Terri and I used to be loyal Quicken users. For several years we used it not only for our personal finances, but I ran several small businesses using it. Despite it being excellent software, and there being a Mac version available, our Quicken days are over.
You see, over a year ago when we were chosing a mortgage for our new home, we used LendingTree.com to pick a mortgage lender. It seemed the oh-so-very-modern way to go about it - have multiple lenders “compete” for our business via a web site, be able to fill out all the forms online, etc. QuickenLoans won our business. At first, things went very well…
Our realtor warned us, but hey, I’m a techie, right? Surely a hip, Internet-enabled, up-on-ecommerce lender would be better suited to our needs than some local old fogey mired-in-paper lender, right? So it seemed, right up to the closing table.
At closing, it turned out the loan wasn’t funded yet. It turned out that the underwriter and the salesperson hadn’t communicated well, and the new loan was contingent on the sale of our existing home, when in fact it wasn’t supposed to. That caused problems with the swing loan. The salesperson was suddenly on vacation or something, and could be found to speak with the underwriter and straighten things out. Within a matter of minutes a moderately complex home purchase deal that had taken the better part of 90 days to set up was falling down around our ears.
With a lot of shouting into cell phones, the deal was salvaged, but QuickenLoan’s reputation was shot as far as I was concerned. That alone, however, wouldn’t have been enough to convince me to abandon Quicken altogether.
QuickenLoans of course sold our loan right away, as expected. Six months later, we refinanced to take advantage of the ever-dropping interest rates. Despite the fact that QuickenLoans held our mortgage for all of around five minutes, though, they still managed to sell our contact information to every bottom-feeding mortgage broker and easy credit outfit on the freakin’ planet. So, a year later, we’re still getting crap not only from QuickenLoans, but from fifty other companies that think we’re still with QuickenLoans and want us to refi through them or take a home equity loan with them or buy cheap overseas brides through them.
That’s the reason I won’t use Quicken anymore. Sure, it could be claimed that Quicken and QuickenLoans are different companies - and on paper, they are. But the ownership, way up there at the top of the Quicken Empire org chart pyramid, is ultimately the same. And those people are scum.
Whether you agree with me or not, take my word as an increasingly experienced real estate professional on the local versus Internet mortgage thing. You’re really getting involved in a crap shoot if you don’t use a local mortgage lender - preferably a mortgage banker rather than a mortgage broker. I’m hearing stories about loans that aren’t being funded for as long as thirty days after closing - can you imagine, sitting there with all your worldly goods in a moving van, having sold your house, and then being told you can’t move in for a month because the mortgage lender doesn’t have any money?! When it comes to mortgages, you don’t want high-tech whiz and glitter. You want to be able to get in the car and drive across town to someone whose neck you can put your hands around.