Is Rocket Mortgage a rip off?

Question

Hello BP nation! I am a total newbie in the Southern Maryland area. I am looking to buy my first property and decided to go on lending tree to compare some mortgage companies.

I am guessing I made a mistake, because now I get multiple calls a day from mostly three different lenders: Rocket Mortgage, Loan Depot and I am not sure what the third is.

They feel like salesmen, is there a catch with using them vs using a small bank or an established brick and mortar bank like BoA?

Russell Brazil · Answer

Quicken sucks. Try reaching out to @Upen Patel.

George Despotopoulos · Answer

To start, I would look to local banks/community banks and credit unions. If your credit and/or DTI are an issue, then you can look to non-bank lenders (or specialty lenders). Their rates will be higher but it will be an easier process.

Tom Parris · Answer

Hi Account Closed,

Quicken is the Walmart of mortgages. No one really likes going there, but it's the first place people think of. The service there is not good, no one knows what or where anything is but the prices are good. They have high turn over rates, I heard the average employee at Quicken is like 8 months long. Their close rate is like 80%, which is SUPER low in the industry.

Quicken and all the big retail banks will hurt your chances of getting a property. If I get an offer on one of my listings, and the Buyer's pre-approval is from Quicken, I will recommend the Seller not take the offer without requiring the Buyer being pre-approved from a career lender. I recommend going to someone local, ask a Realtor for a recommendation. If you have funky credit, or a weird financial history, you're better off going to a Mortgage Broker, who can shop several different banks. (their rates are higher because you'd be more risky in that scenario)

Good luck!

Joe Norman · Answer

I've had some bad experiences with Quicken Loans (a.k.a Rocket Mortgage).  Alex Thomas at Primary Residential Mortgage is who I refer my investor clients to‬ if you want to reach out.

Brian Schmelzlen · Answer

You will definitely be dealing with the sales people, but I would start talking to your community banks and credit unions.  They might have better rates and/or more flexibility with the fees.

Account Closed · Answer

Ahh okay, that explains it.

Thank you everybody! I will block them on my phone and email now

Richard Carlton · Answer

Hi Ernie,

Welcome to BP!  Try reaching out to the local lenders in our area like C&F Mortgage, Community Bank of the Tricounty, and Old Line Bank.  They can think outside of the box and be more helpful than a lot of larger institutions. Feel free to PM me if you want or need any assistance or ideas.

Rich

Grant Rothenburger · Answer

Trying the local smaller community banks and/or credit unions is always a good idea.

Is Rocket Mortgage a rip off?

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