Chadstroma
Footballguy
Look at the fees.Lacey said:
I have seen more than a couple of those kind of deals like that where they put fees in there.... makes me more suspicious about it with the BS deposit.
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Mortgage Rates (3 Viewers)
- Thread starter MechEng
- Start date
I have seen more than a couple of those kind of deals like that where they put fees in there.... makes me more suspicious about it with the BS deposit.
wilked
Footballguy
I closed with them, there were no lender fees. Got my $750 back. Honestly they were great the whole way through. I was a little nervous as well as you here, but it all checked out and went smoothly.
NREC34
Footballguy
Has anyone ever paid the $500 deposit to Quicken and then decided to not go with them? Was it hard to get your money back?
I changed my mind (thanks Chad) and sent the lady I had been dealing with an email this morning but she has not replied.
Is disputing the charge in my credit card an option? Do I need to be contacting someone else than the person I did?
I changed my mind (thanks Chad) and sent the lady I had been dealing with an email this morning but she has not replied.
Is disputing the charge in my credit card an option? Do I need to be contacting someone else than the person I did?
Chadstroma
Footballguy
From what I have heard... they will not make it easy on you but if you keep pushing you will get your money in a few weeks. Don't take no for an answer and ask to speak to their manager etc. Tell them you will report them to the CFPB.
Their tactic here is to slow roll it and ignore you and hope you go away so they keep the money.
Rat B-####### Quicken. Hate 'em.
Chadstroma
Footballguy
If CFPB doesn't get traction, tell them you will go to the local news station or report to your states AG.
NREC34
Footballguy
Chad, how does one accomplish this if the only person I’ve talked to with them won’t respond to me? Should I look up their customer service number and try that?
Chadstroma
Footballguy
Of course they won't.... because this is how Quicken pays for all the advertising... sigh...
Yea, you can try that. I mean, this is the game that they play for this. The get a deposit because they know they are going to overcharge and it would be easy for you to find a better deal elsewhere.... but when you do they are still getting $500 for nothing..... stall, delay, not respond, etc in hopes you just go away. And it works.
It is going to be on you and how much you push on it. If that person doesn't answer then call their customer service line and maybe try sending a message here https://www.quicken.com/about-us (Office of the President) Give them the info, that you feel you have been treated unfairly and discriminated against and that you will be going to the local news outlets as well as report to your states AG and the CFPB if you don't hear from them and get your money back.
PIK95
Footballguy
Chadstroma
Footballguy
Dan Lambskin
Footballguy
I’d try complaining on Facebook / twitter too companies hate bad press (well at least the good ones do)
Chadstroma
Footballguy
Good post. They spend heavily on getting people to blindly do their mortgages with them... bad press means that more people will wake up from that and their money is wasted. It is all about leverage with them. I am sure you will get your money back, it will just be how much time and energy you have to do and how hard you have to push.
at karma.
Warrior
Footballguy
Isn't that the entire point of a deposit? To ensure that you lose your $500 unless you follow through?
Chadstroma
Footballguy
Except that it is illegal.
Lenders can not charge for any services not provided.
But wait... how could Quicken, the largest mortgage lender in the country, do something illegal and get away with it?
They stay within the law in that lenders can charge for services during the loan process such as credit report and appraisal. Their written documentation will say that and say that they will refund it minus any fees spent.
In practice, keepimg up with their usual method of operation, they will make clients believe that they forfeit it and if a client asks for it they do their best to ignore them, not respond, delay and otherwise hope they just go away. From what I have heard, usually it takes threatening to report them to regulators or state AG etc to get the money back.
Just another one of this companies dirty slimy tricks they do to suck money away from Americans. Quicken is a marketing monster but a truly disgusting company in how they operate. Quicken is summed up as lies, more lies and marketing.
NREC34
Footballguy
Hello,
I appreciate you reaching out! I can certainly go over the deposit refund for you to provide clarity. Per the Deposit Agreement signed with your application, we will refund your deposit less the appraisal fee and credit reporting fees.
The refund will be issued directly to the card that was originally charged within 8 calendar days of withdrawing your loan. It may take your bank a few additional days to process this on their end. If you have any questions, you can reply to this email or call my Client Relations team at 800-863-4332, and anyone who picks up the phone will be able to help you out.
Have a wonderful day!
@Chadstroma does this mean they will charge me something for an appraisal that was never done?
I can tell that it won’t be easy to get any money back. The hassle may not be worth it. Is there anything I need to do to officially withdraw this loan?
I appreciate you reaching out! I can certainly go over the deposit refund for you to provide clarity. Per the Deposit Agreement signed with your application, we will refund your deposit less the appraisal fee and credit reporting fees.
The refund will be issued directly to the card that was originally charged within 8 calendar days of withdrawing your loan. It may take your bank a few additional days to process this on their end. If you have any questions, you can reply to this email or call my Client Relations team at 800-863-4332, and anyone who picks up the phone will be able to help you out.
Have a wonderful day!
@Chadstroma does this mean they will charge me something for an appraisal that was never done?
I can tell that it won’t be easy to get any money back. The hassle may not be worth it. Is there anything I need to do to officially withdraw this loan?
Todem
Footballguy
I use a broker (he has helped me for over 20 plus years now when I have loan/mortgage needs). We are officially closing on our new home June 29th. Transparent pricing always.
I am paying .125 to waive my escrow and have to pay another .375 because I am doing a 1st and 2nd combo (the JUMBO market died and is insane right now). If I were locking today (which I am not I am waiting till 14 days out from closing because I think rates are not going anywhere) I can get 2.75 for 1.25 points or 2.875 for 1.00 point. My break even is just a tad over 4 years on the points....well worth it as this is going to be my forever home.
Get the skinny on your fees in these so called no point deals. Those points are in there....trust me. At least I know going through a trusted broker what the real deal is. No deception. This is what it costs to get rate A rate B etc. No hidden fees or inflated lender fees. Government fees are what they are depending on your municipality and state.
I am paying .125 to waive my escrow and have to pay another .375 because I am doing a 1st and 2nd combo (the JUMBO market died and is insane right now). If I were locking today (which I am not I am waiting till 14 days out from closing because I think rates are not going anywhere) I can get 2.75 for 1.25 points or 2.875 for 1.00 point. My break even is just a tad over 4 years on the points....well worth it as this is going to be my forever home.
Get the skinny on your fees in these so called no point deals. Those points are in there....trust me. At least I know going through a trusted broker what the real deal is. No deception. This is what it costs to get rate A rate B etc. No hidden fees or inflated lender fees. Government fees are what they are depending on your municipality and state.
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madshot31
Footballguy
Hey Chadstroma, how long does it take for a mortgage lender to get their monies for completing the transaction? We bought in September @ 3.625 and I was wanting to shop around on a refi soon but something tells me I have heard that our loan has to be present for such and such amount of time for them to get their full amount due.
The Noid
Avoid me!
Had 19 years left on a 30 @ 4.5% and closed yesterday in Delaware (using Chad's contact, she was great) on a 15-year @ 3.25% with cash out to pay off a HELOC that was in repayment (@ 6.99%.) Dropped 4 years, saving about $100k in interest and lowered my monthly payments $100 overall.
Chadstroma
Footballguy
That is what it says which is illegal. Reply thay no appraisal was performed and to charge for it would illegal and you will report them to the CFPB et al
Chadstroma
Footballguy
The typical EPO (Early Pay Off) agreement is 6 payments made (Not all but the vast majority are).
If you bought in Sept then Oct was skipped with firsy payment in Nov you would be good.
madshot31
Footballguy
Buck Bradcanon
Footballguy
Stepping my toes in will probably ask repeater questions.
2017 origination at 4.125% for 30 years. What can I expect on a 15 or 30 year today if I refi? Texas.
2017 origination at 4.125% for 30 years. What can I expect on a 15 or 30 year today if I refi? Texas.
Chadstroma
Footballguy
Lots of variables but with 4.125% there will be options to refi for sure.
I have referred a couple of other FBG's to a broker in Texas I know. Happy to connect you to him too if you want someone to runa quote for you.
Buck Bradcanon
Footballguy
Shatner!
Footballguy
Ended up locking a 15 yr at 2.5% paying something like $275 in points for that rate. Have to pay a cash out fee of .625% and a low FICO score fee around $1k because i fell a little shy on my middle score. Could have run it all under my wife and avoided the low FICO fee but felt funny about it. Did get good news that the $495 appraisal fee was waived so that helps offset it. Will be nice to pay a bunch of debt off. Mortgage payment goes way up but more than offset by other monthly savings. Save around $40,000 in interest and cut 8 years off my loan. At 46 I didn't really want to do another 30 though the cash flow would have been nice. All in, my original loan was a 30 in 2010 for 4.5%, a small cashout refi in 2013 to another 30 at 3.625%, losing the PMI, and now a 15 at 2.5%. Puts me at an overall 25 yr loan on my home.
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matuski
Footballguy
⚡DEADHEAD⚡
Footballguy
Todem, Chad, how are jumbo rates looking now? I'm interested in a cash-our refi. Currently at 3.625 with excellent credit. LTV on house is about 60%.
Todem
Footballguy
I had to change my financing strategy on my purchase on June 29th. The Jumbo market went dead. For me to get even 4% on a Jumbo 30 yr they wanted crazy points....and to get 5% it was what I am paying to most likely get 2.75-2.875 on a 30yr conforming. That is why I went to a combo and did it quick because HELOCS are going away fast and are almost gone.
We did a conforming 30YR for the max amount of 510,400 then did a 2nd HELOC for 190,000 interest only for 10 years (which I will pay off by year 10).
I was actually very thankful for this thread and Chad alerting me the Jumbo market was going out the window.
So to answer your question....jumbo loans are DOA right now. You are going to have to wait that out for a little while before they open back up again. I had to move fast and glad I was able to change direction in March. And because I have an outstanding broker....he handled everything for me. What you pay for is what you get. I rather pay my broker a little more to not have to deal with banking drones and rip off artists.
Having a mortgage broker is clutch and smart especially in times like these.
joey
Footballguy
Yes. The jumbo market issues are forcing me have to shift 15k from my existing HELOC to pay down my new first to the 510,400 balance on my new 1st, like you mentioned. I sign my paperwork tomorrow (outside on our patio with a notary, masks, etc as expected these days) and that’ll give me a new 30yr 1st at 3.375% down from 3.875%.
this new loans gives me both upside (in that I can pay my old/higher monthly payment amount and pay it in the same 20yrs I had left on my old 1st) as well as some "protection" if something bad happens (e.g. I lose my job) since my new payment is $700 less than my current. Some comfort there but hope I don’t need to do that.
this new loans gives me both upside (in that I can pay my old/higher monthly payment amount and pay it in the same 20yrs I had left on my old 1st) as well as some "protection" if something bad happens (e.g. I lose my job) since my new payment is $700 less than my current. Some comfort there but hope I don’t need to do that.
⚡DEADHEAD⚡
Footballguy
Thanks Todem. Pretty much consistent with what my broker said was going to happen when I spoke to her 4 or 5 weeks ago.Todem said:
I got my HELOC application into WF the day before they shut down HELOCs, so I think I'm good. They're following up with me, which is a good sign. Up to $250,000 at 2.875% is what it was a couple weeks ago.
Todem
Footballguy
When you pay off both....the new mortgage subordinates the second and I am pretty sure your bank will shut it down after your closing. But check with your bank to make sure (the one that holds the HELOC). Not only that it may not have the LTV required so they may lower the limit if they keep it open. All depends.
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Did something similar 8.75 years into a 30 yr at 4.625% -- locked a 15 yr at 2.75% for the remainder of the loan + $2700 fees (maybe a little high, but much lower than everyone else). Being 49, it cuts 6+ years and $40k of interest by paying an extra $55 a month, they moved fast and we moved fast once the rates went from 3.125% to 2.75% for us. Thanks to Chad for finding the local guy.
wilked
Footballguy
Ted Lange as your Bartender
Footballguy
Not necessarily. Last month, I paid a little extra in closing costs to keep my heloc and have it subordinated under my new refi mortgage (I did have to pay it off in full first). They tried to get me to shut it down, but I wasn’t comfortable doing it especially in the opening weeks of the covid shutdown.
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wilked
Footballguy
NutterButter
Footballguy
Just locked in 30 year at 3% and 829 in closing costs. I could've went with 3.125% and no closing costs, but it just felt so good to get down to 3% and there's almost no chance that I won't be in this house in 4 years when I'll make up that cost.
Shout out to @skycriesmary for hooking me up with this guy at lenderfi. I've used him twice in 7 months and both times, he was a straight shooter.
Shout out to @skycriesmary for hooking me up with this guy at lenderfi. I've used him twice in 7 months and both times, he was a straight shooter.
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Credit union is going to portfolio my mortgage so closing costs will drop to $1,500 as long as it appraises.
Stompin' Tom Connors
Footballguy
I've been lurking and reading this thread, and it's super informative, but I still can't figure out what the right path should be --hold pat, look to refinance at a different time horizon (30 yr to a 20 yr to lower overall mortgage), minimize monthly payments with a similar instrument, and why go one way vs another.
SItuation:
Been in the PNW for about 14 years, 1 kid going to be a HS junior next year, 1 starting his freshman HS year next year. Wife and I are not from this area, and while the job here has been a great magnet/anchor, can foresee that once both kids are in college, moving out of here to be closer to them or back east to be closer to aging parents and family are equally in the cards as staying, maybe more so.
Bought our single family home in Jan 2013 with 20% down @ 3.625% with a 30 year fixed, no pre-payment penalties. House has appreciated since we bought it to the point where based on current market value, our equity is about 63.5% of the home's market value, and 173% of outstanding loan principle. We have excellent credit.
With about 23 years left on the loan's term, and with mortgage rates advertised in my area ~@2.75 (1 point) to ~3.125% (no points) for both 30 and 20 year terms, trying to figure out what is best path.
Is it worth refinancing if I think there is a chance I might move within 5-10 years, and even how to investigate the true costs vs breakevens of these different intstruments, is it better based on situation to look to simply lower monthly payment as much as I can even if it adds more overall cost (in added interest) to the loan, look to move to a 20 (even 15 year) mortgage with a higher monthly payment but potentially a more advantageous position (in terms of paying down principle/increasing equity -- not sure this is even a thing), or any other strategies that I might want to look at.
Any advice for a bit of a mystified homeowner?
SItuation:
Been in the PNW for about 14 years, 1 kid going to be a HS junior next year, 1 starting his freshman HS year next year. Wife and I are not from this area, and while the job here has been a great magnet/anchor, can foresee that once both kids are in college, moving out of here to be closer to them or back east to be closer to aging parents and family are equally in the cards as staying, maybe more so.
Bought our single family home in Jan 2013 with 20% down @ 3.625% with a 30 year fixed, no pre-payment penalties. House has appreciated since we bought it to the point where based on current market value, our equity is about 63.5% of the home's market value, and 173% of outstanding loan principle. We have excellent credit.
With about 23 years left on the loan's term, and with mortgage rates advertised in my area ~@2.75 (1 point) to ~3.125% (no points) for both 30 and 20 year terms, trying to figure out what is best path.
Is it worth refinancing if I think there is a chance I might move within 5-10 years, and even how to investigate the true costs vs breakevens of these different intstruments, is it better based on situation to look to simply lower monthly payment as much as I can even if it adds more overall cost (in added interest) to the loan, look to move to a 20 (even 15 year) mortgage with a higher monthly payment but potentially a more advantageous position (in terms of paying down principle/increasing equity -- not sure this is even a thing), or any other strategies that I might want to look at.
Any advice for a bit of a mystified homeowner?
Buck Bradcanon
Footballguy
Buck Bradcanon
Footballguy
Double post sorry
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Buck Bradcanon
Footballguy
Triple post sorry
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Buck Bradcanon
Footballguy
Have rates gone up in say last 2 days?
Buck Bradcanon
Footballguy
Chadstroma
Footballguy
Jumbo super suck right now. Some lenders flat out stopped lending them. Wholesale terms are not pretty right now. Some banks are still being pretty aggressive with them but they are being very finicky with their loans. I just had a guy who was doing a purchase with Wells Fargo reach out to me over the weekend because Wells suddenly changed their underwriting guidelines and will not count any rental income which destroyed his application. The rates I have available (he shopped elsewhere too) were much higher than what he was going to get with Wells so he decided to pull out and regroup later.
Chadstroma
Footballguy
Depends...
If they are subordinating the HELOC (keeping it open) then you are good to go as long as the terms are good. There are times that you need or want to close it. That is usually a Loan to Value issue. If they need it to close when you close on your loan they will send a closure request with the payoff to the HELOC and it will be closed.
