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Sniper03 03-10-2013 04:22 PM

Quicken Mortgage Loans
 
Greeting Friends,

Has anyone had any dealings with Quicken Mortgage Loans both positive and negative. I presently have a higher percentage of intrest on my home compared to what I am seeing available at the present time. Also advise and pointers if you have dealt with them. Looking at a 15 or 30 year fixed!

03

c3shooter 03-10-2013 05:07 PM

Do you remember the old Lost in Space TV show- and the robot that would wave his arms, and shout DANGER WILL ROBINSON ?

Yeah, you want to read this- and see if your local bank does re-fi's.

Quicken has 95 reviews below, average 2 out of 5 stars.

https://beta.creditkarma.com/reviews/mortgage/single/id/quicken-loans-mortgage

When we had a mortgage, it was thru Wells Fargo, and they treated us well. When interest rates dropped some years ago, they contacted us, and offered- not a re-fi, but an adjustment to our existing mortgage, lowering the rates, no cost AT ALL. You MIGHT want to contact your current mortgage holder.

Jpyle 03-10-2013 05:18 PM

Quote:

Originally Posted by Sniper03 (Post 1170961)
Greeting Friends,

Has anyone had any dealings with Quicken Mortgage Loans both positive and negative. I presently have a higher percentage of intrest on my home compared to what I am seeing available at the present time. Also advise and pointers if you have dealt with them. Looking at a 15 or 30 year fixed!

03

Quicken Loans, like many mortgage wholesalers, is simply the underwriter for the loan and will see it off to Wells Fargo, Bank of America or Citibank in short order. Why not go directly to a lender to see if you can get a comparable rate. Take into account the origination, application, closing and appraisal fees before accepting what appears to be a great rate. $1,000 or $2,000 in fees up front really takes away from that great looking rate when you compare all the lifetime loan costs. There are numerous sites on the internet that have tools to calculate the true cost of a loan over it's lifetime that can help you make a better decision. Without taking the time value of money into account, a general rule of thumb is that you need to be able to recover the up front costs in the first 1.5 -2 years to make the loan worthwhile...keeping in mind that a dollar received 4 years from now is worth considerably less than a dollar in-hand today.

You might also want to consider comparing the monthly savings versus a shorter term, that is where the "real" savings occur. More money goes to principal in the early years and the overall interest you pay is reduced significantly. PM me if you want and I can work out some samples for you to look at.

BK3220 03-10-2013 05:45 PM

I'll second the idea of asking your current lender for a lower rate.We did that a few years ago. The rate got locked in for 5 years at a quarter percent higher than what another bank had offered and no fees or paperwork to do.

c3shooter 03-10-2013 05:51 PM

Quote:

More money goes to principal in the early years
Umm- are you SURE that is what you meant to say? A shorter term loan DOES get more tossed to principal thaan interest, but generally in the early years of a mortagage, does not most of payment go to interest, and not to principal?

At the start of the loan, $1000 monthly, may be $975 interest, $25 principal. If you make an additional $200 payment- DIRECTED TO THE PRINCIPAL- you just knocked out 8 payments. We paid off a 15 yr mortgage in 7 yrs like that. Ratio changes during the term of the mortgage- late in the life of the loan, it might be $25 interest, $975 principal.

Jpyle 03-10-2013 06:19 PM

Quote:

Originally Posted by c3shooter (Post 1171119)
Umm- are you SURE that is what you meant to say? A shorter term loan DOES get more tossed to principal thaan interest, but generally in the early years of a mortagage, does not most of payment go to interest, and not to principal?

At the start of the loan, $1000 monthly, may be $975 interest, $25 principal. If you make an additional $200 payment- DIRECTED TO THE PRINCIPAL- you just knocked out 8 payments. We paid off a 15 yr mortgage in 7 yrs like that. Ratio changes during the term of the mortgage- late in the life of the loan, it might be $25 interest, $975 principal.

Yeah sort of..:) The point I was trying to make was don't presume you need to refi a 30 year at a new 30 years and pocket the difference, you can refi a 30 year at say 20 years keeping the monthly payment the same. In that case the amortization ratio of interest and principal changes with a greater share of the payment going to principal on day 1 due to the lower interest rate. Same concept that you described but in this case you are "forced" to make the additional principal payment, most people do not have the discipline to religiously pay the extra amounts. That option is still available either way.

Sniper03 03-11-2013 10:54 PM

Thanks for the great information! Sure will not even consider Quicken with a track record of 2 out of 5 Stars.
We went to a local bank which advised they did not know of any comparable property in the area to compare value and facilities. So they could not guarantee a far appraisal? Which I thought seemed kind of crazy to me but I guess they go by the area and all kind of issues. I would probably have to go to an outside market if I ever sold the place anyway to get the right price out of it. But thanks again for the good input!:)

03

danf_fl 03-11-2013 11:16 PM

If you belong to a credit union, they may have something also.

Yunus 03-11-2013 11:18 PM

Quote:

Originally Posted by Sniper03 (Post 1172579)
Thanks for the great information! Sure will not even consider Quicken with a track record of 2 out of 5 Stars.
We went to a local bank which advised they did not know of any comparable property in the area to compare value and facilities. So they could not guarantee a far appraisal? Which I thought seemed kind of crazy to me but I guess they go by the area and all kind of issues. I would probably have to go to an outside market if I ever sold the place anyway to get the right price out of it. But thanks again for the good input!:)

03

Check out zillow for property values, they are not always accurate on value (especially in more rural areas) but they are accurate on tax record information and sale prices for the most part which is good information when trying to find comparables.

Suntrust mortgage is good because they never sell your loan or at least not the servicing of the loan, meaning you will send your check to the same company for the life of the loan and in modern terms it means not having to make a new UN/PW and get multiple statements from multiple mortgage holders because your loan was sold multiple times in a given year.

Another good tip I have found is that if you have a relationship with a bank already (savings or checking account for example) they will negotiate a little on your rate. I was able to knock .1% off my rate simply by saying that BOA was offering that rate. I know .1% isn't much but it saves me a few bucks each month simply by asking for it.


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