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I am getting constant email about refinancing a property I own with Quicken. Their claims of savings are incredible. Has anyone worked with them? I fuzzily recall they don't have a great reputation.
I've had Quicken for about 6-7 years. I've nothing but good things to say about them. I refinanced with them due to interest rate drops. Then I refinanced due to equity and getting out of PMI and into a 15-year. The process for me was quick and painless. I found they were pretty straight forward with fees - what fees they are paying, what fees you are paying and if they were rolling anything into the mortgage principal. I like the paperless system they use. Everything is streamlined. There's maybe one set of paperwork you need to actually sign/scan/email.
I never felt scammed or anything.
I will say that I did not appreciate them trying to upsell me later on with "deals from partners" on stuff like alarm systems. However, that stopped within a year of my refinance.
We refied with Quicken in 2016. Their rates were competitive. They system is easy and fast. They were a tad bit higher than some other lenders but nothing significant. The other lenders wanted all kinds of odd information, probably looking for a reason to tell you you did not quite qualify for the low rate. Quicken was very no-nonsense with us. Here is your rate, here are your costs. Pay this and the appraiser will be there tomorrow. One thing is all of their cost items are done through companies owned by Dan Gilbert (Quicken's owner) - appraisal, escrow etc. and they charge a little bit higher rates too. Other than the speed and low hassle, what I liked about quicken was they keep the loan. They do not sell it to some company in another state or country and if there are any issues, you deal with them. WE had problems with unheard of companies in far off lands in the past, including one company that tried to claim our loan was an ARM and raise the payments when it was a fixed rate loan.
I will say this was our second time trying to refi with Quicken. Many years earlier, we tried to go through them and the guy we were assigned to was pretty obviously on some major mind altering drugs. It was bad. We tried to get assigned to a different person and they told us we had to stay with the person we were assigned to. We went elsewhere and ended up not refinancing at that time because we had to fix some credit issues.
When we went back to quicken we went through a referral by a quicken employee. He had nothing to do with the loan, but he did get a very small bonus for the referral and that had some appeal to us. The rate was decent but it was the speed and low hassle that really appealed to us. When we learned they would not be selling the loan, that really locked it for us (we has still been mortgage shopping up til then. We got assigned to the "friends and family" representative who was really sharp, very professional and did a good job. It was quick. I think we did the whole thing in less than 6 weeks. It may have been under a month. Their Rocket Mortgage program works great. Oh and we got a couple of 1.8 point reductions for having out mortgage paid either directly form the bank or directly from my paycheck, I forget which. There was another 1/8 off for doing something else I do not remember. So you can beat the quoted rate down a bit. You can also dicker over the costs. We told them no think you when they said we had to use their appraiser and it woudl cost $600. We said no think you we are done and somehow, the appraisal cost came down to $450 (which was the going rate in our area - well $350 - $450, but most were at $450).
they said we had to use their appraiser and it woudl cost $600. We said no think you we are done and somehow, the appraisal cost came down to $450 (which was the going rate in our area - well $350 - $450, but most were at $450).
Yeah, I had the same experience. It took some pushing, but we were able to leverage a two-year-old appraisal that we had done from an earlier refinance with a different company. They balked a bit at it, but ultimately took it.
The second time around when we refi'd to a 15-year, since we weren't looking to cash out, they didn't care to get an appraisal at all.
I almost did a re-fi with Quicken a few years back. They had a deal going where you got a fairly significant gift card (I think maybe $500? I remember it was a pretty big amount) for refinancing, and it was based on getting to a specific point in the process but not restricted to actually closing the loan.
I don't remember the exact reason but it turned out they could not do the loan in the end - nothing wrong my credit, etc. but some sort of restriction that there was just no way around. I wish I could remember the specifics. But in any case, I had made it past the point of qualifying for the gift card and they sent it out to me, no muss, no fuss.
So as far as it goes, they seemed easy enough to work with and they kept their word about giving me the gift card and I didn't have to fight for it. I got a quote from them the last time I did a re-fi but got a much better deal through a local broker based on a random referral via Bankrate.com when I was checking rates.
Search this website for quicken as I have posted in detail here before about my experience with them.
Real quick summary is that the first person you talk with is salesperson. They are all pretty good.
The person you actually work with is the next person you are assigned. NO MATTER who you get, you are then stuck with that person, or their 'team'. Some of these are ok, some are downright awful! If you get the awful one you are stuck. I have had both...and the awful one was soooo bad I will never use Quicken again!
Yes, that is so true, I was talking about if you get assigned the awful one at Quicken Loans and you are already in process wit them.
They do charge that appraisal fee right upfront, first day of the process, so if you do change you loose that, plus all the time you wasted with them. You do not find out how bad they are until you are about 1/2 way or more through the process....so if you change lenders mid-process you will close even later.
Yes, that is so true, I was talking about if you get assigned the awful one at Quicken Loans and you are already in process wit them.
They do charge that appraisal fee right upfront, first day of the process, so if you do change you loose that, plus all the time you wasted with them. You do not find out how bad they are until you are about 1/2 way or more through the process....so if you change lenders mid-process you will close even later.
Not every refi has an upfront fee. It could be that since I was an existing QL customer that they waived some of their upfront fees.
But yes, if you pay an upfront fee and you need to walk away because you get the "bad rep" then yes, you stand to lose that. Valid point.
I guess I've been lucky since I've only had good reps so far.
You can end up with a bad processor with any lender, that's certainly not unique to Quicken.
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