On July 17, I spoke a Ray Nowden reference a refinance. He told me that the new payment would be $890 per month, there would be a closing cost of $700.
I signed the contract for that amount. I also authorized them to charge $200 on my credit card as a good faith payment.
The next thing I know there is another contract sent for me to sign that stated the payments would be $1100+ per month and that I would need $4000 for closing.
I sent them an e-mail on July 26, stating I no longer wanted to do business with them because of misrepresentation. They refused to stop the process and harrased me for months over the loan.
They actually said the loan was still active on Sept 14. and now are refusing to refund my $200 with this as an excuse.
Made application to Quicken Loans to refinance my vacation home, combining the first Mortgage with a home equity loan, lowering my payment. I paid them $500.00 which was to be used in the appraisal, and then returned to me at closing. Appraisal went well, and everyhing went well for a couple of weeks, then QL informed me that they could not continue with the loan, as the property was located in an "age restricted community" (45% of the residents must be 55 yrs or older to live there), and they were not allowed to loan money on properties located in age restricted communities. They later sumbmitted a letter stating that the loan was not completed because of "unsuitable collateral" The house was appraised at $215,000.00 and I was trying to borrow $151.00. I felt like they should have ascertained whether or not the property was located in an age restricted community early on in the loan process. They didn't mention up front that they were not allowed to loan money on properties in an age restricted community, and I didn't bring it up as I had no idea that any lending agency had any restrictions on loaning money for properties in an age restricted community. If they had asked one simple question at the outset: "Is the property located in an age restricted community?" then the entire loan process could have been aborted, and I would not have lost $500.00. They explained to me that age-restricted communities were rare, but I beg to differ with them. There are a large number of age restricted communities in Arizona, where my property is located. I feel that I was wronged in this incident, and would advise any prospective borrowers to be leery when working with Quicken Loans. My next step should probably be a report to the Better Business Bureau.
We started the refi process 40 days ago, we were told that we would close within 30 days. Our locked in rate expires in 5 days, 2 of those being weekend days. We have had to call over and over for updates, no one ever let's us know what's going on. We were only told that they were waiting for 3rd party info. They have had all of the needed documents for 30 days now. Well today my husband finally found out the "3rd party info" was information that QUICKEN has not ordered yet. We still do NOT have a closing date, even though our rate lock expires in 5 days. Horrible customer service, they do not follow through in letting you know the current status and have not even given us a closing date.
I have had the same problem with Quicken Loans using TSI appraiser. I was asked to put up deposit money to pay for the appraiser, and that I would get it back at closing. However, I did not anticipate the appraiser lowballing my house! I looked at the report to find out that the comps used were nothing like my house. I have a colonial style house and he used two ranch style homes with square footage that was significantly lower than my home. One ranch home was 1414 sq. feet and my home is over 2,000 sq. feet. I asked him why he did not use homes similar to mine, and he stated that the lender wanted him to use properties that soldin the last 90 days. I asked him why he didn't go outside my neighborhood to get a better comparison, and he stated again that he was doing what the lender wanted.
I was told with the new laws that lender and appraisers are not to communicate, but I am thinking that something fishy is going on and I chose to cancel my refi.
I put a lot of hard work and money into my house to have an appraiser lowball it 14,000 less than I paid for it!
MY house could sell for more than I paid for and I even sent comps from other companies for proof, but Quicken says they can not do anything and the appraiser said he has to go by recent sales even if the comps are not like my house!
To Quicken Loans: I feel like I got a bait & switch: I called in from a mailing you sent me on my property in Ft. Myers FLA. I called the number on the mailing 800-816-8244 a Mr. Tom Carlson asked a few questions, then he said he couldn’t help me with my Florida property, then asked about my Ohio properties, After several minutes, I gave him the OK to look at my credit score & file. He asked several questions, one of them was, what is this Advanta account, here on your report. I proceeded to tell him I never opened that account. He never said this would be a issue and when on with reviewing options to refinance some properties. After spending couple hours getting all the information he asked for, a couple days later I get a call from another office, asking to get a letter of release from Advanta. I do not have one and now you’re telling me that is a issue when it wasn’t in the 1st phone call. If your not going to approve this loan, being I did everything I can do, I think you should refund the $500 you transferred out of my account. P.S. I have never been contacted by anyone authorized to discuss the Florida property as promised in the original phone call pertaining to the letter you sent me.
I checked credit score on line.Soon after got phone call from quicken loans.Said they will refinance me forbetter interest rate than i have now.Asked for good faith deposit to start paper work,said i will get that back at closing.Then my estamate came back low,they said that they will still refinance me but now it will cost me another 700.00.Than they called and said it will cost me another 1700.00.I told them i already gave 500.00 for deposit,that i was suppose to get back at closing,now they want 700.00 more,now that turns in to 1700.00 more.Iexplained that i couldn"t afford the first 500.00 to start with,but they said i will get that back anyway and they are going to save me all this money in the long run with a better interest rate.They were not truthful from the very start.I faxed them a letter telling them how unfair they are promise"s and untruthful they were from the start and i can not pay them any more money,i told them i want my money back because if they were truthful from the very start i would not have wasted my time and money doing buisness with themThey should have to stop all the commercials they have on tv stateing that they will help us poor souls to keep our houses.It's not true,Now being 500.00 shorter on cash.I feel like they have scamed me big time and do not care!I am sure i will not get my money back,I do not want anybody slse to get ripped off buy quikenloans!Not to mention i used my debt card!
Quicken Loans Reviews
On July 17, I spoke a Ray Nowden reference a refinance. He told me that the new payment would be $890 per month, there would be a closing cost of $700.
I signed the contract for that amount. I also authorized them to charge $200 on my credit card as a good faith payment.
The next thing I know there is another contract sent for me to sign that stated the payments would be $1100+ per month and that I would need $4000 for closing.
I sent them an e-mail on July 26, stating I no longer wanted to do business with them because of misrepresentation. They refused to stop the process and harrased me for months over the loan.
They actually said the loan was still active on Sept 14. and now are refusing to refund my $200 with this as an excuse.
Made application to Quicken Loans to refinance my vacation home, combining the first Mortgage with a home equity loan, lowering my payment. I paid them $500.00 which was to be used in the appraisal, and then returned to me at closing. Appraisal went well, and everyhing went well for a couple of weeks, then QL informed me that they could not continue with the loan, as the property was located in an "age restricted community" (45% of the residents must be 55 yrs or older to live there), and they were not allowed to loan money on properties located in age restricted communities. They later sumbmitted a letter stating that the loan was not completed because of "unsuitable collateral" The house was appraised at $215,000.00 and I was trying to borrow $151.00. I felt like they should have ascertained whether or not the property was located in an age restricted community early on in the loan process. They didn't mention up front that they were not allowed to loan money on properties in an age restricted community, and I didn't bring it up as I had no idea that any lending agency had any restrictions on loaning money for properties in an age restricted community. If they had asked one simple question at the outset: "Is the property located in an age restricted community?" then the entire loan process could have been aborted, and I would not have lost $500.00. They explained to me that age-restricted communities were rare, but I beg to differ with them. There are a large number of age restricted communities in Arizona, where my property is located. I feel that I was wronged in this incident, and would advise any prospective borrowers to be leery when working with Quicken Loans. My next step should probably be a report to the Better Business Bureau.
We started the refi process 40 days ago, we were told that we would close within 30 days. Our locked in rate expires in 5 days, 2 of those being weekend days. We have had to call over and over for updates, no one ever let's us know what's going on. We were only told that they were waiting for 3rd party info. They have had all of the needed documents for 30 days now. Well today my husband finally found out the "3rd party info" was information that QUICKEN has not ordered yet. We still do NOT have a closing date, even though our rate lock expires in 5 days. Horrible customer service, they do not follow through in letting you know the current status and have not even given us a closing date.
DO NOT WASTE YOUR TIME with these people.
Quicken loans will Rip you off for $500 bucks to start loan process, then say you don't qualify and will just
keep the $500 bucks!
I have a 15 year Quicken Loan and wanted to Refi to a 30 years, took my $500 and said have a nice day!
Quicken's Boiler Room will RIP you off if you let them! STAY AWAY!
I have had the same problem with Quicken Loans using TSI appraiser. I was asked to put up deposit money to pay for the appraiser, and that I would get it back at closing. However, I did not anticipate the appraiser lowballing my house! I looked at the report to find out that the comps used were nothing like my house. I have a colonial style house and he used two ranch style homes with square footage that was significantly lower than my home. One ranch home was 1414 sq. feet and my home is over 2,000 sq. feet. I asked him why he did not use homes similar to mine, and he stated that the lender wanted him to use properties that soldin the last 90 days. I asked him why he didn't go outside my neighborhood to get a better comparison, and he stated again that he was doing what the lender wanted.
I was told with the new laws that lender and appraisers are not to communicate, but I am thinking that something fishy is going on and I chose to cancel my refi.
I put a lot of hard work and money into my house to have an appraiser lowball it 14,000 less than I paid for it!
MY house could sell for more than I paid for and I even sent comps from other companies for proof, but Quicken says they can not do anything and the appraiser said he has to go by recent sales even if the comps are not like my house!
Totally wrong!
To Quicken Loans: I feel like I got a bait & switch: I called in from a mailing you sent me on my property in Ft. Myers FLA. I called the number on the mailing 800-816-8244 a Mr. Tom Carlson asked a few questions, then he said he couldn’t help me with my Florida property, then asked about my Ohio properties, After several minutes, I gave him the OK to look at my credit score & file. He asked several questions, one of them was, what is this Advanta account, here on your report. I proceeded to tell him I never opened that account. He never said this would be a issue and when on with reviewing options to refinance some properties. After spending couple hours getting all the information he asked for, a couple days later I get a call from another office, asking to get a letter of release from Advanta. I do not have one and now you’re telling me that is a issue when it wasn’t in the 1st phone call. If your not going to approve this loan, being I did everything I can do, I think you should refund the $500 you transferred out of my account. P.S. I have never been contacted by anyone authorized to discuss the Florida property as promised in the original phone call pertaining to the letter you sent me.
I checked credit score on line.Soon after got phone call from quicken loans.Said they will refinance me forbetter interest rate than i have now.Asked for good faith deposit to start paper work,said i will get that back at closing.Then my estamate came back low,they said that they will still refinance me but now it will cost me another 700.00.Than they called and said it will cost me another 1700.00.I told them i already gave 500.00 for deposit,that i was suppose to get back at closing,now they want 700.00 more,now that turns in to 1700.00 more.Iexplained that i couldn"t afford the first 500.00 to start with,but they said i will get that back anyway and they are going to save me all this money in the long run with a better interest rate.They were not truthful from the very start.I faxed them a letter telling them how unfair they are promise"s and untruthful they were from the start and i can not pay them any more money,i told them i want my money back because if they were truthful from the very start i would not have wasted my time and money doing buisness with themThey should have to stop all the commercials they have on tv stateing that they will help us poor souls to keep our houses.It's not true,Now being 500.00 shorter on cash.I feel like they have scamed me big time and do not care!I am sure i will not get my money back,I do not want anybody slse to get ripped off buy quikenloans!Not to mention i used my debt card!