On Sunday, December 9, Ricardo Rodriguez, a representative of Quicken Loans, assured me an interest only loan was my best option for refinancing. He further assured me he could lock in an interest rate that day (on a Sunday when banks are not open) and the $350 he needed as a good faith token would be fully refunded. I believed him.
After further research during normal business hours and speaking with individuals who understand the world of finances, I decided to go a different route with a different company. I phoned and e-mailed Ricardo on December 11, to let him know I would not be doing business with Quicken Loans and requested he do nothing on my behalf. I also requested that if he had already charged the $350 on my credit card that he reverse the charges. Ricardo became very upset that I was not going to do business with them.
In the weeks following I received several phone calls from appraisers, title companies and other representatives from Quicken Loans trying to complete my loan application. I informed each and every one of them they were do do nothing.
Quicken Loans charged my credit card the $350 and, though I unsuccessfully disputed the charge with CitiCards, they received their money for doing nothing.
I highly recommend anyone considering doing business with Quicken Loans check out the complaints filed and make an informed decision prior to signing any documents. Banks do not do business on Sundays and rates cannot be locked in.
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