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I contacted Quicken Loans about a refi on my 12 year old FHA loan (30 yr fixed). The process through QL has been very good so far, with good customer support and I like the online application process.
One question though, my present FHA loan in good standing with Wells Fargo was not being reported to the credit agencies for an unknown reason. An Experian rep contacted me and together we called WF and verified that the mortgage is in good standing and paid timely.
Question: My current credit was not particularly good without the WF mortgage being reported. Should my credit report improve? and should the interest rate being offered by QL be expected to be improved?
Note: I am 'locked' in to a 4% 25 year rate with QL and moving towards closing in the next few weeks.
Not sure why it wouldn't be reported unless you went through bankruptcy in the past and never reaffirmed the loan?
On the bright side you should be grandfathered in on the lower MIP rate and not for the life of the loan. I was and that made a huge difference in dropping the payment not having to pay the higher MIP rates.
I am initiating a written request to Wells Fargo to ask why it was not reported. We'll see... Quicken Loans has said they will let me know if the credit score improves (and the mortgage offered also improves), but I hate the feeling I am at their mercy to improve the loan or not. They have been great to work with, but you never really know in these sorts of things whether you are getting the best deal or not.
Just this week we received a notice from WF that we may be eligible to remove the mort insurance from the payment, so QL is looking into removing it from the present loan.
might want to ask for a rapid rescore from the lender, after you contact WF...you may be required to pay for it.
It will allow for your credit score to essentially be recalculated prior to your 30 day cycle..
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