The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: nvmama on October 13, 2014, 07:09:58 AM
-
My husband and I are looking into refinancing into a 15 year mortgage. Has anyone had any experience with Quicken Loans? Was it good? Easy? ect.
-
I've done a number of mortgages and refis with Quicken.
If your situation is straight up vanilla, they're great. Cheap, quick, efficient.
However, if you you have an unusual circumstance, it totally derails them. The right hand doesn't know what the left hand is doing. It's a system, not a person, who's looking after you there.
By unusual circumstance, I mean: it's a second home, you have to change the details of the purchase contract once the application process has started, etc.
A straight up refi would probably be ok.
-
Every time I have gotten a quote from Quicken the closing costs and the interest rates didn't seem too competitive with other mortgage brokers.
-
aimloan.com was the lowest cost lender I could find when I refinanced. You can price your loan online. It took longer to close than I wanted (in the middle of the big upswing in closings so they got behind--I think it took 60 days to close), but on a refi, who cares. If it was for a purchase I would have been freaking out--but maybe they would have prioritized me more. I was very happy with the deal and would do it again.
-
The rates on their website are for loans that already have 25% ltv. So if you only have 20% equity you are likely to have to get a higher rate.