Hi guys. My family and I are moving back to our native state of PA. The home we will be purchasing will be our 4th home we have owned.
Have any of you had experience with Quicken Loans? Good, bad, or otherwise.
Should I use a mortgage company, online bank, or local bank? Any opinions would be appreciated.

Quicken loans seems to be trying to charge me an abundant rate for closing- like 10,000 more than a bank.

Thanks in advance.

Don’t pay it if it cost that much more????

Stay away from them. Go with a local bank or local mortgage company. Get several referrals from realtors. I'm in the financial industry and seldom have I seen a customer get a good result with Quicken.

Go with whoever offers the best combination of interest rate and closing costs. In regard to doing business locally, it no longer matters who processes your loan these days, they are going to sell the loan to someone else anyway and you have no control over who the loan is sold to. Get the best deal you can.

LOL- I do not plan on paying that much more, that is why I am asking for help:)

Good advice. The realtors know which lenders can smooth out a transaction. Get several referrals and then shop them. Local lenders will try to do what they can to establish a banking relationship if you are new to the area.

Depending on your downstroke amount, you can dictate a lot of the terms, costs, and rates. Money is power, even for the common folks.

Osky

You are correct about the loan being sold. Our bank will have your loan sold before the first payment. However, I have a local originator that you see face to face and will help walk you thru the process. The online shops could care less about relationships or repeat business. Believe me, the online people are not going to fight for you.

that how quicken makes their money from your money besides the intrest..

Minimum 20%++++ Down, 15 year term with a fixed interest rate, with no penalty for early payoff, do it locally and shop around for the best deal.
Good luck.

Go local. I checked out Quicken about 11 years ago and the would call me daily trying to force stuff on me. I shopped around and went local and felt very comfortable. I used Wells Fargo to refinance a few years ago and was fortunate to have a great person to work with. It wasn't too bad.

Get an accelerated mortgage if you can(payment every 2 weeks instead of each month).I did that and payed off a 15 year mortgage in 11 years.
I would also get it insured(its cheap),that way if you are off work hurt or sick,insurance will make your mortgage payments.

Great advice here. We paid off our home about 4 years early also. Insurance is a must!

Great ideas. I always appreciate the advice on T-MAN! Thanks guys.

Don’t buy a house with a stone foundation.....unless you like rodents

credit union , find a good local credit union.

Don’t buy a house. It is a huge money pit. Live in your truck.

I would not pay an outrageous rate for closing. That is just a fool’s penalty. Just like a 25% buyers premium. I handled closings and charged a very fair rate.

Actually, negotiate everything to what is fair. If they won’t negotiate, have the courage to politely say if they change their mind call you, and walk out. In this economic situation, they need borrowers. Loan sharks (Lenders) are around and on every corner.