Don’t trust Quicken Loans


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I am sure you have heard that Quicken Loans is one of the best home finance companies around. You should have, they tell us all the time on TV. If you would have asked me a month ago, I would have agreed that they are a solid, competent, company worthy of your business. That is why when they called me about a month ago and offered me a new lower interest rate on my loan for virtually no cost, I eagerly said “yes.”
I have used Quicken for many years and I have been quit satisfied. I have noticed lately that as they have grown into one of the largest finance companies, their service has been a little questionable. About a year ago I spent several hours on the phone along with emails and faxes attempting to secure a refinance of the house. They had called me and proposed a great deal that was hard to refuse. After shortening our vacation to get home and sign the papers, they informed us due to a technicality they would not be able to close the loan. Since I was not out any money I was not terribly upset, just disappointed that I did not get a better loan rate.
This time, after they assured me that the loan was ready to go, they asked me for a “Good faith deposit.” Having worked with Quicken for many years, I agreed to the “Good faith deposit.” Several days later the appraisal came back far above previous ones and everyone at Quicken who was working on my loan was happy about this.
A week later I received a phone call informing me that the loan may not go through due to laws in the state of West Virginia in regards to my house being appraised too high and having no comps in the area. I immediately asked them, “when are you going to send back my $500?” They felt that they could work around this and to give them a few days to figure it out. Several days later they called me to tell me that the loan was dead and they were not going to return my “Good faith deposit.”
The final chapter in this story is the best. Just recently I sent a email to Quicken asking them for a copy of the law/guidelines they used to determine that my loan was unacceptable. After a short rather intense conversation they informed me that it was a company guideline! My response to this was, ” you are deigning me a loan that was preapproved by your agents because of a law in your own books…seriously?!”
So, let your friend know, and friends of your friends know that Quicken Loans is not on your side! Send this to as many people as you can so that others do not get caught in this net! I may not get my $500 back but I hope I can set Quicken back a little…maybe more than a little.

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2 thoughts on “Don’t trust Quicken Loans

  1. This morning my husband and I received an unsolicited call from QL rep promising a refinance on a VA loan despite the fact that I told her in Texas this is highly improbable. She insisted this was not the case and after spending a day chasing all sorts of stuff down and subsequent phone calls requiring us to e-sign many docs she called back to let us know she indeed was wrong. We had a good prior experience but will pay no heed to these jerks.

    1. I truly believe that if enough people take your attitude we can make some of these large consumer companies tow the line!
      make sure you pass on this information to as many people as you can!
      Thanks so much for the comment!!!!
      I hope you enjoyed some of my more enjoyable topics.

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