Are you in the market to refinance? Should you be? Check out our Quicken Loans review and get started right away! (Please note: This is a true and accurate representation of our experience with Quicken Loans. However, we will receive a referral fee if you click on our link and fill out a form for more information.)
Club Thrifty’s Quicken Loans Review
A few months ago, we decided to refinance both of our rental properties. The first one that we refinanced was easy peasy. Due to having a lot of equity in that particular property, we had no problem securing a refinance with any mortgage company of our choice. Since we bought the home in 2007 when interest rates were much higher, we were able to refinance from a 30-year fixed loan at 6.25% to a 15-year fixed loan at 4%. Since interest rates are typically higher for investment properties, this was a pretty good deal. I was thrilled with how much we were able to lower our interest rate and I was excited to cut several years off the term of the loan.
Our other rental mortgage refinanced proved to be a little bit trickier. While we do have some equity in our second rental home, we don’t have a lot…like maybe 15%. We first tried to refinance with the company that was servicing our loan at the time. However, we found that the company that we paid our payment to, Seterus, didn’t actually originate loans. They only serviced them. So, we set out to try to find another company to let us take advantage of super low interest rates. I called around and couldn’t find a single company interested in refinancing my loan. Discouraged and annoyed, I finally gave up.
Quicken Loans to the Rescue
A few months later, I received a letter in the mail from Quicken Loans. Apparently, they had teamed up with Seterus to offer refinanced mortgages to customers who were interested. I called them immediately and was very pleased to find out that they could indeed refinance my loan. In fact, Quicken Loans was able to offer a loan almost identical to the one that we got on our other rental home. I was so excited and hopeful that everything would turn out as planned. I was also nervous that it was too good to be true. Nevertheless, we got the process started right away.
I have refinanced a lot over the past five years. In fact, I have refinanced my own home twice…and each rental home once. Among all of those experiences, my refinance with Quicken Loans was hands down the simplest and most pleasant experience. I was able to upload all needed documents directly to their website with ease, and the people who worked there always seemed to be able to answer my questions. Unlike our other refinancing experiences, Quicken Loans only asked for each document to be submitted once. They didn’t lose anything, get confused, or do anything stupid. They just did what they promised in an efficient and helpful manner. They even sent someone to our house at 6:00 p.m. to do our loan closing so we didn’t have to take off work or drive to an office somewhere. The whole process was fantastic from start to finish.
If you are interested in refinancing a home or rental property and don’t want to deal with the baloney of regular mortgage companies, please contact Quicken Loans. Also, feel free to use my affiliate link to get the ball rolling (shameless plug).