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So if you want to pay more closing cost to have a shady retailers that collect a fat commission off you and for them to not follow what they advertise by all means go ahead with Quicken Loans\ Rocket Mortgage. I am now out $500 and this is my own fault for being a first home buyer. But when you look over the estimate, the fee went up $1000 because he tacked on further points to the origination fee, which pretty much a standard. Also hyper inflating appraisal fee to $850, which they are typically only $400 to $500.Īnd to further add to the crooked "30 year veteran", after my final call with the other retailer, Glen attempted to woo me with a new "lower rate" that he had management sign off on. such as $850 application fee or $300 underwriting fee (these are the same as origination fee). Glen Woodward is no exception in double or even triple dipping into tacking on fees. They are sales people who earn their commissions by the fees they can mask into your estimates. And here is where all my lessons begin teaching me the world of retailers/brokers and how they work for lenders. This prompt me to investigate my options. I was told it was the same as when I first signed up two months ago.
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#Rocket mortgage quicken loans update
Finally after a week, I another call from a different retailer asking if I had questions, and I asked for some kind of update on my new rate based on what was advertised by "Rate Shield".
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I wrote an email asking what is going on, I was later told wait for their pricing sheet to update. I get updated disclosures of the loan but my rates are still the same from two months ago. You will hear this over and over if you are put on hold on their phone service.Ī couple months later, I finally find a house and its now time to close and wrap things up. If rates go up, your rate stays the same. "Lock Your Interest Rate Lock your rate for up to 90 days and protect your monthly payment from going up while you search for the right home. Quicken Loans/ Rocket Mortgages advertise a "Rate Shield" at which they advertise. We even agreed on the rate lock on a rate that was below current market average. In our conversation he seems very nice and was very assuring that I would be taken care of. Warning Honest Review of a First Home buyer and lessons learned:Īs a first home buyer, I was contacted by Glen Woodward when applying for Quicken Loans.