Quicken Loans

[Frankly Rich]

Does anyone know if this is a reputable loan company? I've seen the name around but never had occasion to look into it. Now they are offering me a rate of 2.88% to refinance my loan. That's of course a great rate, but I wonder if it is a come-on to get you in the door. Thus I inquire here, where someone usually knows something on just about everything!

[instudiocity]

Made the mistake of submitting a website request for information. Got 10 phone calls from different mortgage brokers in the next 24 hours. Still getting random calls from mortgage brokers now 18 months later regarding my re-financing my home. The stream of phone calls has gone from 50 in the first 10 days to about 2 per month.

 

Emails have dropped from over 50 in the first month to maybe one email every other month offering to re-fi my home.

 

I wish I'd never heard of Quicken Loans. From what I can tell there is no Mortgage Company named Quicken Loans, just a clearinghouse of mortgage leads and the clearinghouse doesn't mind selling old leads to poor schmucks a year and a half later.

 

Check out the Wikipedia page - Intuit bought the company then sold it back to the founder. Too bad they couldn't keep their trademark name.

[+ ArVaGuy]

While I have no direct experience with Quicken Loans, I have to say that it's best to be leery of a loan company that advertises so heavily on television. The frequency of such ads reminds me of those obnoxious Ditech advertisements which ran during the run up to the 2008 financial crisis.

 

A quick perusal of online reviews of the company brings up a lot of negative posts. Many from people who lost their "good faith" deposits after frustrating bureaucratic hurdles. Many of them fell for "too good to be true" rate offers that may have actually been bait and switch tactics.

 

i'd say you are better off going to your current lender or others sources than television advertises casting such a wide net.

[+ deej]

i'd say you are better off going to your current lender or others sources than television advertises casting such a wide net.

 

I'll second that. Likewise stay away from "Lending Tree" where they say lenders compete for your business. It's the same parade of never-ending phone calls from people you've never heard of. I called purely because they kept saying "low, low rates" but never said what those rates were. All I wanted was to know was the rate. I was curious! The ensuing barrage of phone calls made me not want to know the rates any more which was good because nobody who called would tell me.

 

When I bought my house I was lucky to have a realtor who's primary business was mortgage consulting. He found me a house AND found the best available financing on the day we needed rate lock. If I ever decide to refi, I know exactly who I'll call.

 

Find someone who will work FOR you, not someone who is trying to SELL to you.

[thickornotatall]

Quicken loans is a very reputable company with headquarters in downtown Detroit.....My experience in mortgages..refi's and similar loans is quite extensive....The problem is that most people that get in trouble have no one to blame but themselves....If you can't afford it..don't buy it....if you don't have a good amount of cash..stocks...property to back you up..stay away....All banks...mortgage companies are in business to make money....they don't want anyone to fall behind in payments...If you don't secure the best rates....your problem......I could go on and on writing about irresponsible people faking income to secure loans and banks that look the other way...bottom line...If you can't afford ...rent...You save money on property taxes..insurance...maintainance...and grief....Being responsible is a lifestyle....not a happenstance.

[rvwnsd]

Does anyone know if this is a reputable loan company? I've seen the name around but never had occasion to look into it. Now they are offering me a rate of 2.88% to refinance my loan. That's of course a great rate, but I wonder if it is a come-on to get you in the door. Thus I inquire here, where someone usually knows something on just about everything!

 

From wikipedia:

 

http://en.wikipedia.org/wiki/Quicken_Loans

 

And from the Nationwide Multistate Licensing System:

 

http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/3030

 

Their web site advertises rates as low as 2.75%, but they don't mention the terms. I don't think they are shady, but at the same time I think their advertising leaves a bit to be desired.

[instudiocity]

Quicken loans is a very reputable company with headquarters in downtown Detroit.....My experience in mortgages..refi's and similar loans is quite extensive....The problem is that most people that get in trouble have no one to blame but themselves....If you can't afford it..don't buy it....if you don't have a good amount of cash..stocks...property to back you up..stay away....All banks...mortgage companies are in business to make money....they don't want anyone to fall behind in payments...If you don't secure the best rates....your problem......I could go on and on writing about irresponsible people faking income to secure loans and banks that look the other way...bottom line...If you can't afford ...rent...You save money on property taxes..insurance...maintainance...and grief....Being responsible is a lifestyle....not a happenstance.

Geez, thickornotatall, I've never missed a mortgage payment. I've chosen to go hungry rather than short the mortgage company a dime. I made an inquiry with Quicken Loans because my fixed rate mortgage was twice the advertised fixed rate, but I didn't want nor deserve the avalanche of bullshit mortgage brokers literally pouring through my phone line and email account.

 

I actually refinanced from 6.5% to 3% fixed with my local credit union without those 300 phone calls and 100 emails over 18 months, thank you very much. Thanks for your judging me, bitch!

[rvwnsd]

...I actually refinanced from 6.5% to 3% fixed with my local credit union without those 300 phone calls and 100 emails over 18 months, thank you very much...

 

Like you, instudiocity, I have never missed a mortgage payment. I also had an easy refi. When I bought my condo I got my mortgage through Bank of America. The process was extremely easy. I worked with a loan officer who was an BofA employee. No competing lenders, no broker, no broker's assistant, no direct mail, and no dramatic phone calls to lower my interest rate by standing on my head while whistling the Polish National Anthem. A couple of years later they refi'd me at a lower rate. They sent someone to my condo to do the paperwork and all was done.

 

Looking back at buying my condo, buying my cars cars, renting apartments, and even hiring escorts I find that my approach of selecting what I want, determining whether the price is fair and affordable, and making a decision leads to very little remorse or regret.

[jawjateck]

It sure feels mighty good to be debt-free the past 15+ years or so. Makes it easier to retire pre-50. I've actually turned the tables and struck back at the banks, getting a piece of their monopolistic action....via lending club. It is easy money.

[Frankly Rich]

Thanks for the replies, guys. I have decided to ignore the offer from Quicken loans.

[thickornotatall]

why would you call me a bitch?...I doubt you had 300 phone calls....maybe 100 emails....if you did..sorry for that...you need to apologize to me...I never once wrote anything untrue or even judged you...some people will always make poor life choices and then lash out at someone that tells the truth....Good that you were able to refi at a lower rate....keeping house finances in order will keep attitudes more positive...and maybe keep a civil tongue in your mouth...

You wrote that you never missed a mortgage payment.....check your Beacon score..maybe that's not correct...its free once a year...

Then check yourself and find out why you're so angry at someone you don't know....Good luck...sounds as though you need it...As Marvin Gaye wrote.."Girl, You Need a change of Mind"

[EZEtoGRU]

Thanks for your judging me, bitch!

Wow. Curse much? What happened to your motto of disagreeing without being "disagreeable"? Seems you don't practice as you preach. Typical r*******n hypocrite.