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Question:

Quicken loans?

Has anyone heard of Quicken Loans or used them for a mortgage company are they good

Answers:

1) bad idea, unless you can predict with absolute certianty you will make enough money to keep up with the payments. these used to be called 'balloon payments'.

2) I don't know what the panda is talking about but quicken loans is a good company. A lot of the problem consumers run into when searching for financing is "trying to find the best deal". what ends up happening is you talk to a loan officer willing to tell you whatever you want to hear in order to get your business. By rule, just go with a fair deal and understand that, just like anything else, if you go with the best (cheapest) offer, you are going to get the cheapest service and potentially lied to. Or in industry talk, baited and switched. Pat McGinnis is the chairman and a personal friend of mine. I may be biased, but I can tell for fact that the loan officers are making $250 bucks per file and top producers are making about 7k a month. What that means to you is you aren't going to get screwed by some broker trying to up your closing cost in order to make his mercedes payment. Personal opinion... Go with a 5yr interest only. The market runs in 3's and 7's. Meaning we are two years into an upswing market, ride out the next five and by the time your rate goes adjustable, the marke will be in a downtrend. Interest only is the only way to go on any mortgage. I don't have a lot of time to go into it right now, but to sum it up, you can take the difference in the fully indexed payment, invest it in an engine that will yield you a return and stop putting "dead money" into a bank account you can't tap into (your home). btw... Your going to find results like the answer below me with any company. However, I have no interest in Quicken loans and stand to benefit nothing by way of telling you to go with them or not. I could honestly care less but I would like to point out one interesting note. I would be willing to bet my shirt that I have a much higher net-worth than the individual below me trying to advise you "financially" as to the best type of mortgage to take. I will tell you right now that no one that knows anything about money is going to go with a 30 or 40yr fixed Fully Amortized loan. It just doesn't make financial sense when you can be taking the money you are dumping into your house and put it in an accelarated account that will "work for you". Equity only secure the bank! until you cash out the equity, all you're doing is making sure the bank has a secure asset. Think average and be average, that's one of the main points stressed in motivational seminars across the world.

3) QUICKEN LOANS ARE VERY BAD I have heard 1000's of horror stories about them. And the top people make a lot more then 7000 per month more like 160 -225 per year. PMI and or MI is on a lot of their products. Stay away from interest only loan unless you are selling in a couple of years. If you credit score is good go for a 30 or 40 fix loan paying (P&I)

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