The interest rates on Quicken Loans products typically include discount points.
Typically for mortgages, though, borrowers can expect to pay between 0.5% to 1% of the loan amount in origination fees, and roughly 1% to 6% in total closing costs, depending on the loan size. Quicken Loans’ website doesn’t list the fee schedule for its loans. Pay PMI at closing as a one-time payment or select lender-paid PMI in exchange for a slightly higher interest rate and there was no way i could have found that out unless i went through the whole process with quicken before hand.Alternative to paying monthly private mortgage insurance (PMI) to borrowers who put down less than 20% on conventional loans GOOD THING i didn't waste my time writing offers on 400k size homes because i could have never closed on a home that size anyway. when i went through the process i found out i could only get $325k because of child support and a 401k loan i was paying back. i was originally pre approved by another company for a $400k loan.
i was very happy with the company and was glad i got underwritten first. Long story short, the 500 dollars i paid also paid for my appraisal and title stuff once i did find my house. how many companies do you think are going to go through allllll that work when the client isn't even committed to following through on their loan?
it takes multiple people and is a lot more labor/time intensive. that's a LOT more than just asking someone a few questions over the phone and looking at a credit report. No one can approve a loan unless an underwriter certifies your loan and you turn in all of your documentation and have your credit profile checked out. so i called my guy at quicken back and asked him about their full approval. so i called 3 other lenders, all of them offered a pre approval, but also confirmed pre approvals were not a guarantee. This is how it was explained to me when i dealt with Quicken Loans and they told me they can give me a pre approval but it wasn't a guarantee. "pre approvals" are worthless because they are not a guarantee of funds - so you can get "pre approved", go make an offer for a house you THINK you can get financed for, and then what are you going to do as you go through the process and find out you actually can't close on the loan? Its because quicken fully underwrites the loans prior to you finding a house.
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