Greetings,
I will initially state I am not terribly knowledgable about mortgages, just your basic guy getting ready to buy his second house. 286K mortgage. Full doc. 710 credit.

I have been dealing with Quicken Loans so far, getting 'pre approved'..etc..etc. I am looking at a 30 year fixed 80/20, no arm or IO or any of that. Normal loan.

As of friday, my LO at Quicken ran everything through the system and came up with 7.625% for the 1st with payment of $1453.84 and 9.375% for the 2nd with payment of $475.77

Today, doing some off the cuff investigating, I decided to just 'see' what sort of rates GMAC had. I was quoted a rate of 6.7% for the 1st with a payment of $1478.00 and 8.6% for the 2nd with a payment of $470.

It seems VERY ODD that the higher 1st rate from Quicken would yield a lower payment than the lower rate from GMAC?? Any thoughts?

It also seems odd that the rate would vary by almost a full percentage point?

Ideas? Help?? I am very close to wrapping this up and moving into closing,...I already have a rattified PA.

According to your numbers, the payment on the first with Quicken should be 1,619.51 on a 30 year term or 1,526.88 on a 40 year term. The second is right on.

The GMAC numbers are correct on th first, but the second should be 443.94. This is why you should be working with a broker. You would have a phone number to someone you can talk to when you have questions. The variation could be coming from you putting some amount down. Are you?

Please do yourself a favor. Run as far away from Quicken as possible. Please do not send them a check for $600.

Well,....too late on sending Quicken their $500. Did that a month ago....BUT I wouldn't hesitate to walk away from it in a minute if I was not happy with my situation.

As far as brokers go,.....I used a 'broker' on my first house years ago and it was a complete pain-in-the-*ss. Endless paperwork and faxing, and re-faxing,..and "oh yeah,...we need your 5th grade report card....etc..etc..."

I have nothing against brokers,...but this time,...I thought I would try one of the 'fast and easy' BIG companies. So I called countrywide (no thx)...and Quicken. Preapproval/initial underwriting was EZ.

This numbers issue concerns me though,......I guess, like alot of people I am looking to get the best interest rate on a loan WITHOUT endless hassles!

Anymore insight? Anyone wanna try my case? I live in Mi and am purchasing in VA.

Here is some insight, use a broker, but not just any broker. If you are looking for a broker that will treat you like you should be treated, send me an email and I can send you a list of four questions that will wipe out the jokers and get you a pro.

I understand that you are hesitant to use one, but you would be well served by working with a professional. I, as well as the other brokers on this site, pride myself on being better. Better than anyone else and that is what we strive to do.

I can do a deal in Va. but I wouldn't because I am unfamiliar with the legal lingo and the market out there. Rather than make a quick buck and leave a bad taste in your mouth, I would show you how to find a pro. Let me know. aclarke@hqfin.com