Useful for a New Home Buyer
Written: May 20 '00
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Product Rating:
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Pros: Easy to navigate
Cons: nothing serious
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| dbhoutx's Full Review: Quicken Loans |
Quicken.com Mortgage site is user friendly right from the start. I went there to see what rates they were offering to those who want to buy a new home. (new refers to pre-owned in this instance.) The site puts a lot of information immediately at the fingertips of the user. This put a smile on my face.
My Initial Exposure
I clicked on the find interest rate link. From there I was asked a couple of questions about where I was buying and how much money I planned to spend. This information was processed so they could figure out what kind of interest rate was available. They also factored in how much I planned to put down and the fact I was planning to use the house as my primary residence. (Higher interest rates apply when you buy a house as an investment.)
I filled in the blanks, no personal information was requested or needed in order to process a rate quote. Of course, that did not lock in a rate or even pre-qualify me for a loan. In fact, previously I had typed in an extra zero making the house a several million dollar deal. I got a rate quote for a thirty (30) year fixed and a one (1) year ARM mortgage. In each case, there are various variables that can affect the rate and closing costs.
What I did not find impressive was the fact that they did not ask anything about points I would be willing to pay. This drastically affects the overall mortgage price. If the rate is lower than average, one can expect to pay more points. Each point is 1% of the loan amount, paid up front in order to get a lower interest rate. They do have no point loans, but typically they carry higher interest rates or roll the costs into the loan amount which means in the long run you pay more.
Site Mortgage Resources
In addition to providing rates, pre-qualifying borrowers, and taking loan applications, this site offers a lot of information that new and return home buyers alike may need. Additionally, they have prominently displayed a picture of a customer service representative and a phone number if there is information you need that is not right on the site. I did not call the help line number but thought it was a nice touch.
Tools were available to help buyers size up their purchasing power as well as to calculate what their housing costs may be. Other tools help buyers determine if it makes sense to buy or if renting is the correct thing to do. In many cases it is not always a really easy decision. They provide information to help determine what is more important to each buyer in the decision on how to finance a house. They can walk you through different scenarios about paying points versus getting a better interest rate. They help the buyer better understand the various types of financing options. So many exist its good to have these tools and Quickenmorgtage.com provides them on the site.
Specifically the loan points vs. rate calculator will show where based on income and tax filing status and the closing costs, you will break even by going with more points and a lower rate or taking a higher interest rate. In my case it took less than six years to be better off paying lots of points to buy down the interest rate paid on the mortgage. In other cases the timing would likely be different.
Other Site Offerings
In addition to new home loans, this site offers the opportunity to get information on refinancing and obtaining home equity loans. These pages tend to follow what is offered on the new home page. Of course, the game here is for Quicken to help sell loans to folks who need them or think they need them. I am sure it produces good income for them and through a web site, which is likely easy to maintain, it is not too bad of a deal for them. As for providing the information, they have a reputable name and a good site and probably help loads of folks learn about these loans.
Likes and Dislikes
Overall I liked this site. It was reasonably easy to navigate. The mortgage information and rates were similar to what I have found elsewhere. I like having a phone number plastered everywhere so I can easily contact a human if I need that kind of help. Additionally, I like the fact that this is a sub-site of the overall quicken financial web site.
I did not really dislike too much about this site, which is rare. I can become critical about the flaws of web sites.
Recommended:
Yes
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Epinions.com ID: dbhoutx
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- Top 1000 |
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Member: David
Location: Houston, Texas
Reviews written: 324
Trusted by: 223 members
About Me: David loves outdoor activities, travel, breeding Registered Texas Longhorns.
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