Why would I use Quicken Loans? "Rocket Mortgage"

[Mary D.]

Ive been re- looking at all finance options for flipping and multi units. Banks, Portfolio Banks, Local Mortgage Companies, Nationwide Mortgage Companies... Ive used banks, local portfolio banks, credit unions & local mortgage companies in the past.

Just wondering

Why would I use Quicken Loans or Rocket Mortgage? (BTW their new commercial is creepy)

[Kelly Iannone]

I had a good experience refinancing one of my rental SFH. They waived the appraisal and gave a $2.5k credit towards closing cost after I provided a "good faith estimate (forget what the form is actually called)" from a local No Closing Cost mortgage broker. The interest rate was competitive (800+ credit score w/ 75% LTV).

[Steve Vaughan]

Originally posted by @Lacey Dillon:

Hi @Mary D. !

I suggest staying far far away. Their origination fees are scary. I have looked at so many Loan Estimates where they charge the borrower $8,000+ in closing cost! It makes no sense. They promote the lowest rate, but really they are charging the borrower in discount points. It is borderline unethical. Build a relationship with a local lender! Especially if you are going to keep buying. Good luck!

They may have super high fees, but at least they're slow.

I was the seller of a torpedo,  I mean rocket, mortgage buyer.  We went under contract in early October so I planned tax-wise for a sale in 2019, pushing another sale out to 2020.   We finally closed on Jan 14th. 

So there I was on 12/31 (closing date #2) hearing nothing so began converting any traditional IRA funds into Roths in the afternoon. Got that done at least, but the sale I planned for this year now has to be delayed again or 1031 exchanged. I am strategically selling 1 property a year so this screws me up for many years.

As a seller I won't accept a Rocket Mortgage buyer ever again. Glad to see agents are doing the same. 

[Jay Hinrichs]

Originally posted by @Steve Vaughan:

Originally posted by @Lacey Dillon:

Hi @Mary D. !

I suggest staying far far away. Their origination fees are scary. I have looked at so many Loan Estimates where they charge the borrower $8,000+ in closing cost! It makes no sense. They promote the lowest rate, but really they are charging the borrower in discount points. It is borderline unethical. Build a relationship with a local lender! Especially if you are going to keep buying. Good luck!

They may have super high fees, but at least they're slow.

I was the seller of a torpedo,  I mean rocket, mortgage buyer.  We went under contract in early October so I planned tax-wise for a sale in 2019, pushing another sale out to 2020.   We finally closed on Jan 14th. 

So there I was on 12/31 (closing date #2) hearing nothing so began converting any traditional IRA funds into Roths in the afternoon. Got that done at least, but the sale I planned for this year now has to be delayed again or 1031 exchanged. I am strategically selling 1 property a year so this screws me up for many years.

As a seller I won't accept a Rocket Mortgage buyer ever again. Glad to see agents are doing the same. 

I wont for sure accept them on my new construction sales.. I did one a few years back and it was a nightmare what their underwriters put everyone through.. I would rather do VA any day.. plus we are supporting our Veterans.