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).
Good to know as a just in case! We used Wells Fargo for our refi in 2011 and it was terrible!
Our refinance with Amerisave was a nightmare as well =/
My good Canadian bank will match any offer that I get from a competitor. It cuts down on the paperwork.
I would love to invest in rental properties but I am unhandy and would require a handy partner to make it a profitable venture. I could clean, do yard work, book work and deal with the tenants but if the toilet was making a funny sound I would be lost.
Greg does some of the maintenance on our properties. We hire out the rest!
I don’t know if I’ll ever be refinancing our current house, but if you have high rates it definitely seems like an ideal time to go through with refinancing. Quicken loans will sound familiar to a lot of people because of all their advertising, but it’s nice to know it worked out for someone I know personally. Congrats on getting those rates so low!
Thanks DC~!
Interesting story, Holly. Great post!
Recently we were able to do a streamline refinance through Wells Fargo. We dropped our rate from 4% to 3.25%. Sounds ridiculous to refinance for such a small difference, but it’s a $200 difference every month. Plus when you refinance you get one free month off from payments. Can’t beat that!
Good job on your refi!
I have a close friend who works for Quicken Loans. It’s a pretty inspirational company on the inside also, which is why they’re so customer service friendly for such a big outfit.
They are definitely doing a lot of things right IMO!
We have been thinking about refinancing our current home. Great post!
Feel free to use my affiliate link, Michelle! LOL
Our original loan was with Citi Mortgage, put in place in 2007. In 2011, I contacted them about a re-fi, and they called me back within 15 minutes of submitting my form, and we closed less than a month later. It could not have gone any more easy.
We refinanced with Wells Fargo last year, and like Mrs. PoP, it was horrible. I’d be curious to see if it would be worthwhile to do our rental. It’s at 4.25%, so probably not. How much were closing costs?
I don’t remember the exact figures but I do know that our break even point came pretty quick since our interest rate dropped so much. It also helps that the refi was paid for by our tenants anyway~!
We refinanced through Quicken as well and your experience is identical to mine.
Wasn’t it amazing? I was skeptical at first but now I think they are great!
I’m always amazed at the stories people tell me about their terrible experiences with mortgages, I’m glad yours went so well!
I have heard conflicting stories about Quicken. I receive marketing material from them every year, but don’t do it because we will be selling our home within the year and the costs to refinance don’t make sense. I would love to save some money, but refinancing is out of play. I appreciate hearing your experience with them.
Good to know, I’ll let my friends know who are considering a refi!
Does Quicken do new loans?
I will definitely have to look for them when we get ready to buy a house in a few months.
Yeah!!! umping on the ReFi train. It’s pretty nice on here 🙂
We’re saving $200 a month after ours, and if we didn’t have a Kick @$$ broker, probably would have went with Quicken. Glad you had a great experience.
It is good to know that an online company is better than the brick and mortar institutions. I think competition will improve all of them.
Glad the experience was positive! Seems like everyone I read is doing a Refi… and for good reason!
I’ve heard really good things about Quicken Loans also. We tired using a big bank (Boa) the first time we tried to get a mortgage. It was a nightmare! We ended up using a local bank and the process when quite smoothly then. I like the idea of having an online option like Quicken loans and we’ll have to try them out next time we are in the market for a new loan!
I´m happy for you that you had a good experience with Quicken! I feel like I`m learning more and more about refinancing every day, and I don`t even own a house. Oh, well, you can´t be prepared enough for the financial world!
Nice work! That is thrilling to lower the rate by a whopping 2.25%! All hail Bernanke! 🙂
Glad Quicken Loans helped you guys out. I’m a fan and know over 30 people who’ve had good experiences.
The UK market for remortgaging is on it’s bum!
Nobody wants to help people remortgage so it’s good to know the U.S and Canadian markets are getting better. When you guys sneeze we catch the cold, as the expression goes!
Glad to hear you had a good experience with them. Kim and I are refinancing right now to a 15 year fixed and it will drop our rate down to 2.875. It has been a long process but we just got the loan approved and we are looking forward to having a fixed rate!
I refinanced with Quicken Loans late last year, though I went through their Schwab Bank division. It was pretty simple and I shaved half a percentage point off my rate! It took me a bit to figure out how to make extra principal payments, but now that I’ve figured it out, it’s easy as pie!
I’m almost regretting not refinancing into a 15 year fixed instead of the 5/1 ARM that I chose…but I have it now and I’m sure it’ll be fine.
I wouldn’t be surprised to find that they were good. But when a business — or others they gave my information to — calls or emails as frequently as they did, it made it easy for me to choose someone else
You are my inhalation, I have few web logs and rarely run out from brand :).
“‘Tis the most tender part of love, each other to forgive.” by
John Sheffield.
Holly, Quicken Loans is a good company as we deal with them daily. Yeah, lot of “baloney” companies out there.
I’ve been exploring online greater than Three hours nowadays, still Irrrve never discovered every useful article including you. It can be lovely importance adequate for me. I think, if perhaps most world wide web homeowners along with bloggers manufactured good subject material while you does, online shall be far more helpful than in the past.
It is not my first time to visit this website, i am visiting this web site dailly and
get good information from here every day.
I got this website from my buddy who shared with me on the topic of this website and
now this time I am visiting this web page and reading very informative posts at this time.
It’s so easy to be entitled to these kinds of help with debts in Australia has made it simple for the people with a credit score of 550. It makes the most out of it. Make good amount of money in this. This is because each lender will do a credit score BELOW 550 if you use the right lenders.
Great post.
The reason for this is that muscle is mostly easier to convert to energy than fat is.
So in order for you a brand new physique and the new life that goes with it, our critiques of
the most effective fat burner will show you how to make the correct
choice. immediately after 3-4 days associated with continuing
use.