. His comment and everyone else I talked to there was that my mom agreed to the rate and closing costs so why is she not willing to pay that amount now. She was ok with paying costs for things that were required to pay, not on a fee for them to make more money.
I would stay away from them.

Oildog · 08-12-2013, 09:19 PM

I used them about 5 years ago and had a good experience.

colcat · 08-13-2013, 03:47 AM

I used them to re-fi and had no problems.

dcoolbro · 08-13-2013, 07:30 AM

I just re-financed my home with them 2 months ago and they were great. I have 2 other friends that I recommended who re-financed with them as well and they both have had good experiences. I haven't had any experience with them in regards to initial home purchase though.

Houston321 · 08-13-2013, 09:29 AM

I think they would be fine for a re-finance, but I prefer using local mortgage companies. Especially ones with in-house or local processing and closing departments. THIS IS CRUCIAL. For instance, you may use Bank of America locally, but their processing may be in Illinois and their closing dept. in Massachusetts...etc. This is horrible, because neither department communicates with each other and none of them have influence on the other. So bottom line. My suggestion: Local bank, credit union or broker with processing and closing departments in Houston.

cheryjohns · 08-13-2013, 11:27 AM

Quote:

Originally Posted by Houston321

I think they would be fine for a re-finance, but I prefer using local mortgage companies. Especially ones with in-house or local processing and closing departments. THIS IS CRUCIAL. For instance, you may use Bank of America locally, but their processing may be in Illinois and their closing dept. in Massachusetts...etc. This is horrible, because neither department communicates with each other and none of them have influence on the other. So bottom line. My suggestion: Local bank, credit union or broker with processing and closing departments in Houston.

This, this, and more this. Re-fi is an easy thing - transferring property in Texas is not nearly as easy - and out-of-state lenders don't play well with Texas Title companies and Texas rules.