I worked for Quicken Loans not too long ago. The Sales Directors would tell their subordinates to take a deposit no matter what! Even when we knew would could not get the loan approved (poor credit, collateral, etc.) the Sales Director would have us take a deposit. One may ask: Why? It's simple! They keep the deposit and refuse to refund it!
In the time I was there, I heard people take deposits on cars, mobile homes, and people with poor credit - all loans that would not be approved. The Sales Director would say: It's good to take a deposit. It gets you in the habit.
Don't give them a deposit. They'll keep it...
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