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WhalingVessel
Member since Dec 2008
245 posts

Quicken loan

What's the verdict on quicken for a mortgage. About to start the process of buying a house and was wondering which direction I should go. Is it ok to have a couple different places running me credit at the same time? Should I go ahead and let quicken pull my credit?

Was also going to check out texasloanstar, was told it was a mortgage broker of sorts.


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32165 posts

re: Quicken loan
Nothing wrong with them but you will probably get a better loan from a credit union.

There is nothing wrong with having multiple places pulling your credit report within the same month, the scoring algorithm considers this as "rate shopping" and gives you a pass.


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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6730 posts

re: Quicken loan
The problem with Quicken is they hire recent college grads to do the work.

Now, if you have a cookie cutter loan, and know that you do, then you may do ok with them. However, if you need some problem solving along the way, be ready for delays. My suggestion is to find an experienced loan professional that has been doing this for quite some time. He will have the ability to anticipate potential issues and plan accordingly.

For example, if you have large deposits in your bank account that you can not document the source of funds being deposited, you may not be able to close. I warn people about this one at the beginning of each file and being able to plan helps us to avoid that issue, most of the time.


WhalingVessel
Member since Dec 2008
245 posts

re: Quicken loan
Would going to a couple of local credit unions be my best bet?


novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6730 posts

re: Quicken loan
Maybe, but sometimes they know their customers do not shop and again you are probably dealing with a 35k salaried person responsible for your loan?

Where are you buying, what state? I may be able to make a couple of recommendations.


WhalingVessel
Member since Dec 2008
245 posts

re: Quicken loan
Texas


novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6730 posts

re: Quicken loan
I know a couple of guys there and can email you their contact info if you would like.


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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6730 posts

re: Quicken loan
I know a couple of guys there and can email you their contact info if you would like.


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