I was referred to Quicken Loans to refinance my home.I wish I had never been referred.
This was the worst experience ever. It started out ok, but then went downhill very fast. The original person who started my process was putting my home value as $234K on the loan. I advised him that according to my taxes my home was work $212K.
I asked if that was going to be an issue. He assured me that it would not. He wanted to roll in some of my debt into the loan. I thought that might be good.
Although we did disagree about debt to roll in. I wanted to roll in just my car, he wanted to roll in some other debt. But, I did not want to because it was 0% interest. He agreed that he would only roll in my vehicle.
Then he came back offering the same percentage rate I have. But, since it was going to take my car payment away, I thought it would be worth it. I supplied my tax and insurance documents with amounts so that he could consider that in escrow for the loan. My loan that got transferred to another department, because we were just in the paperwork process.
I then found out that he had tried to roll in my 0% interest debt anyway, so this is where it began. I had to argue to get that taken out. I was planning on paying my other debt off at the end of the month, so I only wanted to roll in my car payment. They finally got that fixed.
But then the appraisal came. Suddenly I got notification of a new document. I checked it and discovered that they had changed my cash at close amount from $2K to almost $10K without saying a word to me. They submitted a document for me to sign with new loan terms.
I felt that this warranted a phone call. During the entire process, I could never get in touch with the person in control of my loan. Apparently it must be a call center. I could call multiple times per day and get a different person every time who could pull up my account.
Every person that was involved in my loan or that I talked to was in a different state, in a different time zone than me. So it was hard to talk to them anyway. By the time I got off work, they were gone. Other times, I would have to wait to call, because the other people dealing with my loan were two hours behind in time.
I then further reviewed the new terms and discovered that rather using the tax and insurance values I provided, they put in a much lower amount for these. My yearly taxes are almost $6K and they were putting a little of $3K in escrow, and putting half the price of my insurance in escrow. Which would mean at the end of the year, my house payment would go up tremendously. They also wanted almost $10K in closing cost, when my car only has almost $7K owed.
I then called to discuss these loan terms, and suddenly no one could pull up my account and discuss it with me. Before, anyone could do it. But now, only one person could. That person was not available.
I spoke to a supervisor who stated she would now be in charge of the process, and she would email me with information the next day, since I would be at work. I never got an email from her. I then called a couple more times, but my loan person was not available. I finally sent them a message stating that I wanted to cancel the loan process.
Suddenly he was able to answer back immediately. He then said he would re-evaluate my loan and get back to me. He didn't call or email me, instead he sent me a new loan offer. The escrow still was not correct.
The payment was lower, but if the escrow was wrong, it would go up tremendously the next year, which would put me in a worse position. He finally called me and I told him I was not happy with the way my loan had been handled and I wanted to end the process. He again tried to explain that my payment would be lower. I advised him again of the escrow problem.
They were just trying to get me a loan. They didn't really care what happens further down the road, when my escrow is so deficient that I have to pay additional $4-500/month to catch up. I again told him I was not comfortable with the process. The supervisor never called me again.
I did not like the way the customer service process went. He seemed to get angry. Then I got a letter with a loan denial. I called them again and asked for a supervisor.
I did not get denied a loan, I cancelled the process. I should not be receiving a denial of credit letter. But, the supervisor just kept trying to repeat why I was denied credit. I have documentation of the loan offers.
It should not be considered a denial of credit.
They are a very shady company.I suggest if you are looking to refinance, go to a local company in person.
Review about: Quicken Loans Loan Refinance.
Reason of review: Poor customer service.