My Refinance Experience with Quicken Loans 7 Basic Steps

Searching for Quicken Loans reviews? Here’s mine.

We recently refinanced our mortgage. Doing this allowed us to reduce our payment by $186 a thirty days, and save yourself $22,000 in interest repayments over the life of the mortgage.

I’m truly satisfied with the economic results of the refinance, and I also truly encourage you to definitely check home loan prices that are better still now to see if you’re able to see comparable cost cost savings in your mortgage. But I’m also pleased about the entire process of doing the refinance with Quicken Loans.

That is my very very first refinance. So I don’t have much to compare it to.

But i could let you know about my experience that is particular and you select if working together with Quicken Loans in your purchase or refinance suits you. I’ll help you save the data on Quicken Loans on their own. You are already aware them among the biggest names in house mortgages, with “highest in customer care for main home loan origination” according to J.D. Energy and Associates.

The things I shall concentrate on is the way they did company beside me. Quicken Loans breaks down the home loan process into 7 steps that are simple. Here’s just how every one of my actions went:

1. Connection (might 25, 2011) – I utilized my personal mortgage price table and discovered a rate that is reasonable Quicken Loans. I’ll be honest, I became lured in because of the known proven fact that I’m knowledgeable about the Quicken brand name. After clicking “learn more” I was taken up to the Quicken Loans site and done the contact page. Some body from Quicken Loans reached away to me personally and I also offered authorization for my credit to be taken.

2. Credit Discussion (might 25, 2011) – an email was received by me from Quicken Loans that my credit had been drawn plus they had been prepared to discuss home loan choices. They were called by me up and talked with my home loan Banker, Eric Pacifi. We offered Eric more details about my earnings, work situation, loan kind, and much more.

3. Good Faith Estimate and Deposit (might 25, 2011) – Before that conversation finished, I happened to be told that everything looked good and I also could now log into my Quicken Loans online account to see my good faith estimate. The price I became quoted had been 4.875per cent on a 30 12 months refinance. If I happened to be cool with this then we’re able to then move forward with all the real application, as soon as a deposit of $500 ended up being paid.

Quicken Loans has a non-refundable deposit that you need to spend. Having to pay this permits Quicken Loans to lock your price, put up an appraisal, process your application, and generally get intent on employing you. Should your application gets denied you will be refunded the deposit less any fees they usually have incurred.

There was a little bit of controversy surrounding this deposit.

Lots of people came online to grumble about taking a loss for this reason deposit. We can’t talk for them, but I am able to state that Quicken Loans wouldn’t be running a business very very long if their single interest had been to rob unqualified folks of $500.

We felt comfortable moving ahead and I also covered the deposit making use of my Chase Freedom card. Deposits could be from $400 to $700 in line with the Quicken Loans internet site. A more diligent, prudent individual may have taken the GFE after which shopped several other lenders. But I happened to be consumed by the proven fact that Quicken Loans didn’t appear deterred by my self-employment earnings or absence thereof. They provided me with the green light, I thought so it was time to move forward.

4. Appraisal (might 26, 2011) – This was handled quickly and without much hassle. Nobody stumbled on the house to accomplish an assessment. I suppose the could actually repeat this online utilizing comps from the location. We bought this spot with 20% initially, therefore I knew there wouldn’t be a problem from the refinance since the loan stability remains well beneath the value associated with property…one of this great things about residing in Texas.

5. Verify Income and Assets (May 26 – July 1, 2011) – this really is probably the most part that is tedious of procedure. We sent Quicken Loans several documents to validate my earnings and assets: personal and company taxation statements from 2009 and 2010, bank statements, retirement account statements, evidence of insurance, and my pay that is last stub my business.

Throughout this stage, my Quicken Loans mortgage banker, Eric, did an excellent work of updating me personally in the latest home loan prices (I became floating for at the very least 50 % of June) and telling me the progress using the underwriters. He additionally assisted to spell out the prices, various term choices, and assisted to focus a situation out to have across the debt-to-income issue I experienced.

This entire process took a number of years because half way through the conversations, I happened to be told I necessary to be rid of some financial obligation in order for my debt-to-income ratio could be sufficient for the underwriters to just accept. We made a decision to spend our one off staying auto loan. It absolutely was with an area credit union at 3%, so we were gradually spending it well. But then it had to go if i meant we could refinance our place.

I delivered the credit union a check from my Capital One 360 bank account also it took very nearly a couple of weeks it and process it for them to get. When I got a page from the credit union saying that the mortgage was reduced. Then, the underwriters necessary to see in which the cash to pay the loan off arrived from. Therefore I needed seriously to re-send the financial institution statements and such to ensure they could get self-confidence that I’d actually repaid your debt myself.

There have been once or twice in which the interaction involving the home loan banker and my Quicken Loans client solution agent might have been better. I became telling them both exactly the same things once or twice. Furthermore, we wasn’t provided a great solution as to why they decided to pay back $1,000 more for my old mortgage (held at Bank of America). I’m able to now make the refund check from BOA and payoff my Quicken Loans’ mortgage that they just didn’t want to pay the exact amount with it, but it seemed odd.

6. Process and that is underwritingMay 26 – July 13, 2011) – This was all taking place behind the scenes when I had been providing information to Quicken Loans.

7. Closing (July 13, 2011) – we had been actually away from city whenever Quicken Loans called to schedule the closing. They said they might get it done anywhere plus it would just just take lower than one hour, while at the hotel we were staying at so I suggested we take care of it. Some body from Quicken Loans put up the full time plus a closing that is independent turned up at our resort to shut the mortgage. She ended up being efficient, knowledgeable, and professional. We finalized about 100 items of paper so we were on our means. It was the essential enjoyable part of the process that is whole considering my objectives of loan closings.

  • Pros: No meetings that are physical faxing required. Competitive price. Truthful answers. Online account management. Fast closing.
  • Cons: Occasional interaction breakdown. Doubt about the loan and deposit payoff.

Overall I’m happy with my Quicken Loans experience. They’re engineered to generate an optimistic refinance or brand new home loan experience. I would undoubtedly entertain with them again for my loan that is next i would suggest them to you dudes if you were to think a refinance or purchase is with in your personal future.

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