Quicken loans need to be stopped! They scam people of $500. Imagine scamming 100 people of $500 each day, that is $ 50,000 a day for them! That's a good business!
I hope the federal govt will do something about this.
The same thing happened to me last month. With all the complaints here, the same scenario, promised to refund back the $500 when I told them that the processing fee seemed to be higher compared to the $300 asked by other lenders. But I went ahead assured that it will be returned to me regardless if I am not qualified or that it will be credited to the loan if I went ahead.
The loan numbers they give you at first is too good to be true, but the appraisal came in $25K lower like all the complaints here, (I had the property appraised at $173K 6 months ago, and their appraisal came in at $155K only, even lower what the county had appraised it) and they started to deal with you with higher interest rates, and need to buy down points. They asked for a $10K cash from me because they saw that on my checking acct. When I said no, I received a letter denying my application.
I called and asked that my $500 be returned they said no for reason that I withdrew my application. I did not withdraw the application, I was still negotiating and waiting for their response for approval. I never got my $500 back. I think they are only after your $500. They are not interested in giving you the loan and they never really give you the loan. If you go with the loan, you will pay them higher interest rate. With a now higher interest rate offered and a loan value more than the property's worth, they know people will not continue with that offer. Beware!!!
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