Quicken Loans Your "Good Faith" Deposit is actually a Fee for doing business! Nationwide

We refinanced using Quicken Loans several Years ago and were very happy with the results.

So, as the Mortgage interest rates dropped we thought we'd check them out again. When we first spoke to an Agent we were very clear that we would only be interested in refinancing if we could save money on payments each month. We were not interested in borrowing any additional money or bringing any money to the table. She was seemingly very helpful and things proceeded. We have very good credit, in the "Very Good" range.

We were surprised the process seemed to take a lot longer than the last time but didn't have any obvious Red Flags.

The agents kept switching around as we progressed, and at one point we were asked to put up a $500.00 "Good Faith" deposit to hold our rate. Again we waited and were then told they would send out an appraiser.

Then our latest Agent came back to us and said we would need to bring $1200.00 to closing in addition to the $500.00 they already had. And their offer was for a loan that only saved us 3/4 of a point and ballooned in 5 years (my current loan is fixed). We were very confused and stated as much, as our home (per Zillow and comparable homes currently sold in our neighborhood are around $90-100,000 more than we owe).

They assured us that was "The best they could do". I reminded the Agent that per our previous conversations we weren't interested in spending any more money and so we weren't interested.

Come to find out they were keeping our $500.00 "Good Faith" deposit....

At no time during the conversations with their many Agents did anyone ever say that "Good Faith" deposit was their FEE for doing business.

We would have never continued with the process if that was ever made clear. I spoke to upper Management too trying to get them to return our deposit to no avail.

Quicken Loans is NOT what they were several years ago. They ripped us off!!! DO NOT FALL FOR THIS!!!