Rock Financial - Detroit

treyking44 · Joined: 05 Mar 2006 Posts: 4

Hello All-
As my post count shows, I am a noob here. I did a quick search of the forums here, but found no topics regarding Rock Financial. I don't know if they are nationwide, though they are quite prevalent here in Detroit.

My question is, has anyone here worked with them, had any experience (good/bad/indifferent), or have any other input regarding this company? I'm looking at my first mortgage and they seem pretty user-friendly (even though I consider myself fairly educated on this topic).

I also noticed quite a few metro Detroiters on the board here. Can any of you offer some local input on preferred broker/lenders in the area? I appreciate any help you are willing to offer.

Best Regards.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I'd suggest doing a search for rock financial and detroit and see what that turns up (on google.) You may find some forums that have had people post about experiences. More than likely they would be the negative press (so few of us say when something good happens) but it'll give you some kind of idea. The other thing would be to ask around people you know or call up a realtor and ask them about their knowledge of the company.

Best I can do for you from this spot anyways :)

chow · Posted: Mon Mar 06, 2006 10:11 am Post subject:

I'm in Indy, they used to do a ton of advertising on our local stations. Gave me the impression they were marketing quite a few large metro areas. Never heard good or bad about them. This was in the late 90's early 2000's when we were all tripping over loans. Let me look up someone I know from your area, and have them answer your question.

treyking44 · Joined: 05 Mar 2006 Posts: 4

Hey Guys-
Thanks for the advice so far. I'd really appreciate any more info you or your colleagues can offer. Like you both assumed, Rock is a huge advertiser around the Metro Detroit area... I actually have a hard time getting away from them.

I can't seem to find any good or bad experiences about them (though I'm still looking). I'm starting to think that most mortgage companies/banks are going to be similar in service and as long as I keep an eye on the rate I'm getting and the fees they're charging, I should be in decent shape. Any thoughts?

Also, Rock already did a hard pull on my credit report so now I feel kind of hurried to check other mortgage brokers so I can avoid multiple hits on my FICO score. Is this a valid concern?

Thanks in Advance.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: I'm starting to think that most mortgage companies/banks are going to be similar in service and as long as I keep an eye on the rate I'm getting and the fees they're charging, I should be in decent shape. Any thoughts?

Absolutely not!!!

That's like saying every politician is just as good for the job, or that every mechanic will treat you the same way.

The best thing to do is to get a good faith estimate so you can get an idea of the cost. That being said, unless you narrow down the specific program that you're going to use it may still not be accurate. Make sure you get the right pricing from the beginnign if possible. Having them quote you a 3/1 Arm when you want a 30 year fixed won't do you a hill of beans.

lil_oh_me · Joined: 04 Jan 2006 Posts: 35 Location: Grand Rapids, MI

They do a lot of advertising and I've helped any number of people out
of loans that they obtained via Rock Financial that were an ill fit for the
borrower.

I checked with one of my people in the Detroit area and the the word
to describe Rock was shady but without coke.

It has always seemed to me that the purpose of subprime was to
find a way to help the client earn conforming rates on the down the
road and thereby earn the privilage of not only doing the subprime
loan but the confirming loan in the future and also earn referral business.
Given the need for such advertising one has to wonder about the
referral business. Then too, if you are a stab 'em and slab 'em shop
you are going for the kill and not future business. JMHO

treyking44 · Joined: 05 Mar 2006 Posts: 4

lil_oh_me wrote: They do a lot of advertising and I've helped any number of people out
of loans that they obtained via Rock Financial that were an ill fit for the
borrower.

I checked with one of my people in the Detroit area and the the word
to describe Rock was shady but without coke.

It has always seemed to me that the purpose of subprime was to
find a way to help the client earn conforming rates on the down the
road and thereby earn the privilage of not only doing the subprime
loan but the confirming loan in the future and also earn referral business.
Given the need for such advertising one has to wonder about the
referral business. Then too, if you are a stab 'em and slab 'em shop
you are going for the kill and not future business. JMHO

So is your conclusion more "stay away" or just "buyer beware"? I'm having a little trouble following where you're going, maybe you can clarify?. Thanks for your input though, I really appreciate you taking a minute to help me out.

chow · Posted: Tue Mar 07, 2006 2:55 am Post subject:

she emailed me. didn't realize you were a borrower. she re read and said:

Borrower beware. (Example: They tend to make conforming/FHA Fixed rate type loans to subprime lenders just to get a refi when the Adjustable Rate Mortgage comes up for the first rate hike)

(She doesn't like non conforming or subprime loans unless it is the only choice. If truth be known-FHA is a little more B/C than Fannie and Freddie, ergo: Subprime, and she's no fan of FHA either.) :wink:

You asked for honest opinion. you have one.