Quicken Loans

Quicken Loans

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Bad Deal - Scam on deposit!

Apr 19, 2011 (Updated Apr 19, 2011)
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  • User Rating: Disappointing

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Pros:Low interest rates - supposidly.

Cons:$400 refundable deposit for appraisal is really non-refundable!  

The Bottom Line: I got scammed for $400 deposit!  I was told it was refundable.  I cancelled my loan application within 1 business day but it was suddenly then non refundable! 

  Don't through down your credit card!!!  I recently decided to check into refinancing since the rates were so low and....there were only a few days left at those rates without paying PMI@ Quicken Loans.  I should've listened to my 'gut'.  I got scammed for $400 for them doing nothing! 

I filled out the paperwork with the assistance of my loan officer quickly online because in order to get my super low rate, there was a deadline. He required a $400 deposit which I was told was for my appraisal fees and which I was very hesitant to do.  I asked why I had to pay that up front, as I never had to before, and was told that was how they paid for them versus putting them into the closing costs.  I asked again specifically what if I don't qualify for that particular interest rate or don't want to go through with my loan?  I was told it was refundable. 

I cancelled the processing of my loan within the next business day. After looking at what I was told a 'no PMI' FHA loan paperwork, there was up front mortgage insurance and I'd have to come to closing with $5K? And due to a change at my employment I cancelled.  However, the credit card had already been charged for $400 and now is non refundable? They now want me to do a different loan for .25% lower interest even after I told them I might be selling my house.  

Be careful.  I consider myself pretty savy and I guess because it was a mortgage lender I thought they'd be legit.  Go elsewhere!

Recommend this product? No

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