Quickenloans.com - another consumer's response to complaint posted to Complaints.com about Quickenloans

Quickenloans.com - another consumer's response to complaint posted to Complaints.com about Quickenloans

My Good Experience with Quickenloans

Quickenloans.com - Extraordinary Service Recently - in the month of march 2004 I was approved for a $200,000 loan from Quickenloans.com. I paid $500. I saw no hassle or problem with that.

I'm posting this in response to a complaint that I saw about Quickenloans. I think the person who has posted the complaint has not understood the loan process. Quicken charges $500 with the full consent of the person who is seeking the loan to process the loan application.

In case the loan is approved they will credit that $500 towards the down payment. If the applicant is not serious and try to cut and run while quicken staff is actively working on his loan, he will loose those $500. In case the application is denied by quicken they will refund the $500 deposit. If approved they will credit towards the down payment.

About locking the rate, if they did not lock his rate, it is a favor that they did for him. Since the rates are falling every week it is better not to lock the rate till you get closer to the loan closing day. When I applied the intereset rate was 5.4%. With in one month's period I have 3.25%. Locking the rates has nothing to do with the $500 deposit.

what I think is this peson who lost $500 was either not serious about getting a loan or he changed his mind to go to another company after he gave his credit card to Quicken. No one forced me to give my credit card number. Quicken representative explained everything before they asked me about the credit card.

I'm so happy about Quickenloans.com's service I can recommend to hundred people.

I can provide more information and the representative who helped me if you need more help.

Dr. Shafi S, PhD

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