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Seneca

Quicken or Keller Mortgage

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Exciting times for me. I'm getting a house!!!! I'll tell the whole story when I'm done, but short story is I got my scores up with a median 650 mortgage FICO (up from around a 550 FICO 8 in January 2016 - its been a long hard journey). I am under contract for the house of my dreams (5BR so each of my kids gets their own room), at a price way cheaper than I expected for my neighborhood, and now have locked in rates with both Quicken and Keller Mortgage.

 

I'm a bit stumped on the decision on which lender. The rate is the same (4.25 with 10% down for a $425k house ) and the total lender charges on the loan estimate are within $300 of each other (they've each been competing against the other and keep coming down). Quicken's online portal is 100x easier to deal with, they seem to be able to collect more info without me providing a million statements, and seem to have a streamlined approach compared to Keller. Quicken is offering $266 PMI on the Loan Estimate and Keller is offering $337. The Quicken guy is total jerk, but the other guy isn't much better. However, the Keller guy is nearby and knows my agent well. The Quicken guy is located God knows where. I guess I'm leaning toward Quicken but wanted feedback from the forum.

  • Does it matter which one I pick other than who offers better rate?
  • What is the reputation? Is Quicken better or worse than Keller Mortgage?
  • Does who does the servicing of the loan matter? The Keller disclosure said they have no plan to service the loan, while the Quicken said they will. That makes me lean more toward Quicken.
  • If Quicken put the PMI as $266 on the Loan Estimate, can they change it later? The Keller broker said they could, that it was not fixed. The Quicken guy didn't give me a straight answer.

Thanks for your help with this.

 

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I'm in the same situation. Which did you go with? Are you satisfied with your decision? 

 

Thanks!

Zach

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4 hours ago, ZachL said:

I'm in the same situation. Which did you go with? Are you satisfied with your decision? 

 

Thanks!

Zach

You only have to live with your mortgage originator until shortly after closing, but you have a string of up to 360 payments that will Hoover money out of your wallet for a long time.

 

I generally lean toward putting up with some inconvenience to get the best pricing.  By the time you hit the fourth payment you'll barely remember having to provide the same bank statement three times.

 

The only caveat is that credit unions and mortgages go together like ice cream and ass.  Don't go there -- especially on a purchase, unless you are very persistent and have a seller who absolutely doesn't care when you close.

 

Good luck.

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3 hours ago, cv91915 said:

The only caveat is that credit unions and mortgages go together like ice cream and ass.  Don't go there -- especially on a purchase, unless you are very persistent and have a seller who absolutely doesn't care when you close.

 

 

I beg to differ with you there (but certainly respect your opinion).  I've decided to go with DCU a second time around.  Waiting on pre-qualification letter for what's been a bit of a sticky review.  Experience thus far has actually been exceptional.  (The app/uw experience 8 years ago was a tad more frustrating, but satisfying on the whole.)

 

We're trying to buy our new MA house before selling out GA house, and the numbers are tight.  If I had things to do over again, I'd have paid off my PIF revolving balances in advance of the statement date so that a statement balance didn't report.  I've got $200-$300 in reported PIF account "minimum payments" that are limiting what I can take from our HELOC toward a 20% down payment (jumbo mtg).

 

DCU supervisor has been extraordinarily helpful in exploring all the ins/outs so that I can select the best avenue by which to leap this hurdle.  Pre-qual sent to underwriting late this afternoon.  Keeping my fingers crossed they'll find the "work out" kosher and issue a letter.  With letter in hand, we immediately proceed to offer on the house that is presently displayed in my avatar.

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6 hours ago, hdporter said:

 

I beg to differ with you there (but certainly respect your opinion).  I've decided to go with DCU a second time around.  Waiting on pre-qualification letter for what's been a bit of a sticky review.  Experience thus far has actually been exceptional.  (The app/uw experience 8 years ago was a tad more frustrating, but satisfying on the whole.)

 

We're trying to buy our new MA house before selling out GA house, and the numbers are tight.  If I had things to do over again, I'd have paid off my PIF revolving balances in advance of the statement date so that a statement balance didn't report.  I've got $200-$300 in reported PIF account "minimum payments" that are limiting what I can take from our HELOC toward a 20% down payment (jumbo mtg).

 

DCU supervisor has been extraordinarily helpful in exploring all the ins/outs so that I can select the best avenue by which to leap this hurdle.  Pre-qual sent to underwriting late this afternoon.  Keeping my fingers crossed they'll find the "work out" kosher and issue a letter.  With letter in hand, we immediately proceed to offer on the house that is presently displayed in my avatar.

 

There is a difference between a rule of thumb and an absolute truth.  It's not impossible to close a mortgage with a credit union (although I'm 0/5).  People have survived plane crashes, yet crashes are still quite feared.

 

And I'd like to point out that you have not yet closed.  You are declaring success with DCU before you've even made an offer on this home.  :warning:

 

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3 hours ago, cv91915 said:

 

There is a difference between a rule of thumb and an absolute truth.  It's not impossible to close a mortgage with a credit union (although I'm 0/5).  People have survived plane crashes, yet crashes are still quite feared.

 

And I'd like to point out that you have not yet closed.  You are declaring success with DCU before you've even made an offer on this home.  :warning:

 

 

You did note that we closed a purchase with DCU in 2011, right?  And I don't think I'm crowing "success!" in the post above; merely saying that thus far things are good.  And, yeah, based upon the experience 8 years ago, I anticipate a satisfactory outcome this time around.

 

I grasp that you've had a sour run with CU's and, as I suggest, I respect your experience.  Just countering with my experience with DCU (no need to piss on my parade).

 

And I'll relate one other DCU anecdote:  I've actually had 2 applications going with DCU.  As suggested, we're putting 5% cash down and drawing on our HELOC for 15%.  That's entailed boosting our HELOC limit by $200k+, requiring a full credit app and an appraisal on our current home.

 

There was one hiccup when, after the appraisal, the appraisal company followed up with DCU asking when we were going to "schedule the appraisal" (one hand not clearly knowing what the other had done), and then took 3 days to secure it from the person it was assigned to.  Other than that, everything was smooth.  Just got off the phone with my loan rep for the HELOC with good news on the appraised amount and that the HELOC approval will be in place later today.  After exchanging pleasantries, in response to my profuse thanks, the DCU loan rep said, "no problem, I feel like family!".  (I followed with, "Don't say that; I'll send you cat pictures!".)

 

All I can say is that having closed home loans with Wells Fargo, Chase, etc in the past, "I feel like family" is never a sentiment I've heard expressed (or anything close to that).  Not everyone needs "warm and fuzzy".  Still, I'm more comfortable that I can secure the support I want from DCU than any other lender I've worked with previously.

 

 

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16 minutes ago, hdporter said:

no need to piss on my parade

I think the parade is quite exciting, and I'm really quite happy for you.  That doesn't mean I love every float.  ;) 

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21 minutes ago, cv91915 said:

I think the parade is quite exciting, and I'm really quite happy for you.  That doesn't mean I love every float.  ;) 

 

Got ya.  (And sorry for going a little overboard on the "defensive" front.)

 

Not sure what to make of your earlier 0 for 5 success rate on CU closings ... you're familiar with the cliche'd definition of insanity, right? ;)

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27 minutes ago, hdporter said:

Got ya.  (And sorry for going a little overboard on the "defensive" front.)

 

Not sure what to make of your earlier 0 for 5 success rate on CU closings ... you're familiar with the cliche'd definition of insanity, right? ;)

 

14 hours ago, cv91915 said:

I generally lean toward putting up with some inconvenience to get the best pricing.  By the time you hit the fourth payment you'll barely remember having to provide the same bank statement three times.

In general I've tried to live by the statement I made immediately above, and I never went back to try the same CU twice.

 

Now, however, on a residential first mortgage I will always put my money on a loan officer with a profit motive for getting a loan closed over an underpaid, marginally-engaged hourly CU employee running obsolete technology.

 

One giant, national CU had a COMPUTER GLITCH that caused a two-week delay getting my application out of their web application and into their origination software -- and apparently at no point did anyone decide to just re-key my application data into the origination system -- or just call me and take my info again over the phone)

 

Later I learned that my loan file had been stuck for several days because my loan processor quit and my loan was never reassigned to someone else.  If I hadn't persisted with my inquiries I don't think anyone ever would have noticed.

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Don't mind CV....he's just salty from his less than stellar CU experiences.

 

He does have a lot of sage advice to offer.

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So, just getting around to saying that we received a "conditional" mortgage approval from DCU last week on Nov 27.  We had final approval on the 29th after submitting a couple of pages of back up support for 2 recent deposits, and a copy of Bev's first paystub from her employer.  That makes 2 weeks from application to approval (13th to 27th)-- prior approvals have take just shy of 4 weeks.

 

Not only that, but this was the most streamlined experience I've encountered.  Among other things, just one request for statements.  (Ok, so we have 2 weeks to go before disbursement/close ... a lot can happen in that time, but right now it all looks like a coast!)

 

Again, one thing that smoothed the process is that we first applied for a limit increase on the HELOC for our current home (from which we sourced about 50% of our down payment).  Now that took 3 weeks for approval, but there was a 10-day hangup due to an incompetent appraisal firm.  The day for the appraisal came and no one showed.  When I called, I was told the appraiser no longer worked there!  Fortunately, the newly assigned appraiser called, said she would be nearby that afternoon, and we set an appointment.  When DCU went looking for the appraisal a couple of days later, they were told it couldn't be found!  Well, fortunately it showed after 2 more days ... and, we got the valuation we were looking for (10% above the lower value we had targeted).

 

Everything's gone smoothly with our purchase, which will close Dec 18.  So far, this has been one of the most painless home purchases we've encountered.  Fingers crossed that the balance of our move goes as smooth (household good, plus fit-up and sale of our current home).

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