My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?
Question by Snowtime: My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?
Has anyone else experienced Quicken Loans. This is the first time we have not delt with the “local banker” and we’re nervous about the closing over the phone/internet thing.
Best answer:
Answer by alterfemego
If you can’t face them, why would you do business with them. We had a deal once on new construction. It was winter in Minnesota and they wanted to withhold thousands of dollars from the builder proceeds because the landscaping, sidewalks and driveway were not complete. In Minnesota that is a fact of life in the winter time. I’m not talking the small amount of money that it would have cost the builder to finish these items, but 10′s of thousands of dollars. They seem to find ways to come up with withholding monies unnecessarily.
Listen, you can do what you want. But for me, if I’m spending that kind of money, I want to be able to face a human in their office if something goes wrong.
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Short Term Cash Advice
figure out your tax situation before you do anything
Example: if you refi out more than your equity in the property on the tax books, the excess is taxable income in the year you receive it.
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no experience with the lender
walk a way, no run away.
simple as that .
go to ‘local’ refi , u’ll save thousands.
do ur research BBB , wal street journal, state attorney general etc. walk away.
I agree with the last answer. Feedback form my clients has usually been negative towards the larger shops such as Quicken, or Countrywide, etc.
My clients like the fact that I have only a few files on my desk, thereby allowing me to dedicate more time to their situation. The process is smoother, and in the long run they save more money.
By choosing a Broker as opposed to a Lender, you’re options are greatly increased, and in most cases costs are less. A broker is buying at wholesale for their client as opposed to going to a local bank or even a large shop, like Quicken, where the customer is buying at retail.
Closing over the phone couldn’t be easier, really. I have many clients out of state, and I tell this: I have two locations, everywhere, and right next to you. It’s really that simple.
If you have any further questions, get in touch with me.
Good Luck.
rickn@americannationwidemtg.com