Happy Wednesday! Did you know that on this day in 1894, The Hershey Company was founded? The company that brought us the magic of the Hershey’s Kiss was founded on the same day as this week’s Watch-It Wednesday, Quicken Loans weekly video blog where we answer YOUR mortgage questions! What a lovely coincidence. This week, Austin Niemiec returns to answer a common question: Why does Quicken Loans require a deposit?
If you can’t see the embedded video, watch our Quicken Loans Deposit video here.
Got something to say? We’d love to hear from you! Email us at content@quickenloans.com and we just might feature your question or comments in an upcoming blog post!
Video Transcription:
Hi, my name is Austin Niemiec. I’m a Senior Mortgage Banker at Quicken Loans and I’m here today to discuss our deposit policy. One of the biggest questions I get is “Why does Quicken Loans accept a deposit?” And it’s very simple. We want to make sure you’re committed to do business with us as we are committing ourselves to doing business with you. The point of the deposit is that Quicken Loans is going to cover some of your cost out of pocket initially. Things like paying for your appraisal, paying for your credit report and we spend a lot of time processing and underwriting your loan very, very efficiently.
Now once we close your mortgage, you will be refunded the deposit in full. We’ll either credit it back to your closing costs or we may even be able to write you a check depending on your situation. The only way that you would lose or forfeit that deposit is if you were to back out of the loan or if there’s an issue with an appraisal or some sort of underwriting process that couldn’t get the loan closed.
Be sure to ask your mortgage expert any other questions or concerns you have on the deposit, I’m sure they’d be glad to help you out. Thank you.
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