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Here was the problem with Rocket Mortgage and Quicken Loans in a nutshell. We are going to purchase the home next to our current home. So here is what I was told. In order for us to purchase the home we have to get a divorce and provide out divorce information to these people or we have to sell our current home and find somewhere else to live until the home we are purchasing has the upgrades installed due to medical conditions. Since I am neither going to divorce my spouse or sell my current home and live on the streets until the house is ready for us to live in they could not give us a loan.
It wasn't our credit rating or anything that was going to affect the loan. Just I wouldn't get divorced or live on the street till the other house was ready. I am very offended that a mortgage company would tell you to get divorced and if you don't, "you can't get a loan through us." It took me 30 minutes for 3 other companies that with our credit history were begging to help me with the mortgage.
Started a rocket mortgage re-fi application to pay off my daughter's student loans - - after a full process I got an approval, but the rate was more that 1.25% above current market rates - a total rip off - and their hard pull reduced my credit score by 5 points!!!! I have a 750+ credit score, D/I under 34%, and more than 20% equity in my home... Total predatory lending and misleading... Don't get on a rocket for anything, it just might turn into the Challenger. There's definitely an O ring missing with this outfit!!!
Shocked to discover all the dishonest statements made by their agent. Parsing his statements their “low cost” mortgage included more than 4 points in “mandatory fees”. Completely dishonest and unscrupulous.
4 months going back and forth, lost faxes, just as you think you're on the home stretch they want something else, they are 5 days behind so when you submit a document it just drags on. The multiple reps don’t read the documents thoroughly so that holds up the process as well. After 4 months of this and that, the rep calls with a cashout proposal then says sorry he can't, then says I can’t qualify due to debt to income ratio. They don’t understand rental property has income. Go to a local bank and do yourself a favor.
I only called to inquire as to what's available. I said I'd only do a refi if I could pay off certain debts. When I give them my estimated value of my home the guy keeps trying to get me to say it's worth more but I refused, I thought it was weird how he kept pushing that. I give my info and I get a callback, "Congrats, not only can we lower your rate we can pay off all your debts too! Would you like to proceed!?" I said, "Of course," if you're saying I can do all. I said I wanted to and he said, "Yes, all we need is a $500 'good faith deposit' for the appraisal." I agreed under the terms this guy told me. So the appraisal gets done, and actually comes in a few thousand higher than I had estimated. I log into my Quicken account to look at the new terms and not only is the monthly payment higher than I was told but now it says I will be getting about $3K less to pay my other debts than what I was told.
I call my Quicken agent who won't return my call. At this point I have started looking into other lenders. After leaving a message on their online board the guy finally sends me a text saying he'll look into it. He calls me back later and says, "Yes, sorry." His numbers were off initially and this is all they can offer. Even though it was a few grand under I still agreed, and he said the online stuff would be updated again shortly. Well when they updated later what I found was that I was now getting back another few thousand less and SURPRISE what they were charging for closing went from roughly $4K to $6.5K. I of course contact my agent who then tells me it's because the appraisal came in so low. I pointed out that the low appraisal line is BS because it actually came in over what I said I thought it was worth and over the amount he said originally would work.
I told him that I made it very clear from the beginning that the only way I was doing this was if I was able to pay off what I wanted, and that initially if he would've told me if it came in at what I said it was that I couldn't do what I wanted then I wouldn't have proceeded. I then informed him I was backing out of the loan and either wanted my $500 back for the appraisal or wanted it legally released from their ownership to mine because I paid for it. I was told the $500 is non-refundable and they said nothing about releasing the appraisal. Well luckily for me I paid with my CC. Yes I agreed to the deposit but I agreed to it under different terms than what they tried pushing on me in the end. Quicken tries saying it's because of the appraisal but the terms I am specifically filing about are the closing costs. They quoted them at one amount then increased them in the end by over 50%, i.e. they tried defrauding me.
For as much as the internet blows today this is one way in which it really can save your **. Back in the day when you did a big loan you didn't have access to squat until you were signing on the dotted line. Now you can take the time and read thru it all and keep track of the whole process, it really saved me this time. The other lenders I called, Direct Rate and my local CU, came in $1700 and $2300 less in closing costs and my CU appraised my home 5K higher too. As far as Quicken/Rocket Mortgage goes I would avoid at all costs, but if you have to go with them encourage you to closely monitor your stated online loan terms EVERY DAY and take screenshots of them to use as record later when you realize they are trying to ** you.
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Let me start by saying I have obtained 3 mortgages with Quicken Loans, and currently have one in good standing. I've recently referred 2 people to them who have both obtained mortgages. That being said, I decided to do a cash out refinance and combine a couple of other high interest loans together into a lower rate. The process started out typical..$500 deposit for start up costs and $610 for appraisal. The loan was a 15 yr conventional. I reviewed the first closing disclosure breakdown, and noticed a 2% funding fee, and the rate was a percent higher that the typical 15 yr rate.
I contacted Quicken immediately and questioned the rate and funding fee. I was told they would look into it. I received a call back a couple of days later with a 3/4% reduction in the funding fee and and the rate was written off as risk factor, a cash out refinance is typically a higher rate, and the rates I see advertised are not typical and just there to lure the customer in. Hmm? I got those rates off financial websites NOT other mortgage companies. I waited for almost 3 weeks before they got the appraiser to come in and do appraisal. The appraisal came in well beyond the needed LTV. I'm still trying to figure out the risk factor: An excellent credit score, enough money in savings to pay off all of my debt 3 times over, a healthy fixed retirement salary until I'm deceased, plus a high appraisal.
I felt really uneasy about the whole deal so I contacted Quicken Loans again about the high rate, and get the same answers, but I was told they would look into it on a Friday. On Monday I got the email that they are ready to close so I logged into the closing disclosure and there were no changes and I have heard nothing back from them. I decided to go to my local credit union with my information. They immediately offered me a 15 yr cash out mortgage with no closing costs or fees and the rate was 1% lower. No deposits and a $400 appraisal. I felt like the biggest duped fool. I contacted Quicken Loans and withdrew my application (they said they did). I'm out the $1110 but will save thousands in upfront fees and long term rates. If you do anything, shop around, and check local. Compare rates, fees, etc. Don't be duped.
Please, do, go to Quick Loans if you want:
-Get fully approved and all the way to a scheduled closing date only to have them need "additional items" that will delay your closing date multiple times. We almost lost the house because of this. We were lucky our Sellers has used Quicken before (same experience we are having) and were understanding.
-Have Quicken's chosen home appraiser get the square footage wrong for the house you are about to purchase, then make up excuses why they will not change the value. Really?!
-Have each department blame the other for the delays and issues.
-Have promises made that are never followed through.
NEVER AGAIN. Stick with your local banks.
They intentionally underestimated my loan payments until it was too late. They charged me $1000 in a refundable deposit, but it doesn't get refunded if you don't go with them. So, by the time I found out my real payment, I was on the hook for $1000 to them and an additional $3500 earnest money to the home seller. At that point, I couldn't leave. They made wild promises and didn't meet them. They missed closing date 3 times. They shuffled me from person to person, each one requiring a ton of my time to bring up to speed. They didn't seem to read my packet. They claim to make the process easy, but it's only easy until you can't leave. Don't ever use Rocket Mortgage.
They put you through the wringer. Same thing over and over. Make it very hard to do business with. They make you feel dumb, talk to you like you robbing a bank. They really put the screw to you. They act one way. Do something else.
I've never bought a house before and I've been helping my mother with the process. Definitely not easy, and going through Rocket Mortgage, has made me wanna pull my hair out. At first, they were very enthusiastic, called multiple times, wanting to help, get all our information. And one week, turned into 2 months, and we missed out on 3 houses we were interested in because the banker here kept saying he was "missing" paperwork from us. Even after we sent him everything he asked us for more than once. He became unreachable by phone, even telling us he was extremely busy. Our realtor advised us that he was stalling us and that he couldn't give her a good faith estimate after she asked him multiple times. So, after all this hassle we decided to get a local lender, and we will be closing in 10 days. Do yourself a favor, stay away from this place!!
Quicken Loans Company Information
- Company Name:
- Quicken Loans
- United States