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Rocket Mortgage
Posted on 7/29/20 at 10:00 pm
Posted on 7/29/20 at 10:00 pm
Got a preapproval letter from Rocket Mortgage and my real estate agent wants us to get a letter from a local lender/ bank. Is she trying to funnel business to her lender? Or is Rocket Mortgage inaccurate and scares off sellers?
5
Posted on 7/29/20 at 10:02 pm to NardDog
Local lenders are sometimes more responsive.... but yes she’s likely getting something in return.
Posted on 7/29/20 at 10:06 pm to C
Thanks. I understand that is part of the game. Won’t be bad to have a few options open. Main concern is the pre-approval amount varying drastically which is probably a dumb concern
Posted on 7/29/20 at 10:32 pm to NardDog
Just have her lender use QLS
They will probably get a better rate on the wholesale side
They will probably get a better rate on the wholesale side
Posted on 7/29/20 at 10:37 pm to NardDog
Please fix your thread title. It’s as poor as your choice in lender.
Posted on 7/29/20 at 11:46 pm to NardDog
closing costs will easily be double of what a decent local option would be
Posted on 7/30/20 at 6:35 am to barbapapa
A lot of sellers don’t trust the online lender bc most are crap and when they don’t hit the deadline, there is nobody local to go to. It makes everyone in the transaction feel better if you’re approved by a local lender even if you end up choosing to go with the online lender.
I would definitely try and see if a local lender will match whatever you are being offered from rocket.
I would definitely try and see if a local lender will match whatever you are being offered from rocket.
Posted on 7/30/20 at 8:15 am to LSU1018
quote:
closing costs will easily be double of what a decent local option would be
This is the truth......their Mortgage Insurance is cheaper, but their closing costs are outrageous. I just dumped my mortgage broker literally a day before closing on my refi (yes, I got the initial disclosures etc, but he said they were high and he'd "take care of me" before closing).
Basically trying to get me at a 3.75% rate at Par or 2.875% rate with almost 1.6% fee. I have a 760 credit score. Told him to go pound sand and started over with someone else.
Posted on 7/30/20 at 8:32 am to Im4datigers
My buddy just refi’d with Rocket Mortgage and his closing costs were astronomical when compared to local. He got a pretty good rate in comparison at the time, but paid a ton in closing costs.
How was this process? I’m thinking about doing the same. My costs were all in line, but they are missing their date (even on the updated “final” disclosures). Last communications from them were Friday saying they were finalizing to close Monday. Well it’s Thursday now and I haven’t heard from them.
My 60 day lock expires next Friday. I think a local could beat/match their costs and rate now. Part of my concern will be an increase in closing costs (for daily interest) since now I’ll close and fund after July 31st.
quote:
I just dumped my mortgage broker literally a day before closing on my refi (yes, I got the initial disclosures etc, but he said they were high and he'd "take care of me" before closing).
How was this process? I’m thinking about doing the same. My costs were all in line, but they are missing their date (even on the updated “final” disclosures). Last communications from them were Friday saying they were finalizing to close Monday. Well it’s Thursday now and I haven’t heard from them.
My 60 day lock expires next Friday. I think a local could beat/match their costs and rate now. Part of my concern will be an increase in closing costs (for daily interest) since now I’ll close and fund after July 31st.
Posted on 7/30/20 at 8:52 am to LSUtigerME
you will basically be out your appraisal fee if you've already paid it. Can't typically use it from lender to lender.
Other than that, you would have to start all over and get in the back of the line with a new mortgage company. If your patient and know you can save, I'd do it (I just did). Rates are going anywhere anytime soon so there's not much rate risk/exposure for you.
Other than that, you would have to start all over and get in the back of the line with a new mortgage company. If your patient and know you can save, I'd do it (I just did). Rates are going anywhere anytime soon so there's not much rate risk/exposure for you.
Posted on 7/30/20 at 12:05 pm to Im4datigers
We are getting approved from a local lender. Thanks for the input. Seems like main concern is communication if a problem arises. Would rather not deal with that
Posted on 7/30/20 at 12:14 pm to NardDog
We got quotes from 2 local lenders and a online lender. The local lenders fees were cheaper by a bunch, and even a better rate.
Posted on 7/30/20 at 12:18 pm to kywildcatfanone
I did a Refi with Rocket for 330K. My fees were 6900 and it was the easiest closing I have ever done. All online and actual signing was done at my home with in laws as a witness. My rate for 30yr was 3.25.
Posted on 7/30/20 at 2:31 pm to nated14
6900 on that size loan is a lot. You could have easily saved a couple thousand by going local. And if you offer the title company an extra 1k, they will go to your house also! 
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