Quicken Loans. Are they a good lender?

14 Replies

Quicken Loans called me today and they offered to reduce interest from 3.625 to 2.875 with closing costs of $5K. The guy was really pushy asking for my credit card number to charge $500 as part of the $5K as the rest of the closing costs would be factored into the loan principal. I didn't feel comfortable with his attitude and told him I needed to make sure this was not a scam and he finally said he will call me back on Monday. Any experience with Quicken Loans please share. Thanks!

@Victoria Torres   That does sound very pushy and I would not feel comfortable handing anyone my credit card to that I didn't initiate the transaction with. A good mortgage broker could help you find what you are looking for in a loan. To get an idea of what might be available in your area you can always check bankrate.com to see what is being shown there from different lenders.

@Victoria Torres Do not use Quicken Loans under any circumstance. They definitely are shady and pushy, and you will have nothing but problems with them, including failing to close. Search "Quicken" on BP, and you're going to find many negative reviews. You're better off using a broker who can understand your situation and match you up with an appropriate lender.

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Rates are important, but the process for underwriting and closing your loan will either drive you insane or be a good experience.

While I have not used Quicken Loans myself, the stories I’ve heard will keep me away. Highly recommend a bank and a broker who can work with you on the underwriting process.

Originally posted by @Mike McCarthy :

Rates are important, but the process for underwriting and closing your loan will either drive you insane or be a good experience.

While I have not used Quicken Loans myself, the stories I’ve heard will keep me away. Highly recommend a bank and a broker who can work with you on the underwriting process.

Thank you Mike

Originally posted by @Russell Brazil :

Quicken sucks. 

Yup. Rocket, too. 

I will not accept an offer from a buyer using either of these.  Slowest closings ever, if they happen at all. 

Relationships are paramount across the board- people tend to think that the best rate is all that matters with lenders, nothing could be further from the truth. I've seen many lenders charge clients fees and run their credit and lead them along and not be able to close the deal. Now you can't even sit down and talk to them about it or get their boss on the phone. 

Find a local lender who you trust and they know what they're doing. It will cost you a little bit more, but isn't that worth actually closing some deals?

You should probably take the advice that Quicken Loans gave out today in their Super Bowl ad: Find a local mortgage broker today.

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You're in Maryland, not in any of the Bay Area places like Oakland or Marin or San Francisco or Silicon Valley, so it might not  be as critical... but if the call center that you're considering is saying "don't call us, we don't want to talk to you, talk to someone local," and paying millions of dollars to say it during the Super Bowl, that should probably tell you something.

@Victoria Torres

Quicken and Rocket are both horrible.

Get in contact with several big real estate broker near you (eg Keller Williams, Coldwell banker, remax, etc.) And ask a bunch of their agents for lender recommendations. Agents work with lenders every day and have very passionate opinions about them! They're sure to lead you down the right path!

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@Victoria Torres I spoke with them and they NEVER asked for my credit card number or even discussed it. I wouldn’t even accept the call back. I have not used them but was considering it. I would call them if you want the information. Never know who is getting your information.