Has anyone ever used Quicken loans to refinance a property or to fund a deal? If so, are they legit and what was your experience?
@Shantelle Evans Coming from a fellow lender - they are one of the largest mortgage companies in the US, rival retail banks in size and trust - so I am sure tons of people have used them and they are OK enough at it.
They are large and typically more costly to use. I dont think it’s a mystery at all that their rates are higher - just take a couple minutes to compare. I am sure they do a fine enough job but I would debate the service and reliability you receive.
I would try to find a local mortgage banker (banker, not a broker) that has a solid reputation and is reliable.
I reached out to quicken for a loan on a property that was going to be moved into an LLC. I asked to make sure that they would be able to accomidate that, before they ran my credit. I was promised that they could make this happen and rolling it into an LLC would not be an issue. He got back on the phone few minutes later and told me I was approved, but also told me he spoke with his manager and found out they would not let me roll to an LLC. If I would have been told this ahead of time I would have saved time and avoided the ding on my credit score. Not the end of the world, but it was very unprofessional. I didnt get anywhere, when I reached out to a supervisor to get an explanation on why this was ok. I was told there was nothing they could do. I had bad experience, but maybe others have had good experiences.
Quicken will not entertain creative. However if you are creative you might use there services (as they offer them) as a tool in your belt.
Learn the ins and outs of quicken lone is just a tool. reputable IN THERE NITCH.
Moderetly quick and higher terms? I am thinking of using them as if they where a privet lender with P/I payments, to get to stable on a prop and then ReFi with better terms.
Always make a plan, and discus it with your pro-Team (cpa, acct, lawyer ect) Read the contracts (owners manual for the tool) and you will learn the best/safest way to use any service.
I used to work for Intelliloans down in Irvine and our biggest competitor was Quicken Loan (sometimes Loan Depot and a few others). I can certainly agree with some of the previous posters about wanting to get a local lender for a fresh purchase because the listing agents will often discount offers with a national lender approval.
One thing I certainly will disagree with is the cost of doing the loans. One thing I always do when I am getting advice is ask "Where is this information coming from? Does the person giving the answer have anything to gain by saying this? Could they be biased?" While I cannot say for certain that loan depot loan costs are lower than EVERYTHING out there, I can tell you that national mortgage lenders are often the cheapest way to go. I say this as an investor, not a mortgage originator who is trying to earn a living in that area.
When I worked in the industry, we would absolutely CRUSH any bank or broker that would try to compete with us (I'm talking refinance only). The only company that ever gave us issues was Quicken Loans and sometimes we could get an exception to match or beat their pricing and sometimes we had to let them loose.
As I am setting myself up for 3 refinances in the next 4 months, I have already began the process. Think Regan - "Trust, but verify". I have a couple local lenders that will be able to price out the loans for me. When the time comes to lock in the rate and pull the trigger, I will get a GFE (Good Faith Estimate) from each to make sure they are quoting apples-to-apples. One of the biggest tools that a mortgage officer has in his belt is giving selective information. Beware of the LO's that want to quote you a rate without anything else (it's illegal by the way, but very common practice). You have to know everything you will be paying for to know if they are legit. Looking at the APR helps because it gives a much better picture of your actual cost, but I will typically tell them all to quote me the exact same way: Give me current market rate at cost - no points and no lender credits. This means they will not inflate or deflate the rate artificially. Once you get the lender with the lowest numbers, you can play with points or lender credits to match your desired situation (one of my favorite is to pay a higher rate, get lender credit to cover ALL closing costs and have $0 out of pocket).