- Report: #237528
Complaint Review: Quicken Loans - Internet
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Quicken Loans
www.quickenloans.com Internet, U.S.A.
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Quicken Loans Lies Pressure Theives ripoff Cleveland Ohio Internet
Quicken loans made many promises to give me a good loan and I really had faith in them but they really let me down.I'm trying to buy a house for aprox. 160,000..and i have seller consessions of 8,000.
When I first started working with Quicken I told them what my maximum I could afford a month is $1350, and i did not want an intrest only loan..i want some principal to go to my loan from my payment.
Quicken promised me a fixed rate of 6.5 fixed rate for the life of the loan and even informed my realtor of this. because I just went through this bull with another lender (high rates. interest only). I was very clear on what I wanted. On my good faith estimate they had $1360 for the payment. I was told exact rates would maybee even get better after they pull my score again last minute.
I did cartwheels faxing them docs, proving assets, starting insurance. As I was working on this I wanted to know more about the loan program I was working for and they would not tell me. They said they would not know for sure until they had all my docs and assets.
A day before i was supposed to sign I received the amortization book and it was the same scam I just went through with the first lender but it got so much worse.
80/20 loan Intrest only 7.5 fixed for 5 years then ARM on the 80/
12.? fixed on the 20/ 15 year based on 30 (big balloon)
over $9,000 in closing costs 3pts 80/ 3.6pts 20/
My payment ended up being $1475 $115 more than the estimate
They told me it's a great loan and it's all I can get. They told me not to worry and they will refinance me in a month or two so my payment will go down. I told them I cant afford it ant they still kept at me to sign. I refused!
NOW they want a $300 deposit(they never collected) or the money for the appraisal or they will send it to collections!
QUESTION: Do I really need to pay them...is it fair for them to lie to me, thinking I'll not realize the bull they are offering me? They are trying to make me believe it's all my fault and I'm high risk so I deserve to be overcharged points and interest?? QUICKEN CAN NOT BE TRUSTED all LIES!
Mike
parma, Ohio
U.S.A.
When I first started working with Quicken I told them what my maximum I could afford a month is $1350, and i did not want an intrest only loan..i want some principal to go to my loan from my payment.
Quicken promised me a fixed rate of 6.5 fixed rate for the life of the loan and even informed my realtor of this. because I just went through this bull with another lender (high rates. interest only). I was very clear on what I wanted. On my good faith estimate they had $1360 for the payment. I was told exact rates would maybee even get better after they pull my score again last minute.
I did cartwheels faxing them docs, proving assets, starting insurance. As I was working on this I wanted to know more about the loan program I was working for and they would not tell me. They said they would not know for sure until they had all my docs and assets.
A day before i was supposed to sign I received the amortization book and it was the same scam I just went through with the first lender but it got so much worse.
80/20 loan Intrest only 7.5 fixed for 5 years then ARM on the 80/
12.? fixed on the 20/ 15 year based on 30 (big balloon)
over $9,000 in closing costs 3pts 80/ 3.6pts 20/
My payment ended up being $1475 $115 more than the estimate
They told me it's a great loan and it's all I can get. They told me not to worry and they will refinance me in a month or two so my payment will go down. I told them I cant afford it ant they still kept at me to sign. I refused!
NOW they want a $300 deposit(they never collected) or the money for the appraisal or they will send it to collections!
QUESTION: Do I really need to pay them...is it fair for them to lie to me, thinking I'll not realize the bull they are offering me? They are trying to make me believe it's all my fault and I'm high risk so I deserve to be overcharged points and interest?? QUICKEN CAN NOT BE TRUSTED all LIES!
Mike
parma, Ohio
U.S.A.
1 Updates & Rebuttals
Brian
Walled Lake,Michigan,
U.S.A.
The sales pitch got you MIke
#2UPDATE Employee
Thu, March 01, 2007
Mike, I understand why you're upset. Anyone in your shoes would be upset. Quicken is known for the bait and switch sales method. You're lucky you didn't fork over a $300 (In most cases they try to take $500 from most) deposit. Go to your Atty General office in Ohio to report this. I've seen this a million times being done to clients at Quicken. If you had given them the deposit they would keep it and tell you some sad story on how they spent time and cost. You should have sought out a PROFESSIONAL MORTGAGE BROKER as oppose to dealing with this internet Sweat Shop. The people who train as BANKERS are really inexperience young kids out of high school who they pay them $300 buck a loan while making them work 70 hours a week they have no feeling about the client but will tell you what you wont to hear to get you the door. I feel sorry for you, that's also the reason why they have so many ongoing LAW SUITS against them. Quicken is not a lender although they tell their banker to pitch that to you over the phone. Quicken is just a huge broker who sell their loans like all mortgage brokers. The only difference is a mortgage broker has lower cost; he also has much experience then those internet phone jocks who work at Quicken. You need to tell everyone you know about your experience so that they will not go thru this. Quicken runs it's business like a mortgage McDonalds, hire young kids (phone jocks), they spend millions of dollars on TV commercials, rates are ALWAYS higher then most local brokers, they also have a ton of cost on the final Good Faith Estimate. Also, your local mortgage broker is not going to wheel you in the door asking for a DEPOSIT, you would just pay for you OWN appraisal. They will response to you telling you the lie of 96% of their client would come back to them. DON'T BELIEVE IT. You need to run as far away from them as possible. Besides any company who has 462 past employees suing them for back pay should tell you their truthfulness when it comes to telling the truth. They are CROOKS and should all be put in JAIL. You are dealing with the biggest investment of your life and to have this happen to you is a disgrace but very common. Your state Ohio has very tuff laws in dealing with a company like this REPORT IT TO YOUR ATTY GENERAL OFFICE ASAP.
