Profile picture for Rajaa25

I am trying to refinance and the process is very confusing.

I am trying to refinance and am comparing various proposals. Quicken loans originally offered me a $1300 closing  cost with no appraisal. I contacted other banks and their closing costs range from $3k to $6k and they need an appraisal done.

Why would Quicken take a risk of not appraising the value of the loan?
Does anyone know a good lender with low closing costs? The ones I contacted seem to be on the high end. BB&T, Regions bank, BofA, Chase, Suntrust
  • November 11 2011 - Round Rock
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Answers (5)

Profile picture for wetdawgs
Have you put in a request at the Zillow mortgage marketplace?  You'll most likely have more than you can count on two paws by the time you get back from your coffee break.



  • November 11 2011
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Is this an FHA or VA streamline?

Were the rates lower with appraisal and higher closing costs?
  • November 11 2011
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wetdawgs is right. Search for your desired terms at http://www.zillow.com/mortgage-rates. You are certainly going to find lower fees AND lower rates with a regional mortgage banker (doesn't have to be in YOUR region - so long as the lender is licensed in your state - Zillow won't return a lender that isn't licensed in your state). 

There are instances where a refi can be done without an appraisal, however, they are few and far between. There is just too much risk associated with the value of the property being financed because values are constantly in flux. 

Good luck!
  • November 12 2011
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Profile picture for sunnyview
I think that you need to ask more questions before you jump on that quote from Quicken. Most lenders seem to require an appraisal so I am wondering whether Quicken leaving it out of the initial quote is a way to make their price look better only to require an appraisal later after they get your paperwork.

I would try Zillow mortgage marketplace and you can also shop rates on bankrate.com. Just make sure to look at all your quotes with a critical eye, read reviews of the lender/company and choose someone who keeps their promises not just makes them.
  • November 12 2011
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Raja here are 6 pages of complaints on Quicken Loans: http://quicken-loans.pissedconsumer.com/reviews.html

Happy funding, Rudi
  • November 12 2011
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