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Hi all,
I received a letter from Quicken Loans stating they can help me refinance thru a HARP program. I have received these letters in the past and trashed them because I thought it was a scam. Does anybody
know anything about Quicken loans. Are they reputable?
Any info you can give me I would appreciate. Thanks......
Scam is too harsh, that implies that they are going to separate you from your money in a close to illegal way. That probably won't happen. if you do call or email them you will have gone from "generic name of the millions that they send worthless marketing info" to "live person with a mortgage that we can use every marketing angle in the book to try to sign-up for a refi with some quasi-legit associated lender". Not good.
Anyone can surf over to Making Home Affordable and relatively quickly determine if the are eligible for HARP. If you are there is no reason not to contact a local mortgage broker who will more than likely be able to get a rate better than any giant marketing driven organization like Quicken...
I work with Quicken as part of my side job and they are very reputable. In fact, I am in communication with them right now about possibly refinancing with them. I've closed loans with Quicken over the past 3 years, and they were nothing but professional and accurate 90% of the time. There was a time (many many years ago) when some of their Loan Officers weren't very good or unprepared, but that is no longer the case. They seem to be very much on top of their game right now. Definitely not a scam.
I work with Quicken as part of my side job and they are very reputable. In fact, I am in communication with them right now about possibly refinancing with them. I've closed loans with Quicken over the past 3 years, and they were nothing but professional and accurate 90% of the time. There was a time (many many years ago) when some of their Loan Officers weren't very good or unprepared, but that is no longer the case. They seem to be very much on top of their game right now. Definitely not a scam.
So they either lied or misled you 10% of the time and you are okay with that?
I know someone who tried to use them, they ran tons of credit inquires, for the same loan. They call 2-5 times a day, often a different person. They finally told Quicken "forget it"
So they either lied or misled you 10% of the time and you are okay with that?
I meant to say 99% of the time...FWIW, they close loans in several states, NY is just one market...I am actually dealing with a loan officer over there right now for my own refi, he has been helpful.
Before you knock them, try them out yourself. Everyones individual circumstances will vary.
In my experience with them. They are very high pressure, make all the promises you want to hear. As soon as they get your 500.00, they keep it and you get nothing.
Yeah I'm going through a VA streamline refi process right now, I got GFEs from several lenders including Quicken. They had the highest closing costs, claimed some savings were only good if I agreed to the loan that specific day, were high pressure and called way too many times. Wasn't impressed at all. On the other side, working with lowvarates.com (flagship financial) has been extremely pleasant with great rates (3.75 for me) and real customer service. I will never recommend Quicken to anyone.
Yesterday, I was told by the customer he was applying with me because, 1) I had already returned his call and worked up scenarios for him before the big box bank even returned his call (4 days!) and 2) he was able to reach me on my cell. Wow, getting business because a customer can reach me, how unique. <That's heavily laced sarcasm for those that need assistance from Captain Obvious>
The icing on the cake was when he finally got the return call (same day as locking with me) and the my rate was better. <It's common knowledge the big boxes increase rates when they havee too much business in their pipeline, in an effort to slow things down>
After working for one of the big guys and then returning to the local, regional lender, it's amazing the giants are still around.
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