Quicken Loans
Loan Rejected for No Comparable Sales Despite Rehabbed Property and $500 Fee

Do not waste your time with Quicken Loans! They have no intention of lending you money, their scam is to charge your credit card for $500 as an application fee. They will tell you this will be subtracted from the loan costs.

This is my story; I have an excellent credit rating (above 800). The property I wanted a loan on is totally rehabbed, basically a new home. This is a rental property, the lease with the existing tenant is for two years.

Quicken loans solicited me through email to offer me a low fixed rate mortgage.
They asked for a credit card number, promising not to charge against the card until the loan was settled.

I sent them every document they requested, they sent me an approval letter, and ordered an appraisal. I met the appraiser at the property, he was impressed at the excellent condition of the property.
Later Quicken loans sent me a letter stating the loan was denied based on the property being an "Unacceptable type".

What does that mean? What Quicken said was they could find no comps in the area to compare it to. Huh? There are about 20 houses on this block as it is a residential area.

I found a comp just around the corner. That sold the month before for $143k. I was only looking to refinance a $72k loan. Their appraiser gave his best guess at $93k, OK that will work, I only needed 10% equity and this would leave over 20% equity.

Sorry no deal, but these ripoffs did not mind then charging my credit card for $500!

I later found that Quicken Loans is not a direct lender, they are a clearing house to a whole bunch of mortgage guys. These folks looking at all of these complaints, are bag of rattle snakes.

Company: Quicken Loans
Country: USA
Site: quickenloans.com

  <     >