The House Searching / Buying/ Building Thread

[Wake]

Any reviews on this new Rocket Mortgage via Quicken Loans? There has been a bunch of advertising on it and it is all pretty much completed online. Send them all of the normal mortgage information needed and you are issued an approval in like 10 minutes. Ran through an underwriting process and everything like a normal pre-approval and stuff, but it is all done online.

My realtor recommended it for us since we are kicking off the home search. She seemed to like the ease of use and had some positive feedback from other home buyers.

I would always lean towards dealing with a local mortgage company. We have clients that use Quicken, and the attention to detail and effort isn't quite as high as our better local lenders. The local lenders will typically work harder to keep a deal moving, and go the extra mile to keep a deal from farther apart.

But they are certainly reputable, I wouldn't "not" use them.

 

[Sanzabar]

I would always lean towards dealing with a local mortgage company. We have clients that use Quicken, and the attention to detail and effort isn't quite as high as our better local lenders. The local lenders will typically work harder to keep a deal moving, and go the extra mile to keep a deal from farther apart.

But they are certainly reputable, I wouldn't "not" use them.

Totally understand that. I am more of a hands on person, so that is why I lean towards an in person loan officer. With that said, I could definitely see this being a hit for the "newer age".

I went onto the website and messed around with it last night and it is incredibly easy to use. You link your job and bank accounts on there and you do not have to provide bank statement after bank statement. Definitely see it being a lot easier to use than having to provide tons of paper work via hard copy.

I am on the fence about it, but I am leaning towards giving it a go just to see how it works. Quicken is a huge company, so that makes me feel a little better.

 

[Cobberz]

We just recently finalized the purchase of the building our restaurant is in, and with that comes 4 cabins which are rentable, a possible 2 family home that needs a complete overhaul, and 8 acres of land in which we have decided we are going to build our (my wifes) dream home. We have a few ideas of what were looking to build, but the whole process is going to be a new experience from buying our first home. I have a few good friends in the construction/contracting business so hopefully they will be able to lend advice on what to do and not to do.

 

[Wake]

Totally understand that. I am more of a hands on person, so that is why I lean towards an in person loan officer. With that said, I could definitely see this being a hit for the "newer age".

I went onto the website and messed around with it last night and it is incredibly easy to use. You link your job and bank accounts on there and you do not have to provide bank statement after bank statement. Definitely see it being a lot easier to use than having to provide tons of paper work via hard copy.

I am on the fence about it, but I am leaning towards giving it a go just to see how it works. Quicken is a huge company, so that makes me feel a little better.

They are definitely large and are very reputable. Several years ago their customer service was terrible. Our deals with them never closed on time, and they were a nightmare to deal with. They had grown too big too fast in all likelihood. That has changed, they are much better than before. We still have better luck getting to closing with a good local lender, but they are probably better than most of the loan officers with the larger banks.

 

[MWard]

Any reviews on this new Rocket Mortgage via Quicken Loans? There has been a bunch of advertising on it and it is all pretty much completed online. Send them all of the normal mortgage information needed and you are issued an approval in like 10 minutes. Ran through an underwriting process and everything like a normal pre-approval and stuff, but it is all done online.

My realtor recommended it for us since we are kicking off the home search. She seemed to like the ease of use and had some positive feedback from other home buyers.

In front of a local loan officer not at a big bank, if you give them the same stuff they can turn them around just as quickly. They all use an automated underwriting program to see what you qualify for.

I would strongly recommend using someone local, where you have access to them quickly. I've had a couple deals with in the past year with Quicken loans, and they have gone OK. As mentioned above, they are better than your typical big banks but they're still not as good as someone you're face-to-face with.

 

[Sanzabar]

In front of a local loan officer not at a big bank, if you give them the same stuff they can turn them around just as quickly. They all use an automated underwriting program to see what you qualify for.

I would strongly recommend using someone local, where you have access to them quickly. I've had a couple deals with in the past year with Quicken loans, and they have gone OK. As mentioned above, they are better than your typical big banks but they're still not as good as someone you're face-to-face with.

Totally agree. I can see both sides of it honestly.

I think the only reason I am considering is cause I had such a bad start from a local LO when I got the ball rolling. It would take him a week to respond to an email, never confirm that he received or anything. Just kind of left a bad taste in my mouth.

 

[MWard]

Totally agree. I can see both sides of it honestly.

I think the only reason I am considering is cause I had such a bad start from a local LO when I got the ball rolling. It would take him a week to respond to an email, never confirm that he received or anything. Just kind of left a bad taste in my mouth.

Time for a new loan officer. Dime a dozen, you should be able to find one easily!

 

[Wake]

Totally agree. I can see both sides of it honestly.

I think the only reason I am considering is cause I had such a bad start from a local LO when I got the ball rolling. It would take him a week to respond to an email, never confirm that he received or anything. Just kind of left a bad taste in my mouth.

Haha, DEFINITELY don't use him. If the won't return calls to receive new business, I can only imagine how bad he is about retaining business.

 

[Sanzabar]

Time for a new loan officer. Dime a dozen, you should be able to find one easily!

Haha, DEFINITELY don't use him. If the won't return calls to receive new business, I can only imagine how bad he is about retaining business.

It was extremely frustrating... I would email him documents and literally not hear back for a week. Automated UW process literally took 3 weeks to even hear from him if he needed any other information. Talked with my realtor and that is when she recommended Quicken.

I am going to search for local options as well just to see.

 

[Wake]

It was extremely frustrating... I would email him documents and literally not hear back for a week. Automated UW process literally took 3 weeks to even hear from him if he needed any other information. Talked with my realtor and that is when she recommended Quicken.

I am going to search for local options as well just to see.

Shop around, go ahead with Quicken as well as 2-3 local guys. See who can give you the best rate and who gives you the most comfort.

 

[rickterp]

I have learned a lot house hunting the past few weeks. Fascinating game. The most important thing I've learned is that make sure you set a good price when selling, otherwise its going to sit. Up here with winter, that isn't a risk worth taking in my opinion if selling in the late summer/fall.

Update on this: We closed on first home in early January. House appraised $10k over what we purchased it at, so that was nice. Spent most of my free time in January painting and doing yard work that hadn't been done in months. Ran into some issues with mice but wiped most of those suckers out before calling in the pro this week for a more robust elimination. Also had a leaky shower drain we had to fix but everything else is going well. Hopefully we'll renovate the hall bath and bring it out of the 1960's later on this year.

 

[Jman]

Getting closer to being told what the couple who just moved to a retirement village want for their house. It honestly doesn't matter at this point though, we want it, and we plan to keep it off the market.

Built in 1971, 3400+ sq/ft, sits on an almost 3 acre lot, 4 bed and 2.5 bath. WANT.

Will need a lot (read: all) done inside to get it where WE want it, but the potential is limitless. Plus, Amanda agrees we would/could do an outdoor putting/chipping/bunker for me as well as an outbuilding for storage and and a full net/monitor setup.

 

[Agent Jay]

Getting closer to being told what the couple who just moved to a retirement village want for their house. It honestly doesn't matter at this point though, we want it, and we plan to keep it off the market.

Built in 1971, 3400+ sq/ft, sits on an almost 3 acre lot, 4 bed and 2.5 bath. WANT.

Will need a lot (read: all) done inside to get it where WE want it, but the potential is limitless. Plus, Amanda agrees we would/could do an outdoor putting/chipping/bunker for me as well as an outbuilding for storage and and a full net/monitor setup.

RUN, don't walk, to get the paperwork signed! You're so lucky! I'm envy you Jman!

 

[Jman]

RUN, don't walk, to get the paperwork signed! You're so lucky! I'm envy you Jman!

Hahaha, its been a LONG haul for us through med school and residency, so its nice to see the light nearing (June/July). She's a keeper, all in on what golf is for me, and hopes our kids gravitate to it as well.

 

[SquirrelyDave]

Hahaha, its been a LONG haul for us through med school and residency, so its nice to see the light nearing (June/July). She's a keeper, all in on what golf is for me, and hopes our kids gravitate to it as well.

Mary her again! Never underestimate the value of a supportive partner. I'm lucky, in that my wife is a badass, and totally supports me having hobbies, and she's got hers as well. I know some that are not that lucky.

 

[Par5zN2]

Phoenix Area - Mesa /Gilbert / Chandler / Queen Creek

Looks like we're going to take a trip to Phoenix near the end of March. We know someone who lives in Queen Creek so that's where we'll stay for a week or so. We're looking at the possibility of relocating, and if we do it'll be to one of these areas.

Can someone recommend a realtor we can contact?

Thanks!

 

[Ag2979]

We are building again here is Parrish/ palmetto FL. Our current home sold in 6 days for full asking and permits are being pulled for the new house as we speak. We will be living in an apartment for the next 6 months. Hopefully they finish early.


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[Sanzabar]

Is it possible to be pre-approved for quite a bit more at a bigger mortgage company than a smaller one? Are the bigger companies willing to lend more and more lenient on pre-approval than a smaller local guy?

 

[Wake]

Is it possible to be pre-approved for quite a bit more at a bigger mortgage company than a smaller one? Are the bigger companies willing to lend more and more lenient on pre-approval than a smaller local guy?

It's possible, but not likely, if anything I would expect the opposite. Usually the bigger banks will have what is called overlays, which are rules their bank puts in place that is more stringent than typical requirements. But their is no reason not to talk to a few different places. Talk to a local mortgage broker, a credit union, go through quicken and maybe talk to a bank. They all offer different programs, and you never know who will have the best one for you. That's the great thing about the broker is he can tap into so many different programs.

 

[MWard]

Is it possible to be pre-approved for quite a bit more at a bigger mortgage company than a smaller one? Are the bigger companies willing to lend more and more lenient on pre-approval than a smaller local guy?

All done on percentages friend. Your mortgage payment cannot be more than C percent of your gross paycheck, and then it on top of your other debt can't be more than X percentage of your gross paycheck.

 

[Kutros]

It was extremely frustrating... I would email him documents and literally not hear back for a week. Automated UW process literally took 3 weeks to even hear from him if he needed any other information. Talked with my realtor and that is when she recommended Quicken.

I am going to search for local options as well just to see.

My wife and I just used Wells Fargo in Richmond and were extremely pleased. We were building a new home and Wells was one of their preferred lenders, but the process was exponentially smoother than we have experienced in the past. If you want his name, just let me know. I think our rate was very competitive too.

 

[Sanzabar]

My wife and I just used Wells Fargo in Richmond and were extremely pleased. We were building a new home and Wells was one of their preferred lenders, but the process was exponentially smoother than we have experienced in the past. If you want his name, just let me know. I think our rate was very competitive too.

PM me the guys information for sure. Thanks man.

 

[JohnSinVA]

Getting closer to being told what the couple who just moved to a retirement village want for their house. It honestly doesn't matter at this point though, we want it, and we plan to keep it off the market.

Built in 1971, 3400+ sq/ft, sits on an almost 3 acre lot, 4 bed and 2.5 bath. WANT.

Will need a lot (read: all) done inside to get it where WE want it, but the potential is limitless. Plus, Amanda agrees we would/could do an outdoor putting/chipping/bunker for me as well as an outbuilding for storage and and a full net/monitor setup.

Sounds awesome! I hope everything works out and you can be the next proud owners.

Depending on how the 3 acres is carved out you might be able to bang a few wedges around without needing a net!

 

[DufferToo]

Hahaha, its been a LONG haul for us through med school and residency, so its nice to see the light nearing (June/July). She's a keeper, all in on what golf is for me, and hopes our kids gravitate to it as well.

I understand, we're living vicariously through that with our daughter. She's doing her Fellowship interviews now so we have no idea if she'll stay where she is or relocate. We'll be fine until the first grandchild. My wife already knows the minimums if we move somewhere cold, 2 car garage and a basement.

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[T2GRN18]

Getting closer to being told what the couple who just moved to a retirement village want for their house. It honestly doesn't matter at this point though, we want it, and we plan to keep it off the market.

Built in 1971, 3400+ sq/ft, sits on an almost 3 acre lot, 4 bed and 2.5 bath. WANT.

Will need a lot (read: all) done inside to get it where WE want it, but the potential is limitless. Plus, Amanda agrees we would/could do an outdoor putting/chipping/bunker for me as well as an outbuilding for storage and and a full net/monitor setup.

i know a guy that's pretty handy, and can bring yeungling too!