- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (22)
- David Young, "Vintage Park"
- Contributions:70
They can both be somewhat competitive, ultimately they earn around 2% of the loan total including rebate/Yield Spread Premium and/or upfront fees. Include a local broker in your quote comparison, and you should get a viable product.
- Brian Walek, "Mr. Mortgage"
- Contributions:16
I have a friend that did notary closings for many Quicken loans... WOW - I seen some very high FEES & POINTS. Those people could have gotten much better deals. Don't believe they shopped Quicken- just went with what they knew. She did hear positive feedback at the closings for Quicken. It was all online and easy.
- MORTGAGE OPERATOR
- Contributions:2081
E-Loan is excellet...pretty fast and all online... I did see the day an E-Loan Outlet in a mall...
- mikefarinha
- Contributions:182
PaymentChoice,
I did a few web searches before I posted this question and saw that many other people were having this same problem with Quicken Loans. Which is sad because before I looked into it my impression of them was that they were a good mortgage company.
I'll have to do some research to see if E Loans lives up to its reputation.
- Mortgage Masters
- Contributions:182
Quicken is a good company....Good at making money. I wonder how many of their customers realize how much extra they are paying to support very heavy "carpet bombing" television and radio advertising. Add the cost of Lebron and the Cleveland franchise and you have massive charges and fees to cover all of this. If you know someone at a title company ask them how many times a Quicken deal closing has been a nightmare closing. I am sure we haven't seen the other shoe drop.......but it will. What would you guess they made per deal? That could be problematic down the road. All it would take is a good, aggressive legal firm to line up past clients and we all know the rest of that story.
- Mortgage Masters
- Contributions:182
One other note, in Michigan Quicken uses the name Rock Financial
- Planners
- Contributions:322
I lost a deal here to someone that claimed to be getting a 5.375%, zero points, 30-year fixed loan from Quicken. I sent him an e-mail telling him that it was a five year, and that Quickens own site posted 30-year at 5.875%, but never heard back. I guess once they get his $500, they had him.
Tom O'Leary
- Mortgage Masters
- Contributions:182
If you want to hear one of the slickest, high pressure sales pitches......call them and try to get a straight answer. The phone officers are very well schooled. I have seen some of their GFE's.
You would be shocked - I know you think you have seen most everything but this outfit has darn near reinvented the wheel with their very clever pitch and their sky high charges. No one in Michigan has bothered to take them on because you can always come in under them in price and still have a profitable file. I am amazed that the public does not step back and ask how the extreme high pressure ad campaigns are paid for - do they think about those things?
- msheetz26
- Contributions:3
I had an experience with Quicken Loans. The same thing, gave me a great quote, had a voicemail say it was a done deal, my wife erased it. Then they changed the numbers I declined and they said oh sorry, thanks for the 500. I fought it and received part of it back but would never again work with them. I wont even sign a good faith estimate, I will not sign anything until closing day unless someone says here is your closing costs and they sign off on it.
- Mortgage Masters
- Contributions:182
If more borrowers would only do this (talk about it).... they would have gotten a much better and fairer mortgage. The problem is that a lot of borowers don't want to hear and see reality. They limit who they will talk to and end up paying dearly. Then they want to blame all mortgage co's. It would help if Zillow would somehow promote more contact so borrowers could actually discuss offers and ask for a copy of a Good Faith Estimate. I think borrowers asking for a GFE would help identify the best deal for their situation. It would also help us make modifications that would make more sense for a given situation. Also would like to see another version of Zillow for borrowers that have difficult "situations"....more detailed infomation, etc.. Overall, this website has the potential to help borrowers sift through the smoke that is enabled by the "hot" offerings in the paid media that nets the unsuspecting and uninformed. Perhaps this is the opportunity to reclaim our profession from the well funded hustlers that have just about buried us in the publics opinion. Lets put our heads together and come up with some enhancements to make this better because if its better it will attract more borrowers. Maybe Zillow has a good idea in starting this but we can do a lot to make it better if they are interested. Its in our best interests to help if they are open to this.
- frank1003
- Contributions:266
Here's a thought, Mike. With a bank on every corner with plenty of money to lend, why not give that route a shot? (Yes, Salem, I thought I'd drop in to say hi.) It never ceases to amaze me that someone still exists that thinks they can get a "great deal" approaching an unknown as an unknown, giving an unknown their personal information and expecting the unknown to give an unknown an honest deal. What flippin world are we living in? Salem, don't get all rattled now, I'll be gone as fast as I dropped in. Just checking to see if anything has changed.
- frank1003
- Contributions:266
Apparently not.
- mikefarinha
- Contributions:182
Frank,
Just because you talk to someone face-to-face doesn't mean you 'know' them. What makes you think that just becuase you are talking with someone face-to-face you're going to get a better deal? On the contrary, often times I find that is when you get the high-pressure treatment. Business is business, it isn't meant to be personal, which is why it's often called an 'arms length transaction.'
The internet also enables a bit of transparency for internet-based and large corporations. I can't come on to this forum and ask about other peoples experience with the local Mary-Jo's Magnificant Mortgage Co.... well I can't but I doubt I'd get a reply. On the other hand, as you can see, I got some good feed back about quicken loans and that I should avoid them (Thanks everyone!).
This is the world we now live in. If it amazes you that people look for deals and information on the internet then be prepared to live in a constant state of amazement.
Well played, Mike. But Frank is semi-right. Working with people you know and trust can make for a better deal. But not always. I recently 'stole' a client who was about to get royally screwed over by an 'acquaintance' from his once-a-week pool league. Some people will absolutely take advantage of the trust- and that's when a good deal turns into a nightmare.
How's this one guys- 6.375%- charging a half a point on an FHA deal. Great deal huh? Real nice guy for giving his friend such a good deal! hehehehe
- mikefarinha
- Contributions:182
Very true Jennifer,
If I knew someone that I could honestly trust I'd go to them for everything in a heart-beat. But like most people, I don't, so I'm forced to educate myself on what options are available and figure out what my best corse of action should be.
For a lot of first-time home buyer it is hard to know the wheat from the chaff, people simply don't know what they don't know and then get burned becuase they trusted someone that lulled them into a false sense of security.
Then you either develop thick-skin and realize that business is business, or dig yourself into a hole by trusting people you don't know (but have a great simle).
Well, you get a lot of free, un-varnished advice on here. So, it looks like you'll do ok. It's too bad that there were so many bad apples in the industry. Most of them are now gone, however. The remaining bad apples are just as reckless, but they will be gone soon too. There's no way you can make it these days without a good referral base, and people won't refer others unless they did get a good deal or at least good advice.
I was joking about it elsewhere- with all the bad apples gone from this industry, we now have to start watching out for them in other less-lucrative sales roles- eg: car salesmen, television sales, etc...
- mikefarinha
- Contributions:182
Most people on here seem to be very helpful and I'm grateful for the advice given. I hope you don't take any of what I said negativly against you, you've been very helpful Jennifer.
Hopefully all the bad apples will leave the industry and their smell wont linger!
Absolutely not, although when you did say 'great smile' I thought for a second otherwise...
They will have to leave the industry- or starve. Those are the two options left for the phonies.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
What do they smell like mike?
- mikefarinha
- Contributions:182
ColoradoLender,
They smell like roses with a hint of BS.
...
I have a feeling that the demand for 'Financial Advisers' will start to increase as people like me need to get their finances in order and need advice. I imagine some of the phonies will find their way in there to help us out :-)
- Andrew Adams, "203K Specialist"
- Contributions:9349
1003.....
Why are you dragging me into this?
My opinion is that the quoting system is somewhat of a joke. The quote leaves out critical costs that a borrower needs to know to make an informed decision.
Eventually the better lenders will continue to surface, however we will always have to face a new wave of less than honorable loan officers that see opportunity. Eventually the lenders that try and pull the wool over the eyes of the clients get called out and go away.
MHO
Frank.....I thought you may have been locked up....Just kidding! don't get all huffy!
- frank1003
- Contributions:266
Naw, I'm still on the loose, bud.
Quicken Loans vs E-Loan
I was just curious to know if any one has used either Quicken Loans or E-Loan and what your experiences with either of those companies were like.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.