I didn't think it could happen to me. I was quoted a great package from Quicken based upon a 1-month old appraisal I received from another company, who I thought was charging too much for fees. That company wanted to keep my business, so they matched the numbers quoted by Quicken. I had already established a relationship with my new
loan officer and I had
no doubt in my mind that the loan would be approved at these numbers, because of my current appraisal. When I was told that in Quicken's opinion my home was worth $20,000 less and I required PMI, I couldn't believe it. I was also told that our excellent
credit scores counted for nothing. Luckily, I was able to get my original loan back from the previous company with the lower numbers, but Quicken almost caused me to lose an additional $900.00 from cash out at closing. Do not get pulled in by the
loan officer's friendly
personality and never give out your
credit card number for a "deposit" - this is a scam. I am still undecided if they are in on it, or just naive as to what a rip-off company they are working for.
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