LIVONIA, MICHIGAN -- I had begun the mortgage process with Quicken Loans in May of 2008. After I had begun the application process my credit card was charged $500 without my consent. When I called Quicken Loans about this they mentioned that it was simply a deposit and that it would be applied to the closing costs of the home.
This sounded legitimate so I allowed them to continue with the process. Everything was going fine until 2 days prior to inspection my loan officer mentioned that the appraiser classified the townhome I was purchasing as a condominium. This would result in a down payment of 10% rather than the original 5% agreement. I inquired with numerous individuals including my realtor, home inspector and other loan officers and none had ever heard of such a practice.
My loan officer said the company made an "acception" in their favor because we must pay association dues every month to cover the cost of the pools, tennis courts and other facilities. He insisted that if I were to go with another mortgage company I would run into the same problem. After this problem had been passed to his superior without change. We decided to go with a mortgage company recommended by our realtor.
Within one day our mortgage application was processed. We were given a rate that was .25% lower than Quicken's and without any points, and our estimated closing costs were $6,000 less when compared with Quicken's costs. (I won't mention the name of the company but it rhymes with Untree Wide).
I later received a phone call from another superior at Quicken Loans. He inquired to the situation and I mentioned how we were now with another company. I mentioned of the better rates and lower closing costs and why theirs were so high. He asked me if they provided me with better offers that would beat my new company and took away their "acception" of a 10% down payment, would I stay with them. At this point I asked for my $500 deposit back since Quicken was no longer going to be processing the loan / mortgage. He disagreed to the refund and did not give a reason. My suggestion… find another lender.
When I originally contacted Quicken Loans, it was for the purpose of refinancing my existing mortgage. I made it clear in my initial chat conversation with their loan officer that I was looking for a no money down option to refinance my first mortgage. At that point he stated that there would be a $400 deposit required to begin the loan process and that I had the option to get the money back at closing. When asked if any other money would be needed to close, it was stated that no other money would be needed.
At that point I gave my credit card information and permission to begin the loan process. During the process an inspection of the house was conducted and it was determined that repairs to the outside of the property and a mold inspection was needed. When asked if these costs would be rolled into the new loan, the answer given was no. I reminded the loan officer of the conversation that we had regarding no money down and that financially I could not afford to spend much money on these repairs. Upon paying for a mold inspection and the repairs, which was an additional $285 out of pocket expense, it was determined that mold treatment was needed.
I again asked if this cost could be rolled into the loan and reminded the loan officer of the conversation we had in the beginning regarding no money down. He stated that the expense for the mold treatment would have to be covered by me and could not be rolled into the loan.
I feel that the Quicken Loans representative was fraudulent in his advertising of the refinancing option in that I have spent $285 on top of the $400 deposit which I am not able to recover, and I was originally told that the only monies needed would be the $400 deposit which would be returned (if I chose) at closing. Had I known that there could be additional expenses for the loan that I was responsible for, I would not have pursued this Quicken Loans product.
We are first time home buyers and didn't really know what to do. We contacted Quicken Loans and got the best Mortgage banker in the world, **. He really knows his stuff. He helped us get started, answered all our questions and made us feel really comfortable with our first home purchase. He called us at least twice a week to see how we were doing and answered any questions that came up.
Every time we called we got an answer right away and never had to wait for a call back. The Quicken Loans website is very easy and very helpful. They keep you up to date and completely aware of what is going on with your loan at all times. I highly recommend Quicken Loans for all you home loan needs. I also highly recommend ** as your mortgage banker. The best experience of our life. Thanks Quicken.
Used Quicken Loans on March 25, 2009 to refinance my home. By April 25 had refinanced my home with them with not one problem at all. Company was always upfront with all their terms and costs. I was told of the 500 deposit needed to start the refi. process. The money was used for appraisal fees and would be part of a refund after closing (which it was). Investigated their closing costs, which did seem high. But after checking other companies, found to be right in line with the rest.
I changed the terms of the loan 3 times without the company every getting upset about it. Everyone I spoke to or came to my home did their job professionally. Would and will keep recommending this firm to anyone interested in refinancing their home.
FLORIDA -- I entered into a application with Quicken Loan Mortgage to refinance my home at what I thought was a lower interest rate and was talked into giving them in good faith a $500 deposit to cover the appraisal services with the understanding it would be refunded if they could not get me financed. After getting my deposit they started coming up with more requirements to which I provided in full detail until it came to the final requirement of having 6 month of reserve ($4500) standing by in case my social security ever stopped.
I made the mistake of telling them at the start I would not be able to come up with any reserve but I have a credit score of 760 and have made automatic house payment for the last 15 years and all my credit scores are excellent. They knew from the start I could not come up with the $4500 reserve and they set me up to keep my deposit. I could not provide the full $4500 reserve, so my application was rejected. No appraisal was ever done, yet they call my deposit at the end a fee for paperwork processing and refused to refund it.
Do not give them a deposit without a written understanding of what your deposit is for. And they will try to give you a discount during your negotiation by eliminating the appraisal fee. But again make sure your deposit is fully refundable in writing if you cannot get financing for any reason. They will also try to hold your application open after you cannot meet their requirements so as to hold on to your deposit if and when you can meet there requirements. If and when can be a long time.
KIRKLAND, WASHINGTON -- Quicken loans agreed to match another lender with a lower rate. Despite a flawless credit report, and one million dollars of equity in the house, they dragged it out until it was past the locked rate date, which was unbeknownst to me. The appraisal they ordered was also past the lock rate date. Kept my money anyway. They promised a rate they could not deliver, and kept the fees they charged.
Quicken Loans qualifies you, approves your loan at specific rates and discount points, then WHAM! they switch rates on you. BAIT AND SWITCH! They are an unethical and misleading company at the very least! Thousands of similar and identical complaints posted throughout the internet on complaint boards. Customer complaints as well as employee complaints. Customer complaints verified by employees!
Quicken Loans operate like the car salesmen of the mortgage world. Every time something came up they had to talk to their "vice president" to see if they could persuade them to approve a request or make some decision. Plus they treated us (with a credit score of 787 and over 20 years with the same employer) like we were high risk customers. Needless to say, we went somewhere else.