I wanted to refinance my home and through good timing and negotiation I was able to get a very good interest rate through Quicken Loans, or so I thought! I gave them $300 to lock the interest rate (and supposedly to pay for the home appraisal) and they were supposed to proceed to process the loan. Appearantly, they only locked the rate for 30 days, which I am told in today's underwriting situation is not enough time to close a loan, so when the loan wasn't done in 30 days, they told me they could not give me the original interest rate. They never bothered to tell me that they had raised the rate on the loan proposal by 3/4 of a percent. This equates to a huge amount of money on a mortgate!
They offered me cash to go ahead and take the higher interest rate and got quite perturbed with me when I told them to stick it! Bottom line, I am out $300 which was a good faith deposit and Quicken Loans won't make good on the interest rate that they promised me! Stay Away from Quicken Loans, also known as Rock Financial!
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