At the beginning of my whole process, I had contacted Quicken to check into the Streamline program.I was explained to about the Streamline and how I could re-fiance with little out-of-pocket and lower my payment.
The streamline was only going to lower my payment about $15 so I decided not to do it. About a month later, I get a call from a loan officer in Quicken stating that they are now doing zero out-of-pocket and that I had a deadline of two days to get the paperwork in. Considering I received that call on a Saturday afternoon, I go the paperwork in Monday (the deadline.) I get a call a few days later stating that we didn't get our documents in time and they were not able to do the streamline. (Remember this is after I got my paperwork in and paid $400 deposit.) I then stated I wanted to do a 15-year and he stated one plus side was there isn't any MIP (mortgage insurance premiums) related to a 15-year re-fi.
Here it is almost 4 months later and we are almost ready to close, I start reviewing the documents and the loan officer stated they were "OBSORBING" $2549 is closings, but again while I'm being told this I had the loan documents in front of me that showed $1149 of that was monies we had paid in the deposit and also MIP credit from our original note. So I decided to let him know this is what I was seeing and then wants to in turn say well they are absorbing 1.375 points. What the heck, I thought you just mentioned that Quicken was absorbing $2549?? I have never been told so many wishy washy things from a company in my life!
This has been a horrible experience and don't wish this on anyone!
Please people...do your research and read these complaints so you won't be in the same situation!
Review about: Quicken Loans Mortgage.
Monetary Loss: $400.