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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.

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Anonymous
#128967

sara, if a company wants u to clean up your credit, you obviously dont qualify.comment 2 this loan cmpny didnt undervalue your home.

appraiser is a 3rd prty.lenders only makes $ if the loan closes.

Anonymous
#121260

i guess i just gave these people 300 dollars for nothing to clean my credit up, they want me to get a credit card. I guess i can forget about a loan.

Anonymous
#119968

Just found out today that quicken cannot close my loan.My house was appraised at more than what was needed for the loan.

They sent someone to do a field review and valued my house $100,000.00 lower than what the appraisal was. My property was assessed for $50,000.00 more than Quicken said it was worth. What a joke! My house was appraised in 2009 and again in 2010 and that was not good enough for Quicken.

I was told on Thursday (2/25) that everything was going great and we were getting ready to close. Then suddenly today (3/2) they could not close my loan. This is after a month of working with them and faxing in all necessary documents.

My advice is not to trust them.Quicken's Mortgage Bankers talk out of both sides of their mouths!

Anonymous
to VCD #787819

Mortgage companies are required to do a representative amount of field reviews.Assessed value is not the same as "market value".

Estimated Market value is what someone would be willing to pay for your house.

Assessed value is a whole other process and involves mass appraisal.How does Quicken Loans win awards year after year if they are this unscrupulous?

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