Recently my wife an I went looking to refinance our home and decided Quicken Loans was a good way to go. The process started smoothly, except for the $500 deposit they ask for up-front, which we gladly paid to start the refinance. Everything seemed to be going smoothly until it came to the appraisal. They sent there own appraiser out to do the appraisal. A few days later we got the appraisal back at $216,000. We only owe $129,00 on the house.
We both have good jobs and better than 600 credit scores. About a week later they called us back and said that the appraisal couldn't be used because we have only lived in the house for 9 months and they had to revert back to the appraisal that was done when we bought it, mind you we built this house brand new for $130,000. So they withdrew the loan because they "couldn't" appraise it for what we wanted to refinance at, $172,000, well under the appraisal.
Well, we are finishing the ref with AmeriFirst Financial who appraised it at $225,800 and we are just about to close that loan with only $365 up front for credit reports and appraisal fees. no money back from Quicken and no returned phone calls. What a scam! never, I repeat never, use Quicken Loans, unless you have $500. You don't really need.
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