Consumer Complaints and Reviews
Since I am a Real Estate Agent, I have tried to work with Quicken Loans over the years and it's one nightmare after another. The initial people, who take the client's call, are very nice and then it is just one unpleasant day after another. They switch workers during the process several times and sometimes the people get fired. They are rude and do not care. You never know who you are dealing with. Most of the loans are dropped right before closing! They just drop you and leave you hanging. Then we all have to scramble and find a local lender to save the deal. PLEASE! Do not use ANY online lenders, ever! Call a local lender!
First I would like to say I just finished refinancing my home with quicken loans and the process was very professional and easy. I have been a loan originator and am currently a Real Estate Broker so I am familiar with the process and was very impressed with their process. However it has now been 6 days and I have not received my funds. I am extremely disappointed in the process of getting my funds to me. First of all the refinance was to pay off my motorhome debt and an auto loan. Normally a lender pays off these types of loans directly. Quicken sends the consumer the checks made out to the lenders. This means for the time between closing the loan and receiving the checks and forwarding the payoff to the other companies you are paying interest on the refinance and the loans to be paid off.
Secondly they do not overnight the funds. They have sent mine via UPS 2 day. Problem there is I am in a rural area and do not have UPS 2 day available. I am on the hook for all this extra interest because no one asked how I wanted funds sent. I would have gladly paid the fee for Fedex overnight delivery. I have seen UPS go by without having the package delivered to me for another day and am really scared the funds have been stolen by the driver. I have contacted both the lender and UPS with no success and no concern for my dilemma. Just a word of warning: Do not use Quicken. They do not send funds to you in a secure manner. Guess I am going to have to sue someone if funds don't arrive by tomorrow.
I am writing to share my displeasure with our recent experience with Quicken Loans. They do a great job of selling customers on getting loans and assured me that I would get an appraiser who knew my market. An appraisal company was assigned, and the appraiser was not even from our county. He was from an area nearly an hour away, where homes sell for half as much per square foot than they do in our local area.
Despite home values increasing 5.4% in the last 12 months, he valued our home at $30,000 dollars less than an appraisal done just 12 months ago. His report said that our home had 9 rooms. We have 10. The appraisals he used were mainly 9 rooms. He had the square footage wrong. He said that there were no upgrades despite our pointing out the pool and new kitchen among other things.
I contested the appraisal and provided multiple comps for a reconsideration. The comps were pulled by a local realtor who actually knew our area and were nearly $50,000 dollars higher than this appraiser hired by Quicken Loans. The appraiser, despite his errors, refused to budge. He said that the addresses provided as comps did not exist. I reviewed what Quicken sent him and he was right. They didn't exist because they weren't the comps that I had taken the time to get. This was clearly an error on the part of Quicken that they never bothered to try to rectify.
The level of professionalism is very poor. They are good at sales, but they do not care if you, as the buyer, have a problem. They assigned a "solutions consultant" to my case who had no interest, at all, in resolving anything and simply laughed when I told her about the appraiser saying that he was not a Quicken employee. This is true, but the fact that they are using appraisers who consider comps as homes 3 miles away or active listings, reflects poorly on their organization.
When my husband and I were looking to buy our first home we used Quicken Loans. Our agent Devon was great throughout the process. When the first home we put an offer in on failed, due to the seller backing out, we continued our search. When we finally found another home after approximately a month, we put an offer in only to find out, we were no longer pre-approved. Our agent was not available, and no one else was able to help us. Our realtor was also dumbfounded as to why we were disqualified.
Finally 36+ hours later we were notified by our agent that my husbands credit wasn't good enough (va loan). We checked our credit and found out that over the course of 4 weeks Quicken Loans did 9 hard inquiries on his credit dropping it substantially. We have yet to get a response from quicken as to why they did that. The only logical reason is that they have inexperienced agents dealing with major life decisions and are ultimately in control of the lives of home buyers they are servicing, whether it is conducive to the buyer or not. Our real estate agent ultimately relinquished her duties with Quicken Loans after this for fear of losing more business.
It has been four months and 2 weeks that I have been dealing with the Most Incompetent people on the planet who work for Quicken Loans. After costing me hundreds of dollars having my house appraised, and two termite inspections (because they are only good for 120 days) I am told that they messed up the paperwork, by not putting my wife on the loan before sending it off to closing, in which now they say we would have to rewrite the loan in which my Rate will go up, Imagine that, and I have no recourse. I beg you, no matter what they promise you, they will screw you over.
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Do you enjoy talking to a lot of people? Enjoy a unique person for quite literally every instance of communication? You'll love the Quicken Loans experience. As will you enjoy the added benefit of a barely functioning, rickety website. Definitely try never to have a serious problem. My loan had been transferred (sold) to Quicken (You have no choice in that matter, but you press on). I had noticed buried in the first billing a strangely noted and small fee of 25.00. There's was no info on it other than it was "other."
After a painful and confusing ordeal creating an account on myql.com (seriously what do you do when you create and confirm an account and then are told that the account you just created and logged into doesn't exist?) I decided to try and figure out this "other" fee. I wish I'd just paid it. I emailed to ask what the fee was and spoke to a different person each time they responded (four people in four emails), finally was called by a fifth, and returned the call to speak to a sixth. I wanted a paper trail and written confirmation that this small fee wasn't going to bite me later. I didn't know what it was and Quicken conferred to me that it was a fee from more than a year ago that the previous bank hadn't collected (my records are that I paid it. Also... how does a bank not collect a fee or mention it for more than a year? They'd have been charging me late fees like crazy!). The only solution was a conference call and sorting it all out.
I didn't have time or patience to solve what I felt was their problem with the prior bank since I had all the proof. I'm sure this will burn me later but I just paid the fee. Had to call and confirm it. They still couldn't figure out how I'd paid it. Nor could they give me any confirmation. That's why they want it all over the phone. It's a bananas system and ripe to screw the consumer. It might look organized but wow is it not. I can't imagine having a serious issue. I'm mortified of the future now that I have to deal with Quicken Loans.
Please! Please! Please! Before you buy anything with Quicken Loan check other companies for mortgage rate. Quicken Loans advertises a great deal but that does not make them a great company. Quicken Loan is horrible company in my opinion. Milad my loan originator ask me for my bank account login information which did not seem like something I should give him, so I called my bank for advice and of course my bank strongly advised against giving him access to my account but they would send him any documentation that he needed.
I had charges on my bank account from Quicken that I did not authorize. By choosing to go with another company I will save thousands of dollars over the life of my loan. The company I am with now gave me a much lower interest rate than Quicken Loan. Please be sure to compare rates with different companies because this could save you a great deal of money of the life of your loan. Quicken Loan is not a good company and I don't recommend doing business with them.
Applied for a house refinance so we could use our $50,936 equity for pay off our debt except for the house payment. Went thru the entire app. process, appraisal right down to within 15 days of closing then told that we needed an extra $1,000 in income before they could help us. This after being shifted to 4 different people and departments. My husband is a Veteran and we both receive social security income. The payments on house and living expenses are easy enough to be made. We just need consolidation of our house repair debt and credit card debt... from my experience with Quicken Loans, yes the people are nice, I would warn everyone to leave well enough alone. They promise you the world and deliver nothing. Thanks for nothing.
The process started out great! They assured me my situation was a perfect fit for one of their loan options and told me to start packing my bags because we would be moving into our new home in no time. After that the task started to get more and more daunting with paperwork. I stayed on top of getting the paperwork back to them as soon as I could as I wanted to get the process done as fast as possible. After about 90 different papers and countless trips to my local bank we had a closing date set. My lawyer said everything was set up for November 21st and everything looks great.
A week before our closing date all of that changed when we received a call from Pedro from Arizona. Pedro grilled me about my income since I work for a family owned business (which has been around for years). He said that they could no longer follow through with the loan and that they have made a business decision and would be closing our loan now. A WEEK before we were going to close. My advice is to use ANY bank besides Quicken Loans if you are looking to get a loan of any kind.
Beware of Quicken Loans if you have Angela ** Client Care Specialist Phone: (800) 708-3211, ext. ** Fax: (800) 383-9244 assist you with a HARP refinance. They are very courteous and friendly and say your interests are their main objective. They explained the refinance procedure and stated they need a $400 down payment which will go towards the appraisal.
We're not experts in this process so we thought this was normal so we agreed. The appraisal was delivered with the refinance paperwork for our approval and since we aren't very good at understanding all the terms we took it to a friend at a credit union to verify everything was correct. That's when we learned were not being quoted a HARP but instead a FHA refinance with nearly $12,000 in fees at only .5% less interest than our current loan and we should cancel this and ask for our money back since a HARP doesn't require an appraisal with only $4,000 in fees at 2.25% less interest. After many attempts Quicken refused to reimburse us because they have us in a recording agreeing to the appraisal fees. At 63-years old I'm embarrassed to say I was caught up in a bait-and-switch scheme.
Looking to refinance and contacted three lenders. The Rocket broker contacted me on their chat line and I provided him my interest, background and credit history. The broker related that I would have to wait at least one year to apply for one of the programs I had researched. I spoke with a broker with a company that competes with Rocket. I'm now closing on my refinance and obtained one of the programs that Rocket insisted I would be unable to obtain. Rocket, I'm not in the financial industry, but I do know how to research. Your advisor provided me with the wrong information and you lost out on a customer.
Quicken Loans had approved a past mortgage loan for my Baltimore house in 2006, which is why I went to QL again to refinance my current home last year. I didn't qualify for HARP but I was eligible for a VA loan. QL stated that I was preapproved for the loan, an appraisal was done and QL said they were working to reduce my closing cost. QL created a document website where I would sign and scan required documents to complete the loan process. This process became a nightmare because the documents required were endless. I would have all the required documents in and awaiting approval from the underwriters to be later told that another document was needed.
For example, I am an Army and Air National Guard Veteran so QL wanted a copy of my DD 214. I requested it from St. Louis that took several weeks to receive and submitted it to QL. QL then wanted a copy of my release documentation from the Air National Guard which prolonged the loan process. Now QL requested current pay stubs etc... Often times QL would not contact me for a week or more after receiving the required documents so I would have to call for a status update only to be told that yet another document was needed. After going through this for several months, I went to a local lending company to be told that most of the documents QL required were unnecessary. The local lender not only approved the refi on my residence but also refi on my second home within a two-month period. I would highly recommend to everyone NOT to do business with QL.
I PROMISED TO WARN EVERYBODY ABOUT THIS ONE: I was recently refinancing my home to capture a lower rate. Contacted Rocket Mortgage for a quote. They threw out a rate significantly higher than other lenders... they were not even close to what others quoted. They passed me to a hard closer who went on to claim that all mortgage lenders have to quote the same rate by law and my other lenders were simply quoting a lower rate to pull a fast one on me later... a bait and switch. I told him I was insulted by his assumption that I am an idiot and would believe such garbage. He later confessed they charge more because they promise to close faster. In the end, I closed with another lender at 3%, just like they said.
They insisted that they absolutely have to pull my credit report to see if my current loan is eligible for HARP. I found that eligibility can be checked online on harp.gov. There is no need for a hard pull on your credit report. Beware. Very dishonest. In addition, I gave them my personal email address by accident and I am now flooded with spam emails for home refinance offers from the most shady companies. When I'm ready for refinance it won't be with Quicken.
High-pressure sales tactics, Bait and switch, Spin. Those are the words I chose and here is why: You are browsing around and hit FHA's web site. The *second* you sign up, you get a multiple calls. The one I answered was Quicken Loans. They looked my credit score up (710), checked everything, and said I was good for 3.325%. I had a competing offer from the local credit union at 3.5%, so based on this switched to QL. They took my $500 deposit. I submitted a bunch of docs, all approved, all good, nothing else asked for. I realized the loan wasn't that good, so had to redo to something that did not totally screw me over. After that, they wanted documentation of absurd things that were obvious, to delay or just get rid of me I assume. Should have stayed with local credit union. ANY high-pressure sales has a CATCH.
I feel it necessary given the many negative reviews to share my experience with Quicken Loans during a recent home refinance. I was referred to Quicken by a family member who had previously utilized their services much to their satisfaction. Using their online tool I was able to quickly and easily submit my initial application. This was on a Saturday and while I had no expectations of hearing back over the weekend within an hour of my application someone from the Quicken team reached out to ask if I had any questions about the process. They then let me know that I would be hearing from one of their specialists on the next business day.
That Monday I received a call from Greg who was able to answer all of my questions about refinancing and also explained in detail Quicken's process. He confirmed details of my application and let me know what documents would be required to verify the information submitted. The required documents were reasonable and in line with my previous financing experiences. At no time was I ever asked for a fee up front or a deposit for a credit report or appraisal. It was explained to me that the fees for both items would be rolled into the loan once approved. When I questioned Greg about what would happen should the loan not be approved or I should not agree to the terms of the loan (such as interest rate) he informed me that I would not be responsible for incurred costs. This promise was later detailed in writing as part of the documents I was given by Quicken.
I felt confident in my conversation with Greg and at no time did I feel as though empty promises were being made. It should be noted that my credit score, while fair, does not usually make me privy to preferential treatment when it comes to financing. The initial customer service made me feel as though I had a top score. I was given access to MyQL.com and found their website was very user friendly. The documents requested of me were easily uploaded to their website and were date and time stamped as I uploaded. Overall use of the website was fantastic. Easy to understand system including a "To Do" page made it simple for me to follow requirements as well as to communicate with the team involved in my financing.
Over the course of the process I worked with one specialist Angela who was attentive and very patient. Most of our correspondence took place over the website and all of our conversations remained documented there. I could review at my own need. Only a few phone calls occurred due to my own procrastination during one part of the process but were never bothersome. Everyone was very courteous. Quicken contracted with a nearby appraiser who understood the area's housing market. Small repairs required by the FHA loan were identified during my appraisal and Quicken was very patient as I completed those. Once they were done the process was once again moving and Quicken scheduled my reinspection very quickly. The appraiser's price was fair and exceeded what I thought my house would come in at.
Once everything was completed Quicken remained in contact via their website alerting me to any changes as they occurred. Due to repairs my original signed disclosure had expired. Quicken was very good at letting me know a new one had been posted to sign and there were no changes to my original terms even though rates had risen slightly over the course of only a few weeks.
Once everything was completed for closing I received a phone call from Tyler in their closing team. We spoke about the loan in detail and Tyler made sure that everything was to my satisfaction and that there were no surprises. He informed me that the closing signatures could be done in the privacy of my own home! Quicken contracts with a notary who will travel to your home to complete the necessary paperwork. The contracted notary showed up on time, was friendly and efficient. The closing process took less than a half hour, which was about an hour and a half shorter than my original purchase closing. As a representative of Quicken she also asked me if I had any further questions and explained what would happen once she submitted the paperwork.
As of Friday I am now happily refinanced and could not be more pleased with the care and attention that was taken on my account. I had been very hesitant to work with Quicken after seeing the reviews on this site (even with the referral from family) but I am glad I moved forward. Quicken was exceptional about explaining everything and had I felt they were not genuine I would have terminated the transaction quickly. Be a smart consumer and research multiple companies to find your best fit. Know your own financial limitations as well. Please don't expect miracles as the company can only work with what you give them. I went into this refinance knowing what I was capable of and at no time did Quicken give me a hard sell or bully me into something I was uncomfortable with. I would highly recommend these folks to any of my own family and friends.
The first phone call was great! I was told this would not be a problem, we can close in just 27 days! Fantastic but the story starts with being injured at work and they wanted my employer to lie about a date to return to work. That to me was strange, they did provide a letter but no date on it. This was accepted. Went to underwriting. I was told to send in bank statements, pay check stubs etc.
This is within the first week of the loan. I get the success. The documents have been received emails then it goes downhill. I was told now that the loan was going on track but it wasn't. They asked to write letters about past credit history that dated 6 years ago?? They lost my letters and I was apparently emailing the wrong person but this was the info they gave me. I think we sent in each document 4 times.
The person I talked first was not licensed to answer my questions so it was sent to a so called specialist. That was a joke then they said since my employer couldn't provide a date to return it now may not get approved??? This is day 30 of the loan process!!! I was lied to. Already paid for a appraisal hoping now I can get the 400 back! ! I went with Loan Depot instead should have stayed with them from the beginning!! Do not sign with Quicken Loans. So unprofessional in my opinion.
I was told that I would be able to lock in a rate of 3.5% and that the rate would be applicable to both an FHA loan as well as a conventional loan. The agent told me how much I would be "saving" a month based on both loans. So I paid my "good faith" deposit of $400, had my appraisal and when I told them I did not want an FHA loan and that I wanted a conventional loan then like magic my "locked in" rate of 3.5% went up to 3.875%, which is exactly what my current lender had offered me. In addition to that the closing costs were way higher than my current lender was charging me. I called QL to get a refund on my deposit because I was misled and was referred to a "specialist". I asked her to review the tape of the initial conversations because remember "all calls are recorded". Well the "specialist" called me back and said basically "too bad because you signed an agreement so we are keeping your deposit."
I applied for a VA loan and was reassured repeatedly by my QL representative Nick ** that I was going to qualify for it. One week before closing they tell me that it turns out that I do not qualify for a VA loan. For over 6 months Nick ** told me lie after lie after lie just to keep me on the hook knowing full well I would not get my desired loan and would have to settle for whatever they offer me once the closing date was near. This way he would get his commission one way or another. I am absolutely disgusted with Nick ** behavior. He should be ashamed of himself for cheating an Iraq combat veteran. So they then put me in for a 15 year loan which was rejected and then finally a 30 year loan that was finally approved.
To make matters worse they had the nerve to charge me for a reappraisal fee for every loan that they botched and they hoped that I would not notice the upcharges. It was only when I said something that they offered me a credit to offset the cost of their mistakes and extra charges. One of the underwriters even went as far as to offer me a free or very low cost refinance in the future once I qualify for one but would not give me this promise in writing... He told me to call him personally and he would put it in. I found this to be an insult to my intelligence that I would believe that a verbal promise had any substance whatsoever. The process of dealing with Quicken Loans is also very aggravating, inefficient and time consuming. My originator was so busy with so many clients and potential clients that he would schedule me in for phone calls in one or two week intervals... very impersonal.
A year later I bought another property and used a local lender and my experience was much better than Quicken. I only dealt with two people (who I personally met and were super friendly) and they were always available to answer any question I had. The process was much more efficient, transparent, honest and clear cut than Quicken and I received excellent terms. I would highly advise people to stay away from an online giant like Quicken and borrow from a local lender.
Tried to get a refi loan. First person I talked to said, "No problem." Went downhill from there. Kept changing the details of the loan. Sent all the docs they needed - kept saying didn't get them all. Changed my closing cost 3 times and one lady called my wife and was loud and obnoxious upset my wife. I finally had enough and stopped it. Now I'm trying to get deposit back. There slogan "engineered to amaze" is more like engineered to screw with you.
Quicken Loans is such a misleading company. All they want is their deposit and then they don't take care of you anymore. Prior to that they are constantly calling you on your phone and work numbers and begging you to just put the deposit in.
My experience was a clown show. They requested countless documents and after confirming receipt, told me over and over they misplaced them, requested I resend and resend. They promised, because my credit score was 768, I would easily get refinanced at a lower interest rate, with them. I paid $400.00 for an appraisal and my appraisal was SO LOW IT WAS LAUGHABLE. I paid $330K for the home and they appraised it at $119K. I could NOT believe it! They gave me the runaround re: why it was so so low and then suddenly, I was told I wasn't approved... end of story. They would not return any of my calls or emails. I went to Chase and within 3 weeks was approved at a much lower interest rate. Quicken Loans is nothing but a SCAM and if you do business with them, you were warned.
I decided to refinance my home. They asked for $500 deposit that would have gone toward my loan charges. They hired a appraisal company that underestimated my house by a lot and because of that they raised my mortgage and when I disagreed and cancelled the loan, they refused returning my $500 deposit. They are basically thieves.
Don't apply you have 800 credit and a loan to debt ratio of 43%. I was strung me along with a 690 credit score and a ratio of 47% for over one Month only to come back at a ridiculously high rate. I asked for documents back and never received call backs even during the loan process. I also escalated this to senior Management and still no call and no documents. Next step is to contact the FDIC and file my complaint with them as well as with the Attorney General's Office. STAY AWAY. There are way too many lenders unless you have a score of over 800 and a loan to income ratio of less than 43% which is unheard of.
Horrible experience from the get go. Had to pay for a 400.00 before my loan went to underwriting. Appraisal came back 4500.00 under purchase price. After me & seller came to an agreement on that get a call from the Underwriter because there was a 2 month gap in my work history 2 years ago. They had my documents for 4 weeks, why wait so long to call me? I wasted money on an inspection & an appraisal & wasted a month of my time. Going to a small local bank where they do their own underwriting & don't lose paperwork. They will deny you right away not after a month of stress.
So let me start off by saying my credit score according to the three big credit reporting agencies is in the 720s, not amazing but not bad. According to Quicken Loans, it's 100 points less, but still workable. I was trying to purchase a house on relatively short notice and Quicken Loans was in touch with me through emails. I was mostly asking questions like "What exactly do you need from me to make this loan happen?" and everything they asked. I gave until now is the day they were supposed to give me the pre-approval letter. Now instead they have moved the goalposts telling me the loan is too small (I'm going through a breakup and trying to downsize into a smaller 2bed/1bath home that I can waaaaay more than afford.
They were also telling me their reasoning for wanting different things later is because I'm "high-risk." The mortgage payment at this house was going to be about half of my weekly check (half of what I'm already paying and have paid for the past six years in rent.) Honestly, I'm so frustrated at how they've tried to mislead me and waste my time. Fingers crossed that I have better luck with another lender and get this house I want before it's off the market. Ultimately it all started going downhill as soon as they got me on the phone where I didn't have what they said in writing. Stay away if you're in a hurry.
DON'T EVER DO BUSINESS WITH THIS TERRIBLE COMPANY. We have been working with Quicken Loans for several months now. What a complete waste of time. I have never seen such a disorganized company that gives you false hope. These people ask you for the world of documents to re keep sending them over and over. They call you everyday of your life and truly make you believe you're getting done with the process and then magically call you because of a ridiculous excuse as to why they can't continue with the loan. They have cancelled our loan TWICE! The first time they cancelled was due to me being thru a temp agency. Then magically it can go thru and they issue the appraisal and I made sure to ask them that my loan was for sure good to go before they issue the appraisal and I was ensured by multiple people it was fine.
They do the appraisal and SUDDENLY they can't do the loan due to the fact I am at a temp agency which is why I asked them the first time when they cancelled that it was a %100 percent sure that the loan would go thru before issuing the appraisal. So at this point they have cancelled the loan twice and as you can imagine I was BEYOND pissed off. The amount of time we had invested into this was a lot. Anyways after that I was done. You don't screw me over twice and expect me to come back to them and most likely cancel a possible 3rd time. So at that point I didn't care if they were going to lend us a million dollars I couldn't consider ever signing with a company that operates like this!
The funny thing is THEY cancelled it twice and without me knowing it a SECOND appraisal was still scheduled to go on the house. I'm not into companies that screw people over the way they did us. Now they keep calling me to talk to me about something. What could you have to possibly talk to me about when you have cancelled the loan twice. I will tell anybody and everybody who ever thinks about buying a house to never consider these people! I would hate for this same thing to happen to somebody else. I really can't believe how a company like this can stay in business and rip people off. DON'T WASTE YOUR TIME OR MONEY.
Everything started out okay with the loan application process. Got a pre-approval right away. The calls were excessive afterwards though; calling me at work if I didn't answer my cell phone (seriously unprofessional). Twice I requested rate options, payment scenarios for comparison, cost of the rate, closing costs. At first the rep says "sure" and "of course" but refused to provide when asked again. Said that he couldn't give me any details, other than their $1,049 QL fee, until I had an address for the new home. The same day I received the info I wanted from two other lenders so I thanked QL for their time and said that I opted to go with a different lender.
I received an email asking why, and phone calls to my place of work. A week later I logged into "MyQL" to remove the personal documents I had uploaded, but the system doesn't allow this (don't upload anything unless you're going through with the loan). The QL Rep called within 5 minutes, leaving a message that he saw I logged in. (WTF?)
And now four days later he has called again, both my cell and my work. When I answered my office phone he spoke as though I never told him I was using a different lender. As I described my surprise (and feelings of harassment) that he was contacting me at all, let alone at work, he hung up on me. He then sent an email and said we got disconnect somehow - sure we did. To his credit, the rep was relatively kind during the short time I dealt with QL. It's possible he's just following the policy of the company, who knows. I will never recommend this company as a lender, based on the fact that they are not at all transparent in what they offer... and the persistent (and seriously unnecessary) phone calls. After reading some recent negative reviews with similar issues, I'm confident that my experience was the 'rule' and not the exception.
First, take a look at the positive reviews. Notice the dates and vocabulary used. Almost comical the similarities. Do your research. Use the Internet. Talk to local banking institutions. I'll try to be brief... pre-approved. Agent said credit was excellent, he was impressed and personally guaranteed closing in 3-4 weeks. This was a refi on a 10 year old home we built. Danced through many hoops for paperwork, missed phone calls, changed customer reps on us 3 times. "Moved on in the company," they said.
After 4 weeks they sent an appraiser out. The appraisal was incredibly low. Even comical. Don't believe when they say they will send an independent appraiser. They appraised at $135,000. They wouldn't let me speak with the appraiser after it came back. Made too many excuses for me to even list on the low appraisal. We were only looking for $100,000 to pay it off. Most they would offer was $92,000 and at a 1.5% higher interest rate than was originally guaranteed. Really?? After 7 weeks of nonsense, I said I was done. They kept our "good faith" deposit. When I went to another financial institution, the appraisal came back at $187,000! Closed in 3 weeks. Please, please, consider anyone else.
I refinanced my mortgage and was told there was no refinancing charge. They not only added an extra $10,000 on the amount financed but also tagged on extra fees all calculated in the mortgage payment which made it impossible to ever pay off this mortgage. A complete scam.
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