If you want to lose money go with Quicken Loans!!! It is all about Bait and Switch and Predatory Lending here folks. They will give you a Good Faith Estimate but at closing throw in all kinds of extra excuses and fees. Here is my experience:
1. Application deposit $500 refundable, not true. If you ask for a check at closing for this amount the banker will say sure. At closing this changes and they roll it into your loan. But if you don't qualify your out $500 dollars. Here is the way to beat them. If you want out and your $500 back, follow through with the loan, get the paperwork for your appraisals and then recind or back out within the 3 day limit. No matter what they have to give you the $500 back through HUD. You Win!!! They Lose!!!
2. They will also push appraisals on you to make more money and even suggest a second if the first doesn't come back high enough. The appraisers they use are also in on this, they will use low comparibles, foreclosures, bank owned short sales which will lower your value and affect everything with the housing market that is happening in our economy today. These are the people that are lowering our housing values not investors as that is a very small percentage compared to these people. Again play their game, follow through, get the appraisal done, close the loan and then back out within 3 days to get your $500 back.
3. Check all your settlement charges very careful as they will most likely change these to increase and make money off of you.in my case they charged me for 2 appraisals for $630.00 when it should have been one. I was charged for TSI Appraisal Services twice in the amount of $160 when it should have been half of that. This is the best one though, they tried to increase my rate but then charged me for an additional point of $3000 because I had a for sale sign in my front yard when the first appraiser came but not the second appraiser. They used the second appraiser/appraisal but charged me the $3000 because of the first one being there.
4. Most lending companies if you escrow through them also take out a cushion or escrow reserve in which it is included in your payment. It is an additional on average $80-$100 of your payement. No they never tell you this but you can have it removed by law with a request from the lending company. This company refuses to do this!!! Countrywide will do this and many other things for you, good company!!!
Stay away from Quicken Loans, they are a Marketing Company and will sell off your loan right away. Their loans are handled by a servicer and it is a mess!!!
Their day will come especially if we all continue to complain. Make sure you complain to the Attorney General, BBB, Consumer Protection Agencies for the state and county, Federal Reserve, Governor and even the President, send a letter what do you have to lose? Something will be done it time with these finacial companies just like is happening now with the Insurance companies. Keep pushing and Quicken will be shut down!!
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