Quicken Loans
$500 Fee Taken, Then Offered a Rate Almost 2% Higher

I contacted Quicken Loans for my refinancing and before they asked me for any important information regarding the loan, they first asked me for my credit card number. After they have taken the $500.00 fee we started on a long and "going nowhere" journey. A very nice and soft spoken agent gathered all my information and since I am self employed asked me to fax them my tax returns and bank statements. After spending over 40 minutes in front of the fax machine feeding the equipment with all my life's history I received a call from her telling me that I was well qualified for the loan (after the appraisal come very positive) at a rate of 5.8%. After that she called me again to ask me for a letter from my accountant stating that my business would not be in jeopardy if I made withdraws from the business account (My business is my only source of income. Where does she think I am getting my money from???).

I called my accountant and he faxed her the letter and send me a bill for $75.00 for doing that. We were almost ready to close on the loan when she calls me at evening saying that after the review by the underwriter, I did not qualify for that program after all but she could me offer a rate almost 2% higher than the one I was originally approved for.

Since I was not desperate for a loan and felt deceived I decided not to go with them. So If you are out there looking for a loan, be careful before giving out your credit card number to Quicken Loans they may take your money and take you nowhere after that.

Company: Quicken Loans
Country: USA
State: Michigan

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