Stay away at all cost
Written: May 20 '05
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Pros: None than I can think of.
Cons: Slip thousands of dollars of fees into the loan. Snail-slow service. Indifferent to customers.
The Bottom Line: This company is only out to fleece you for thousands of dollars. See a local lender first. You will do far better.
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| orca99usa's Full Review: Quicken Loans |
We recently decided to refinance our home and pay off some bills, since home prices in our area have exploded. We submitted an application through LendingTree.com, got five contacts, and selected Quicken Loans out of the batch. I regretted it almost from the beginning.
First thing out of the chute, they wanted $500, non-refundable, up front to cover "costs". This should have been my first warning that things were about to decline. Our loan consultant seemed nice enough at first, but as time went along, his true motivation - a fat commission - would become more apparent.
Reaching these people by telephone is an exercise in futility. Waits of a week for a callback were not uncommon, and we were dealing with three different people at the company over various issues. The weeks dragged on, and still we were not close to closing.
The first appraiser they hired was unprofessional, trying to pressure us. We told the loan consultant this, and they hired another. She screwed up the paperwork, listing us as tenants in our own home and making a couple of more mistakes. Add another two week delay. By now we are up to six weeks since application.
There were problems with the documentation submitted by our employers, but I would never have known this had I not called Quicken myself. This was typical of our experience. They don't call you, they just let the days and weeks go by without saying anything to you. In the meantime, the bills that they had advised me not to pay because closing was "imminent" were falling due - and falling behind.
We have now reached the two month mark since we applied. Our loan consultant called us to go over our personal information. This deep into the process, he had about half of it wrong. We get it corrected. Another week goes by before the closing specialist calls us to go over final figures.
I find out at this point that Quicken has tacked on fees exceeding five figures to add to the loan. I was shocked. I immediately started shopping around locally. I found a better deal, and when the closing agent called back I told her that we found a better deal and we weren't going to do business with them.
Predictably, within 15 minutes our loan consultant called in a frantic effort to rescue his commission. He tried every trick in the book to scare me about passing on Quicken's loan. He told me that I would "never get" the rate quoted to me by a local credit union (a half-point lower than Quicken's on the primary, and almost 1.5% lower on the second - and this is buying no points; Quicken had me buying 1/8 point to get their higher rate). He tried to tell me that another appraisal would come in lower (if anything, the one Quicken got was lower than market value). He tried to deny that Quicken's costs were as high as they were, but was unable to explain why the total amount of the second mortgage was $13,000 more than we had requested (all fees).
I may have lost $500, but I will be far better off in the long run. Do yourself a favor, and don't plunk down the $500 in the first place.
Recommended:
No
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Epinions.com ID:
orca99usa
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Reviews written: 25
Trusted by: 0 members
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