Report: #1310080

Complaint Review: QUICKEN LOANS

  • Submitted: Tue, June 07, 2016
  • Updated: Tue, June 07, 2016
  • Reported By: DONALD — Pawtucket Rhode Island USA



*Consumer Suggestion: Unrealistic Expectations

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I Conatcted this company to get information on a mortgage loan and the first person i talked to get my financial and personal information after recieving all of it quoted me a loan that i agreed to based on the finacial information i provided , he told me that i would have to pay a apraisel fee and asked what i thought my house was worth being im not a realitor i told him a ballpark price and told him around what i would tell the person selling my house what i would put it up for , as the loan progressed they need the same financial information that i sent  to the first person , halfway throught the loan they seem to have a problem with the first set of financial papers  

after i invested money in to this and starting pitching me a differnet loan ,nothing had changed financially from when i started loan and after halfway through the loan they said i qualify for isnt the loan they can give , they also had a problem the the apprasial of my house which came out lower than the citys appraisal which is not a acurate appraisal and never heard of the aprasial company they used and what they used to go by this value , they put me in a corner and tryed talking me into another loan that would make a worse financial position 

i have lost fees and was also talked into paying off credit cards and then finding out that i wasnt getting the loan i needed , lost alot of money and had alot of anxiety and depression from this loan and has put me in a worse financial state , if you look on google on complaints against this company there saying the same thing , this company is lying to people to get there bussinness and then try to force them into a loan that would only work for them while the person trying to get help get more in debt 

This report was posted on Ripoff Report on 06/07/2016 02:13 PM and is a permanent record located here: 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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#1 Consumer Suggestion

Unrealistic Expectations

AUTHOR: Lorenzo D. Magnificent - (USA)

I am not a fan of Quicken Loans but the rules are the same for them as with any other lender. The first thing that any mortgage company will want is a recent appraisal and any discussion before they have that is just plain old BS.

In this case, the OP admitted that he called Quicken without having an appraisal already and that he supplied them with HIS guess-timate of his home's value.  Based on his unprofessional appraisal, Quicken made an initial offer.  Once they had a true appraisal in hand Quicken backed out.

The OP had unrealistic expectations regarding the value of his home and everything went south after that.

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