Anyone have experience with Quicken loans who offer great mortgage rates over the radio?

Is this a bait and hook?

Anyone have experience with Quicken loans who offer great mortgage rates over the radio?

I work for Quicken Loans and I can assure you that the rates in our advertisements are not %26quot;bait and hook.%26quot; In fact, we never offer rates that are ridiculously low (known as teaser rates, which usually last for a month or two and then jump up to normal rates).

I%26#039;m going to make an assumption that you aren%26#039;t referring to %26quot;rates%26quot; at all, but I%26#039;m thinking that you are talking about low monthly payments. Such as %26quot;get a $150,000 loan for $450 a month.%26quot;

My guess is you are referring to the ads for our Secure Advantage loan, which allows you payment flexibility (in other words, you pay how much you want to each month in a range from a minimum payment to however much you want to pay). For example, if your minimum payment is $450 a month, you can pay that amount or any higher amount you want to.

The more you pay, the less you owe on your mortgage. If you only make minimum payments, you are only paying a percentage of your monthly interest and the amount unpaid gets added to the principal of your loan.

It%26#039;s pretty complicated to explain here and I would need a lot more space to really explain how it works, but it%26#039;s not a bait and switch. Everything is up front and legit and in writing. There aren%26#039;t going to be any surprises. Our customers who choose Secure Advantage are fully made aware of how the loan works and what happens depending on the amount you pay each month.

But, bringing this around full circle, the reason the amount in the advertisements seem so low is that they are the minimum amounts you could choose to pay each month. And the secure advantage offers a fixed-rate (getting back to your original questions about rates), for either 5 or 7 years.

I%26#039;ve added a link below to a page that gives more information about Secure Advantage.

I hope this answers your question. Quicken Loans doesn%26#039;t get a 94% satisfaction score from it%26#039;s customers by ripping them off. Seriously. We couldn%26#039;t be where we are today (just had our best month ever in the history of the company), if we used tactics like bait and switch.

I do appreciate the question though. It allows me a chance to set the record straight. Good luck with your home loan.

Anyone have experience with Quicken loans who offer great mortgage rates over the radio?

They cannot by law bait and hook. Any advertisement for residential loans are regulated by law. I would not recommend that you contact them directly if you are already worried. A lot of people trust brands and they are a good company. Go to your friends and co-workers and seek out a mortgage professional that they trust.We are still out here and we are not baiting and hooking anyone. The market has exposed a lot of problems on the part of the brokers and lenders. Find someone near by that you like. Also remember that they all are a business and make money. You will have some things to pay for outside of closing like your appraisal. Good Luck