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Quicken loan
Posted on 4/1/13 at 11:50 pm
Posted on 4/1/13 at 11:50 pm
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.
Was also going to check out texasloanstar, was told it was a mortgage broker of sorts.
2
Posted on 4/2/13 at 6:25 am to WhalingVessel
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.
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.
Posted on 4/2/13 at 5:31 pm to WhalingVessel
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.
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.
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