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Why would I use Quicken Loans? "Rocket Mortgage"
Just wondering
Why would I use Quicken Loans or Rocket Mortgage? (BTW their new commercial is creepy)
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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).
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- Rental Property Investor
- East Wenatchee, WA
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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.
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- Lender
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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.