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Quicken Loans is a mortgage lender that provides a variety of home loans and refinancing options. Quicken Loans has an online application process and provides services in all 50 states. It services 99% of the mortgages that you can apply for on its website.
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I will NOT waste one more minute on this company. Will not elaborate but know they will NOT lock a rate! They also will NOT give you a rate until you complete an application which is a hard pull on your credit. This negatively affects your credit rating.
Made the mistake of using Rocket Mortgage for a refinance, don’t do the same thing I did. Don’t ever use them. Feb 5th start refinance process, All forms submitted by Feb 10th. Feb 25th house actually appraised, Feb 25th to March 20th to get results of appraisal. Was told due to third party appraiser, that's life and to accept the long wait. March 20th to April 6th found they still needed to verify our Employment, April 13th get closing date of April 15th. After 3 day waiting period no funds from cash out refi, find out they shredded that form by mistake and need me to print sign and email form back to them. Had to drive to printing place to do it. As of April 21st still don't have funds from Refi - won’t use Rocket Mortgage or Quicken Loans ever again.. Worst process and experience I have ever been a part of. No discounts for the long wait or anything. Just a "I’m sorry. We are blaming COVID-19."
We applied to be “Pre-Approved” so it would be easier to shop for a house. Nicole ** was our “Senior Banker”. We submitted all of the documents as requested and after over a week of back and forth, we finally got our approval letter. We found a house and called Nicole to find out what our interest rate and payment would be. She stated that she couldn’t tell us until we had an offer on the table. I told her I wasn’t comfortable doing that without knowing what our interest rates would be. She told me that I would get to pick my rate. WHAT!!!?
When I told her that didn’t make sense and asked her what she meant, she became extremely rude and belligerent, even telling me that she was doing me a favor and why was I wasting her time. In the end, she tried sticking me with a 5.99% rate and some crazy high closing costs (which she absolutely REFUSE to break down for us)! We have excellent credit and even people with poor credit can get a better rate than that. Do yourself a favor and DO NOT use Quicken Loans / Rocket Mortgage! Buyer beware!!!!
Daniel ** harassed me. Sleazy salesman. Multiple times in our first call he tried to get me to go through with the loan without talking to my wife. I said, "I’ll let you know in 4 hours after I speak with her." He said with this market we might not get a good rate 4 hours later. Super sleazy liar. Through email, I asked him to leave me alone. He harassed me for hours. I repeatedly cursed him out and demanded he stop contacting me. Had to file a formal complaint. Do not waste your time with this company. He was also trying to get me to refinance for the same interest rate. Who does that? Unprofessional.
Predatory lender!!!! Do not get a mortgage through such dishonest abusive people! Perfect credit, below 80% ltv, unable to lock loans because of the pandemic... predatory! $14,000 in closing costs! They are the predatory lenders prior to 2008. Unfair, liars, predatory!!!!
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This place is an unbelievable joke! We worked with them for 2 months, they approved us for a home loan, sent an approval letter to the title company, we paid $500 earnest money and paid for an appraisal. We never got to see the appraisal because Quicken Loans “canceled” it after it was already done but the paperwork hadn’t been submitted yet because they all of the sudden decided they were no longer going to finance us. So now quicken loans is refusing to refund the $500 we paid for the appraisal and refusing to produce the appraisal. I would never recommend this horrible company! They are crooks!
They will LIE to you to get you to apply! I received a mailer advertising a Quicken Loans Match or Beat mortgage offer. I was closing with another mortgage company in a week, but went ahead and gave them a call. Having experienced this before, I specifically asked the Loan Officer if the offer applied to Closing Disclosures as well as Loan Estimates. The flyer in the mail did not specify. He confirmed that the offer did apply to Closing Disclosure.
After this, I have permission to pull my credit to see if they could match or beat. They could not, so I was told I qualified for $250 because they couldn't match or beat it. I was then posed to a different department, submitted all the requested documentation after closing, and was then told that no, the closing disclosure didn't qualify. I appealed, and was told someone would 'research' the situation, after I explained what happened. I asked that, if they couldn't uphold their offer, then I'd like to have the hard credit inquiry removed. This person then went on vacation for 3 days, then called me and told me they had researched it and would not honor the match or beat offer, nor would they remove the hard check because doing so may cause the credit affects to revoke their ability to pull credit.
When pushed, she further clarified that the only way to remove a hardcheck would be for them to report it as fraud, which she stated was not the case. Despite the false pretenses and lie I was told in order to give my assent to the check. I supplied email documentation of the situation as proof but was still told they would do neither of my requests but would undertake necessary internal training regarding my situation. This is a TERRIBLE company. Their Loan Officers will say anything to get you to apply even under false pretenses, they will not honor their word or offers, they won't fix their mistakes, and they don't care if they're wrong in the situation. Please, reader, use ANY other company but this one!
The representative for Virginia, John, was unable to provide any useful information and simply wanted to pull a credit report, above all else. All other lenders I spoke with were able to provide a better estimate than 2.75%-4.25% for a VA IRRRL that John could provide. When asked to speak with someone else, the representative stated everyone else would provide the exact same information, claiming that Quicken Loans is better than every other lender. Their customer service is terrible.
I talked to Brandon ** for refinancing my home with quicken loan and he hit me for 76,000$ closing cost on loan 700,000$, never trust this company. He told before we started application maximum is 25,000$ for closing cost, never see in my life closing cost 76,000$.
We decided to refinance with Quicken Loans after they presented a great opportunity for us to lower our monthly mortgage payments. Once we closed, paid our closing costs and made our first 3 monthly payments we got a notification that are payments were going up. Due to a fact that Quicken Loans made an error in calculating our county taxes. In conclusion, we now how a higher mortgage payment that was agreed upon at our closing and the team will now use our experience as a training tool to go forward so this mistake does not happen again to future customers.
Quicken Loans obviously does not care about their customers and even though the error had nothing to do from us and even in a time where COVID-19 is affecting my family, they will not honor their agreement. We just received a "sorry and we understand your frustration". With Quicken Loans at fault here for making the mistake they should have honored their agreement and in a full year when taxes go up is when the mortgage should go up. Not after 3 months from closing. With their motto on the signature of their emails... "Love, Protect, Amaze." The executive office did not see through on this logo. I have no confidence or trust in Quicken Loans going forward and that is a shame.
I'll start with saying Quicken was great to work with when originally financing my home. However, I had a bad experience refinancing my home. When rates dropped, they called me to refinance my home. I talked through all the numbers with them and was very focused on how long it would take for me to break even on the refinance (i.e. when is the earliest I can sell without losing money on the deal). The Quicken agent told me the break-even was 13 months. Sounded like a great deal!
I decided to shop with Amerisave first before finalizing and was set up an even better deal with less fees and they told me the break-even point was 8 years and they were honest and recommended that I do not move forward. Now I was curious..why does a better deal have such a worst break-even period? I decided to do my own math and found Quicken's deal was closer to a 9-year break-even. Then I found an online refinance calculator that showed something similar. Now I'm not saying the Quicken agent intentionally misled me, but it's definitely a possibility. I wrote it off and moved on and decided not to refinance.
One year later, rates drop even more and I get a call from a different Quicken agent about refinancing. He told me the total cost was $9k. I said great, let me shop this around..so I called Amerisave again and asked for the same rate and term. The total cost was $8k w/ Amerisave (with only $600 being profit for Amerisave and the rest being closing costs). So I dove into the details and compared the deals and noticed in the deal with Quicken, my principal increased by $14k. I get that it should increase by $9k since I was doing a no-cash closing, but where did the other $5k come from?
I called the agent and directly asked him why he told me the cost of the refinance was only $9k (he even put that in an email), but the the loan principal shows an increase in $14k. He was definitely caught off guard and avoided the question until I kept pushing and he finally admitted the deal was actually $9k in closing costs plus $5k in fees (points and origination fees..or profit for Quicken). I told him his deal was no where close to Amerisave's and he told me to send it over and they would try to match it.
I politely told him I had no interest in working with Quicken because I felt they were being dishonest and have displayed a pattern of being dishonest in the past. I walked him through why I felt he was dishonest to me and he didn't even deny it. He just told me "thank you for being honest". I'm convinced they are all trained to be sneaky and trick the average consumer. Please beware and do your research. My experience with Amerisave was very transparent and easy. I have no stake in Amerisave or any bias.. just offering up a better option.
I've been a customer of Quicken Loans for years. I started a refinance on March 3 and all went well. On March 13 I forwarded insurance documents. One for my HOA and one homeowners. These 2 documents they already had from a refi I did 2 years ago, and they were accepted. The HOA document was immediately accepted by a local lender for my neighbor. Quicken Loans has not moved on these documents since March 13. They keep saying "We're reviewing your insurance documents". Now I know they're busy due to COVID, but they are advertising on TV like crazy for refinance business. So new applicants are submitting. In the meantime, I can be saving $300/mo which I sorely need. What is going on at Quicken Loans?
I am writing this review on behalf of my clients, who have been wronged by this company in many ways. When we first started working together I told them not to use Quicken Loans, I've never had a good experience with them! Lo and behold, your company has dissapointed one of my clients once more, including me. We received our appraisal back over 3 weeks ago with confirmed numbers, we are one week away from closing and a Quicken Loans "Solutions Consultant" calls to tell us that the appraisal amount on the house suddenly went down without explanation by $2,000.
When asked to look into the situation the Consultant was removed from the case and it was given to a different person who just said that there's nothing that can be done for my clients, they would have to come up with the additional money next week. They said that their internal team found that the numbers were "inflated", I've spoken to many loan officers about this and they have NEVER heard such a thing in their industry. I will never recommend this company to anybody!
This is a good example of trying to strong arm sell and CLOSE THE LOAN by getting you to pull a credit report before any quotes have been provided. Keep your guard up during these times. THE SHARKS ARE FEEDING! I contacted QL to receive a quote on specific loan criteria. I was prepared with the knowledge of what I can do with my current loan to achieve reduced interest costs and term without affecting/increasing my principal amount. I was told a credit report would not have to be pulled and that the rates would be quoted based on the information I provide. I also understood that in the event I felt comfortable with a quote to proceed further, a credit report must validate the credit score to process the actual application. Completely understandable.
I received a call from Kacey **. She began her interrogatories intent on learning what I am currently paying monthly, my current rate, term, type of loan, etc. Nothing about what loan I was looking for. Kacey ** does not care what loan you are looking for to compare, because she wants to sell you a loan that works for her and her aggressive sales to CLOSE THE LOAN. When Kacey ** realized I was not interested in all the loan types her "#1 in the Nation Loan Provider QL"(chuckle) had to offer, her attitude shifted to the aggressive sales type and she started answering my questions with questions. When she asked for my SS number I told her that I did not want to pull my credit report she asked "Why not?"... Really?
My answer should have been "BECAUSE I SAID SO!" But I was polite and told her that I was shopping and when a credit report is pulled, not only does it affect the score (it does DONT LET ANYONE TELL YOU OTHERWISE), it also unleashes a multitude of phone calls, email, and mail about "I HEARD YOU WERE LOOKING TO REFINANCE/ MORTGAGE/ BORROW" etc. etc. etc. She seemed intent on convincing me that it will not affect my credit score (erroneous) and that no one would know (erroneous) and that ultimately she will not provide a quote based on the information I provide. The conversation ended there. Dont waste your time with Kacey **. And make sure you let them know at the beginning of the conversation that you do not want your credit report pulled - do not provide your social security number, - this will save you wasting time with a loan salesman! Good luck Consumers!
I had a great experience when I first refinanced my loan through QL. I have recently wanting to refinance again due to decrease in rates. I've already locked in with another lender but wanted to give business to QL, however the service was trash. They never called me back and it's been about a month now. Made a quote again yesterday on 3/26 and when I got the call from them today and have told them that if they can't beat the rate that I got through another lender, they literally started giving attitude and just hung up. Don't ever do that again and this will be my last business with QL.
I am a senior disabled widow. I have not owned property since 2007. I sold our retirement home at the beach after my husband of 35 years died. I met a nice man two years later and have lived with him now for 12 years. I started wanting to own my own home again about a year ago. I hadn't needed any credit, neither did my fiance, because we have everything that we want or need.
I receive my Social Security and a survivor benefit from Social Security from my husband. I looked up loans for low to moderate income, senior, disabled and found the USDA GUARANTEED HOME LOAN. I looked for rural property in my home state of PA and called the USDA office in Harrisburg PA. I didn't know that there were two kinds. They sent me an application, and I looked on the list of lenders that they use. Quicken Loans was on there so I called them. We pulled my credit score and the man in the credit dept told me what I needed to do to bring up my score for the USDA.
I did what I needed to do and then applied, thinking I was applying for the USDA GUARANTEED home loan for those who can't get a conventional loan. Lower income. I was approved, then the guy at Quicken called me back and said, "No, that is a mistake, you cant get a loan." "What??? You approved me up to 80k? You pre-qualified me." First before that I applied for around $125k, that was approved. Then they changed it to 80k, then he said, "No, you can't get that either(??!)." Then they called back and said they looked at an old credit score and raised my pre-qualification to $139. I went out of state and looked at a home I had been watching. I made an offer. It was accepted. I had to come up with 10k in Closing for FHA. I had to get a gift letter from my companion, he was going to sell this house and move up with me.
I did all I needed to do. I paid the $1000.00 good faith, the $295 for the inspection. I was jumping through all the hoops with bank statements and the sellers fixed things after the inspection, offered money towards closing. We are 3 weeks away from closing, saving up so that I won't even need the gift, they call me and say that the taxes went up so they can't approve my loan, my income to debt ratio is too high now!! This isn't the USDA Loan either, the one I wanted. They said that has stricter guidelines! I thought it was to help people?? I called Washington to speak to be the head of the program. He told me there's two programs. One uses bank financing, the other you apply directly to the State where you want to buy.
No one ever even told me that. Quicken Loans told me it was easier to go FHA. THE USDA loan for low to moderate income is what I started a year ago but didn't apply because no one knows anything about it. The loan that I was approved of right up to today and was snatched away, well the Quicken Loan rep asked if I had a co signer, I said yes my fiance, he had a shoulder replacement from an accident at work so he's on disability right now then he is going to retire in a year, they won't accept disability income!!
Do not count on getting a loan through Quicken Loans when they tell you you are approved unless you are rich. I don't understand how the company that did the title search came up with the higher taxes after the appraisal, I was purchasing it for $132k it appraised for$134, so that made the taxes or projected taxes go from $90 month to $120 a month and changed my debt to income ratio?? So now I'm not approved. 3 weeks from closing. And the poor sellers too, planning on moving closer to their grandchildren. I love that house.
During this period of time this company is not offering real solution for people affected by the virus. Forbearance is not a solution. Clients end up paying everything back (LUMPSUM) when the period is over. Modification, bad idea. they will change your rate plus all the feesss. They need to pause your mortgage like others are doing. On top off this they are lobing to get money borrow from the government so they don't have to paid their obligations. Shame on you Quicken Loans.
They indicated after initially reviewing my information they could refinance my VA loan with a cash out option, took my good faith deposit, had me pay for a pest inspection, I sent tons of documentation, loan officer did not work on my loan for two weeks. Claimed he could not get VA approval. After finding out about this myself I made one phone call. It was taken care of, after the appraisal, when I talked to the so called workout specialist, once he told me he had submitted loan to the underwriter, next he told me he had not gotten the appraisal, that was done two weeks before, two months after all the jerking around they inform me they could not do loan due to debt to income, they are lost in space, a real waste of time and effort, do yourself a favor. Go elsewhere. Wasted a lot of time and money here, they keep you in the dark, nothing quick here.
After investing hours of my time preparing, asking questions, supplying documentation, and receiving a pre-approval document with a GUARANTEE, they notified me that the loan promise was no longer valid.
I called Quicken to look into refinancing my current mortgage. After going through all the steps and finally getting a loan officer to call back, they quoted me $17,500 in closing costs and 0.375% higher than the market rate on a 30 year fixed. I have excellent credit and income and have never missed a payment in the 10 years of having my current loan. The loan officer said "those closing costs are the going rate right now because of the high demand of refinances". So because there is a demand for refinances, you are allowed to price gouge on your rates and fees?! Good luck! Terrible business practices. I would never recommend Quicken to anyone.
At first Quicken told me that I was losing money. I quickly dispelled that error by adding up my business incomes for them and showing a significant income. A manager finally got involved and apologized for their underwriter’s poor math skills. My credit score is above 800 and I have enough cash on hand to buy the property several times over without a loan. It basically boiled down to me being self-employed. Somehow me buying the business that used to employ me, having a score above 800, having a 12 year history of paying several mortgages on time and in full every month, and having an abundance of cash is seen as high risk. These people promise you the world but simply waste your time.
Quicken advertises they will help with credit scores of 600+. My credit score is 690, but they say that score is wrong. I owe 35,000 on a 110,000 house and they can't help? Fine, I don't want your BS anyway.
We've been with Quicken Loans for years and needed to restructure our finances recently to take advantage of lower mortgage interest rates. They showed our value to them by negotiating and repackaging the deal to show their appreciation for our business.
I already had a $200,000 loan. Never missed a payment in 20 years. Home is worth 1.5 million at the least. I only wanted a lesser interest rate. Every couple days they wanted more documents. Took weeks extra. Now they said my home insurance has run out and they’re going to charge me for home insurance even though it’s current but I have to have my insurance co send them proof. Oh what a pain.
When we found Quicken Loans they offered a great rate and everything was done in a reasonable amount of time and it wasn't a difficult process off. The agent was quite helpful and answered a bunch of our questions with the patience of a saint!
I've had two bad experiences with Quicken Loans. The loan officers at QL are definitely not concerned about doing what is best for the customer. It is all about just getting the sale. They are not honest. They demonstrate very poor ethical standards in how they paint the picture regarding the loan process and their initial "good offer." They got all the information they asked for and once everything was evaluated and reviewed more than once, they made another "good offer." The minute you think everything is fine and the closing date is being set up, you get hit with major changes that they claim causes higher closing cost, higher interest rates, and higher monthly payments. NIGHTMARE/UNETHICAL/STRESS! That's how I describe Quicken Loans.
Quicken makes the process easy and has competitive rates. As with any commissioned based company, there is a bit of a hard sell, though not as bad as most. For a first time home buyer I would recommend a salary based mortgage company or a mortgage broker.
This mortgage co promised many things to draw you in and then could not produce any of them. Their service was terrible, they dropped the ball on everything and then wanted a extremely ridiculous amount for closing. I would never use this company ever!!
All aspects of obtaining a refinance loan were excellent. In fact, this is the second time I've used Quicken Loans in 3 years. Everything that can be accomplished using the Internet is done to expedite the process. Quicken reps keep you well informed every step of the process. They are very helpful and knowledgeable. Their rates are very competitive and I highly recommend them.
I applied for a loan and they tried to get me to get Credit Repair which cost 175 dollars a month. Now if I can't afford to buy a house how can I afford to pay for credit repair. But they just kept going on and on about this is the only way to get your credit right.
Quicken Loans Company Information
- Company Name:
- Quicken Loans
- United States