Why would I use Quicken Loans? "Rocket Mortgage"

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Why would I use Quicken Loans? "Rocket Mortgage"

Mary D.
Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
Ive been re- looking at all finance options for flipping and multi units. Banks, Portfolio Banks, Local Mortgage Companies, Nationwide Mortgage Companies... Ive used banks, local portfolio banks, credit unions & local mortgage companies in the past.

Just wondering

Why would I use Quicken Loans or Rocket Mortgage? (BTW their new commercial is creepy)
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y

Youd use them if you like having a high rate, high fees, bad service, and having the deal fall apart at the last minute.....or even not getting that far because no good agent will accept an offer from them.

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  • Kelly Iannone
    Rental Property Investor · Orlando, FL · Member since 2018 · 301 posts · 354 votes
    6y

    I had a good experience refinancing one of my rental SFH. They waived the appraisal and gave a $2.5k credit towards closing cost after I provided a "good faith estimate (forget what the form is actually called)" from a local No Closing Cost mortgage broker. The interest rate was competitive (800+ credit score w/ 75% LTV).

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  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    6y
    Originally posted by @Lacey Dillon:

    Hi @Mary D. !

    I suggest staying far far away. Their origination fees are scary. I have looked at so many Loan Estimates where they charge the borrower $8,000+ in closing cost! It makes no sense. They promote the lowest rate, but really they are charging the borrower in discount points. It is borderline unethical. Build a relationship with a local lender! Especially if you are going to keep buying. Good luck!

    They may have super high fees, but at least they're slow.

    I was the seller of a torpedo,  I mean rocket, mortgage buyer.  We went under contract in early October so I planned tax-wise for a sale in 2019, pushing another sale out to 2020.   We finally closed on Jan 14th. 

    So there I was on 12/31 (closing date #2) hearing nothing so began converting any traditional IRA funds into Roths in the afternoon. Got that done at least, but the sale I planned for this year now has to be delayed again or 1031 exchanged. I am strategically selling 1 property a year so this screws me up for many years.

    As a seller I won't accept a Rocket Mortgage buyer ever again. Glad to see agents are doing the same. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Steve Vaughan:
    Originally posted by @Lacey Dillon:

    Hi @Mary D. !

    I suggest staying far far away. Their origination fees are scary. I have looked at so many Loan Estimates where they charge the borrower $8,000+ in closing cost! It makes no sense. They promote the lowest rate, but really they are charging the borrower in discount points. It is borderline unethical. Build a relationship with a local lender! Especially if you are going to keep buying. Good luck!

    They may have super high fees, but at least they're slow.

    I was the seller of a torpedo,  I mean rocket, mortgage buyer.  We went under contract in early October so I planned tax-wise for a sale in 2019, pushing another sale out to 2020.   We finally closed on Jan 14th. 

    So there I was on 12/31 (closing date #2) hearing nothing so began converting any traditional IRA funds into Roths in the afternoon. Got that done at least, but the sale I planned for this year now has to be delayed again or 1031 exchanged. I am strategically selling 1 property a year so this screws me up for many years.

    As a seller I won't accept a Rocket Mortgage buyer ever again. Glad to see agents are doing the same. 

    I wont for sure accept them on my new construction sales.. I did one a few years back and it was a nightmare what their underwriters put everyone through.. I would rather do VA any day.. plus we are supporting our Veterans.

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