Quicken Loans Deposit Explained

Posted on July 6, 2009
Filed Under Mortgage Loans |

Part of the Quicken Loans process includes accepting a good-faith deposit from all of our clients. Deposit amounts range from $400 - $750, and the actual amount will be indicated on your Interest Rate Disclosure & Deposit Agreement. Your deposit acts as a commitment for us to do business together.

Your deposit will go toward the costs we pay to outside companies (on your behalf) while processing your loan. But don’t worry; we’ll manage all of that for you and get you to the closing table as soon as possible. The deposit allows us to give you one of the fastest, most streamlined loan processes available today.

Your deposit allows us to:

* Pull your credit report To determine which mortgage programs and rates you might qualify for, we’ll pull a credit report.

* Order a home appraisal We need to know what your home is worth, so we hire an independent appraiser to give us an unbiased opinion of your homes value. Keep in mind, as your lender we have no influence over the outcome of your appraisal. If you aren’t familiar with real estate appraisals, check out our Real Estate Appraisal Video Series on YouTube.

* Lock your interest rate You’ll work closely with your Home Loan Expert on pinpointing the best time to lock your interest rate.

* Process your loan Processing includes reviewing and underwriting all documentation through Rocket - our state-of-the-art automated loan underwriting system, contacting current loan servicers, insurance companies, and title companies, and covering other potential costs we may pay to outside companies.

We pledge to take care of your money responsibly. Your deposit may or may not be refundable, depending on the status of your loan. Here are the three deposit scenarios:

* When you close your loan with us, your deposit is fully credited to your closing costs. For example, if your closing costs total $2,000 and you gave us a $500 deposit, you’ll only owe the remaining $1,500 at closing. This will be reflected on your closing statement.

* If your mortgage application is denied for any reason, we’ll refund your deposit minus any outside costs we’ve incurred up to that point. For example, if you gave us a $500 deposit and we spent $300 on an appraisal and $10 on a credit report, you’ll be refunded the difference of $190. You’ll receive a copy of your credit report and appraisal, uming both have been completed.

* If you review, agree to, and sign your loan application package, and later decide not to go forward with the loan, your application is considered withdrawn and we will retain your deposit. You’ll receive a copy of your credit report and appraisal, uming both have been completed.

Read more about the Quicken Loans Deposit at https://www.quickenloans.com/about/quicken-loans-deposit

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Comments

17 Responses to “Quicken Loans Deposit Explained”

  1. marcbode on July 6th, 2009 4:48 am

    I may be interested …
    I may be interested in details concerning a FHA Streamline with no appraisal.

    Also…about the meeting for clsings…
    wouldn’t that be handled by my lawyer? not at my House?

  2. freshkidd08yadigg on July 6th, 2009 4:48 am

    My interest is …
    My interest is definely peeked. I sure hope they contact me; this seem like a steel. I have no problem giving a deposit as long as that deposit go to the closing costs. HHmmmmm, I guess I’ll find out. I will comment in the future regarding the process. ByeBye

  3. WaLoSi13 on July 6th, 2009 4:48 am

    I have completed an …
    I have completed an independent apprasial in anticipation of applying for a Loan thru a licenced agent. Will this apprasial be sufficient for the loan need–it was completed in the last 3 months.

  4. quickenloans on July 6th, 2009 4:48 am

    An appraisal is a …
    An appraisal is a closing cost, although as you know, you very well might qualify for an FHA Streamline with no appraisal. There are other closing costs however and you’ll need to speak to a banker to go over all the details. There is a way to get your deposit refunded at closing, but again, you’ll need to get that confirmed by your banker

  5. quickenloans on July 6th, 2009 4:48 am

    There’s a way you …
    There’s a way you can have the deposit given back to you as a check (at closing) if you refinance. In other words, if you qualify you have the deposit charged up front, your refinance goes through and we give you the amount back at the end of the process (often just a couple of weeks). Your banker can go over the details, but yes, for a refinance, it is possible to get your deposit back at closing (instead of having it credited toward your closing costs - which is what most people opt to do).

  6. seanyatp on July 6th, 2009 4:48 am

    If I have am …
    If I have am looking to get an FHA streamline with no closing costs, does my deposit go straight to my loan, or are things like appraisals not defined as closing costs?

  7. sandglowpets on July 6th, 2009 4:48 am

    Is there anyway to …
    Is there anyway to get around the upfront deposit? Most people who are trying to refi dont have an extra $500-$700 available. Too bad, if the upfront deposit was not required (and just rolled into the closing like other companies do) using Quiken Loans would have been a great option for me. But due to that, I have to use another company. :(

  8. quickenloans on July 6th, 2009 4:48 am

    I’m sorry you’re …
    I’m sorry you’re confused! Our goal is to be the most transparent mortgage company in the industry, and we design our videos to shine a spotlight on our customer-centered processes.

    We’re available to talk, too, if you’d prefer to ask us specific questions to clear up any confusion. We’d love to help. Please call us at: (800) 863-4332

  9. quickenloans on July 6th, 2009 4:48 am

    Not sure what this …
    Not sure what this question has to do with the video, but obviously the answer, in our opinion, is no. Quicken Loans is better!

  10. treiqne on July 6th, 2009 4:48 am

    is amerisave …
    is amerisave better than quicken loans?

  11. crimcapri331 on July 6th, 2009 4:48 am

    this is too …
    this is too confusing.

  12. quickenloans on July 6th, 2009 4:48 am

    You are confusing …
    You are confusing the deposit with costs that can be rolled into a loan, such as some FHA fees or the VA funding fee. The deposit we accept from our clients is deducted from your closing fees, but we accept it at the beginning of the mortgage process. Hope that answers your question.

  13. byrd80man on July 6th, 2009 4:48 am

    what kind of …
    what kind of deposit do they want i thought they put the cost of this in with your loan if we have trouble paying or mortage how can we put money down for help with a loan kh

  14. quickenloans on July 6th, 2009 4:48 am

    The overall answer …
    The overall answer to your question is yes. Your mortgage banker should be able to provide you all the info you are asking about. It’s impossible for me to give you any specifics here, but certainly these are great questions for your mortgage banker. Appraisals are done (this is by law) by independent companies that we have no influence over, so the cost of the appraisal can vary but your banker will be able to tell you the amount. And you’ll get a copy of the appraisal if you want. thanks

  15. grkg8tr on July 6th, 2009 4:48 am

    Are the costs …
    Are the costs described anywhere as you start the process? I haven’t seen anything so far and this breakdown would help before the process starts so that I know where I stand as I go through the process. For instance I have 2 appraisals needed, but have no cost of appraisal defined anywhere. If the terms change after the first appraisal, what’s to stop someone from telling me that the first appraisal actually cost $550 of my $650 deposit? I appreciate your response.

  16. quickenloans on July 6th, 2009 4:48 am

    You actually …
    You actually brought up a really good question. If ANY terms of the loan change, if rates or fees go up from what you agreed to and signed in your loan documents - and you don’t agree to the new terms the loan is denied. You would get any remaining money left from the deposit as a refund. Remaining money, as the video explains, is whatever hasn’t been spent on your behalf up to that point. Our goal is to close loans as smoothly as possible. Thanks and let me know if you need more info.

  17. grkg8tr on July 6th, 2009 4:48 am

    My question to #3 …
    My question to #3 would be what if the amounts change or the fees go up and you then don’t agree to the new terms. Are you then returned the money? Based on this video, they would never want to deny you, they could just give your an outrageous loan and force you to either continue with loan or forfeit the deposit.

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