Quicken Loans
Deposit Is Effectively $1,000 When Loan Closes, Rolled Into Loan

Here's a little truth for the people that actually close a loan with quicken, $500 deposit is not refundable at closing. In fact the deposit is actually $1,000 for people who close... How you ask? Easy, when you request the deposit back at the table, they have to increase the loan amount by $500 to cover it.

So if your refinancing, all costs are rolled into the loan... including the appraisal fee (the appraisal does not have to be paid by the lender after a few days post the loan closing) So you give quicken $500 for good faith, want it back? Sure! We will roll it into the loan and charge you interest on it as well! So here are the main points, The good faith deposit is actually $1000 if your loan closes, the $500 is pure profit even if the loan does close, and your stuck paying the money they gave you for your deposit back with interest...

Weak

Company: Quicken Loans
Country: USA
State: Michigan
City: Livonia

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