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Purchase Mortgage from Quicken Loans

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Quicken Loans' Mortgage loans include Fixed Rate Mortgages, FHA Express, Jumbo loans, Smart30, Community 97, Smart Choice, Adjustable Rate Mortgages and the PMI Builder. A fixed-rate mortgage has an interest rate that won't change for the life of loan that's 30 years, but it can also be 10, 15, 20, or 25 years. The FHA Express Loan is available for both a 15- and 30-year fixed-rate term and is created by the Federal Housing Administration. Jumbo loans are mortgage solutions for homeowners looking to finance/refinance over $417,000 which set by the federal government. The Smart30 is a 30-year fixed-rate mortgage. An adjustable-rate mortgage (ARM) is a mortgage that has a rate that's fixed for the first several years of the loan (3, 5 and 7) and then adjusts up or down according to financial markets. This mortgage has lower rates, giving more money to work with each month.

Purchase Mortgage Reviews

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W. R.
FiLifer
2.0

Quicken loans is all over the place so I thought I give them a shot for my home purchase. The process is handled first online through a form, then by phone with the loan agent.
I didn't have any problem working remotely with Quicken. It was easy and the agent was well informed and friendly (but pushy!).
Full disclosure: I didn't close with Quicken which brings me to the problem I had. The rates I was quoted were not competitive. Well, that is they were represented as competitive but when I lined up a couple of Good Faith Estimates from other institutions, I found that the deal wasn't even close.
Quicken then relies on people who really don't know how to compare rates, points, and fees from institution to institution. Also, it's a BIG hassle to do that.
GOOD: Easy online form fill process, experts on the phone on mortgage terms, trusted brand, fast responses
BAD: Rates are average at best, pushy salespeople.
Overall, this might not be a bad option for those that need reliable and well executed closing. However, I want to pay as LITTLE as possible (mortgage are a commodity) so I am willing to go through the hassle to get a better deal.

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