How to Use Quicken to Track Your Loans

Quicken has the ability to keep track of all of your loans #8212; not just how much you owe, but how much you pay each month, how much of that payment is interest, and how much of that payment reduces the amount you owe.

To set up an existing loan or a new loan in Quicken, follow these steps:

1 Click on Property Debt Center on your Account Bar, and then click Add Loan.

A Loan Setup wizard pops up onscreen.

2 With the EasyStep tab selected, click Next to open the Loan Setup wizard.

Quicken asks questions about your loan. If you don#8217;t have the loan documentation at your fingertips, you change your information later.

3 Indicate if you are borrowing money or lending money, and click Next.

Quicken sets up loan accounts and classifies them as a receivable or payable. For this example you#8217;re borrowing money.

4 Give this loan a name and click Next.

Think of something meaningful, such as Auto Loan or Mortgage or Loan to Sister.

5 Let Quicken know if you#8217;ve already made payments on this loan and then click Next again.

If you coordinate starting a loan with setting up Quicken, the setup process is a bit less messy. If you already had a loan when you decided to set the loan up in Quicken, you enter information like how much you#8217;ve already paid on the loan so that Quicken can keep up with you from now until the payoff day.

6 Enter the starting date of the loan and the original amount you borrowed, and click Next.

Enter the starting date, or a close approximation of when you borrowed the money and then enter the initial amount of the loan.

7 Answer the Balloon Payment question, and then click Next.

Often balloon loans are structured so that you pay only interest for your monthly loan payments, and then pay the entire principal at the end of the loan.

8 Enter the length of the loan.

Your options here are years, months, weeks, and payments. Use payments if your loan is based on the number of payments you#8217;re going to make.

Even if you plan to make extra payments, enter the frequency that the lender expects for your payments.

10 Enter the compounding period.

Your loan document should specify the compounding period, and your lender should certainly be able to tell you.

11 Enter the current balance of the loan.

If you know the current balance of your loan, answer Yes and then enter the balance as of today#8217;s date. If you don#8217;t enter the balance, Quicken does the calculations and tells you what your balance is within a few pennies.

12 Enter the date of your next payment and the amount.

Enter the date your next payment is due, even if that is not when you actually plan to make the payment.

The loan papers or your lender can tell you what rate of interest you are paying on this loan.

14 Review the summary and click Done when you are finished.

Clicking Next after you enter your interest rate takes you to the Summary tab, where you can review all of the information you just entered. Click Next a couple of times to get through the summary screens. Make any changes that might be necessary if you entered information incorrectly, and then click Done to save your loan information.


My Refinance Experience with Quicken Loans [7 Simple Steps]

Quicken loan reviewBrowsing for Quicken Loans reviews? Here’s mine.

We recently refinanced our mortgage. Doing so allowed us to lower our payment by $186 a month, and save $22,000 in interest payments across the life of the loan.

I’m certainly pleased with the financial outcome of the refinance, and I certainly encourage you to check mortgage rates which are even better now to see if you can see similar savings on your mortgage. But I’m also pleased with the process of doing the refinance with Quicken Loans.

This is my first refinance. So I don’t have much to compare it to. But I can tell you about my particular experience and let you decide if working with Quicken Loans on your purchase or refinance is right for you. I’ll save you the info on Quicken Loans themselves. You already know them as one of the biggest names in home mortgages, with “highest in customer satisfaction for primary mortgage origination” according to J.D. Power and Associates.

What I will focus on is how they did business with me. Quicken Loans breaks down the mortgage loan process into 7 simple steps. Here’s how each of my steps went:

Quicken loan review

1. Connection (May 25, 2011) – I used my own mortgage rate table and found a reasonable rate from Quicken Loans. I’ll be honest, I was lured in by the fact that I’m familiar with the Quicken name brand. After clicking “learn more” I was taken to the Quicken Loans site and filled out the contact form. Someone from Quicken Loans reached out to me and I gave permission for my credit to be pulled.

2. Credit Discussion (May 25, 2011) – I received an email from Quicken Loans that my credit had been pulled and they were ready to discuss mortgage options. I called them up and spoke with my Mortgage Banker, Eric Pacifi. I gave Eric more information about my income, employment situation, loan type, and more.

3. Good Faith Estimate and Deposit (May 25, 2011) – Before that conversation ended, I was told that everything looked good and I could now log into my Quicken Loans online account to see my good faith estimate. The rate I was quoted was 4.875% on a 30 year refinance. If I was cool with that then we could then go forward with the actual application, once a deposit of $500 was paid.

Quicken Loans has a non-refundable deposit that you are required to pay. Paying this allows Quicken Loans to lock your rate, set up an appraisal, process your application, and generally get serious about doing business with you. If your application gets denied you are refunded the deposit less any fees they have incurred.

There is a bit of controversy surrounding this deposit. Many people have come online to complain about losing money due to this deposit. I can’t speak for them, but I can say that Quicken Loans wouldn’t be in business very long if their sole interest were to rob unqualified people of $500.

I felt comfortable moving forward and I paid for the deposit using my Chase Freedom card. Deposits can be from $400 to $700 according to the Quicken Loans website. A more diligent, prudent person might have taken the GFE and then shopped some other lenders. But I was taken in by the fact that Quicken Loans didn’t seem deterred by my self-employment income or lack thereof. They gave me the green light, so it was time to move forward I thought.

4. Appraisal (May 26, 2011) – This was handled quickly and without much fuss. No one came to my house to do an appraisal. I assume the were able to do this online using comps from the area. We purchased this place with 20% initially, so I knew there would not be an issue on the refinance because the loan balance is still well under the value of the property…one of the benefits of living in Texas.

5. Verify Income and Assets (May 26 – July 1, 2011) – This is by far the most tedious part of the process. I sent Quicken Loans several documents to verify my income and assets: personal and business tax returns from 2009 and 2010, bank statements, retirement account statements, proof of insurance, and my last pay stub from my business.

Throughout this phase, my Quicken Loans mortgage banker, Eric, did a good job of updating me on the latest mortgage rates (I was floating for at least half of June) and telling me the progress with the underwriters. He also helped to explain the rates, different term options, and helped to work out a situation to get around the debt-to-income problem I had.

This whole process took a long time because half way through the discussions, I was told I needed to get rid of some debt so that my debt-to-income ratio would be enough for the underwriters to accept. We decided to pay off our one remaining car loan. It was with a local credit union at 3%, so we were slowly paying it off. But if I meant we could refinance our place, then it had to go.

I sent the credit union a check from my Capital One 360 checking account and it took almost two weeks for them to get it and process it. I then got a letter from the credit union stating that the loan was paid off. Then, the underwriters needed to see where the money to pay off the loan came from. So I needed to re-send the bank statements and such so that they could get confidence that I had actually paid off the debt myself.

There were a couple of times where the communication between the mortgage banker and my Quicken Loans customer service representative could have been better. I was telling them both the same things a few times. Additionally, I wasn’t given a good answer as to why they chose to pay off $1,000 more for my old mortgage (held at Bank of America). I can now take the refund check from BOA and payoff my Quicken Loans’ mortgage with it, but it seemed odd that they just didn’t want to pay the exact amount.

6. Process and Underwriting – (May 26 – July 13, 2011) – This was all happening behind the scenes as I was providing information to Quicken Loans.

7. Closing (July 13, 2011) – We were actually out of town when Quicken Loans called to schedule the closing. They said they could do it anywhere and it would take less than an hour, so I suggested we take care of it while at the hotel we were staying at. Someone from Quicken Loans set up the time and an independent closing agent showed up at our hotel to close the loan. She was efficient, knowledgeable, and professional. We signed about 100 pieces of paper and we were on our way. This was the most enjoyable part of the whole process, considering my expectations of loan closings.

  • Pros: No physical meetings or faxing required. Competitive rate. Honest answers. Online account management. Quick closing.
  • Cons: Occasional communication breakdown. Uncertainty regarding the deposit and loan payoff.

Overall I’m happy with my Quicken Loans experience. They truly are engineered to create a positive refinance or new mortgage experience. I would certainly entertain using them again for my next loan, and I would recommend them to you guys if you think a refinance or purchase is in your future.

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Philip Taylor, aka PT, is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!

Hello, Phillip #8230;. my 1st experience with a QL refi (2009) went smoothly quickly #8230; completed start to finish in less than 45 days #8230;. 3 years later, another house #8211; the process drug out for over 6 months never closed #8230;.. quite disappointing! Mimicked some of the sagas reported on the Rip-off Report!

This must have benn posted a while ago, now they have three steps and it#8217;s hard to tell what they are doing now#8230;

Thanks for taking the time to do the review. I am considering a loan with Quicken Loans and the online reviews are all over the place. I am at step #3 in your process and so far I have been very happy. We shall see.

I would never had thought that it would have been a smooth as it was. Congrats. Question : The $186 less a month, will you continue to pay your original payment or pay the lower payment?

I#8217;ve been paying the lower payment, but we plan on using extra cash to start paying down our mortgage this year. Probably in big chunk payments vs increasing to the old payment amount.


Rocket Mortgage by Quicken Loans Review

Quicken Loans is perhaps one of the most known in online lenders across the states, ranked third-largest home loan lender in the US. Your application will be all online with available mortgage advisors if necessary. Quicken offers fixed-rate loans between 8-30 years as well as 5/1, 7/1, and 10/1 ARMs.

Under Quicken Loan is their #8220;Rocket Mortgage#8221; technology which inhibits consumer self-service and allows customers to price their own loan, pick their interest rates, and understanding the trade-off to go with a higher rate/lesser points. This would allow customers to not only lock in their interest rate faster, but e-sign and create the original application without even speaking to anyone.

There are quite a few things I must point out with Quicken Loan#8217;s efficiency. You#8217;ll be instantly verified for employment and income and they tell you the loan amount you qualify for within minutes. Quicken offers fixed-rate loans between 8-30 years as well as 5/1, 7/1, and 10/1 ARMs and if you#8217;re a first-time homebuyer, Quicken Loans is the largest and most exceptional quality-oriented FHA lender in the country with required payments as low as 3%!

#8220;Your interest rate is based on the level of risk that lenders predict for your loan – that’s why so many factors contribute to your individual rate. On top of that, mortgage rates change daily based on market trends.#8221; Quicken Loan#8217;s Rocket Mortgage document and asset retrieval capabilities exceed all expectations this day and age, and it will save you a chunk of time and hassle.

  • Apply Now
  • Account Type: Mortgage Loans; Fixed, ARMs, FHA
  • Availability: Nationwide
  • Expiration Date: None
  • Additional Advise: Quicken/Rocket doesn#8217;t currently offer home equity loans or home equity lines of credit.

Quicken Loan Basic Requirements:

  • Pay Stubs covering the customer’s most recent two pay periods for each applicant.
  • W-2 Forms for the previous two years.
  • Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
  • If the customer is self-employed, the two most recent years’ business tax returns are also needed.
  • For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
  • For self–employed business income,year-to-date profit and loss statement and balance sheet.
  • For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.

  • Two most recent months’ bank statements. All of the pages.

  • Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
  • Mortgage statements for all properties owned that have liens.
  • Copy of driver’s license or State I.D.card for all customers.
  • If divorced, the customer’s fully executed divorce decree.

One thing that I continually mention with loan lenders is that the larger the company doesn#8217;t mean it#8217;s always better, especially with Quicken Loans! Although they do offer a simultaneously convenient process, a huge chunk of your time may actually be wasted on not closing on time. Although pre-approval is one of their most advantageous of tools, you could be loping yourself into a contract, paying the $500 appraisal fee only to have your loan closed due to God-knows-what. On the bright-side, their interest is pretty attractive from the get-go, however, I really do hope that they improve on such a practice swaying towards consistency as a lender. Be sure to check out our Best Mortgage Rates for all your home-buying needs!

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Mortgage Quotes And The Highest Customer Satisfaction From Quicken Loans

M y wife and I have been looking for our dream house off and on for a while. Ideally it would be a place with just a few more things than we have now, including a main level office, a 3 car garage and a big backyard. If we could find all those things we'd be pretty happy.

It's amazing the prices you can find nowadays on some pretty amazing homes, some even on local golf courses in our area. We found one home that was almost $700,000 a few years ago, now selling for only $375,000. It's tempting to jump in and buy one of those homes, but for now we're biding our time, as we're not completely sure the market has hit it's bottom yet.

Predicting a market bottom can be a tough business though, which is why we're already on the lookout for homes that we like #8211; and would want to make our #8220;forever home#8221;. If we find something we really do like, we want to be ready to jump in with both feet. Of course we'd have to buy on the contingency of selling our current home, which is a whole other matter.

So for now we're looking at homes, and also doing our research on a variety of home mortgage lenders. We're trying to find somewhere where we can find not only a good rate, but a company that is known for excellent customer service. Today I want to look at one company that has been known for just that, Quicken Loans. This is my review of Quicken Loans.

Quicken loan reviewQuicken Loans has been around for quite some time, since back in the mid-eighties, although they haven't always been under that name. From Wikipedia:

Quicken Loans, originally Rock Financial Corporation, was founded in 1985 by Dan Gilbert along with his younger brother, film producer Gary Gilbert, their childhood friend Lindsay Gross, and Ron Berman. Rock Financial soon became one of the largest independent mortgage companies in the country. In May 1998, Gilbert took Rock Financial public, launching a successful IPO underwritten by Bear Stearns and Prudential Securities.In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial for a sum of $532M. The company was renamed Quicken Loans. In June 2002, Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for just $64M.

So Quicken has been around for 25+ years, and have a solid record as a good company to work with for their customers, which we'll get to next.

While it’s good to see a bank that has a solid financial history, and is a good place to work, it’s also important to find one that is known for good customer service.

J.D. Power and Associates ranks Quicken Loans “Highest in Customer Satisfaction for Primary Mortgage Origination”. That speaks volumes about their customer focused ethic.

They received the highest score in three key factors, the mortgage application and approval process, the closing experience and keeping in contact and communication #8211; all very important for a mortgage customer.

I wanted to try and figure out what kind of a rate I could expect to see if I were to use Quicken Loans, so I ran my general situation through their rate calculator.

I ran it through as a $200,000 mortgage on a home purchase price of $250,000 for MN. Their rates came back right in line with other quotes that I ran today through my mortgage rates page, coming in at just over 5%.

The hypothetical rate I ran is up to date as of June 2011, but to get your own updated rate quote, please head on over to their site to get your own easy quote!

More Than Just Mortgage Rates: Helpful Calculators And Tools

One great thing about Quicken Loans site is that it has more than just mortgage rates. They also have quite a breadth of mortgage related information for first time homebuyers and veteran buyers alike. Forbes listed Quicken Loans as a favorite of theirs, and talked about some of the extra information you'll find on their site:

This uncluttered site is deceptively deep with information useful for first-time homebuyers and those refinancing. Explanations are clear and calculators plentiful, including a tax-saving calculator and one that compares a 15-year with a 30-year loan.

The calculators and other tools are helpful, and it's nice to see a mortgage site that actually has some useful information #8211; not just a rate quote form designed to get you into the process.

For even more helpful information the folks at Quicken Loans also bring us the awesome site called Quizzle.com. Basically the site allows you to get your free Experian credit score and report twice a year, as well as looking at ways to save and improve your financial situation. Stay tuned for a full review of Quizzle soon as well.

If you have good credit (find out if you do) and are planning on buying a home or refinancing, Quicken Loans is definitely worth a look-see. They have competitive rates, can originate loans in all 50 states,and have been recognized by JD Power for their great customer service, and by Forbes for their great website, calculators and tools. They're definitely a top tier mortgage originator, and should be in the running for your next home loan.

To find out more about Quicken Loans, you can go to their site through the link below.

Bible Money Matters is a paid advertiser by Quicken Loans

Quicken loan review

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his little boy, Carter. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Google +, Pinterest, Twitter or Facebook!

Share Your Thoughts: Cancel reply

Quicken loan reviewPhilip says

I#8217;m going through a re-fi with them right now. They certainly make the process easy because they do everything in-house. Most paperwork can be signed online and/or scanned and sent over. They were also able to work with me and my evolving self-employment situation. If the final numbers end up looking right, I should be closing with them in a week or so. Then, like you, I#8217;ll be on the lookout for our next home, our forever home. This re-fi will just make our current place that much more rent-able.

Quicken loan reviewPeter Anderson says

Good too hear your experience. I#8217;d be interested in reading posts about your situation as far as trying to rent out your current home once you find something else. We#8217;ve got some other friends going through that right now #8211; having to run background checks on renters, signing leases/etc. Sounds like a lot of pain, but I#8217;m sure in the end it#8217;s probably worth it..

Quicken loan reviewJon - Free Money Wisdom says

This recession definitely helps home buyers out when trying to find a house. It definitely swings in their favor. Great post#8211;thanks for the informative advice!

Quicken loan reviewDiscipleshpGuy says

Before I get to my comment I want to say that I currently have a house that we use to live in that we have outgrown and since have turned it into a rental due to not being able to sell it. So we currently rent.

That being said, I have spent a lot of time lately thinking about our next step, would we try to buy again, and if so, would we finance. This isn#8217;t always an easy thing to think about, many of us, if we had to do 100% down (as Dave Ramsey recommends), wouldn#8217;t be able to buy for a long time #8211; at least not what we want to buy. That being said, since this site is Bible Money Matters, is there anyway that we as Christians, can justify getting a mortgage? I know that culturally that we do it, but we aren#8217;t to be a part of the world. Is there any Biblical position that allows for getting a mortgage or loan of any kind?

I am not trying to attack you or anything, I like you and your sites. But, sometimes I think about all of the Christian financial blogs out there, giving advice on living frugally, Biblically, and being good stewards, and I wonder if sometimes we miss the mark and just give good advice rather than Biblical advice. Basically my question for us to think about is this: is it Biblical to get a mortgage or to even recommend a mortgage (or loan of any kind)?

Quicken loan reviewPeter Anderson says

I don#8217;t think there is anything un-biblical about getting a mortgage or other loan, and I#8217;m not sure what there is to justify about taking on a mortgage? Yes, debt is discouraged in the bible, and we should all do our best to avoid it when we can, but I don#8217;t think that it rises to the level of sin or of being un-biblical. Are you aware of verses that dis-allow mortgages or loans of any kind?

I think we need to encourage folks to make wise decisions with the resources that they#8217;ve been given by God, and they truly need to search out God#8217;s will for their lives and for their living situation. But at the same time I don#8217;t think getting a mortgage is always a bad or irresponsible thing as long as people go in with eyes wide open, and only get into one they can truly afford, and are also in tune with what God wants for their lives via daily prayer, bible study and seeking out of His will. Does that mean that maybe God will lead them to buy a home that is a little smaller than someone else#8217;s so that they can give more to their church or to the poor? It may? It may also mean they are lead to not buy a home, and instead live a life of poverty.

In any event, i do agree that debt of any kind needs to be carefully considered and only taken on after careful prayer and consideration.

Quicken loan reviewDiscipleshpGuy says

It#8217;s vary hard to give a single verse as proof, since someone else may argue that verse doesn#8217;t mean such and such. However, there are several verses that lend to the idea of not borrowing. I definitely never see borrowing encouraged in the Bible. My overall point is this: As Christians, we see mortgage as an acceptable way of life, but is it a Biblical way of life. I am not saying for sure where I fall on this issue, but it is something I am debating right now. After all, if we are a slave to the lender, then we cannot serve God as he requires.

Here are some verses:

Romans 13:8 #8211; Owe nothing to anyone except to love one another; for he who loves his neighbor has fulfilled the law. (Seems like this includes money as something not to owe someone)

Psalm 37:21 #8211; The wicked borrows and does not pay back, but the righteous is gracious and gives. (This gives us a contrast that the righteous should give #8211; not lend or borrow)

Deuteronomy 15:6 #8211; For the Lord your God will bless you as He has promised you, and you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not rule over you. (This verse tells Israel that they will not borrow due to God#8217;s provision. As Christians can we accept the same from God?)

Proverbs 22:7 #8211; The rich rules over the poor, and the borrower becomes the lender’s slave. (While owing money we are slaves to the lender, essentially to the money that we borrowed)

Matthew 6:24 #8211; “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money. (If we borrow money, we are slaves to that money until we can pay it back.)

Some may not agree with me, but at the very least, I think those verses and many more show us that borrowing money is not using wisdom. I think they also show that the there is not a Biblical point of view that shows borrowing is acceptable. Whether or not it#8217;s a sin, I don#8217;t think we can be 100% on that point, but at the very least I think we can agree that it prevents us from serving God with all our heart, since we now also have to serve both the money and the lender#8230;

Do we think borrowing is ok, because as a culture we see no other way. When in fact, as recently as 2 generations ago many people did not have mortgages. While I am not to the point of saying right now I will never borrow again, I would say I am much closer now to that point than ever. While like many issues, the Bible doesn#8217;t have a verse as direct as we may want, what is the spirit of the verses saying, that we do have.

Quicken loan reviewPeter Anderson says

I think some of the verses you quoted speak to the fact that debt isn#8217;t a sin or wrong. Discouraged as a bad idea? Yes. Wrong, I#8217;m not so sure. For example, the first verse you mention actually speaks to how we#8217;re to pay off our debts as quickly as possible. Here#8217;s another translation:

Let no debt remain outstanding except the continuing debt to love on another.. Romans 13:8

The verse doesn#8217;t say #8220;never take on debt#8221;, it says to #8220;let no debt remain outstanding#8221;. To me that says that while debt is discouraged, it can be used as long as you do your best to pay it off as soon as possible..

The previous verse speaks to paying people what you owe them..

Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.

Again, speaking to the fact that we are to pay our debts if we have them. Psalm 37:21 again speaks to the fact that we are to pay our debts, if we don#8217;t we#8217;re wicked. Not that we#8217;re wicked if we take on debt of any kind.

The other verses do in fact greatly discourage debt as a bad idea, and I do also believe that debt is never encouraged or shown in a verse to be a good idea.. So where i come down on this is this: Debt isn#8217;t a sin, but it isn#8217;t encouraged as a good idea. It should be avoided as much as possible as it can in fact hamper us in some ways from doing God#8217;s work through giving and other things. There are definitely a lot of situations where we should avoid it altogether (most situations), but in some cases I think it#8217;s ok to take on as long as it#8217;s easily affordable and not keeping us from giving to others and keeping us from doing God#8217;s will. Again, a point for careful prayer and study.

Thanks for the discussion, Matt! I#8217;d love to hear other people#8217;s ideas on the topic as well!