My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

Deal Score0

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.

I have a residential rental property (2-unit) with an existing mortgage. I want to transfer the title to my own LLC. Will the mortgage lender recall my loan?

Thanks,

Blyth

8 Comments
  1. Reply
    alterfemego
    January 29, 2011 at 3:15 am

    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.

  2. Reply
    Spock (rhp)
    January 29, 2011 at 3:34 am

    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.

    ***
    no experience with the lender

  3. Reply
    robert w
    January 29, 2011 at 4:06 am

    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.

  4. Reply
    americannationwidemtg
    January 29, 2011 at 4:36 am

    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

  5. Reply
    T-hun
    January 29, 2011 at 5:28 am

    I’ve heard nothing but bad things about Quicken Loans!!!

  6. Reply
    Quicken Loans
    January 29, 2011 at 5:45 am

    Hey there! Thanks for considering working with Quicken Loans.

    I completely understand your hesitation. Let me assure you that the closing will not be over the internet or phone. For the actual closing, we will send a notary in your neighborhood to any location you choose to close your loan. We work with trusted partners across the US to make sure your closing is always comfortable and convenient. You choose the place & time and we’ll be there.

    For the other parts of the process leading up to the closing, we will do a lot over the phone and internet. You will work with one mortgage banker, who will be able to update you over the course of the loan and answer any questions you have. Let your banker know what types of communication you are comfortable with – e-mail, phone, postal mail, fax, internet, chat or anything else! We pride ourselves on our cutting edge technology.

    The other thing we’re known for is our service. There’s no reason to be nervous – 9 out of 10 clients tell us they will recommend us to friends and family. We hope you’ll do the same.

    I’m going to include some links for Quicken Loans reviews. If you have any other questions, feel free to contact me through our profile. Best of luck!

  7. Reply
    realtor.sailor
    January 29, 2011 at 6:36 am

    Technically yes. But if you are the only managing member of the LLC, your mortgagee may permit it. I suggest you talk to your mortgagee first or get legal advice.

    realtor.sailor

  8. Reply
    Landlord
    January 29, 2011 at 7:36 am

    Yes, a new contract with the LLC has to be drawn up since “you” will no longer own the property.

    Leave a reply

    Register New Account
    Reset Password