Bait and Switch & Unethical Treatment
Written: Dec 01 '08 (Updated Dec 01 '08)
|
Product Rating:
|
|
| Customer Service: |
 |
|
| Web Site Experience: |
 |
|
| Web Site Load Time: |
|
|
|
Pros: Great Interest Rates
Great Website
Good Loan Processing Staff
Cons: Pushy, Dishonest & Inept Sales Team
Unethical Sales Practices
The Bottom Line: Quicken Loans has unethical business practices, take your business elsewhere.
|
|
|
| dmurphy45701's Full Review: Quicken Loans |
I am a current Quicken Loans customer with a 30 year fixed mortgage.
If you want a loan from Quicken, be ready to walk away from the $500 deposit at any time. Quicken Loans has a reputation, which is deserved, for the bait and switch.
The actual closing cost, which I was presented just before closing, were $10,000 more than the estimated closing cost. They included a 2 point buy-down that was not in the original agreement.
Quicken Loans told me that I was required to purchase the point to keep the initial rate since interest rates had gone up since my estimated costs were calculated. They explained this in two different ways, both I believe to be dishonest:
1. They told me my 30 day lock had run out. Rates had gone up 1/2 percentage between the time I locked and the current rate at the time.
2. Then they revised their story and stated that the promised interest rate was initial calculated based on a 75% loan program, when the appraisal came it I needed to be in an 80% program.
I spend many frustrated and stressful hours arguing and pushing them to honor the initial deal. They eventually gave in and I got what I wanted after I got so frustrated and told them to close my account.
In the end I got a great deal, the advertised deal. The only way they make any money is to charge most people more than they were promised by changing the deal right before closing. I think there whole business model is built around this strategy.
I would recommend using your local bank with a friendly & helpful loan officer unless you really savor a good fight.
Recommended:
No
|
|
|
|
Epinions.com ID:
dmurphy45701
|
|
Reviews written: 5
Trusted by: 0 members
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.