Quicken Loans
Lost $500 Deposit and Faced High Pressure After Shopping Around

Several months ago, I was feeling the pressure of accumulated credit card debt (yes, totally my fault), so I started the process of refinancing my home to consolidate this debt and start fresh. The first company I dealt with was Quicken Loans. The young woman I spoke with was very friendly and helpful. I explained my situation - that I had accrued some debt and was looking for a reasonable monthly payments based on my income. She brought up the $500.00 Good Faith Deposit, and immediately sent an estimate for me to review and, if interested, give electronic signature to start process. The rate and monthly payment looked reasonable, so I signed away.

Well, to make a long story short the initial monthly payment quoted on the good faith estimate seemed to jumped up quite a bit after signing it, so I decided to shop around a bit to see if I could get a lower rate.

I realize I agreed to the $500.00 deposit (something I really could not afford but put on my credit card... Which I was trying to avoid) but the only thing I got was the good faith estimate emailed. There was no appraisal done. When I called to say that I decided to look at a few other lenders the woman would not take no for an answer... I almost hung up on her.

Anyway, I ended up with another lender that did indeed give me a better rate, lower monthly payment, no deposits, no hidden charges, and above all, no hard sell.

Just a cautionary note to those who may need it. First of all -the obvious - don't fall into debt. Second, if you are working with a lender, don't pay for anything upfront that won't be refunded. Don't sign anything without reading and asking questions. Shop around. Don't let any desperation you may be feeling make you fall for the first hard sell.

Company: Quicken Loans
Country: USA
State: Michigan
City: Troy
Site: quickenloans.com

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