Quicken Loans Complaint - False advertisement/bad sales practices
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.