Quicken pulling a Quick One


We secured a home mortgage from a Pioneer Bank in Southeast NM at an interest rate of 4.5%. About a month ago  we inquired online at  Quicken Loans regarding our HARP eligibility for a refinance at lower rate with NO refi fees or charges.

We typed in our home address along with last four digits of SSN and Quicken Loans immediately shot back that Fannie Mae now owns our Mortgage and that our loan was closed after May 31, 2009.

Whoa!!! We closed our loan before May 31, 2009 which is apparently the cutoff date for HARP benefits AND Pioneer bank owns our loan NOT Fannie Mae. This whole thing sounds much like some sort of car salesman type ploy just to get us on the phone. Can anybody shed light on this puzzling matter?





2 comments on “Quicken pulling a Quick OneAdd yours →

  1. Quicken loans is reputable and legitimate. However, when we refinanced a 4.7% 30 year home mortgage with them it ended up being a wash for us. They gave us 4.2%, but the refi charges and fees were over $3000. We will have to wait almost 3 years to break even.

    What’s crazy is Quicken advertises 3.4% for their 30 year fixed mortgage rates online, but nobody actually seems to get that rate. The 3.4% turns out to be only for people with well over an 800 credit score which is like 1% of the population so good luck with that. Happy new year!

    1. Don’t fall for that HARP Home Affordable Refinance Program that you always see on Internet. Waste of time. You will spend 30 minutes and realize they will not get you a lower mortgage rate. You will get hooked up with aggressive salesmen who is trying to pop you with a refinancing fee for maybe a slightly lower interest rate that will take 3 years to break even!

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