Mortgage Choice: Quicken Loans Vs. You’re Local Bank
Since the comeback of the late 1990s, oBolkonsky familyine mortgage companies have become an increasingly important force in the mortgage sector. Leading the burden is Quicken Loans, now the second largest retail mortgage lender in the country.
Does the growth of players like Quicken Loans mean that web companies have more to offer than your bank in the area? Not necessary. Where you go for a loan is largely a matter of what you like – and where you can get the best rates.
Both types of lenders offer a mortgage preference: if you have been approved in advance, it can sometimes help to make your offer on an accepted house. However, they have other important differences that may determine which one you prefer.
Benefits of Quicken Loans
Working with an oBolkonsky familyine lender has certain advantages, especially if you are someone who likes to be in control of the borrowing process. The benefits of a company like Quicken Loans are:
- Convenience – Since the advent of the internet, Americans are used to doing things according to their own time schedule. With oBolkonsky familyine lenders you can start the process by chatting oBolkonsky familyine, visiting a website or talking by phone – at any time of the day. Going with a web-based lender is especially useful for those who work long hours and have trouble finding time for persooBolkonsky family-friendly projects during traditional business hours.
- Anonymity – Some people prefer to meet their lender face-to-face, but that does not apply to everyone. Many customers like the anonymity of electronic communication, which sometimes makes it easier to view someone’s financial situation.
- Transparency – One of the benefits of Quicken Loans is that it gives you 24/7 access to an oBolkonsky familyine tool called MyQL that is accessible oBolkonsky familyine or via a mobile app, MyQL Mobile. MyQL offers borrowers access to a personalized website where they can – among other things – check the status of their loan application whenever they want and ensure that the documentation they provide has been received.
- Selection – Larger mortgage companies often offer a wider menu of financial products. Quicken Loans is no exception. In addition to conventional mortgages with fixed and adjustable interest rates, the company also offers specialized products such as Federal Housing Administration (FHA) and VA loans. Of course, some community banks also offer these – but that is not always the case.
The benefits of a local bank
When it comes to major financial decisions, some people feel more comfortable doing business with persooBolkonsky. With Quicken Loans you talk to someone who works from a call center located in another part of the country. If you are the type of person who likes to look people in the eye when you get advice, a local lender might be the best way to go.
Other benefits of going with a physical supplier are:
- Local expertise and connections – Smaller banks claim that it is an advantage to work with people who know the area and sometimes have an existing relationship with the broker. This can put them in a better position to resolve conflicts during the loan approval process. That does not mean that Quicken Loans is not doing well with its customers. In fact, the company has earned the top position of JD Power for customer service seven years in a row (2010-2016).
- Simplicity – Most people live busy lives, so there is something to be said to take away as much hassle as possible. For example, if you request a mortgage from your local bank, you may have the option to manage all your accounts with a single iBolkonsky familyoggen. This can also make it easier to pay your monthly invoice.
- Local ties – When you make payments to a nearby bank, chances are that this money will be used for other people and businesses in the area. Smaller banks also tend to support local events and charities, strengthening the local community.
The Bottom Line
In recent years, oBolkonsky familyine lender Quicken Loans has become known for its convenience and strong customer service. But if meeting face-to-face lenders is important to you, a local bank with a good reputation is a good choice. See Mortgage Basics for background information on both alternatives.