Has anyone used Quicken Loans for a refi before? I feel like I really need to do a re-fi and they almost sound too good to be true (called and went through the process but they wanted me to commit before I was even off the phone). But the fees were really low (this was a little while ago so I don't remember the amount but thought 'too good to be true!'). Anyone??
We had a problem with them. In December, they quoted us we thought (at the time) was a very good rate, and we paid for the home appraisal ($500). The (non-local) appraiser came out and barely looked at our farm. We live in a very exclusive area, and small horse farms in our zip code sell for much higher rates than even a comparable place 5 mi down the road in the next zip code over.
When the appraisal came in, we were SHOCKED. It had been appraised for less than the tax assessment (which was VERY low because they still don't show the barn on it!), and he had used comparables that were no closer than 20 min away, and some even in a different state! When I called Quicken to complain, I told them I would be glad to send them info on properties close by, in our zip code, that had sold in the past 6 months for them to see how ridiculous the appraisal amount was (as I follow the market closely and am well aware of when properties are listed, sold, and the amount they are sold for). They refused, and instead wanted us to go through on the re-fi and then have to pay mortgage insurance based off of the ridiculous appraisal amount. Umm, no thanks!
We ended up going back to Wells Fargo (who we had our mortgage through already), who gave us a LOWER rate than QL, and they used a local appraiser who knew the area and used the appropriate comparables, and our farm appraised for significantly higher than the amount needed (we've owned it for 6.5 years and had put 20% down on purchase).
So, my own take on QL is a "bait and switch" kind of business. But I am sure others have had perfectly good experiences with them, especially if you are in a standard suburban-type home.
(And, we got our tax assessment the other week, and our property value just went up $115k, and that is still without the county showing the barn being here! So their appraiser was simply clueless.)
I'll just say check with your current lender first. Quicken does make it easy, but I found them a bit pushy (may have just been the particular individual) and we ended up getting a better rate through our original lender anyway. Depends on the details, I assume, but we also had more flexibility with changing loan term, etc. through our current lender.
Quickenloans is for subdivision tract houses and condos. They will choke at anything with more than about an acre of land. The reason is that they do "conforming" mortgages. These are the ones that are packaged and sold as "mortgage backed securities." The lenders are locked into a "cookie-cutter" template. That's why they are cheap and why they are inflexible.
The more land you have the more you need an ag lender who won't blanche at acreage. You will, however, pay more in interest.
We are in the process of refinancing through Quicken right now. To be honest, it's been a mess. We are going from a 30 to a 15 and our payment will stay the same. Our house appraised way lower then I would have thought which caused a hold up as now we have to have everything re-written. We were really shocked, especially with the high price of the new smaller homes/lots going up in our developement. We have the largest model home, and we have a 1200 sq ft finished basement, huge deck and premium lot. They pulled comps that sold in my developement within the last 12 months and subtracted a 5-figure amount from the sale prices to use as a comp. I don't understand that. Didn't use a single new construction home that has sold at all in the comparisons.
We are also struggling to get our loan closed. We are going on 2 months and just today receive notice that they need something I already submitted a month ago. If I wasn't getting such a good rate I would have walked away by now.
That said, I've spoken with two other families (my parents being one of them) that haven't had a single issue.
I guess it depends who you get to work with. Our person is never available and calls us back five minutes before she leaves for the day. 7:55pm our time which is when we are trying to get our littles ones ready for bed.
"The joys of motherhood are never fully experienced until the children are in bed" UK
Thanks everyone! You have given me a little more to think about with them. My financial planner gave me some local places to work with so I think I will get some comps from them and see which sounds better. I am in a subdivision (I have to board my fine steed) so I will fall into their cookie cutter model just fine! I just didn't like the feeling of do it now - no time to think about it just sign right up. I'm a Gemini - my dueling twins just cannot decide that quickly