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Report: #227010

Complaint Review: Quicken Loans - Troy Michigan

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  • Reported By: Portage Michigan
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  • Quicken Loans Troy, Michigan U.S.A.

Quicken Loans Quicken Loans - Lost $500.00 - High Pressure Troy Michigan

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Several months ago, I was feeling the pressure of accumulated credit card debt (yes, totally my fault),so I started the process of refinancing my home to consolidate this debt and start fresh. The first company I dealt with was Quicken Loans. The young woman I spoke with was very friendly and helpful. I explained my situation - that I had accrued some debt and was looking for a reasonable monthly payments based on my income. She brought up the $500.00 Good Faith Deposit, and immediately sent an estimate for me to review and, if interested, give electronic signature to start process. The rate and monthly payment looked reasonable, so I signed away.

Well, to make a long story short the initial monthly payment quoted on the good faith estimate seemed to jumped up quite a bit after signing it, so I decided to shop around a bit to see if I could get a lower rate.

I realize I agreed to the $500.00 deposit (something I really could not afford but put on my credit card.... which I was trying to avoid) but the only thing I got was the good faith estimate emailed. There was no appraisal done. When I called to say that I decided to look at a few other lenders the woman would not take no for an answer...I almost hung up on her.

Anyway, I ended up with another lender that did indeed give me a better rate, lower monthly payment, no deposits, no hidden charges, and above all, no hard sell.

Just a cautionary note to those who may need it. First of all -the obvious - don't fall into debt. Second, if you are working with a lender, don't pay for anything upfront that won't be refunded. Don't sign anything without reading and asking questions. Shop around. Don't let any desperation you may be feeling make you fall for the first hard sell.

Portage, Michigan

This report was posted on Ripoff Report on 12/24/2006 08:27 AM 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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