Home Purchase Loan
from Quicken Loans

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.
Read More