Quicken Loans /Refinance

I decided to do business with Quicken Loans and boy what a mistake that was to be.It started in September 2006.I was wanted to lower my mortgage payment and decided to refinance.

I called Quicken Loans and they said that they can lower my payment by $350.I said great that will help me allot.

I started to do the paperwork and one of the reps that I was dealing with told me that I was approved and that we will close the end of October.

And the usual the beginning of the month of October they needed more info and I faxed them what they needed.

Come the third week of October I called the rep and asked her if we were going to close at the end of October and she said yes.I also told her that I was going to do some renovation on the property and that I was going to use

November pymt to pay for it.She said no problem we were definitely going to close at the end of October.On the last week of October I still haven't heard from the rep to let me know about the closing date. I called her up several times and didn't hear from her.Finally I dialed 0 for the operator and told the person what was going on.She said that she will leave a message with the rep that I have been dealing with and that she will have her get back to me.Finally I get the call back only to find out that I can't close Until the end of November.Now I was panicking only because I used the November pymt to do some renovation.Luckily I borrowed the money from a friend made the November pymt and told my friend that I will pay them back last week of November thinking I will close the last week .Now I get the call from the rep and she tells me that I won't be able to close till December .Now I just lost probably two years of my life.I ended up with a late payment on my credit report and my scores goes down because of Quicken Loans.Before this I never had a late payment.So much for that.Here I thought they were going to help me.

Not to mention all the hidden charges that they put towards closing cost.They promised me a $1500 towards closing cost and of course they didn't follow through.

At the end I was back where I started from.I never saved $350 in my mortgage I only saved $52 dollars,had $8000 in closing cost and and lost two years of my life due to aggravation.

Bottom line don't do business with an Internet Loan Company.Especially Quicken Loans.They are a bunch of inexperienced mortgage reps that will rob you blind of your hard earn money.Stick to a local mortgage company.

Comment On This

I, too, was ripped off by Quicken loans.

Do not do business with them. I just losted $300.00 plus dollars on a deposit. Yes, I signed the papers in which it said non-refundable, but I feel that they should have been upfront with that little item. Buyer beware, do not do business with Quicken loans. Those agents are not courteous, will pressure you and run off and rob you of your money-legally!!!