I did an online app. Quicken Loans could not provide me with any better terms than I already had, for a home loan refinance and the loan would only be for about $8k over original, and not the 25k I was looking for. Later, they called me up with a "new solution". “We can do it for 10% down".” This is closer to my needs/. So, we started with the application!. My credit is excellent". They said it is "810" (I know it is "850" as of this month);. So, they can do me for 4 1/4%, and get closer to the amount of cash needed for the project,. “PMI included? I had to ask, he didn't seem to know what that was.. But, soon he acquiesced, that “it was in his figures:. So this is a 'no brainer', how about we get this started today?” (first red flag, they are never 'no brainers'!!!) “Today, and 'before the fed starts taxing home loans', starting next Monday..." Huh??? (Red flag #2 not a word of this is mentioned on the internet...) I looked up VA loans on line, they can finance the entire amount, and then sometimes even more. So QL is not being entirely up front, and they are being secretive, and a bit aggressive, possibly even making up stuff, on the sales pitch. I'm curious about the offer, so I get it started, "Ok, now I need $400 up front to do the Appraisal (current appraisal has been done and I told him about it before we got started, this is not about loans, it is about selling appraisals...), before we can proceed, this comes off the $1100 it will cost to do the loan application. Is your credit card handy?" (third red flag!) Insert an annoying record scratch sound here...No thanks! "Well, Mr. J. why do you not like this loan opportunity we are offering you?" I'm thinking , "if you can't figure that out, you already know why, but are looking for objections to counter, and so as to get on with the pushy sale pitch. I tell him, " Any time I hear 'it’s a no brainer' mentioned by a sales rep., I stop, and take a couple of days to think it over..." Does he not know, that normal loan processes, do not require any cash, up front!?! 129cf34



  Comments (1)
1. Written by Ripped off for 500.00 on February 2, 2012 from marietta, georgia, US
Wish I had read these comments before I proceeded with Quicken Loans. I applied online because I knew I had a great credit score of 744 and over 400K in savings. I was just trying to refinance my home from a 6.5% loan to a 3.75% loan. First thing they wanted was my credit card, then they emailed paperwork which I promptly signed. Had an appraisal which came in 10K less than I expected but still I was told all was well. Then things just stopped and weeks went by then I was told I would not qualify for the mortage. The house was purchased at 350K and my mortgate balance is 270K. What gives? I have great credit, money in the bank... I have yet to understand why they don't want this very secure loan.

Comments on Quicken Loans said I only qualified for 20% down loan, later 10% for VA
• Keep the topic of messages relevant to the subject.

• Personal attacks will be deleted.

• No Links or Scripts.
Name:
Comment:



Code:* Code
I wish to be contacted by email regarding additional comments