Rocket Mortgage

Generally, the process was OK, although very slow.

At closing, I got hit with a $250 fee for a loan subordination fee when no loan was subordinated. I complained to my rep who didn't fix the issue.

I sent a certified letter with my complaint to Jay Farner, Quicken CEO on 4/12/18. No response yet. If I don't hear back from Farner and get a rebate on this $250, I intend to take legal action against Quicken as well as filing complaints with the Better Business Bureau, the Consumer Financial Protection Bureau, and other regulatory entities.

Bottom Line: No, I would not recommend this to a friend

The process was fast and fairly easy, with most communication through a secure website that was available 24/7. Some phone calls were needed. Closing was handled conveniently, even though I was on travel when a company representative came to my location with all the papers needing signing.

On the negative side, it was never made clear just what steps in the overall process were coming next and their timing. And though always available, the listing of charges, fees, taxes, etc., was not discussed and explained in detail. Also, there was a prevailing sense of urgency, seemingly without cause.

Bottom Line: Yes, I would recommend this to a friend

My experience working with Rocket Mortgage has been nothing but positive. Everyone I worked with worked quickly to get me through the mortgage process, and I ran into zero hangups along the way. My real estate agent and my title company even remarked on how helpful and quick the process was compared to how long everything usually takes. We were even able to close on the purchase two days early. I talked to several mortgage companies and none were able to match or beat Rocket Mortgage's interest rate, either.

Bottom Line: Yes, I would recommend this to a friend

As a first home buyer, I was contacted by Glen Woodward when applying for Quicken Loans. In our conversation he seems very nice and was very assuring that I would be taken care of. We even agreed on the rate lock on a rate that was below the current market average. So far so good. Quicken Loans/ Rocket Mortgages advertise a "Rate Shield" at which they advertise - "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. If rates go up, your rate stays the same. If rates go down, your rate drops. Either way, you win!" You will hear this over and over if you are put on hold on their phone service.

A couple months later, I finally find a house and it's now time to close and wrap things up. I get updated disclosures of the loan but my rates are still the same from two months ago. The market averages have dropped around .5% to 1% since my rate lock. Expecting what has been advertised, I wrote an email asking what is going on, I was later told wait for their pricing sheet to update. Finally after a week, I another call from a different broker 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." I was told it was the same as when I first signed up two months ago.

This prompt me to investigate my options. And here is where all my lessons begin teaching me the world of brokers and how they work for lenders. They are salespeople who earn their commissions by the fees they can mask into your estimates. Glen Woodward is no exception in double or even triple dipping into tacking on fees...such as $850 application fee or $300 underwriting fee (these are the same as origination fee). Also hyperinflating the appraisal fee to $850, which they are typically only $400 to $500.

And to further add to the crooked "30-year veteran," after my final call with the other broker, Glen attempted to woo me with a new "lower rate" that he had management sign off on. 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.

So in the end, I chose not to proceed. I am now out $500 and this is my own fault for being a first home buyer. So if you want to pay more closing cost to have a shady broker 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. In the end, they are no different than any other company that has a systematic broker between the buyer and lender.

My $500 lesson for first home buyers:

1) Shop around, get as many loan estimates you can at least 3 and compare them.

2) Research the fees that are on the loan estimates, you can find out which are "junk fees" such as Glen attempted on me.

Never give money until you did step 1) and 2).

Bottom Line: No, I would not recommend this to a friend

My wife and I received a fantastic deal with help from low mortgage rate at the time. Again, couldn’t be happier with the outcome of the costs. However, when it comes to communicating it was just shy of embarrassing. For example, we found out 24 hours before we were supposed to close that it would be in 24 hours which was the wrong date from "expected closing" if only my representatives would have read that the date was 4/25 as requested by the owner...a month before. I also caught the 1st guy Brandon trying to bait and switch me with the origination price, after he was so fast to have my wife and I e-sign everything. I have to assume he’s a used car salesman because he specifically said our loan wouldn’t be sold off to another party. Well, that took about a week. If an HR representative reads this they should listen in on what he tells customers, just my recommendation. After he was caught dead to rights I said I wouldn’t move forward unless his manager steps in. He did, said some nonsense about "after 12 am the rates didn’t lock." I guess the e-signature on the document labeled "rate lock" doesn't mean what it implies. Next, I was handed off to a woman named Kim, for the situation she did as good as someone could. Her miss was on straightening out my homeowner's insurance that Brandon whiffed on. If anyone needs evidence of these events I made a copy, but they should all be in the original documents with the loan. I'm only recommending this because of the monetary deal we got, I felt I was in a timeshare presentation for the remainder.

Bottom Line: Yes, I would recommend this to a friend

Graham has hero status in my eyes. Not only is he a knowledgable professional who understands his market and lending scenarios, but he also takes the time to educate his would-be clients on the same. He clearly takes pride in helping qualified people realize their dreams of home ownership by looking beyond a number. Where other lenders wouldn't even consider passing with my complicated credit scenario, Graham and the Quicken team were willing to dig a little deeper to recognize a good investment when they found one. I can't thank the team enough. Graham for the win!

Bottom Line: Yes, I would recommend this to a friend

Everything was fine when I started out, but when it was to the closing agent, everything went wrong. He would tell me and my title company that he had everything that he needs in order to close on my house by the date I requested. By the next EVENING, he would call me to say that he needed something else, but by the time he would call me, it was too late to contact who I needed and get it taken care of and eventually this caused the closing date to be delayed by 3 days. Unfortunately, this caused two other closings to be delayed and left everyone in a lurch. Terrible service and was lied to on several occasions.

Bottom Line: No, I would not recommend this to a friend

Starting the process was easy. Matt was great, was able to get me the rate I needed. Kept me updated as the process continued, giving me key dates I wanted to know. Closing was very easy, enjoyed signing with the computer, instead of so many pages to sign. Our closing notary was great, we used social distancing, masks, and gloves. Important since Amy and I are nurses.

Bottom Line: Yes, I would recommend this to a friend

I am a real estate agent who has worked with banks, mortgage brokers, and I used Rocket myself. Fantastic! Haters can hate; good service and great rate.

What I like is that they tell you up front what the rate is and the expectations. No hocus-pocus. Trust me, I have closed 150 plus transactions, and I have seen it all.

Bottom Line: Yes, I would recommend this to a friend

From the moment that I started my online chat until the moment that I closed, I can honestly say that I've never had a more seamless process done with regard to my mortgage. When everyone else said "no," Quicken Loans Rocket Mortgage said "yes!" This is the easiest financial process that I've been through since owning my home!

Bottom Line: Yes, I would recommend this to a friend

We cannot say enough wonderful things about our experience working with Quicken Loans/Rocket Mortgage! The entire process was seamless, simple and perfect. The staff was so incredibly helpful, reliable, organized, prompt and approachable. Joe Jesgarz and Kelly Clements, in particular, were exceptional. We worked the closest with them and were so impressed by their professionalism and assistance. We would recommend working with them to anyone!

Bottom Line: Yes, I would recommend this to a friend