As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.
This is the first installment of the “Lessons from Real Home Buyers” series where we interview recent home buyers to learn from the highs and lows of their mortgage experience. Everyone has a unique experience, but there are always lessons to take away from each story!
Meet Jasen S., who recently purchased his first home in Allen Park, MI. Read on to find out what he had to say about his home buying experience.
QL: When did you close on your home?
JS: In mid-September.
QL: What made your home the perfect one?
JS: It wasn’t a tangible thing. I thought that this home just felt right!
QL: How long did it take to close?
JS: It took about 40 days to close.
QL: What was the lengthiest aspect of your closing process?
JS: Probably me getting my funds together prior to the closing date.
QL: What were your biggest fears or concerns during your mortgage experience?
JS: For me, I didn’t have any established credit other than my student loans. So first off, I opened two credit cards and immediately paid them off to help create my credit history. This was really helpful, and my mortgage banker was great about working with me on this.
Also, I was worried about finding a price range that I could afford for a mortgage every month. I gave my banker a range, but it was hard to nail down an appropriate range. Also I think ensuring that I had enough money on hand to close was a concern.
QL: What were the most challenging aspects of your experience?
JS: When I got my Good Faith Estimate back from my banker, it was way higher than I had anticipated. That’s when I realized that my banker had calculated it using a 15-year fixed-rate mortgage instead of a 30-year mortgage. So my banker corrected this right away and we got the problem ironed out!
I didn’t get a clear breakdown of what I needed for a down payment or the total amount I needed to bring to my closing. I worried that I wouldn’t have enough. So I think it’s important to be clear about these aspects so you’re not on an emotional roller coaster! I think mortgage companies should provide more clarity on these.
Also, there were a few hiccups. For example, taxes were accidentally added to my total twice. I noticed the error when I was reviewing my documents. When I pointed out the error to my closing specialist, they re-ran the numbers and then the total looked good. This taught me to pay close attention to the details on my documents.
QL: What was the best aspect of your experience?
JS: I went with Quicken Loans and I loved their technology behind the mortgage process. Their professionalism and responsiveness were really great. I enjoyed getting timely updates with their MyQL tool throughout my closing process.
QL: What feedback do you have on your banker and/or mortgage company?
JS: I was fortunate to have a friendly and knowledgeable banker. He was quick to respond and fix any errors and talk through my questions. Quicken Loans technology really put me at ease. MyQL gave me more control and insight into the process. There were small things that could be improved upon, but overall, I had a good experience.
QL: What new things did you learn from your mortgage process?
JS: I learned about all of the elements that go into the closing process like calculating insurance, taxes, etc. I didn’t consider these things in the beginning, which tell you whether you can actually afford a home.
I also learned the value of using a spreadsheet so I could keep track of my monthly costs and know what I have left over after considering my monthly expenses. I was living with my parents prior to getting my house, so I had no idea.
QL: Looking back, what would you do differently?
JS: I would’ve probably done more research on what goes into buying a home and figuring closing costs. I did research for about three or four months, but I was house hunting for only about one month. If I knew it was going to be a little stressful, I might have put off getting a house for a few months – especially since I had to buy new appliances like a refrigerator and stove for my house.
QL: What advice do you have for house hunters?
JS: I would tell them to do thorough research ahead of time and to make sure they’ve saved enough money to feel comfortable with the amount they’ll need to close. Also, it’s smart to get advice from people you trust. I have a buddy who is house hunting now, and I’ve told him to consider all his costs. I really think you don’t know what this experience is like until you go through it!
Stay tuned for the next edition of “Lessons from Real Home Buyers.” Don’t forget to share any lessons you may have learned from your home buying experience below.
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