Quicken Loans
Bait and Switch on Rates and Closing Costs After Callbacks

I called Quicken Loans, about 4 weeks ago, to inquire about loan modification to get a lower rate and term. The guy I first spoke to faxed me a sheet showing rates in the 3% range for 15 year fixed. Their closing fees were about $ 3,500.

I told him I wanted to think about it. I got a couple of calls from them. One call sent me to someone, who was supposed to "offer me incentives" for taking their loan. I was transferred to some lady, who quoted me higher rates. I told her, those rates are higher than I want and that she was offering me no incentives. She then told me it was a High Risk Loan.
I said, how it is high risk when I put 20% down, very current in my payments and sterling credit? She gave some excuse that I lost equity and the loan is about 97%. I told her I was not interested.

Two days ago, March 5, I tried to call the same guy I originally spoke to. He now tells me the closing costs are $ 4,500. That is $ 1,000 more than the $ 3,500 he quoted me. Also, he tells me the rates went up. That is not true because all reports from Washington, DC show rates going down. He also said other companies will "woo me into going with them, then tell me the real fees involved". He quoted me now 4.5% for a 15 year re-finance, plus the $4,500. I have 5.5% now. I will not pay them $4,500. They are Bait and Switching me and I will not allow it.

Also, they recently pulled their advertising from The Rush Limbaugh Radio Show because of some comments Mr. Limbaugh made about a college lady. I tried to call their Consumer Relations to tell them I thought it was unfair of them to pull their advertising, and that I would not deal with them. The very rude, Consumer Relations Rep, would not allow me to state my opinion and practically hung up on me.

I will not be doing business with them after the shabby way I was treated.

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

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