• Report: #159728

Complaint Review: Quicken Loans

  • Submitted: Thu, October 06, 2005
  • Updated: Sun, November 07, 2010

  • Reported By:Plant City Florida
Quicken Loans
20555 Victor Parkway Livonia, Michigan U.S.A.

Quicken Loans ripoff Livonia Michigan

*Consumer Comment: IN DEBT WE TRUST

*Consumer Suggestion: What did you do

*Consumer Suggestion: What did you do

*Consumer Suggestion: What did you do

*Consumer Suggestion: What did you do

*Author of original report: In Reality

*Consumer Suggestion: You guys are crazy

*UPDATE Employee: You must be kidding!!

*Consumer Comment: Smells like a scam

*UPDATE Employee: Be Real

*Consumer Comment: Bad website, too

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I started a loan procedure with Quicken Loans but cancelled in less than 24 hours after learning more about this company. True to form they charged me the $500.00 anyway. In my opinion this is a company with very little integrity and abosolutely no ethics. I caution eveyone to be very, very careful when dealing with Quicken. It could end up costing you money.

Samuel
Plant City, Florida
U.S.A.

This report was posted on Ripoff Report on 10/06/2005 08:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Livonia-Michigan-48152/Quicken-Loans-ripoff-Livonia-Michigan-159728. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 11Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

IN DEBT WE TRUST

AUTHOR: Bman - (United States of America)

If not over this, please write up a report and send to this government watchdog agency:


http://www.ftc.gov/reports/index.shtm

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#2 Consumer Suggestion

What did you do

AUTHOR: Brian - (U.S.A.)

What did you do to try to get your deposit back?
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#3 Consumer Suggestion

What did you do

AUTHOR: Brian - (U.S.A.)

What did you do to try to get your deposit back?
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#4 Consumer Suggestion

What did you do

AUTHOR: Brian - (U.S.A.)

What did you do to try to get your deposit back?
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#5 Consumer Suggestion

What did you do

AUTHOR: Brian - (U.S.A.)

What did you do to try to get your deposit back?
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#6 Author of original report

In Reality

AUTHOR: Samuel - (U.S.A.)

I did not receive a refund. It seemed to me that Quicken was mainly interested in my credit card number. My dealings with this company lasted much less than 24 hours so an appraisal could not possibly have been performed. My credit card billing statement listed "legal sevices" as the reason for the charge. What a joke. I have advised two others aginst dealing with Quicken and they went elsewhere. I will continue my efforts along these lines.
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#7 Consumer Suggestion

You guys are crazy

AUTHOR: Brian - (U.S.A.)

Sam probaly got his refund but will not update his "damaging" words so we will never know.
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#8 UPDATE Employee

You must be kidding!!

AUTHOR: Jay - (U.S.A.)

Larry,

"Quicken hides the details of this miraculous wonder mortgage called ?Smart Loan? and you ask us to just trust Quicken reps to feed us the facts. This has all the earmarks of the old bait-and-switch game."

99% of the complaints on here about Quicken is about losing the deposit because the client decided to back out or the appraisal came in low. How many complaints are there of bait-and-switch?? Maybe 0.

Smart choice simply means that you choose how to spend your money rather than on principal. You make a full interest payment but you have the option of paying principal. This works in your benefit in a few circumstances:
1) You are not going to be in the house long so paying the principal doesn't make sense.

2) Investment properties, usually people want the lowest possible payment without taking a neg-am loan where your balance goes up every month.

3) If you pay principal for 10 years, you might pay 20-30 thousand dollars on principal, but if you don't pay that money and throw it into a safe investment instead you will have 40-60 thousand dollars that you can put back on your principal if you wish. This plan works well for people that are savvy with their money and let their money work for them.

It is interest only for the first 10 years. You can pay any principal amount if you wish during that time, and whatever principal is left after 10 years re-amortizes into a 20 year fixed mortgage.

Interest only for 10 years has benefits and drawbacks. Anyone thinking about this should consult us and see if it makes sense.
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#9 Consumer Comment

Smells like a scam

AUTHOR: Larry - (U.S.A.)

Gary,

The Ripoff Report is full of complaints from people who got into deals where they relied on a sales representative's words and promises only to find that the written terms were substantially different.

Quicken hides the details of this miraculous wonder mortgage called ?Smart Loan? and you ask us to just trust Quicken reps to feed us the facts. This has all the earmarks of the old bait-and-switch game.

I stand by my original comments above. When Quicken advertises in the same venue as con artists and uses the same tactics as con artists I have to assume that Quicken is a scam.

Gary, why not clear the air and tell us all how a Smart Loan allows us to pay only half as much per year as a conventional loan?
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#10 UPDATE Employee

Be Real

AUTHOR: Gary - (U.S.A.)

Lets be real people. I see al these responses in here about Quicken Loans, do you really think a multi- billion dollar company is going to be taking peoples money fraudulently or without reason. Every response in here is from people who made a commitment to do a loan with Quicken or if they choose to not do business they would be responsible for any costs incurred up until that point. if you just started the process then you are likely out only the cost of a credit report and process fee, if we have ordered an appraisel on your behalf, and you choose to walk away, then you will pay for that as well. Quicken is the most reputable mortgage lender in the US, bar none. They are phenomonal to work for, to work with and always have their clients interest, at heart- because they know that is what makes them successful. As far as the website- the writer of the last comment, obviously does not know anything about mortgages- they are complicated and there is often alot of variables involved. The program he was speaking of, is a 30 year fixed, first ten years interest only, reamortizable mortgage.

Now which is better, trying to put that in writing and hoping that a potential client will see the benefits, or providing them with an expert to explain and fully look at their unique financial situation? Often what a client thinks is best for them, turns out to not put them in the best financial situation. Quicken Loans officer's are like having a CPA or financial advisor looking at your whole picture and helping you determine the best course of action.
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#11 Consumer Comment

Bad website, too

AUTHOR: Larry - (U.S.A.)

Earlier today I happened to find a Rip Off Report about a mortgage company (not Quicken) offering some sort of "smart loan." The writer had a very confusing explanation as to how this worked.

A few minutes later I saw an ad on TV for Quicken Loans and how their Smart Loans allow you to pay only half as much per year as a conventional loan. So I went to their website to find out how this all works because it sounded too good to be true.

Their website has a confusing array of loan products including at least two different products called Smart Loan. But it did not matter what I chose because there was absolutely no information to be had from their website. No, if you want information you must fill out an online form with your name, address, and telephone numbers so that they can contact you. Why the secrecy? What's wrong with explaining what you are offering? Why must I surrender my personal information to find out how this Smart Loan works? No way on God's green earth am I going to subject myself to some high-pressure sales pitch for something that I do not understand.

So I am not surprised to hear that Quicken Loans is ripping off people like Samuel.

BTW, I saw that ad for Quicken Loans on the History Channel. Other advertisers on the History Channel include the sellers of the infamous Ameripos terminals, wi-fi kiosks, Inventech, and others known quite well on the Rip Off Report. My rule of thumb is never buy anything advertised on the History Channel or any other cable channel.
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