Quicken Loans
Low Appraisal Blocked Refinance After $350 Application Fee

Same as most of the complaints already filed on usacomplaints.com. I received a dishonest and completely skewered appraisal. I was precluded from getting a decent re-fi on a house I bought in 2006 due to loan-to-value issue resulting from a crap appraisal.

The agent I spoke with was wonderfully positive in late October when I contacted him. Told me we could get a better interest rate and lower monthly note in as fast as a month. By mid-December, I still hadn't gotten anything back from him other than I needed to "get higher comps in my area".

After pestering a real-estate friend of mine to give me sales in my neighborhood within the past year for similar houses sold at higher values, Quicken could only tell me they'd re-fi at $131000 (8K more than what I paid on the house back on 2006). I would also need to bring $10K to closing. Great deal, huh?

Quicken asked me for an application fee of $350 and I paid it with a credit card. I still haven't seen the appraisal. I'm glad I printed my application off their lame website otherwise I'd have no proof of this transaction at all. I went back to my loan today - all the information was gone. Maybe Quicken is just in the market of making a fast fee instead of underwriting mortgages?

I thought after making payments for 2 years on this house and with the recent guv-ment bailout of the predatory and slimy mortgage and housing industry, I'd have a chance of a decent re-fi loan.

I got taken for $350. I'll write it off on my taxes next year.

Company: Quicken Loans
Country: USA
State: Michigan
City: Farmington
Address: 27555 Farmington
Phone: 8002266308

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