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I had a good experience with Rocket Mortgage. I chose Rocket Mortgage for my first house. I started the process on 8/6, and was cleared to close by 9/16. The actual closing happened on 9/23 to find a time suitable for all three attorneys to meet. My main reason for leaving a review is if you're like me, and never checked the reviews on this site until you gave the $500 good faith deposit to the lender. I was scared out of my mind after reading all the reviews but shortly after got the cleared to close. I would say that if you have a regular W2 job, no big credit debt, no lapses in employment history, you'll probably be fine. Quick summary of how your loan will work:
2. Given the preapproval, they will ask you for a $500 good faith deposit to start the appraisal process. (few days)
3. A week or two after that, they'll give you a conditional approval.
4. At this point, they are waiting for the title clearance and appraisal clearance. (1-2 weeks)
5. After you get your title cleared, their attorneys will double check the title (1-2 weeks)
6. They'll send over the closing disclosure, and then schedule the final closing. (about 1 week)
All in all, it will take about 1-2 months. Good luck all.
We close on our loan with Quicken Loans back in August of 2014. We had to jump through a bunch of Hoops like everyone is saying but I would have rather have jump through the Hoops that we did than to be denied the loan like many other places did. The reason you're jumping through the Hoops is because you aren't great candidate for the loan that's why other places are possibly denying is alone but Quicken Loans goes out on a limb and allows you to work through those who plays like we had a judgment that was holding us back but they allowed us to just get approval of satisfaction instead of actually having to wait through it to go through court and being documented through courts as long as we have the satisfaction note from the attorney our loan was approved. It was a pain getting it but it was all worth it.
So here we are 5 years later and work a month behind on our payments. And no matter what we do we can't seem to catch up because we could getting hit with different expenses. I just wanted to give a review for our account resolution specialist Ashley **. We didn't get a chance to talk we only use the chat online, but I was really pleased with how punctual she was with everything and she was just overall really sweet. It's kind of hard to feel that through texting but she made it possible. And I just wanted to give a big thanks for sending the $100 gift card for us to grab some quick meals while our kiddos are going through the tough time that they are.
She had asked me why we were behind on payments, as we are in the middle of a loan modification, and I told her both of our children had gotten sick. One has ITP and the other one has Chiari malformation and it's just been a struggle with everything being back and forth to work and she so kindly sent over a gift card for $100 for us to help us out with food. So not only were we behind on payments but she also helped us out by sending us $100 gift card and I am truly grateful. I'm glad I went out on a limb and took a chance with Quicken Loans because it has been all worth it. Even jumping through the hoops.
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I like doing business with them. Just from the start of processing they help me a lot from getting information and during start of the loan they assist me to get loan from the bank and for the mortgage that I can afford to pay that it will not going to break my leg to pay the monthly mortgage. That it will just get into my wallet that I still able to live my life. They will keep me posted every updated that they have with the load that I am doing with them until I finally gotten and paid my mortgage.
They have all the expert that will going to help you doing the process until to the last payment to make more worth payable to the client and that will not going to hold back to the expenses. They keep doing the follow - up to make more correspond to the business and give the property to make it worth to have. It is clear and be more worth using them.
They make sure that I will be happy working with them and give their best to give me the information that I needed with the property that I am working with them to make it clear and that I will not going to have any problem in the future regarding with the property. It was excellent and makes me more reliable and good experience doing business to them. It makes me more going to use this business for the future. They will going to make great process and program to make things work in both sides to make the payment more easier and not so much hard for both parties.
It is just a stressful time buying a new house but Quicken did everything they could on their part to make it seamless. The rate quote was easy and quick. Helpful and friendly guy helped me during the initial stages and amount of paperwork to fill out was reasonable. All the information was given to me up front so there were no surprises on the cost or rate when we officially closed.
I locked in a good rate and after that started using the Quicken website to upload documents. The website was easy and someone from Quicken was always calling to see if I needed anything or let me know how the documents I uploaded looked. I really couldn't have planned it any better myself. I also like the website Quicken has to upload all your documents. It told me exactly what I needed to do and what my next steps were. If I wasn't sure about something they were always there to help me. Usually calling me before I had time to call them.
Everything truly went well. They were quick and thorough on getting me a rate quote and the paperwork required was what you would expect. Since then everything has been great. But their 15 year rates weren't quoted as competitive as their 30 year. For most this isn't a big deal but for previous homeowners who don't want to go backwards on their mortgage this is a big deal.
Before I give my review, I have to make a disclaimer. I recently closed on my house (4/16/19), but while I was going through this process, I stayed on these review sites looking at user reviews. There was so much negativity concerning QL, that I was scared to death. I thought about leaving and was regretting my choice of Loan Company. I was waiting for the call that I have been denied, since a lot of reviews talk about last minute denials. I was stressed. I say that to say this: YOUR experience and situation is unique to you. Yes, it is nice to try and gain knowledge, but don’t be discouraged by what you read on these sites. I experienced hardly anything that I read from past reviewers. Every situation is different so what you read may not fit you. Please keep that in mind.
With that said, my experience was easy and fast. From the time I applied online, I got a call from Brandon and right there, he was in my corner. He was not pushy or did I feel like a number. Of course his job to get paid; what’s wrong with that? However, he was not overbearing or anything. He explained to me the process and from there, it was just a matter of getting pre-qualified. That took all of five minutes.
From there, it was just the normal procedure of pre-approval, getting paperwork, underwriting, etc. Yes, they ask for a lot of paperwork and there were times when I questioned why you needed that. But I gave them what they wanted IN A TIMELY MANNER. When I got my disclosures, Brandon explained to me line by line what each one meant. He explained fees, points, choices of interest rates, everything. Again, I had did research so I wanted to see if what he said matched up to what I learned. It did. At no time I felt I was being taken advantage of.
This company believes in communication, sometimes to a fault, but that is ok. My questions were answered swiftly and accurately. When I had a concern, they were there. At no time I felt alone and that was important to me a first time home buyer. When I ask a question and we finished talking, they always said “you are welcome”. This triggered an email stating that you have a message. That part was a bit too nice because you think there is something important in your account, but again, that is my thing. Too much is better than not enough.
When it came time to close, I have my closing docs a week before closing. This allowed me to schedule a time with my lawyer that worked best for both of us. We signed three days early and come that Tuesday, QL had funded the loan before I even had my keys to the house and was registered in Deeds. QL was awesome. Again, this is my experience. My experience was stressful, but looking back, it was super smooth. Everyone was friendly and knowledgeable. I am a fan of QL and will sing their praises everywhere I go. Thank you QL!
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I trusted these guys and here is what they did. When I submitted my request on Zillow they were the ones who called me within 5 seconds (kudos for that). I liked the rep and he seemed like a nice dude. They offered me 3.65% for 20 years. I agreed. The next day guy from another lending company (starts with S. Can't think of the name) and quoted me 3.25% for 20 years. I did not want to change the lender because 1) I was already working with this guy LUKE ** and 2) I was told that the second company can lower the price of my home by sending their appraiser.
Well, guess what. Quicken Loans sent their appraiser to my apartment last week (costed me $500) and yesterday I found out that he appraised it at $306,000!!! Are you kidding me? 2 bedroom 2 bathroom apartment with $237 HOA in Bothell area for $306,000??? I was mad!!! And what also pissed me off that they wanted me to sign the deposit agreement yesterday morning (even though I paid for the appraisal last week). Now I know why! They knew that I would be mad after seeing the appraisal results and were afraid that I would cancel the payment (due to no deposit agreement signed).
Anyway, how can you appraise the condo that was built in 2009 and looks like new. The value on the Zillow Estimate is $339,000!!! And I bought it for $315,000 couple years ago! Market in Seattle is not going down! It is going up!!! I will not only ignore this Company in the future, but also share the story on my Instagram and Facebook groups (totaling 3.5MLN people) so that everyone knows about my experience!!!
We refinanced a $145,000 remaining on our old mortgage to a VA 30 year refinance with Quicken/Rocket. The work in collecting all the documents was well worth the effort. They communicated crystal clear and came through with what they said they could do. I read a lot of negative reviews but that was not my experience. We do have a high 700 - low 800 credit rating and was refinancing a property worth more than a million dollars with only a $145,000 balance however. Overall 5 stars were well earned.
Quicken/Rocket was perfectly fine until they were not. The online tools were reliable until the first time I made a change. All I wanted to do was up my autopay from $3k/month to $6k/month. But beware! If you change the amount of your payment, all of the fields on the autopay screen default. The date defaults to the next day (instead of the next due date), and the bank auto-defaults to the first bank on your list. If you don't catch it get ready for your next payment to be late and/or a NSF notice from both your bank and Quicken. The first indication that something was wrong was when I received an email notice from Quicken that the bank had NSF and "we will try again in 10 days".
I went online and made an immediate payment. Ten days later, Quicken/Rocket went to the first bank (not the one now selected in my autopay) and attempted to pull payment. Again NSF notice from my bank and Quicken. The customer service rep sounded quite smug and satisfied that there was nothing he could do to rectify this. In fact, they proved 100% incapable of doing anything that cannot be done online. Quicken/Rocket says they cannot stop the 10-day automatic retry, they cannot reverse the NSF on their end, nor can they reimburse you for the NSF at your bank. My initial impression and past four year of Quicken/Rocket was fantastic. It was easy to get the loan setup, make payments, etc. This was my first and only time dealing with customer service. In the future, I will watch my back because they will not.
They sold me on an offer they refused to honor at the end. I had an offer from another lender and made it clear to the rep so they offered me a better deal. But in the end when they know there no turning back they said sorry we know you had a better offer but we are not going to honor what we offered you and screw you for almost $2000.
I was working with this company in an attempt to refinance my house. Half way through the process I found another lender with a MUCH lower origination fee. This company attempted to match. After some time later I received a detailed breakdown of the Loan Estimate (which I had asked for many times but kept getting system images from them that made things look better than they were. Bottom line, the other lender costs (including lawyers for the title, and etc) were almost 1/3 of the cost of this company. For me to get a 3.75% rate on the refinance, Rocket wanted me to pay 4.128 points! It was insane! My other lender wanted to give me a 4.5% rate with no points. When I asked about 1 Point, it brought down the loan rate to 3.75%. That was a point I was happy to pay.
The pre-paid's (escrow, taxes, insurance) are what they are and only benefit you but you must be careful here too! Rocket was trying to change my homeowners insurance to one of their 'partner' plans and it cost $340 more than my current plan that was already paid for the year. It didn't matter to them that I wasn't interested in making a change, I couldn't get them to adjust thing per my current provider.
Be very careful with this company as they try real hard to make things look pretty and they will wait until the last minute to give you the real details you need to make an informed decision (The Loan Estimate). They are VERY quick to collect your EMD (which is supposedly refunded to you at the closing table) and very slow to refund it when you stop the process. Whatever you do, if you change your mind, be sure to do so BEFORE they do the appraisal. Once that is done, you are out of luck and the appraisal won't be accepted by another lender so money wasted.
Quicken Loans expert review by Michele Lerner
Quicken Loans is an online mortgage lending company. Founded as Rock Financial in 1985, Quicken changed course in the 1990s to focus on online lending and has since become a leading mortgage lender.
Refinance information: Quicken’s website has a host of information for consumers looking to refinance their mortgages. A list of frequently asked questions, a direct line to a home loan expert, a list of required documents for refinancing and numerous other bits of advice are all located easily on the front page.
Zing blog: Quicken’s featured Zing blog contains relevant articles not only about home ownership and mortgage refinancing but also about lifestyle topics like gardening and technology. Quicken regularly updates this blog to keep information current and topics varied.
Online calculators: Whether a consumer wants to refinance their home loan, is looking for a new home or wants to see the impact of making additional payments on their existing loan, Quicken offers free online tools to calculate estimated savings and expenses. The online mortgage, refinancing and amortization calculators are easy to use and provide instant financial estimates.
Mortgage comparisons: Quicken provides a loan comparison chart, so consumers can see the various loans Quicken offers at a glance. The chart has brief descriptions of the loans with links to more information and application pages for each loan.
Best for: Quicken is best for consumers looking for instant information about mortgage refinancing.
Quicken Loans Company Information
- Company Name:
- Quicken Loans
- United States
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