PenFed or Quicken Loans

[jsk]

Hi

I am a first-time home buyer. I have found a property or 2 that meets my requirements and mortgage payment is well within my affordable range.
I am shopping for lender and bit perplexed. I am considering PenFed and Quicken Loans. (Open to other lenders as well as long they are not taking me for a ride) Appreciate any thoughts or suggestions !!

Thx

[bjl584]

The bank that I financed with didn't charge me points which was nice. Keep an eye on closing costs and the b.s. fees that they charge. $50 for someone to move a stack of papers from one room to another, $25 for someone to sign something, etc. Either ask the lender to waive that stuff or get the seller to help out with the closing costs.

[disneysteve]

We have refinanced with Quicken twice, most recently in November. I've been very pleased with them. Quick response time and excellent customer service. They also have a good website and it is easy to manage your account online, make payments, etc.

[dawnwes]

We just refinanced through FIrst Internet Bank of Indiana. They are a broker agency and I was a little hesitant because I hadn't heard of them. But I cannot say enough good about them. They were prompt, very nice, answered all of our questions, and most importantly for us, allowed us to choose the bank to actually refi with. (Dh's firm doesn't allow him to use certain banks because their company audits them.....conflict of interest.) So, our loan will actually be through GMAC, although they tried to get us to use Wells Fargo, but they are one of the banks we can't use.

We have 3.37% on a 15 year loan with us paying NOTHING out of pocket. The loan costs were $2,600 and we got a $2,600 credit.

We did have to pay our own insurance and taxes up front.

BTW: We did have a bad experience with PenFed. It may have just been our experience, but we had some horrible agent who was really rude to us and then tried to make us pay for an appraisal we never got. It was a nightmare to get that straitened out.

Dawn

[JustBill]

Take a look at amerisave dot com.

[jsk]

Thank u all !!

[Slug]

PenFed is typically a fine choice with great customer service. Definitely shop around. If you are a qualified borrower, you hold all the power. Use it and negotiate not only with the home seller but also the mortgage company.

[greenskeeper]

We just refinanced through FIrst Internet Bank of Indiana. They are a broker agency and I was a little hesitant because I hadn't heard of them. But I cannot say enough good about them. They were prompt, very nice, answered all of our questions, and most importantly for us, allowed us to choose the bank to actually refi with. (Dh's firm doesn't allow him to use certain banks because their company audits them.....conflict of interest.) So, our loan will actually be through GMAC, although they tried to get us to use Wells Fargo, but they are one of the banks we can't use.

We have 3.37% on a 15 year loan with us paying NOTHING out of pocket. The loan costs were $2,600 and we got a $2,600 credit.

We did have to pay our own insurance and taxes up front.

BTW: We did have a bad experience with PenFed. It may have just been our experience, but we had some horrible agent who was really rude to us and then tried to make us pay for an appraisal we never got. It was a nightmare to get that straitened out.

Dawn

if it wasn't rolled into the balance then you did good!

[dawnwes]

No, it was not rolled into the loan.

We asked for a loan for the exact amount we owe and told them we would pay any charges above that in cash.

The numbers are all on the paper.....

We did have to pay for our own taxes and insurance as those were due, but that is our cost, not a bank charge. Those were our only charges above the $2,600 that was fully credited back to us.

Dawn

if it wasn't rolled into the balance then you did good!