Right here’s my evaluate of Quicken Loans, why I went with them, and my expertise utilizing them.
Bear in mind, I’m a powerful believer of buying round for a mortgage. Don’t simply contemplate Quicken Loans. Take a look at utilizing LendingTree to shortly evaluate completely different lenders to get the perfect charge and phrases attainable to your state of affairs.
Why I Tried Quicken Loans
I initially tried Quicken Loans as a result of I used to be seeking to get a mortgage pre-approval letter to submit with my provide. In a aggressive housing market, it’s important that you simply present a pre-approval letter together with your provide to enhance the standard of your provide to your vendor. It exhibits that you’ve a powerful skill to get a mortgage.
Nonetheless (sadly), many locations make it tough to get a pre-approval letter. For instance, once we reviewed SoFi Mortgage, they’d provide a pre-qualified letter, however not a pre-approval letter. The distinction is of their underwriting course of.
Even worse, many conventional banks and credit score unions will take days to supply a pre-approval letter, and that gained’t work for folks in extremely aggressive markets. That’s why we advocate on-line mortgage lenders for anybody on the lookout for a mortgage.
Quicken Loans was in a position to present a pre-approval letter shortly, and ship it on-line so we may submit our provide the identical day. It was nice to have the ability to get this on-line. I wasn’t initially planning on really getting a loan with them, however that they had good applications with good charges, so we continued the method with them.
Utilizing Their Rocket Mortgage Service
Quicken Loans has a program known as Rocket Mortgage, which is the principle platform they use for on-line mortgage functions. The platform is fairly superior – you’ll be able to enter your data shortly and simply, and their instrument really permits you to join your financial institution or brokerage to routinely import your account data. This protects you time if it really works.
One problem I encountered was that their system didn’t like my self-employment revenue. Consequently, it bought hung up. I used to be a bit of annoyed for a minute, however in my e-mail I had a loan officer assigned and I gave him a name straight away.My loan officer Dan was unbelievable. He was in a position to type out all my data, run me by means of loan applications, validate that my self employment revenue would qualify by looping in an underwriter, and get me a pre-approval letter in minutes.
I might say start-to-finish, it took about half-hour to get my data enter and pre-approval letter issued. This excessive stage of service inspired me to proceed to make use of their platform for my loan.
Pace, Effectivity, And Their On-line Instruments
Quick ahead a couple of week, and our provide was accepted. Now it was time to do the “actual work” of getting a loan. Being a superb monetary skilled, I made it a degree to buy round for a loan, and used LendingTree in addition to checked out a neighborhood credit score union.The one downside was the loan contingency elimination interval. Given the recent housing market, to make our provide aggressive, we stated we may do a ten day contingency elimination interval, which might reduce issues shut. Bear in mind, you must schedule an appraisal, after which have the loan firm’s underwriters approve the whole lot. Consider weekends, and that’s tight.Nonetheless, Quicken Loans got here by means of once more. After spending a day buying round, I known as Dan again up and instructed him our provide was accepted. He was nice about getting the method transferring FAST. I used to be shocked.
He instructed me, if I did my half and bought all my paperwork uploaded, he would do his half and make sure that we met our deadlines. I hustled that afternoon and bought all my paperwork uploaded into their on-line system (which was very easy), and Dan bought the appraisal ordered.
You need to discuss quick – Quicken Loans was in a position to get an appraisal ordered AND executed in lower than 24 hours. It was ordered at roughly 5pm on a Monday, and the appraisal was finished at Midday the subsequent day. That was spectacular.
The remainder of the method was very easy, with their on-line system and constant cellphone calls making certain that the method went nicely.
Drawbacks With Quicken Loans
Getting a loan is rarely straightforward, however Quicken made it as straightforward as attainable. I actually solely encountered two actual issues.
First, their Rocket Mortgage system didn’t play good with my data at first. Perhaps it was my self employment revenue or one thing I entered, however it mainly stalled out and couldn’t give me a solution for my mortgage. Nonetheless, my loan officer Dan was shortly in a position to course right this with a cellphone name and get the whole lot squared away.
Second, Quicken Loans doesn’t have many loan applications obtainable. They maintain it quite simple, with the fundamental 15 or 30 12 months mounted charge, and a 5/1 ARM. They might produce other “secret” applications, however this was all I noticed on their website and all that was supplied once I spoke to my loan officer.
It’s not an enormous disadvantage, however having loan program choices is all the time a plus.
Whereas I’m an enormous believer in evaluating on-line lenders (as a result of your mortgage will probably be the most important cost in your life and a small change could make an enormous distinction), Quicken Loans offered wonderful service with a superb mortgage program.
I can’t say if each expertise was like mine, however Dan (my loan officer) was nice and their system for dealing with paperwork and communication is prime notch. I like to recommend them and would use them once more sooner or later.
Would you ever attempt Quicken Loans? Why or why not?