Has anyone ever used QuickenLoans for funding investments? I contacted them last week and got pre-approved in 30 minutes. It was a great experience. Almost too good to be true. Anyone have any experience, good or bad?
I used to work for quicken in Detroit for almost 3 years also Licensed in CA . with any lender you can have a good or bad experience, just depends on the quality of loan officer you have. Don't be worried about being approved in 30 minutes, sometimes I was able to do it in 15-20 just depending on the profile. if they approved your and you like the rate then no need to worry. the process can be very good and fast ,or very stressful if your LO has not set the proper expectations upfront.
let me know if you have any further questions
@Nicole S. I'm curious of the same thing.
About a year and a half ago I was pre approved over the phone as well. Very quickly, but as you said I felt like it was a little to good to be true. I did some reading on them and I wasn't to fond of what I read so I backed out and went with A regular bank.
Was thinking about checking into them again. Curious to know how it turns out for you.
Their preapprovals are worthless....we never accepted a contract with their preapproval. You need to sit down with a local lender, give them your tax returns, pay stubs, talk about seasoning down payment money, reserves required, etc, etc. There can be plenty of things about you, your finances, employment history, background, etc that they have not checked yest.....but this will All be checked prior to funding a loan....problem is you don't know what may be a problem, and what won't.
I have used Quicken Loans (through a third party mortgage broker) on multiple deals. I dealt with my broker directly, so couldn't really say much as far as Quicken Loans, but I haven't had any complaints with the underwriting process, or servicing of the loans. Their online portal for payments and account information is extremely easy to use.
Having worked there and been successful, their pre-approvals are worthless if you have a bad LO or a newbie. every LO is trained to ask for the documents after submitting the pre-approval. clearly anyone who wants financing most likely isn't lying about their financing, but sitting down with a local banker compared to someone over the phone makes no difference. it's 2017 and technology is all around. I have people that sit down with me and people who just send their documents after they are approved. Its a myth that you have to sit down in front of someone as they are going to ask you the same questions over the phone or face to face.
If you had a bad experience you had a bad LO who didnt know or care what he was doing, and they LO probably got punished for his lack of customer service.
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