Before Buying a Home - Quicken Loans Zing BlogYears ago, it was common for mortgages to take months to close. Today, thankfully, those closing times have been drastically reduced.

Here at Quicken Loans, even though we engineer our mortgage process to give us an average closing time of around thirty days or so for a typical loan, sometimes getting to a closing can take longer. If your closing is taking longer than thirty days to get to its finish line, should you be worried?

According to Quicken Loans Home Loan Expert Martha Richards, the answer is no. “There are many legitimate reasons for closing delays. But step one is to talk to your Mortgage Banker or Client Care Specialist if you’re feeling anxious,” says Martha. “In fact, it’s our job to proactively reach out to you frequently to let you know about what’s going on with your loan every step of the way.”

Low Appraisals

“One main reason for a closing delay has to do with the appraisal value of your home,” explains Martha. “If the appraisal comes in low, the file is assigned to one of our Solution Consultants and they have to work the file until it’s resolved. As Mortgage Bankers, we can’t work on suspended loans, so we have to wait for the Solution Consultant to resolve the appraisal issues and that can take some time.”

Challenges with the Title Work

According to Martha, title work can also cause a slowdown in the loan process. Life events like marriages and divorces can affect the title work, as can any liens against the property. The bottom line is that issues like appraisals and title often need time to be resolved accurately, and that time can translate to a later closing.

Basic Underwriting Issues

Underwriting is the part of the mortgage process when your lender evaluates your credit rating, your income statements, your employment history and all the other factors that determine if you qualify for a mortgage loan. It’s during this basic underwriting process when the lender needs to confirm your financial ability to buy a home. The lender wants to get this information right the first time so there are no issues later on, and sometimes that can take a little time.

What You Can Do

Just keep in touch with your Home Loan Expert and try not to worry if your closing is taking a little longer than expected. The good news is that taking the time to clear up any issues early in the loan process will lead to a smoother closing at the back end.

If you have any questions about closing or your mortgage process, feel free to contact the Quicken Loans Client Care team at ClientRelations@quickenloans.com.

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This Post Has 22 Comments

  1. I wish I would have read these before using Quicken Loans because everything mentioned above is exactly what I am experiencing. Not only are the numbers going way beyond what was discussed when applying but my closing date is coming up in 3 weeks and they can’t even give me an amount to pay at closing. The customer service after the initial application process is horrific and unacceptable. The estimates given upfront are the numbers you want to hear and then all the sudden you are told something completely different. My credit is perfect and that doesn’t seem to even matter at this point. They keep telling me they’re waiting on one thing and then once that’s complete it’s something else. Disappointed to say the least. This is my first time buying a house and not only was I lied to but I was rushed to sign documents I didn’t even understand in order to lock in my rate and now I see why.

    1. I’m sorry you’ve had this experience, Jamie. We never want to hear one of our clients feels rushed or like they were misinformed. I’m going to get this to our Client Relations team to look into the communication here and see what’s going on. Thank you very much for reaching out.

  2. Why was I charged $27.87 (posted to my credit card) on May 3, 2018, after I decided not to continue application for refinance?

  3. Been working with Quicken Loans from the start, everything seemed to be going smoothly, and quickly, BUT now we are just sitting and waiting, appraisal has been done, title has been cleared, broker says we are approved but no closing date and we are moving to another state and are needing to close by a certain date. Now we are feeling the pinch and hoping QL will deliver on there promises, otherwise we gonna be homeless!

    1. Hi Larry:

      I’m going to have someone reach out and make sure your process keeps going smoothly and that we do everything in our power to work to meet your needs. I’m sorry you feel uncertain and I’m going to make sure we have someone reach out and give you an update on anything we need and what we are working on for you.

  4. Worried I am just being pushed around on a desk. Our closing date is coming up and our lock rate date just keep getting told appraisal is due back Tuesday (TODAY) And my relator had to personally drive to the second TITLE CO. to get them and Quicken in touch with one another. Apparently they was unreachable to Quicken but now all is good. It just all seems weird to me. From the beginning EVERYTHING went awesome fast and smooth, so much as to we sold our trailer for down payment and closing fees because we were made felt that confident in the early processes, not so much NOW! Were homeless and just WAITING everything has came to a screeching hault!

    1. Hi Denise:

      I’m sorry to hear things are slowing down. I’m going to get this to our Client Relations team so we can make sure to keep you on track. We’ll be in touch shortly.

      Thanks,
      Kevin

  5. Well… I’m almost 8 weeks in, with no scheduled closing date, and a lock date looming Mar. 12th, that I never thought I’d have to worry about. I was told we’d likely close mid-February.

    My direct customer care contact, Stefany, has been awesome. Beyond that… I’ve really been treated like a grain of sand on a huge beach. We’re held up by an IRS payoff letter that no one really seems to care if they get or not. I finally sat through the option pushing and holding to get the payoff letter ordered myself yesterday, but it won’t be here for at least a week which will push us into March.

    At this point I’m starting to lose faith in this process and may have been better off going with someone smaller, with more personal consideration.

    I’m admittedly not a patient person, but I am losing faith that this was the right choice for me, and kind of feel like Quicken thinks they’ve already caught this fish and have moved on to the next one.

    1. Hi Dave:

      I’m sorry to hear you feel this way. We never want to hear one of our clients is having a poor experience I’m going to have someone reach out and see if we can get this turned around for you. Thanks for bringing this to our attention.

      Thanks,
      Kevin

      1. Hi Kevin.
        It’s nice Quicken has you out here responding to potentially negative comments on the board and also hopefully taking care of your customer’s issues. I wonder if any of the things you’ve responded to got straightened out and satisfied in the customer’s eyes.
        Personally, I am shopping for a mortgage lender right now and of course Quicken came up however, I am currently awaiting a refi that Quicken is doing on an owner finance home and I can’t say I am impressed yet.
        At any rate, could you get some of these people to come back and comment on your help and the resolution! Thanks!

        1. Hi Liz:

          I’m sorry to hear you’re not having great experience yet. I’m happy to get this over to our Client Relations team to see what’s going on with your situation. We’re happy to help anyone, and when possible we do try to ask them to talk about their issues being resolved, but people are busy and that takes time. We get it. I’m going to make sure we have someone reach out to your shortly.

          Thanks,
          Kevin

  6. My company stock sept who is disbursing my funds for closing costs contacted QL for amt.on Dec 18th. Funds were disbursed and the amount needed has increased by $2-3,000. As of December 20 and Jan 4. This is not a matter I am responsible and is causing me to drop the purchase of home.

    1. Hi Judy:

      There are several reasons your closing costs may increase from initial estimates over the course of the mortgage process. That said, I’m going to have someone reach out to you and see if we can get this back on track.

      Thanks,
      Kevin Graham

      1. Hi Jamie:

        Your experience matters to us and we will be having our Client Relations team look into your issue. I really appreciate you reaching out and giving us the opportunity to turn this around.

  7. Hi I have been very pleased with QL’S.from the first phone call until now every one has been amazing. I’m just worried bout the under writting. My credits not perfect neither is my fiance but we make more then enough to refinance our home. We received a pre approval fm one company but decided not to go with them.but now im worried they won’t approve it 🙁

    1. Hi Heather:

      I’m glad you’ve enjoyed your experience with us thus far! You do need decent credit to get a mortgage, but the guidelines don’t necessarily require that you be perfect. With that said, I’m going to get this over to our Client Relations team so we can have someone reach out and really go over your situation and provide advice if necessary.

      We do have some credit resources I can give you. My biggest advice is just to always be aware of where you stand with your credit. Our friends over at QLCredit provide a free copy of your VantageScore 3.0 credit score and report from TransUnion every two weeks. This is a soft pull, so it doesn’t impact your score. The report will tell you where you’re doing well and where you can improve. We also have this blog post on how you can improve your credit in order to qualify for a mortgage.

      I’m just going to stress taking a deep breath. We’ll have someone reach out and if there’s anything that needs to be dealt with, we’re going to work with you to get you the resources to help you out as best we can. Thanks for reaching out!

      Kevin Graham

  8. Hi I’m contacting Quicken Loans because my attorney is having problems with the attorney representing Quicken Loans. We came across this issue of having open permits on the home I’m currently trying to purchase so my attorney contacted whoever he needed to contact to have the permits closed out. Now that the permits are closed out QL attorney received documents stating that the permits have been closed out. Now the QL attorney looks back and finds and even older permit from 2009(Which isn’t from the current seller of the home) which was withdrawn(no work done). And my attorney provides him with document for that and he still wants more ? I have the clear to close were suppose to close by June 9th but the attorney representing QL is just really making it impossible. Can anyone from QL reach out to him?

    1. Hi John:

      We can absolutely look into this and see if there’s anything we can help with so you can move forward. I’m going to pass this to our client relations team and they’ll look into it and reach out. Have a good day!

      Thanks,
      Kevin Graham

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