Quicken Loans

Quicken Loans

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Quicken Loans - HARP 2.0 Refinancing

Jan 25, 2013 (Updated Jan 25, 2013)
Review by  
Rated a Helpful Review
  • User Rating: Excellent

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Pros:Efficient, speedy, kept in contact regularly, professional & helpful answering questions.

Cons:Rolling my condo-interior insurance into mortgage.

The Bottom Line: Recommended!! Speedy, helpful, professional, & provided a significant reduction in monthly mortgage.

My experience with my HARP 2.0 loan refinance through Quicken Loans was extremely positive.  
Quicken notified me of my qualifying for the HARP 2.0 Loan to refinance my current loan at a lower rate. Once I agreed to proceed, everything happened quickly with no real problems.
I was very impressed with not only the quickness of everything, but also, the MyQL website kept me up-to-date with pending information, required documents, etc... 
The website is a great idea for keeping people up-to-date with the status of the loan process.  I also still received notification emails if something was posted to the website.  I think the MyQL website is a great idea when involved in a process that requires many different documents, information and signatures. 
It sure made it easier to get all these requirements taken care of and then just upload it back to my loan officer.
Quicken Loans did an excellent job at processing my refinancing in an efficient & professional manner.  
Overall, they decreased my monthly payment by over $150!!!
The only negative, if you can call it that, was that I was required to roll my personal condo-interior insurance coverage into my mortgage and monthly payments.  I would have preferred to leave that out as I have never done that before, but when given the option, it would have delayed my closing.  So, I could have opted out of that, but I really didn't want to delay closing.
But this change did end up changing my closing costs, requiring me to pay- albeit only $21.  However, at first, I was supposed to get money back in the closing.
However, this could have been a problem if the costs were any higher as I didn't have the money to pay for closing costs.
I've seen alot of people complaining of the lack of close knowledge about their individual loans.  I experienced this when I brought up the question of rolling in my insurance, but I also understand that due to the speed and number of loans they must have, the loan officers can't really know your specifics at all times.  
And, yes, at times they do sound like they are reading from a script.  But for the overall savings, I can't really count this as something that mattered much.
In the end, I also received a gift card for writing this review, regardless of whether I had a positive or negative experience.

Recommend this product? Yes

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