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Horrible experience!! I was supposed to close today on our home. From November until last week everything went smoothly. In February my husband was offered a new job, higher pay, better benefit. We called Dan Hodgson our purchase specialist. He said that taking this job would not mess up our mortgage. Wednesday, two days ago we were told that the underwriters would not approve loan because of the change in employment. You would think that because your employee messed up our mortgage with false information that this error would be fixed and we would move forward.
Nope. They called, said, "Sorry, can't help you" and that was it. We are now out appraisal $500, inspection $425 and good faith deposit $1000. No one at Quicken cares that they provided poor information that cost us $1925.00. Run from this company as fast as you can. After a lot of reading reviews today I am sad to say I am not the first person that they have done this to. Completly heartbroken and sick from this experience.
When I contacted Quicken Loans to get a loan to purchase my first house, their representative asked my permission to run my credit and see how much money I would qualify for. I had already picked a house that was on the market for $170,000 so that's how much I told him I wanted, if my credit was good enough. After pulling my credit, he said that I qualify for that amount and he would send me a pre-approval letter. The letter came and it was in the amount of $115,000.
When I asked what happened to the 170 amount he said he'd get back to me with a second pre-approval letter that would show that amount. Two months later, I get the THIRD pre-approval letter in the amount of 161,500, which was still not enough and certainly NOT the amount we had discussed all along. I contacted a local loan officer to get a second opinion and I looked at my credit report and it turns out that they did a hard credit inquiry 4 times in a 2 month period!!! Only the first time did they ask for my permission to do so.
When I contacted Quicken Loans and asked about the issue, they told me that according to the Fair Credit Reporting Act they could check my credit as many times as they needed to for the whole duration of the process, even if I didn't give them permission to do so!! I asked him where in the reporting act it said something like that and he told me it was too big of a document for him to point out the specific place!! They just assume that customers would know that, without anybody telling us so. My credit was excellent when I started the process and it went down by 20 points!! Not sure if they're doing this on purpose so they can offer you lower amounts or higher interest rates, but it doesn't seem fair and hardly legal. Buyer beware!!
I recently attempted to refinance my home through Quicken Loans. My initial mortgage broker was helpful and encouraging when he asked me what I thought my home was worth. Based on a refinance amount of my outstanding loans (2) of just under $160,000 we aimed for an appraised value of $205,000. This would cover my closing costs. In other words Quicken/Rocket would roll them into the loan. This was acceptable to me, so I agreed. I was asked to put up the $500.00 "good faith" money. I complied. The appraiser came out, did his appraisal and submitted to Quicken/Rocket. It came in at $200,000. Enough to pay off my existing mortgage, but not the approximate $4,400 in closing costs, which was now my #1 option. Which, it never was because I told my Rep., we are retired, and I do not have that kind of money to bring to closing.
So, fast forward to today. The cost for the appraisal went from $175.00 on the initial cost workup, to $475.00 on the revised loan offer, and I also paid for an expedited loan payoff requested from Bank of America, even though we had almost the whole month of March to close. That cost me $30. So, I am out $505.00. In the end, I believe, and know, the appraised value was low. I was hosed. In doing some light research I read that Quicken Loans closed $400 billion in loans last year. They couldn't fund my loan at $205,000, instead of $200,000, and pick themselves up $4,000 in fees? Go figure. Next time I will refinance local. I would caution anyone about extremely conservative appraisals by the unit used by Quicken Loans/Rocket Mortgage.
I was contacted 3/10/18 by an employee Billy after ignoring calls in the past. I told him I did not qualify for a refinance. Since a few months back I filed for bankruptcy. I asked him specifically not to run my credit because I was trying to reestablish it. They had my info from the past and in spite of my request they ran it. Which brought down my score that I've been trying to reestablish. I was notified by a Fraud Alert from Trans Union by text that evening letting me know that my credit was looked into by a 3rd party through Quicken Loans. Regardless that these calls are supposedly taped, after complaining to an Andrew in their Detroit office he agreed he heard me tell this Billy NOT to RUN my credit that I didn't qualify but that Billy was able to. So for a Company to do that in spite of what I requested I would BEWARE. Who knows what they would say or do for your signature.
After speaking with a couple lenders and learning about their closing fees and interest rates as shown on their loan estimate I decided it would be best to get a third quote to make sure I was receiving a fair deal for my new mortgage. Based on commercials seen on TV and Quicken Loans promise to have reduced fees and easy loans I decided to give them a try.
Calling Quicken loans was very personable at first and my loan agent even shared that my loan fees would be very low and my rates would be competitive. Now understand I had a unique case going into this loan process but was assured by the loan processor everything would be ok. Well, once I paid Quicken Loans for appraisals for two properties I was passed on to another person. Their job was to gather all my financial data and make sure I qualified for the loan. It seems as everything was on track and I was anxious to sign extensions for closing and even a new loan estimation forms. It was the loan estimation forms that started to make me wonder how legitimate and fair Quicken Loans really was. Well, I can assure you that based on the significantly increased loan fees I was not getting a deal at all.
The loan fees went from a modest 3-4k to over 11k. It was at this point I called my loan advisor and asked for clarification as to why they had increased my fees so much. After repeated conversations, they stated they would fix but never did. This leads us up to a closing date. At this point, I advised the loan processor that I would not move forward with the increased fees and wanted to go back to the loan fees we originally agreed on in the beginning. It was obvious they became irritated and eventually advised that one of my loans no longer qualified because they could not verify my residency. Mind you this is the residence I have listed as my homestead with the local county and state. So I'm not really clear how it can not be verified.
In the end, they just wanted to refinance an investment property that should have netted me about 11k in cash out. But you guessed it. They raised the fees again and not I would only get a measly $900 check. Absolutely Ludacris. My recommendation to anyone thinking of using Quicken Loans is to stop and run to their nearest local banker. They will at least treat you fair, be easy to talk to, and in the end treat you like a human being.
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If you aren’t looking for a non-personalized experience then they are the one for you. I decided to go with another bank because I felt so wanted. Someone close in my hometown and someone to sit down and talk to instead of always over the phone. Quicken Loans was VERY nice to me until I told my rep that I choose another bank. I told her I wanted a more personalized experience and she replied “well what’s more personalized than being on your couch”. My reply, “this is a mortgage lady not QVC”. If she bought a wedding dress would she buy it from her couch, no she would go to the store. She replied, “I don’t like to shop in person”. I’m thinking, wow she is mad and patronizing. I quickly ended by saying, "Ok, well I decided to go with another bank, thanks." She told me my file was deleted.
So roughly an hour later, she calls me back saying “we hadn’t talked in a while and I wanted to offer you a new home rate." I said, "I just talked to you and I said I was going with another bank." She was shocked and said “oh I thought you were someone else”. My reply, "Yea and this experience is sooo personal, right from your own couch” lol. They call so many people, they forget who they call. They are like robots just handing out loans. She claimed she could beat anyone’s quote but I had a very high score and three banks all matched their number with less fees. They get high customer ratings because they call people all day. Call center loans... no thank you. Once my loan is complete, I’ll never hear her voice again. I’ll just get another call center. Don’t say no or you will see the mean side of them!??
November 14, 2017, I took the steps to apply for a refinance/cash out with Quicken. Within minutes I was approved. I was given instructions on what to send (all online) and the process started. The cash out was to pay off a few bills and do some much needed home improvements. I was assured the process would take about 2 weeks. I found out that the State of California had placed a lien on my home. In order to remove the lien, we would take care of the outstanding state tax bill with some of the cash out (I make monthly payments directly from my bank account to Franchise Tax Board). We were having tax issues a few years back that sent us to a tax attorney.
We were already in negotiations with the IRS (offer in compromise) and were waiting on the settlement amount. Quicken's representative told me that in order to complete the process, we would need to pay the IRS as well. There was no lien from IRS. There was nothing showing I owed IRS except the tax returns I sent Quicken. They decided that I should pay IRS the amount on the tax returns; cancelling the negotiations I have paid an attorney for. I told the representative that made no sense. He stated either I paid IRS or the deal would not go through. At that point, it had already been 6 weeks. I believed his ultimate goal was to increase the amount of the refinance. I have a lot of equity in my home. Had we already had a settlement amount, I would have gladly agreed to paying that amount.
He never asked for the name of the attorney, he never asked for the agreement to give power of attorney in tax matters. He never asked for anything other than to mess up negotiations already in progress. And he was just the last of 7 different people I dealt with. Don’t waste your time with Quicken. I ended up with an inquiry on my credit and my mortgage holder selling my mortgage to another company. Both of which caused my credit score to plummet! I took my experience with Quicken very personally. I will NEVER deal with them again.
Joe ** had called me after filling out a form and asked if he could do a credit run and that it was a hard inquiry. He said that it would roughly drop around 6 points and it wouldn't hurt me too bad. That is the only reason I gave him permission. It dropped me 12 points on Transunion and 16 on Equifax. He said he would get back with me after I sent him my pay stubs and never did so I had to call him and when I told him about my credit he was telling me he never gave me an estimate on how much it would drop. I am highly dissatisfied with this experience. If you are not sure about how it will affect someone's credit, you should not give an estimate.
I had an absolutely terrible experience with Quicken Loans. I had to repeatedly tell them no as they tried to use high pressure sales tactics to push me into a loan I didn't want with Lender-Paid MI. They refused to provide any loan estimates in writing or take no for an answer, so I told them I was done with their BS and hanging up. They continued to try to call me repeatedly and I had to block their number. Then they tried to call my wife. I would not recommend Quicken Loans to anybody based on this experience. Also, based on the numbers they had the worst deals out of all the lenders I talked to. Their rates weren't particularly competitive and their points were expensive. They wanted to charge over $6000 in points to get to a competitive rate and started us at par instead of giving us any discount on rate for good credit (780+).
I saw some of the advertising from Quicken about how wonderful they are and how quick and easy it is. I would avoid at all cost. For the following reasons: 1. They won't even give you prevailing rates like every other company will until you give them a bunch of personal information. 2. When I finally got the rates they were not competitive at all compared to other institutions. When I challenged them on this... They tried to give me a lot of nonsense about why they are better and that their fees for closing were so much less, which when I asked a lot of questions, they really are not.
3. After I told them, look you just don't have competitive rates... The next day I get a call about how I am a special customer and they now have NEW deals they want to discuss with me. So I guess you only get the new deals if you are a bit obnoxious. 4. They hound you relentlessly. The final straw for me to write this was the last call I got from someone telling me about the fact I was highlighted and they wanted to discuss special deals... And that person says, I will now connect me to a specialist, so she puts me on hold for 10 mins and I finally hung up. I really don't see how they supposedly could be rated so highly as they advertise. Every conversation you feel like you are being scammed.
Quicken Loans is a great company. They have excellent customer service and their agent was very friendly and nice. They knew what they were talking about and it didn't feel like they were trying to pressure me into making a deal with them. At first their process was kind of confusing but later they explained well so I understood. It was very interesting and was kind of weird and fun but I enjoyed it so it was all good. However, I didn't like their drawn out and stretched their presentations. It took a very long time to finally finalize my deal and the mortgage. I was kind of annoyed and pissed but I made do and got what I wanted. I would definitely recommend them to a friend.
I was very unhappy with Quicken Loans due to the fact that they sold my loan to another loan company that I did not know. This made me very uncomfortable. I will never use Quicken Loans for another home loan again. I feel they were not upfront with their loan practice on selling their loans to other companies.
My experience with Quicken Loans has been frustrating as escrow keeps going up and income keeps going down. We thought the process would be simple as we were approved for a loan in early July. But we did not close until mid-September and it was frustrating to both us and seller. The more information we gave them, the more information they wanted. We were extremely frustrated that the process took so long. Would like to sever my relationship with them. The people I talked with are friendly but are basically powerless to solve my problem. In other words, there is too much micromanaging and not enough delegation. Also, sometimes hard to understand customer service representative. And I didn't like its idiot lawyers giving us a hard time over our Chapter 13 where we are paying Quicken directly instead of through the court. They charged us an additional $500 for something that even our lawyer has no clue about.
Quicken Loans made the exercise and the other aspects such as the processing of answering the question very easy and complete for me to get a mortgage by showing me how to do it. They have been very good for me and helped me get the work together. They keep on top of everything and are very professional. They have been very straightforward and friendly with me. Their work was almost flawless and I would definitely try Quicken Loans again and recommend it.
I have needed a little money to lease or buy in cash a car that saw on Craigslist but ended up buying one from a friend's friend that has the windows broken. One of my friend in the past tried and told me about Quickens Loans. Getting the mortgage was easy online and over the phone with a representative... It was around one hour and thirty minutes getting to know and giving personal details. In the process I added one more person so the loan rise a little. I like the fast way they lend you the money but at the same time there's a monthly payment to be made and is taken directly from the bank. However, I would like to change some of their security measures to be one of their clients. Due that it takes a while in getting approval. But, for the period of time it was all good to me. Overall it was a great experience. I can recommend to others to try not just dismiss.
It was nice to get a fast quote and I enjoyed the easy offer after filling out tons of pages, however dealing with support can be a huge hassle and was really disappointed, esp in specialty situations where a local company would understand and work with you. Don't help at all. I also dislike dealing with certain situations, when the assessment went through cause of a special case where the neighbours took a loss for tax reasons. The process is easy since you complete at home, however it's very time consuming. If you need a basic mortgage or loan they're fine, but with special circumstances they're a nightmare.
I was completely satisfied with Quicken Loans for the first several months of the process. I was pre-approved, the agent was in touch once a week, and so forth. Then I found a co-op that I really liked well within my pre-approved value. I made an offer, it was accepted and I moved forward on the loan. I submitted everything that Quicken required and got a commitment letter. However, as this was well before 60 days to the closing date that I wanted, the commitment letter stated that it was not the final letter because they needed one final paystub within 60 days of closing. At this point, I had paid for an appraisal, half my lawyer fees and a 10% down payment and had signed a sales contract. I had also sent the co-op application with the application fee, on encouragement of my loan officer.
Once the final paystub was submit, Quicken calls me and states that they have a problem with the co-op association carrying too much debt and that they had only just received the co-op financials. (I had these for two months, but was never asked for them.) They stated that they were going to try to get the loan approved, but just wanted to let me know that it might not be possible. Now, my sales contract states that I have to have a loan commitment letter by April 1 or a decline of loan letter by this time, or I lose my down payment. Thus, I had two weeks to find a different company, which I have done. (This company was honest and stated that they would need 20% down in order to approve a loan at the co-op in question.) Overall, the loan officers that I dealt with were nice, but the overall process left me with a very bad feeling about the company as a whole.
I went online and complete the pre-approval form. The website is easy to surf and has all the information need it. Easy to fill the information to get the loan approve in time, no repeat questions asked. I got a call in less than 24 hours from a representative asking me for some for information they need in order to approve the loan. Quick approval and good interest rate. They also have good customer support. Always there to respond to any question in a timely manner.
I'm very happy with my experience at Quicken Loans. I obtained the loan when I purchased my home after a friend recommended them. I applied online and was offered my loan after filling out the required forms. It was fairly easy. They were also helpful in explaining why they needed the information for applying for the loan. I make my payments on time and everything has gone smoothly so far.
Quicken Loans had great service overall and I did like my experience with Quicken Loans. Getting a mortgage with them was very simple. The process was amazing with their amazing employees. The employees themselves didn't seem to cause trouble to anyone. Any concerns and questions led to the best support possible there is out there. They have very friendly staff and it makes me want to stay with them. Shows me that I can rely on them.
I learned about Quicken Loans through Google. They had great reviews so I decided to go on their website to check my preapproval rate. I was later contacted by a specialist and was walked through the loan process. I like how fast and easy their process is and the interest fees were reasonable. They also provide honest information about their company and you can go online to receive preapproval which I love because I don't always want to pick up a phone to speak to a representative. But even though I liked everything about their process, I would like for their customer service to be better. The representatives try to rush you off the phone when you still have questions that need answering.
I liked Quicken Loans because when I applied for the loan they were very fast for the turnaround period for approval for the loan. It only took a few hours to be approved once I submitted all the documentation required for a mortgage. The process of getting a mortgage was relatively easy. They needed my income tax returns and verification of my employer W2 and bank statements. They pulled my credit reports and ran a credit check to determine what interest rate I would get on the mortgage loan. It was a great rate and I couldn't ask for a better rate. The process went very smoothly without any problems except at closing when I continued to receive all those phone calls at the end. Overall, I avoided all those bank closing costs and overhead charges that most banks do charge for a mortgage.
It has been very good with Quicken Loans. They have been prompt and very courteous with any loan inquiry and if there has been any questions they are able to help with any situations that may arise. They are eager to help out. The only thing that bothered me about the process is that they were very eager to close on the loan that they pressured me so much that they called me ten to fifteen times at work on my cell phone and there was no reason for that. Because they are an online broker with no physical branches, there was no communication with other agents on the phone. There was no records kept that I called and the telephone calls continued throughout the day nonstop.
I researched on the internet, gone through the reviews and also talked to the customer service and walked to the office and then after full research I decided to opt for Quicken Loans. My experience is very good here with Quicken Loans. It is very positive and is a very good company. I liked the customer service which is very cooperative. I liked their interest rate. I also liked their website which is also very convenient. Whatever is required in the company to get mortgage is all involved in this company.
I have been with them for several years and find them superior in customer service, Rocket Mortgage process, and competitive rates so I will continue to be a customer. I have a 15 year mortgage at 2.99% so I cannot improve on that with customers. Their closing process fast and great customer service so I have stayed with them through two refinancings and enjoy doing business with them and all of the information on their website is accurate and equivalent to closing documents. The process was very simple and they called me to switch to 15 year mortgage. They called me to offer me the opportunity to save money in the long run if I could afford higher monthly payment which I did. However, the Arizona office seemed a little inefficient compared to Detroit office. I continually had to call them to expedite the close and they often "misplaced" my information slowing the close.
My experience with Quicken Loans has been very positive. I was recommended by a friend to use them and they were very right to recommend them to me. We were declined by 2 other banks before a friend mentioned Quicken Loans. The application process was quick and easy and the terms were very reasonable. I was also very satisfied with the loan terms and the interest rate. We were approved in under 10 minutes. We used their rocket mortgage service and it worked as advertised. I'd definitely recommend them to anyone buying a home. They in my mind are a no brainer for home buyers in need of a loan. Also, their process is the simplest by far.
My experience with Quicken Loans has been a very good one. They have been there to help me understand my billing and have always been able to answer any questions I might have about my mortgage or products they offer. At first I felt a little overwhelmed but then once the process started they were there all the way to make sure my experience was easy and that I understood everything in the process of getting my mortgage, the rates I would have to pay and also my monthly payment laid out clearly so I wasn’t confused about anything related to it. They always have very good products to choose from and have stand behind their products.
Quicken Loans made everything comfortable and was eager to answer any questions I had along the way. They were very patient and understanding with me. I love how friendly and trustworthy they are with their customers. The process of getting a mortgage loan was so easy for me but the application process was kind of long. But they have very good rates on their loans and gave me the best possible rate as well. It was a very great experience and had the pleasure of doing business with them for many years. They really exceeded my expectations as a customer. They were never faltered and always kept me a happy customer and would do business with them again.
My experience with Quicken Loans was very pleasant and extremely satisfying, I found very little to absolutely no flaw with the company. I love how generous and truly caring they appear and how they handle situations. Their process for obtaining such an exquisite and uniquely articulate mortgage and/or quote was fairly simplistic. I would preferably use them over any other company I have found in the past years and would very much continue to use this company as they are fairly pleasant and easy to work with.
It was simple to get my mortgage from Quicken Loans. Everything was rather centralized and it was easy to figure out what we needed in order to get the mortgage and it was very easy to understand the information they were giving me. It was also easy to apply and to set up and make the payments. Accessing the loan information was really easy as well with their website. They also have a ton of helpful tools online to help you decide what option is best for you. The experience has been very beneficial with Quicken Loans.
My experience has been fantastic. The loan process was easy to apply for. Everything was accurate, and the process was straightforward and easy to understand. However, it took a while, longer than I expected and there was too much paperwork involved. I would like for the process to be less time-consuming. But Quicken Loans is a friendly, high quality, unique and customer-focused company. They have better rates than any other company around. They try to get you the lowest possible rate they can that will fit within your budget, and they have great customer service. I would highly recommend them 100 percent.
Quicken Loans expert review by ConsumerAffairs
Quicken Loans is an online mortgage lending company. Founded as Rock Financial in 1985, Quicken changed course in the 1990s to focus on online lending and has since become a leading mortgage lender.
Refinance information: Quicken’s website has a host of information for consumers looking to refinance their mortgages. A list of frequently asked questions, a direct line to a home loan expert, a list of required documents for refinancing and numerous other bits of advice are all located easily on the front page.
Dedicated HARP page: Because HARP is in effect until September 2017, consumers still have the opportunity to see if they qualify for HARP refinancing. Quicken provides a comprehensive guide to HARP loan modification including eligibility information and answers to frequently asked questions.
Zing blog: Quicken’s featured Zing blog contains relevant articles not only about home ownership and mortgage refinancing but also about lifestyle topics like gardening and technology. Quicken regularly updates this blog to keep information current and topics varied.
Online calculators: Whether a consumer wants to refinance their home loan, is looking for a new home or wants to see the impact of making additional payments on their existing loan, Quicken offers free online tools to calculate estimated savings and expenses. The online mortgage, refinancing and amortization calculators are easy to use and provide instant financial estimates.
Mortgage comparisons: Quicken provides a loan comparison chart, so consumers can see the various loans Quicken offers at a glance. The chart has brief descriptions of the loans with links to more information and application pages for each loan.
Best for: Quicken is best for consumers looking for instant information about mortgage refinancing.
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