Quicken Loans lie, bait and switch, or just incompetent Detroit, Michigan
To be fair, a few things were nice about QL. They were pretty fast, and the people I spoke with were nice. But, their home refi process otherwise feels like having a tooth extracted via your eye socket. I did close with them, but would strongly suggest that you seek assistance from other companies prior to using them. At the very least, you should get second opinions prior to making the $500 payment that they require. Do not let them rush you into such a large financial decision prior to hearing from multiple providers. You can probably do better, though it may take a little longer.
1. They are either incompetent or dishonest. In my case, no estimate that they provided was even close. My monthly payments increased multiple times totaling 12% in increases during the process, and cash required at closing increased 1400%. That's no typo, one thousand and for hundred percent. You only learn of these tricks after paying their $500 fee, which makes it less cost effective to shop around at the stage you begin realizing things are not going well. This is a typical bait and switch, and very unethical.
2. They appear to twist what you report to them during initial phone conversations into what they feel would work best, ignoring the truth. Read the details they are providing in thier initial application very closely. They may lie (or are exceptionally error prone) about employment, income, or data specific to your current home or loan. Several items that I tried to get corrected multiple times were still inaccurate for me as of my closing date.
3. Advertised rates must only apply to God, or other people who would not need a loan in the first place. I have really good credit, great income and a great credit history. In short, don't think for a second that you will get the best offer available in the market from QL. I only stuck with them due to the increased costs of switching at the late stage I came to realize these things. Had I started with a different provider, I am confident the process would have cost less. I have spoken with several other providers in the last few days who all support this theory.
While parts of their process are nice, you just don't get the best quality service or offers from QL. The issues I had stem from incompetene or dishonesty. Either way, they cost you more than you should pay, and cause severe headaches along the way.
Their process makes you feel abused and dirty, and I plan to keep spreading the message above until there is some evidence that they have changed. Life is hard enough these days without having companies like QL in the mix to lie, cheat and con their way into higher profits on the backs of those people just trying to get by. We deserve better.