Quicken Loans / I would not deal with these people
I was contacted by these people after filling out a request for loan information on lending tree. I was trying to refinance my 10/1 ARM which is around 190K. I have 5 years left before the rate could possibly go up but since rates are low now, I figured it was a good time to get out of the ARM.
Anyway, I had a hard time getting any information out of these people and they wanted me to give them my credit card for a good faith deposit of $750 which I would get back at closing. I did not want to give my Credit card to them and they would not give me any firm information without it. I did manage to find out that the rate was 4.99 fixed but that it was going to cost me 1 point for origination fees and 1 point for Fannie Mae fees and then they had some other charges including the usual legal fees and home appraisal etc. The longer I talked to this character on the phone, the more I was finding out that I didn't trust the guy. When I was finished writing down everything he told me on the phone it added up to nearly 7K to refinance my mortgage.
Then I did some investigating. I called the bank where I got my last mortgage (The 10/1 ARM) and got a fixed rate 1/4 point lower (4.75) on the same loan amount with 1 point and they waved several of the fees because I am a repeat customer and my daughter is in the process of getting her 1st mortgage with them. The Quicken Loans 1 point Fannie Mae fee is nonsense. It is only charged if you are cashing out and if your credit score is over 720 (which mine is) then the actual fannie mae fee is only .25 points not 1 point.
These Quicken loan people are fast talking and try to suck you in by having you pay this "Good Faith" deposit. In fact, you will be the only one acting in "Good Faith" and based on what I have read, you will never see your "Good Faith" deposit again whether you get the loan or not. After deciding NOT to use Quicken Loans, they called me and e-mailed me continually for the next several days trying to tell me that I was going to get stuck in my home and the value was going to go down and my mortgage was going to go up $600 per month and blah blah. Eventually, the guy pretty much told me I was stupid for not dealing with them. But then I told him that his Fannie Mae fee was BS and that I was going to report them for fraud and I have not heard from them since.
Take it from someone who has had 5 mortgages, 2 refinances and several construction loans since buying their fist home in 1982. These people are snake-oil salesman. Go to your local bank and ask the mortgage officer for information on locally available programs and stay away from these guys. Shame on Lending Tree for recommending such people.
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