Quicken loans made many promises to give me a good loan and I really had faith in them but they really let me down. I'm trying to buy a house for aprox. 160,000.. And i have seller consessions of 8,000.
When I first started working with Quicken I told them what my maximum I could afford a month is $1350, and i did not want an intrest only loan. I want some principal to go to my loan from my payment.
Quicken promised me a fixed rate of 6.5 fixed rate for the life of the loan and even informed my realtor of this. Because I just went through this bull with another lender (high rates.interest only). I was very clear on what I wanted. On my good faith estimate they had $1360 for the payment. I was told exact rates would maybee even get better after they pull my score again last minute.
I did cartwheels faxing them docs, proving assets, starting insurance. As I was working on this I wanted to know more about the loan program I was working for and they would not tell me. They said they would not know for sure until they had all my docs and assets.
A day before i was supposed to sign I received the amortization book and it was the same scam I just went through with the first lender but it got so much worse.
80/20 loan Intrest only 7.5 fixed for 5 years then ARM on the 80/
12.? Fixed on the 20/ 15 year based on 30 (big balloon)
over $9,000 in closing costs 3pts 80/ 3.6pts 20/
My payment ended up being $1475 $115 more than the estimate
They told me it's a great loan and it's all I can get. They told me not to worry and they will refinance me in a month or two so my payment will go down. I told them I cant afford it ant they still kept at me to sign. I refused!
NOW they want a $300 deposit (they never collected) or the money for the appraisal or they will send it to collections!
QUESTION: Do I really need to pay them... Is it fair for them to lie to me, thinking I'll not realize the bull they are offering me? They are trying to make me believe it's all my fault and I'm high risk so I deserve to be overcharged points and interest? Quicken can not be trusted all lies!
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