Quicken Loans: Everything You Need to Know. (loan, interest rate, 30 year fixed)

[Pfhtex]

I just heard a commercial for Quicken's new "Amazing 5" Mortgage.

Apparently, "only they do it."

It's a 5/1 ARM. Among the same loan type that ruined the world economy.

And they actually say, in the commercial: "It's perfect!" They sell it in a "nothing could go wrong" fashion.

Quicken Loans is scum.

[EngGirl]

Wondering who they are trying to fool... Looks like many people forgot what happened not too long ago.

[SOON2BNSURPRISE]

I don't see how Quicken is forcing anyone to sign for that loan. I didn't see how any bank forced anyone to sign for the loans back in 2000 - 2007. People were buying homes that they could not afford, and if they had thought about it they would have realized that they could not afford those homes. No one forced them to sign up for a mortgage that adjusts in 5 years.

People need to hold themselves responsible for their own actions. Why does everyone want to blame someone else? So they are selling a product. If that product does not make any sence, then do not buy it. Nothing wrong with the product though. I would not buy it. Then again I have a smoken low 30 year fixed that I used to buy a low priced home back in 2010.

[EngGirl]

Nobody force people to sign on these terms years ago, and nobody making people fight for crapy houses in today's market either, but people still do this. Since interest rate started going up more and more people are looking for adjustable rates again. History repeats itself. There always will be people who don't see the whole picture no matter what.

As for Quicken's new "Amazing 5" Mortgage, there is nothing really new about it. They are just trying to make it sound good and sweet. Only God knows what they have in tiny print on the bottom

[LO/SF]

If you are responsible, ARM's can still be very good. We offer them and they are very low rates. You just need to refinance out of them by the 4th year or the year before the rates is due to change. Quicken and the large lenders need to come up with a marketing stradegy to compete with us smaller national lenders since there rates and lock periods are much higher. And this is one of the ways they do it.

A lot of lenders will also roll the fees and pricing adjustments into the rate as well. Its just a way to catch your eye and make their loans products look pretty as EngGirl is basically saying.

[HWTechGuy]

I did my original mortgage through Quicken Loans and it was a pretty smooth process. I was in the midst of a re-fi and it all fell apart due to total incompetence on their part. I am beyond enraged. Their "mistake" (which at least they do admit they made) cost me a bunch of wasted time, un-necessary use of a vacation day from work, and aggravation.

[LO/SF]

I use to work at a large lender like Quicken and they are mortgage factories. They say customer service is their goal, but not when you have processors with over 50 loans in there pipelines and stressed out because the process takes so much longer through a large lender.

Sorry to hear about your experience but hopefully it won't give you a bad taste in your mouth and maybe steer you towards a smaller national lender such as the one I work for. smaller lender have better rates and quicker turn around times. we are not just about locking you in and throwing you to a processing team, we make sure you qualify into the right product and guide you along the whole process.

[Basketball Dad]

While ARM's do have their place for a percentage of folks depending on their plans, goals, and situations, they should not be a blanket approach to all just to keep payments down. If one can only afford the home via the ARM, then they can't really afford it.
A good mortgage professional will discuss the pros and cons of each program and try to prevent people from harming themselves for a short sighted 'savings'.