# Quicken loan



## roadless (Sep 9, 2006)

Has anyone used this company for their mortgage? 
Any information would be appreciated!


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## Declan (Jan 18, 2015)

roadless said:


> Has anyone used this company for their mortgage?
> Any information would be appreciated!


No. They called me when I did the lending tree thing--like the second I hit the send button, but then decided they couldn't loan me the money because the person I spoke with did not understand the federal underwriting requirements as it pertains to one of my income-contingent debts. They did not look at my payment terms--just what they thought my payments should be under a traditional student loan like, you know, I did not have.


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## roadless (Sep 9, 2006)

Yeah, they called me very quickly too.
They took all my information and will call back at 5
Just trying to see if they are a good way to go.
I am not asking for much and will make every effort to pay off quickly.


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## Declan (Jan 18, 2015)

I have a problem finding lenders who will loan to me. I am working on a refi and don't come anywhere near their minimum loan amount.


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## roadless (Sep 9, 2006)

I'm sorry to hear that Declan.
I might be in the same boat. ...I own a mobile home but I figured for what I pay in lot rent I could certainly afford a small mortgage....we'll see if the loan company agrees.


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## Declan (Jan 18, 2015)

roadless said:


> I'm sorry to hear that Declan.
> I might be in the same boat. ...I own a mobile home but I figured for what I pay in lot rent I could certainly afford a small mortgage....we'll see if the loan company agrees.


You may end up at a credit union or traditional bank. I want to borrow my payoff and $10K. Credit union wants to do it as mortgage and personal loan at higher rate for the cash out. Since I want to borrow less than $50K, a lot of the national lenders won't touch it. Not enough money in it for them I guess. One place I spoke with had a minimum loan amount twice what I want to borrow. Lord forbid you do business with people with good credit who pay early when there are so many deadbeats to be fleeced I guess. :flame:


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## Moboiku (Mar 7, 2014)

I bought a house 12 years ago and initially got a loan via Quicken. I was not UNhappy with the original process. They did of course sell the loan pretty quickly and I made all but the first payment to new loan owner instead but that did not cause me any issues.

Two years in, interest rates had dropped enough that I decided to refinance to get a lower rate. That is where I ran into issues. Quicken made me jump through all the same hoops as I had to get the initial loan only two years earlier. Nothing had changed - I was still with the same employer, lived at the same address, had the same bank accounts and no major changes to my credit report. Not to mention, their estimated cost to refinance was in the vicinity of $3500!!! It would take a lot of months at a lower payment to justify paying that kind of money.

Meanwhile back at the ranch....one of the items Quicken needed to process the refinance was a statement from my bank declaring what I had on deposit. In calling each bank I had an account with, I made the call to ING Direct (which has since been bought out by Capital One). ING Direct was an all online bank - no branches - and everything had to be done electronically. No statements, no paper checks, the works. I talked to the guy about why I needed this piece of paper and he said "Did you know that ING Direct now offers mortgages?" Nope. "Well, we do, and right now we are having an introductory special where the cost to finance is $0". Well shoot, it wasn't that hard to do the math. $3500 or $0 - what would YOU choose?

Needless to say, I told Quicken to go take a leap, refinanced with ING Direct and was never happier. I got a lower rate than Quicken had offered under the refinance and $0 closing costs. Plus, they had a deal where you could do a rate change as often as once per year at no additional cost. So I simply kept an eye on interest rates and once a year, if they went below the rate I was paying, I did a rate change and lowered my payment.

I no longer own that house so no longer have that mortgage but I did have it for 6 years and never had an issue in that time. I remained very happy to no longer be with Quicken Loans after the way the treated me to attempt to lower my payment.


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## roadless (Sep 9, 2006)

Thanks for the information. ..
I did ask if there was a prepayment penalty. ..she said no.
The interest rate was around 3.6%
I will find out more at 5 pm when we get to the specifics of my loan.


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## Moboiku (Mar 7, 2014)

Just to clarify...none of my $3500 fee was a prepayment penalty. All of it was the cost to refinance to lower the interest rate. It just seemed excessive to me considering I was already a customer and had been approved only two years earlier with no changes to my financial status in that time.


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## roadless (Sep 9, 2006)

I agree, that fee was outrageous.


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## roadless (Sep 9, 2006)

I was approved for a loan on a property that is 44,900.
I would put 20% down. 8980
Title, closing costs, insurance, taxes and appraisal is another 4216
The interest rate is 3.625
Payment would be 293 a month......way less than mobile home park

What do you folks think?
Am I missing something?


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## Declan (Jan 18, 2015)

roadless said:


> I was approved for a loan on a property that is 44,900.
> I would put 20% down. 8980
> Title, closing costs, insurance, taxes and appraisal is another 4216
> The interest rate is 3.625
> ...


Your closing cost seems high to me. How many points are they charging you for this loan?


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## frogmammy (Dec 8, 2004)

What I have heard of Quicken is never, EVER make a late payment.

Mon


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## Moboiku (Mar 7, 2014)

That seems REALLY high to me as well on that size of a loan.

I declined having them take out for taxes and insurance, preferring to pay them myself. That way I felt I had more control over them. In other words, I can look over my property tax statement and appeal it if I think they've valued my property higher than the market. And I can shop around for insurance and get a better deal any time I like.

You have to have an appraisal and you have to pay for the title work but I would see what other costs are involved in that broad statement of "closing costs" and see which expenses can be negotiated or eliminated altogether to get that amount down.


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## po boy (Jul 12, 2010)

roadless said:


> I was approved for a loan on a property that is 44,900.
> I would put 20% down. 8980
> *Title, closing costs, insurance, taxes and appraisal is another 4216
> The interest rate is 3.625*
> ...


I think you need to break it down. Your lender has no control over Insurance, taxes, title and appraisal cost.


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## po boy (Jul 12, 2010)

Moboiku said:


> That seems REALLY high to me as well on that size of a loan.
> 
> *I declined having them take out for taxes and insurance, preferring to pay them myself.* That way I felt I had more control over them. *In other words, I can look over my property tax statement and appeal it if I think they've valued my property higher than the market. And I can shop around for insurance and get a better deal any time I like.
> *
> You have to have an appraisal and you have to pay for the title work but I would see what other costs are involved in that broad statement of "closing costs" and see which expenses can be negotiated or eliminated altogether to get that amount down.


Escrow or not you are going to have to pay some pre-pay for taxes and insurance..

Escrowing taxes does not take away your right to receive or appeal your property tax statement.

Mortgage Companies do not place property insurance. The borrower shops for it and can shop and change for better rates any time they want to.


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## 1948CaseVAI (May 12, 2014)

Moboiku said:


> That seems REALLY high to me as well on that size of a loan.
> 
> I declined having them take out for taxes and insurance, preferring to pay them myself. That way I felt I had more control over them. In other words, I can look over my property tax statement and appeal it if I think they've valued my property higher than the market. And I can shop around for insurance and get a better deal any time I like.
> 
> You have to have an appraisal and you have to pay for the title work but I would see what other costs are involved in that broad statement of "closing costs" and see which expenses can be negotiated or eliminated altogether to get that amount down.


I don't think that is too high because you have at least a half year of insurance (maybe a full year) and taxes are whatever they are. Those are items to pay at closing but they are not traditional "closing costs" like origination fees, etc.


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## Moboiku (Mar 7, 2014)

po boy said:


> Escrow or not you are going to have to pay some pre-pay for taxes and insurance..
> 
> Escrowing taxes does not take away your right to receive or appeal your property tax statement.
> 
> Mortgage Companies do not place property insurance. The borrower shops for it and can shop and change for better rates any time they want to.


I understand all of that. The problem is that when one is letting the mortgage lender pay those things on one's behalf, one tends to "check out" of keeping up on them oneself. By keeping mine separate from the mortgage lender, I felt I had more ownership of the process. That may not be the case for everyone.



1948CaseVAI said:


> I don't think that is too high because you have at least a half year of insurance (maybe a full year) and taxes are whatever they are. Those are items to pay at closing but they are not traditional "closing costs" like origination fees, etc.


I've bought and sold a lot of houses. I've never paid that much at closing and many of the properties had an asking price far higher than the OP's. And I live in a state with high property taxes. The OPs quote on closing costs is almost 10% the contract price on the house!


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## po boy (Jul 12, 2010)

Moboiku said:


> I understand all of that. The problem is that when one is letting the mortgage lender pay those things on one's behalf, *one tends* to "check out" of keeping up on them oneself. By keeping mine separate from the mortgage lender, I felt I had more ownership of the process. That may not be the case for everyone.
> 
> 
> 
> I've bought and sold a lot of houses. *I've never paid that much at closing* and many of the properties had an asking price far higher than the OP's. And I live in a state with high property taxes. The OPs quote on closing costs is almost *10% the contract* price on the house!


*One tends....* Why, you get an annual statement and it's no different if it' mortgaged or free and clear.

*I've never paid that much at closing................. *There are too many variables and no way to compare.


*10% the contract* ............ Not at all unusual. What matters is what the lender/originator has control of.


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## roadless (Sep 9, 2006)

I thought the closing costs were high too.
I am a very frugal shopper, I would need to check the insurance too.
I have had my taxes on the mobile home abated and believe I could do the same with this property. 
I think you folks are right, I would like an exact breakdown of these costs.


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## Moboiku (Mar 7, 2014)

po boy said:


> *10% the contract* ............ Not at all unusual. .


Then you're doing it wrong. I just went back and looked at the closing costs for the last two properties I've purchased and closing costs were .15% for one and .3% for the other. Running the figures for the numerous properties prior to that would take more time - but I can tell you if they'd ever even come close to 10% I'd have run screaming from the deal.


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## Belfrybat (Feb 21, 2003)

I agree that 10% closing costs for the buyer appears high. I just sold a property for $54,000. In Texas it is usually the seller that pays for the Title policy. Do the closing costs include any realtor fees? Those would be 2 - 3% here if you had your own realtor. I just pulled out the closing statement and total closing costs (some paid by me and some by buyer) were $2780.00 plus 6% realtor fee of $3240.00, which was split between the two of us by separate agreement. So the actual closing costs (minus realtor) were about 5% of the sales price. 

My suggestion is to get a complete breakdown of closing costs and decide if it's worth it.


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## andrew3d (Jun 23, 2002)

If you are buying some acreage, go with a Federal Land Bank.

And for a home, credit unions do mortgages. Often they offer very competitive rates. Shop around.

I, myself, would be cautious about doing business with any of the big monied advertisers.


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## po boy (Jul 12, 2010)

Moboiku said:


> Then you're doing it wrong. I just went back and looked at the *closing costs* for the last two properties I've purchased and closing costs were *.15% for one and .3%* for the other. Running the figures for the numerous properties prior to that would take more time - but I can tell you if they'd ever even come close to 10% I'd have run screaming from the deal.


The OP is including prepaids and the lender has no control over them.

OP needs an itemization (GFE)


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## po boy (Jul 12, 2010)

roadless said:


> I was approved for a loan on a property that is 44,900.
> I would put 20% down. 8980
> Title, closing costs, insurance, taxes and appraisal is another 4216
> The interest rate is 3.625
> ...


Roadless, good info here....

Good luck


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