Quicken Loans

Quicken Loans

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Quicken Loans- bad experience

Feb 8, 2006
Review by  
Rated a Very Helpful Review
  • User Rating: Disappointing

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Pros:Reasonable follow-up; Returned all calls except 1.

Cons:Misleading at best, unethical at worst when selling the idea of a re-appraisal.

The Bottom Line: Misleading.

I contacted Quicken Loans about a possible refinance of my home recently. I wanted to use my home's equity, and this was one of the reasons (along with wanting a shorter mortgage) I contacted them. They had reasonably favorable reviews on-line.

My experience was very negative.

I felt the loan salesperson was insincere in his approach--this individual had some gimmick in his pitch that he was using to try and create a relationship with me. This is a good idea, but the salesperson actually explained to me that this is what they were doing. This had a very patronizing ring to it, and it turned me off. This salesperson could have just approached the deal as professional, prompt and courteous, and that would have been much better.

To make a long story shorter, my home did not appraise for the value I had anticipated. I do not fault Quicken for this. However, upon hearing the news of the low appraisal, the Quicken salesperson suggested I get the home appraised again. The difference between the perceived value (which, by the way, was based on said salesperson's assessment of neighborhood 'comps' done early in the process--it was NOT my own assessment!) and the actual appraisal was $35,000.00. This may not be all that much if it were a $500,000.00 home, but it is in the neighborhood of 200k, so this was a significant number.

The Quicken salesperson said he was "95% sure" that a new appraisal would come back in our favor. Of course, the appraisal would cost me $300.00 (on top of the $500.00 I had already paid). Quicken said 'they' would pay for the appraisal if it came back good.

I thought I would test the salesperson to see how confident he really was that the new appraisal would come back where we needed. I said that I would agree to a new appraisal IF Quicken would pay for the appraisal if it did NOT come back where we needed, and that I would pay if it DID. The salesperson then told me he HAS done that sort of thing before, but he would not in my case.

This spoke volumes, and I declined the re-appraisal.

I feel it was unethical for him and Quicken to encourage me to get a re-appraisal (at MY risk and expense), declare that he was '95% sure' it would come back good, but then NOT put his money where hos mouth was. If THEY were not willing to risk 300 bucks on a new appraisal, why would I?

So, since the loan application was withdrawn, I am stuck with a $500.00 bill to Quicken. I have requested they send me a copy of the original appraisal since I paid for it, and it is therefore mine. I would assume they will follow through and send it to me.

Recommend this product? No

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