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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!
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