Quicken Loans
Interest-Only Refinance Left Us in Dead-End Loan With Misstated Income

We did a refi last yr with quicken loans we had some debt and were looking for a 30 yr fixed. Our loan officer described a loan product that sounded good at the time. A "smart" 7 yr fixed interest only loan and what I thought was a second fixed loan for 30 yrs (which turned out to be a open ended 30) with a balloon payment. I was told this gives you a chance to free up some money and pay down some done debt. Come back and refi into a 30 yr fixed. I was concerned about paying over 12,000 to close and then having to pay more closing cost when we refi. Again rest assure for our returning clients you'll never pay nearly that much again maybe 2000 at best,

Well a few months back when everything started to happen with the economy we knew we had to get out of this dangerous loan. I didn't care that we had more time before an adjustment was made it will come. So when rates dropped to 5.50 we called even got locked in for 45 days but that the new loan would cost 14,900 to close. She said we have to pay points to get the better rate. We opted to go a little higher on the rate to avoid the costly points. Our main objective was to get into a secure loan.

The huge closing costs turned out to be the least of the problems. We don't qualify for any product based on my husbands income. How did we qualify for the last loan. They stated our income we provided w'2s and paystubs he gets pd biweekly. They doubled the amount he makes a month plus that second loan they did that money they out on the first loan in the asset column to show liquid assets I only realized this when I went through all the docs to see why we are so far behind the eight ball here

Yes we signed the closing docs but honestly I provided all the correct info to them and shouldn't of trusted them but we did and now they say sorry we have no record that you provided us with income and that we stated he made 6250 a month not the 3200 a month and also the 32000 they put as a checking account we had with them. She said they didn't use that figure to qualify us so no harm done it was just put in the wrong column, so I have a expiration date on my loan then I'll have to move.

I signed over my home is essentially what I did. I'm a fool I guess. I wasn't asking for a bailout. We pay our bills we have good credit I just wanted to be treated fairly.

Bottom line I was told we lied not them and maybe in the future the stated income program will return. Thanks for treating me like a dummy once again. We all know those won't come back and they shouldnt. Hope this doesn't happen to anyone else. Take warning quicken loan doesn't care about your best interest they are a perfect example of corporate greed

Company: Quicken Loans
Country: USA
State: Michigan
City: Livonia
Address: 20555 Victor Parkway

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