We told them no think you when they said we had to use their appraiser and it woudl cost $600. So you can beat the quoted rate down a bit. There was another 1/8 off for doing something else I do not remember. Oh and we got a couple of 1.8 point reductions for having out mortgage paid either directly form the bank or directly from my paycheck, I forget which. Their Rocket Mortgage program works great.
I think we did the whole thing in less than 6 weeks. We got assigned to the "friends and family" representative who was really sharp, very professional and did a good job. When we learned they would not be selling the loan, that really locked it for us (we has still been mortgage shopping up til then. The rate was decent but it was the speed and low hassle that really appealed to us. He had nothing to do with the loan, but he did get a very small bonus for the referral and that had some appeal to us. When we went back to quicken we went through a referral by a quicken employee. We went elsewhere and ended up not refinancing at that time because we had to fix some credit issues. We tried to get assigned to a different person and they told us we had to stay with the person we were assigned to. Many years earlier, we tried to go through them and the guy we were assigned to was pretty obviously on some major mind altering drugs. I will say this was our second time trying to refi with Quicken. WE had problems with unheard of companies in far off lands in the past, including one company that tried to claim our loan was an ARM and raise the payments when it was a fixed rate loan. They do not sell it to some company in another state or country and if there are any issues, you deal with them. Other than the speed and low hassle, what I liked about quicken was they keep the loan.
and they charge a little bit higher rates too. One thing is all of their cost items are done through companies owned by Dan Gilbert (Quicken's owner) - appraisal, escrow etc. Pay this and the appraiser will be there tomorrow. The other lenders wanted all kinds of odd information, probably looking for a reason to tell you you did not quite qualify for the low rate.
They were a tad bit higher than some other lenders but nothing significant.
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