Quicken Loans
Rate Quote Changed by Added Charges, $500 Commitment Fee Not Refunded

I had a similar experience to the other 219 people on usacomplaints.com. I was looking to refinance in April, when rates hit their low. Filed a rate request through the internet, and got a call from a Quicken marketing guy, Bill Roberts. Talked about how Quicken would not harm their reputation here in Cleveland... Offered a rate at 4.25%, relatively high points, but three months before a payment was due and the lowest ARP (about 0.1% below the APR of any other offer) I could find at 4.58% APR on a 20 year loan. Sounded great - but like a lot of things, it was too good to be true (a scam is actually easier to pull off if you have a big name, just ask berie's clients!)

Of course, Bill turned it over to a loan officer, who then threw in a bunch of new charges (interim interest, and a few others) that jacked the loan up 3-4K. They then turned it over to the "closing team", who had the next payment due the next week - and when asked (about the no payment due for 3 months) stated they could delay the payment for a month, but for $1200 in additional interest. Went back to Bill who promised to straighten it out - and never did of course. It turns out he could no longer even offer the original loan since it violates Ohio's high cost (predatory) loan laws -

Of course, not even a dollar back of the $500 "refundable commitment fee" that is supposed to be fully refundable if the loan terms change (adding $6K to the loan sure seems like a change to me).

Filed a complaint with MasterCard, who of course asked for documentation (it was a phone transaction), no help there, even though they are supposed to take my side.

What a waste. Now rates are up, and refinancing does not make sense. Maybe I can afford a new leach field next year...

These guys care about one thing - TAKING YOUR MONEY. Remember - if it sounds too good to be true (4.25% interest), even a big name like Quicken is still a scam, even if they own naming rights on the Cavs arena - similar to berie, just because he was former chair of the nasdaq, he is still a crook-

Frustrated and out $500 in Cleveland

Company: Quicken Loans
Country: USA
State: Ohio
City: Cleveland
Site: quickenloans.com

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