Quicken Loansrefinance


After applying for a refinance loan, was provided an estimate for an FHA Loan instead of conventional loan as requested. The benefit of an FHA Loan is it will lend 85% of the home value instead of 80%, which on my loan amount was about 15k. However, because you are going over 80% it requires Mortgage Insurance. The cost of Mortgage Insurance on my estimate was $4, 165.00 upfront and $150.00 a month on my payment (Approx $6000.00 paid after 12 months). Also included in my closing costs was an $2380.00 origination fee brining my total closing costs to almost 10k however they did provide a $3000.00 Lender Credit. The issue is however most of the other lenders I have contacted are between $1500.00 to $2000.00 in closing costs. I felt these costs were way too high. So after review the estimate and again requesting a estimate on a conventional loan to compare, Matt continued to try and sell me on the FHA instead of providing me with what I requested. He continued to argue with me, the customer, until finally he told me that if I wanted to go with the Conventional Loan he did not think he could help me. That was a first for me.

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