Complaint Review: Quickenloans.com - Nationwide
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- Quickenloans.com www.quickenloans.com Nationwide U.S.A.
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- Category: Mortgage Companies
Quickenloans.com $500 upfront fee ripoff scam and advertised interest only payment amounts are misleading Livonia Michigan
*Consumer Suggestion: Common Sense
*UPDATE Employee: misleading
*UPDATE Employee: misleading
*UPDATE Employee: misleading
*UPDATE Employee: misleading
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Beware of two things when contacting Quickenloans.com
1. Do not give them any money up front if they ask for it. I mistakenly authorized them to charge my card $500 before any service was performed. I'm working with them on getting this money back because the advertised payment amounts are misleading and I will not do business with them.
2. They adverstise that you can pay $950 a month on a $300,000 loan. This is based on the current libor rate plus a margin. What they don't tell you up front is that your initial rate is based on the 10 year Treasury plus a margin, not the libor rate. The libor index is only used after your loan moves passed the locked period.
Although your payment is interest only for a period of usually 3 to 5 years, your interest only payment may really be $1200 - $1300 (not including taxes and insurance), not $950 per month.
After the locked period, your loan will require interest and principle based on the libor rate plus a margin. My guess is that the libor will be quite a bit higher in a few years when all of these interest only loans move passed the locked period.
3. If you really need to do this type of a loan, try Lendingtree.com. At least you'll get several sources to choose from and you may do better by going threw a bank that may not charge you the same up front loan points and especially avoid anyone who wants to charge you an up front fee!
Brian
Renton, Washington
U.S.A.
This report was posted on Ripoff Report on 06/03/2004 11:27 PM and is a permanent record located here: https://www.ripoffreport.com/reports/quickenloanscom/nationwide/quickenloanscom-500-upfront-fee-ripoff-scam-and-advertised-interest-only-payment-amounts-93601. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#5 Consumer Suggestion
Common Sense
AUTHOR: Stephen - (U.S.A.)
SUBMITTED: Monday, November 07, 2005
Consumers should be carefull and follow that old adage if it seems too good to be true it probably isn't true.I am in the mortgage industry and am amazed that other companies advertise a 1% interest rate but don't explain that negative amortization is likely to occur.
#4 UPDATE Employee
misleading
AUTHOR: Jay - (U.S.A.)
SUBMITTED: Saturday, November 05, 2005
Whoever is reading this, please go to quickenloans.com and see actually what is being advertised. I work there and I am on the website constantly. Frankly, there are certain programs that offer extremely low payments in the begining, however these are not the best programs for everyone. We have literally 100 different combinations of programs. Please call us and talk to an expert and we would be glad to educate you on our programs. We receive 0 complaints about our program selection and what we recommend for our clients, either before or after close.
I am sorry that this person was misinformed or that there was a communication breakdown.
#3 UPDATE Employee
misleading
AUTHOR: Jay - (U.S.A.)
SUBMITTED: Saturday, November 05, 2005
Whoever is reading this, please go to quickenloans.com and see actually what is being advertised. I work there and I am on the website constantly. Frankly, there are certain programs that offer extremely low payments in the begining, however these are not the best programs for everyone. We have literally 100 different combinations of programs. Please call us and talk to an expert and we would be glad to educate you on our programs. We receive 0 complaints about our program selection and what we recommend for our clients, either before or after close.
I am sorry that this person was misinformed or that there was a communication breakdown.
#2 UPDATE Employee
misleading
AUTHOR: Jay - (U.S.A.)
SUBMITTED: Saturday, November 05, 2005
Whoever is reading this, please go to quickenloans.com and see actually what is being advertised. I work there and I am on the website constantly. Frankly, there are certain programs that offer extremely low payments in the begining, however these are not the best programs for everyone. We have literally 100 different combinations of programs. Please call us and talk to an expert and we would be glad to educate you on our programs. We receive 0 complaints about our program selection and what we recommend for our clients, either before or after close.
I am sorry that this person was misinformed or that there was a communication breakdown.
#1 UPDATE Employee
misleading
AUTHOR: Jay - (U.S.A.)
SUBMITTED: Saturday, November 05, 2005
Whoever is reading this, please go to quickenloans.com and see actually what is being advertised. I work there and I am on the website constantly. Frankly, there are certain programs that offer extremely low payments in the begining, however these are not the best programs for everyone. We have literally 100 different combinations of programs. Please call us and talk to an expert and we would be glad to educate you on our programs. We receive 0 complaints about our program selection and what we recommend for our clients, either before or after close.
I am sorry that this person was misinformed or that there was a communication breakdown.
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