Quicken loans called me repeatedly telling me that I could save money by refinancing my home. They said that it would not cost me anything to do this, and that I would be able to lower my payment by hundreds of dollars per month. This was a high pressure sales pitch. I told them no and they still kept calling.
When I finally said that I would look at the numbers Quicken loans said that they need a credit card number for a $500.00 deposit that would be credited back to me at closing.
The appraisal was done and came back $63,000.00 lower than it was 18 months earlier. The appraisal company was chosen by Quicken loans. The appraiser was told that he could not talk to the home owner who is paying for the appraisal, and that he could not use comparables from a certain area. The comparables were taken from an area that the median income is the lowest in the state and the unemployment rate is one of the highest. The last two appraisals that were done on my home the comparables came from the county that Quicken loans told the appraiser that he couldn't use.
This now made it so that I would have to pay for PMI from a company that quicken loans owns. If I wanted to go ahead with the loan or lose $500.00 deposit that I paid for a completely bogus appraisal. I feel that Quicken Loans purposely has the appraisal come in really low so that they can trap you into a loan with PMI, longer terms, and more fees. This is due to the fact that I didn't qualify for the original loan offer.
This is predatory lending!!! When are we going to be able to put a stop to these crooks preying on people. This should be illegal.
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