Experience with Quicken Loans for re-fi or mortgage?

September 10, 2009 7:16 AM

Does anyone have any experience with Quicken Loans for mortgage or re-fi; specifically, with the supposed "go with us and never pay closing costs again to re-fi or get another mortgage" policy?

I'm trying to get a good deal on a re-fi (easier said than done), and am looking into Quicken Loans. They have offered me a good deal, but the broker is so aggressive that I'm considering telling him to fuck off even with his good deal.

However, he fast-talked me something about if I get a Quicken loan, I never have to pay closing costs again if I use them for another re-fi or new mortgage.

Does anyone have any experience with this policy, is it some bait-and-switch or what? (Please also feel free to share horror stories about them, I'm really leaning towards walking away but the deal is really good from what I can tell.)

posted by tristeza to work & money (3 comments total)

Almost off-topic, but perhaps helpful.
posted by devnull at 7:25 AM on September 10

I've done a couple of mortgages or refi's with Quicken and have not any problems. However, I've never heard of the "never pay closing costs again" pitch. I'd get that one in writing :)
posted by COD at 9:39 AM on September 10

Get it in writing. Here's why: The loan officer is getting paid to get your business and close your loan. He wants to get you on board TODAY.

If you choose to refi five years down the road, you'll almost certainly work with someone different who can claim guideline changes or changes in policy due to factors beyond the company's control (the faceless "Fannie Mae" is often stated as a reason why things are what they are).

Tell him this: Tell him you'll give him your deposit today and get the process started if you get a signed and dated letter from a Director or Regional Vice-President saying you will receive a no-cost refinance down the road. It is theoretically possible for you to receive a no-cost refi; the company has to take a big hit. This is true of many lenders today.
posted by st starseed at 7:38 AM on November 8