Quicken Loans

tlbbOctober 2, 2009

I'll be speaking to a rep from Quicken Loans at 3 pm this afternoon.

I have 22 years left on a 30 year fixed. I owe about 212,000 at 5.875.

I want to re-fi to a 15 year fixed/0 points for 260,000.

The "pre-quote" he gave me online was "low 4's".

Has anyone used Quicken? What total fees can I expect? Is this even a good idea?

I have excellent credit, no other real debt with a fico over 800 (last time I checked).

I really appreciate any feedback.

tlbb

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calirose

I have no experience with Quicken loans, but I have refinanced. You can expect the same fees you had on your first closing.

What I don't understand is why you would want to add 50 thousand to your loan. Most people want to refi to pay off early.

    Bookmark   October 2, 2009 at 11:13AM
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tlbb

I have an existing home equity that I'd like to incorporate into the new loan. Plus, I think the payments would be about the same and I'd still be paying off 8 years early.

    Bookmark   October 2, 2009 at 11:20AM
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cindyb_va

tibb, get yourself a "good until date", in writing, from Quicken, including all closing costs and fees and then shop around. You have an excellent score and the fact that you are willing to go from a 30Y to a 15Y makes you an attractive potential loan client.

Once you get the in writing offer, shop around. Banks are starving for good quality paper.

    Bookmark   October 2, 2009 at 12:17PM
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calirose

OK, tlbb, I didn't see that on your other post. Cindy's advice is sound.

    Bookmark   October 4, 2009 at 11:36AM
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