Quicken Loans Quicken Changed Everything! Detroit Michigan

I applied to Quicken for a refi 4 weeks ago, the initial "Loan Agreement" had me receiving a check from Quicken at closing of just under $2000 and their "Mortgage Banker" pointed out that I would get to keep the $900+ that my current lender has in escrow.

I decided to go ahead and paid the $500 "Appraisal/Good Faith Deposit" by credit card and submitted all the paperwork. After 3 weeks the appraisal came in $2500 less than Quicken had valued my house originally so I knew there would be some changes but wasn't too worried because I would still be borrowing less then 80% of the newly appraised value.

The next day I got a call from a second "Mortgage Banker" who said my debt to income ratio was too high (it hadn't changed since I first applied so why was it now a problem?), she went over my monthly outgoings and then after shaving the loan down from $106,925 to $106,000 she said that should be good, although the check at closing from Quicken may only be about $500 but I would still have the escrow money from the current lender and could possibly have 2 months without a mortgage payment, depending on when we closed. I asked how they would pay the taxes due on the house in 2 months time if I was only paying $150 or so into escrow on their loan, she said the remainder was being added into the loan amount, seemed straightforward enough.

I got another call today from someone who said everything was looking good to close without any problems and he just wanted to "go over some numbers" he then started rattling off one figure after another barely pausing for breath. I just caught him say something about "call my current lender and ask them to pay the taxes early" (they are not due untill December) and when I stopped him he said "or can you bring a check for $920 to closing?". I asked how come things had changed so much when the interest rate was still the same, closing costs had gone up, loan amount had gone down, how come instead of them giving me a check at closing and getting $900+ escrow money back they were now saying I had to give them $900+. He said "to pay the taxes because there wouldn't be enough in the new escrow account to cover them". I pointed out that I had been told the taxes were included in the loan amount and he replied "well, figures you were given at the begining of the process can change and they're just an estimate etc etc", I replied that these weren't figures from the begining of the proces, this was something I was told last week and if things were going to be the way he was describing then I wouldn't be going ahead with the loan. I said I needed to see everything on paper before I made any decision, he said he would post the docs on "MyQL" and could I get them and then call him back with my answer today (it was already 4.00pm), told him yes knowing I had no intention of calling him back today. Seems his job is to rush the customer into making a snap decision, he doesn't seem to actually know much, just what he has on the paper in front of him!

After reading through all the paperwork 3 or 4 times I still can't work out how they did it! The loan amount went down nearly $1000, the "cashout" of just under $2000 has gone completely, and I am now supposed to pay them $920 that's almost $4000 difference when all that actually changed was the home value is $2500 lower.

All this has left me completely at a loss, it seems to me that Quicken deliberately overvalued my house for the initial quote to lure me in, then avoided completely saying anything about the $4000 change until the last minute and then tried to rush me into making a commitment to a loan that bears almost no resemblance to the original agreement.

I will call Quicken tomorrow and advise them that unless they can come back to me with something similar to the original agreement I will not be going ahead with the loan. The $500 "Good Faith Deposit" should be renamed the $500 "I'm a Sucker, please take my money" payment!