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Quicken Loan and Eagle Nationwide to refinance? Consolidate?

Date: Fri, 04/09/2010 - 14:10
Submitted by on Fri, 04/09/2010 - 14:10
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Right now I have about $45,000 in unsecured CC debt, from being laid off a few years ago, and I can no longer swing the payments with cutbacks in hours.

I'm looking to refinance with an FHA fixed 30 year mortgage and take out as much cash as they'll allow to pay down these credit cards.

I hear people saying that's a bad idea, but I feel I have no other choice other than ruining my credit by going through debt counseling. Quicken so far is the only one that says my income to debt ratio isn't too high to qualify. I haven't called Eagle yet.

Has anyone had any luck with these companies? Or even Bank of America, who for some reason gives me a much lower income to debt ratio?

I know my payments will be a little higher, even going from 8% to 5.5%, but I see no other option right now. Thanks for any advice.

J


I am reading both positive and negative feedback on Quicken. But apparently their rates and customer service seem good. I'd suggest that you research more about the companies before agreeing to their programs.

IMO you must also inquire about the other options available to you to deal with your debt problem.


Submitted by SC on Fri, 04/09/2010 - 20:41

SC

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Yes, I've also read tons of good and bad reviews. The BAD thing about reviews is, you don't really know who's writing them. Quicken does have someone named "Kelly" doing damage control on bad reviews. So who knows if they don't have an entire team writing good reviews? It's hard to say.

Chase did recommend me to Quicken as they no longer do mortgages, so I don't doing that they're legit. With the equally mixed reviews, I'm not sure if I'm ready to take the plunge. My loan officer is trying to get me to lock in at $400 before Monday because he says the rates will rise and I'll get a higher interest rate. Sounds like high-pressure BS to me.

What about Bank of America? They're giving me a slightly lower interest rate, although it carries a point. They weren't NEARLY as high-pressure and didn't blow any smoke up my butt as far as I can tell. My only concern is that the loan officer may not have known what he was doing since he quoted my income to debt ration far lower than Quicken or PNC.


Submitted by on Sat, 04/10/2010 - 09:12

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