Has anyone had experience with Quicken Loans? Are there any additional concerns is using an internet bank versus a local brick and mortar bank?

Asked by Tk211, Arlington County, VA Sun Jan 17, 2010

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., , Arlington County, VA
Wed Jan 20, 2010
I've been in real estate for 18 years and I can only say that having a ' real ' person to hold accountable is worth the tiny percentage you MIGHT save using an online loan company.

In the home buying process- often we find that evenings and weekends are when we need to be able to reach your lender. While some companies might be 'reachable' the confidence that a local lender inspires is immeasurable when submitting an offer.

So- to summarize.. use someone who can really provide the answers, service and accountability that being local provides.
Saving some small amount of money over 30 years will never pay for the hassle or stress that can come with using an out of town bank.

Clearly there are exceptions and I am sure Quicken has provided many good loans. ..but nothing can substitute for face to face relationships when making big life decisions.

Kathy Fong
Keller Williams Realty

Serving the Nation's Capital for 18 Years.
Licensed in DC MD and VA
Web Reference:  http://www.movesmetrodc.com
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Grace Hanamo…, Agent, Cupertino, CA
Sun Jan 17, 2010
Hello Tk211 and thanks for your question.

One of my clients just completed a loan with Quicken Loans/Rock Solid Financial for the purchase of their home in San Jose. Rock Solid Financial is Quicken's approved loan brokerage, and this is the company that actually provides the loans. Rock Solid is a direct lender, so they complete the entire process from application to approval and funding in-house.

For my client, the process was quick, the loan was done on time, and my client was able to get a slightly lower interest rate and loan processing charges than from a local loan broker or financial institution. The only caveat I would mention is that they seem to work best with those buyers who are "very" qualified for home purchases--in other words, FICO scores above 720.

Talk with Luke Evangelista at Quicken Loans/Rock Solid Financial if you have any specific questions. Good luck!!

Grace Morioka, SRES
Area Pro Realty
San Jose, CA
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