Quicken Loans

I contacted Quicken Loans recently to refinance my house. I applied online and received a call from them shortly. The samesman gave me a pitch and said he would not give me a quote without my wife on the line. He wanted to set up an appointment for the next day to give us the information and wanted to know if there was any reason we would not commit during that first call. It was handled more like a timeshare sales pitch - very high pressured. Like most people, I told him that in no way was I going to commit during that call and then cancelled the call. Any salesman who rushes you to make a decision knows that he's selling snake oil, or else he would let you think about it. I can't imagine making such a large decision in any rushed mode. As it turns out, I found a better loan locally for a full 5/8% lower, with no closing costs, points, or hidden fees.

I made an inquiry via the Quicken Loans website for a mortgage refinance. When you type your information into Quicken Loans' website, they immediately send your data to four or five mortgage brokers who then proceed to descend on your telephone line. The aggressive sales pitches tell you how fast you have to move because the rates are about to go up. They also want you to send them you social security number in the very next email when you have zero idea who is on the other end. It's a great time to refinance with historic low rates. But steer away from Quicken Loans.

Was totally misled by a pushy agent to refinance our mortgage. Listed our home value much higher than what the market was in my area. I will not work with Quicken ever again.

I double checked with my trusted lender. I sent her the pre-approval and the Good Faith estimate worksheet that I got from the buyer (from Quicken loan agent) It had many errors. I made repeated calls to speak to the Quicken Loan agent to get some understanding of his process, the pre=approval letter and the estimate sheet. No response. ( I always call and talk to the lender before advising my client (owner) as to which offer to choose. ) In part due to the Quicken agent lack of response and due to the inaccuracies I advised my client to go with another offer. The buyer did connect with my trusted lender. He was lucky to have dodged that bullet. And because of Quicken, in part, he did not get the house he wanted. Additionally, my lender told me that the buyer told her that Quicken told her he could NOT change lenders---could not switch and something about a fee. This seems so unfair to a first time homebuyer.

This loan took about 80 days to close. I think I worked harder to follow up to make sure individuals were doing their jobs. At first, I thought their approach would work well, but soon realized that too much automation created severe communication problems. Multiple requests for the same document until several phone calls speaking to a live person clarified requests. And days before closing my mortgage banker provided an inaccurate explanation of a basic line item on the GFE. Thirty days ago I initiated a refinance for my mother and this looks to close within 60 days. I could never get anyone to explain to me why the process was taking so long.

At first, it seemed to go fine. The person I dealt with pre-approved me after I submitted all my paperwork, bills, etc. I would be looking at refinancing and paying $200 less than my exisiting mortgage ($100 more after the Illinois taxes kicked in). I have an excellent credit score, but was making $2400 less a year due to my elderly mother moving in wth me. However, it quickly went south after I submitted $400 for an apprasial. They supposedly were looking at different mortgage plans for refinance (including VA), and the VA appraiser appraised my house $40 k less than it was worth a year before (and this was after a total rehab on the house). QUicken basically promised me a 30 yr refinance at a certain rate regardless, and kept on dragging out the process by asking me the same questions every other day, which I already explained in full. Asking me for the same paperwork time and time again, etc. In the end, they offered me a refinance that was only $60 cheaper than my $300 plus more mortgage payment. It seems they offer a "bait and switch" type approach--I know of other people who have gone through this with them I ended up refinancing though First Mortgage (online), which did it quickly and brought my mortgage payment down below what I was paying before!! Do not use Quicken--big ripoff.

Very well. They were very responsive to every concern or question I had.

My husband and I were approached by Quicken Loans to refinance an investment property we were "upside down" in and even had a 2nd mortgage against. I admit to being skeptical for a couple of reasons. First, just one year prior, I had initiated a refinance on a different property that was in a better financial state, but with a different lender--a horrific experience. Fortunately, my husband took the call and started the ball rolling with Quicken Loans. Every step of the way, we experienced fantastic communication, extremely courteous AND helpful customer service, and continual progression through the process. What a relief! My secondary reason for being skeptical was that other lenders were not as willing to pursue a refinance on our 1st because of our 2nd mortgage. Quicken Loans is definitely worth checking with, especially if you've been given the "no" from other lenders. Quicken Loans offers refinance from the convenience of your own home or office. Everything except for the final closing appointment was done online and over the phone. It is different from your traditional lender or broker set up, but convenient for those without a lot of time to run all over town to deliver this or that document. Even the closing is done at your home or office. The only con we have is regarding the third party notary that was sent for our signing. Because my husband happens to be a notary himself, he knows what is expected and required in our state. The notary went beyond Oregon state requirements to request fingerprints (because it is "what she is accustom to doing in [another state]"). Nonetheless, it made us a bit uncomfortable and left us wondering if this person would have held our closing documents hostage had we not complied with her additional request. It does reflect on Quicken Loans as they are responsible for requesting the contractor, but on the other hand, this person is a third party contractor and Quicken Loans can't be blamed entirely. It would have been nice in this situation to have done the closing with a direct representative of Quicken Loans or have the signing at a local title company. We have dealt with a number of lenders or brokers and have had a wide spectrum of experiences. Overall, we had a wonderful experience with Quicken Loans. To top it off, we got in on the great rates for our 1st mortgage!

Received Great Service overrall - Did what they said they would do; don't get much of that these days. Process took maybe 2 weeks ffrom start to finish. Very professional. Years later, still happy w/purchase. Only downside was that mortgage was sold soon after close. Still, they sold to BOFA which has been a good & fair servicer.

After several call some fee were credited back.

Obviously, we lost the house. This company strung us along giving us a pre-approval amount without analyzing the information given to them. If there was a problem with the information to begin with they should never have pre-approved us for the amount we asked for in the first place. My suggestion to anyone seeking a mortgage is that they deal with the realtor's mortgage agent. It might cost more but will be well worth it in the long run.

I can update my review after the loan closes.

My experience with Quicken Loans was not a good one. The representative I worked with, identified as a "President's Club Power Banker", was friendly, but a real fast talker. Confident that I could handle an aggressive sales pitch, and sort out all the glossed-over details, I proceeded anyway. Quicken Loans quoted me a very low interest rate, after running a check on my credit, without my approval, which is certainly bad form. When I finally got the "good faith estimate" in writing, and compared it to what I had received from other banks, I found that Quicken Loans was quoting an unlocked interest rate, making it appear to be lower than the 90-day locked rates quoted by most other lenders, and Quicken was more expensive to close the loan than other lenders. When I called another bank to get an unlocked rate and make an apples-to-apples comparison, I chose to refinance my home with that bank. Due to the misleading sales pitch, equivalent interest rates offered, and ultimately higher cost to close, I would not recommend to do business with Quicken Loans.

The ratings I've given this company are no mere exaggeration. I didn't just click the F field for each rating without reading what I was clicking. Both my mother and father are retired and elderly. The only reason I'm doing this is because they are of a generation that was not brought up with computers, they do not own one and while they are aware of Angie's List online, it is my e-mail address that is being used. My father is a retired Lt. Colonel in the Air Force. They have bought a house in Lompoc, California and have decided that they needed to re-finance their home. They chose Quicken Loans, unfortunately. They were charged right off the bat a $500.00 fee just to set up the loan procedure. I watched over the next two or three months as they endured a ridiculous amount of phone calls back and forth, countless requests for them to send information on their bank accounts, credit transactions, utility bill accounts and receipts of any and all assets accrued over the years (and I mean years throughout my parents' entire lives, practically). This scrutiny is, while inconvenient, understandable in this day and age of debt and bankruptcy. However, my parents have never been bankrupt and and their credit is spotless. My father's payment with every bill, every home owned, every credit card have been paid promptly and on time. This they established by submitting proof in writing by fax which, since they do not own a fax machine meant a trip to the local UPS store. Faxes would be sent successfully then lost and requested again, and again. Phone calls and voice mail messages would go not returned. Every needed request for credentials were available and sent promptly. Yet weeks would go by and when my mother would call them to ask for a date when the loan would be placed and the house re-financed she'd be given one sometimes a week, sometimes longer and told she'd just have to wait, then when the day came that she was told she would be granted the loan, people would be un-availabe or she would be given yet another request for some supposed thing in writing that would make the loan happen (often these were things that were already faxed and confirmed as received by Quicken Loans. My parents experienced nothing but stress and headaches. More stalling and more waiting got them nowhere, and after all of it, the loan never happened and my poor mother finally had to give up and accept that their money and time were entirely wasted. Quicken loans is anything except quick and if they would only agree to allow me to, I'd take this company straight to small claims court and sue for re-imbursement plus damages due to stress from being lied to and having to deal with a cross- eyed moronic staff that did not communicate with each other, lost faxes sent that they confirmed they had received and never delivered what they said they would. DO NOT DO BUSINESS WITH QUICKENLOANS.

This was a complete rip-off. The starter person (Chris) was pleasant at first, and persuasive in quoting closing costs and interest rate...but we should not have believed him because it did not even come close to what they really intended to charge us. Then we paid our nonrefundable $500 fee and got turned over to another person and that ended Quicken?s attention to our loan. Even though we faxed all our info to them right away, they didn?t pursue the loan; finally the ?lock? expired and they demanded higher fees. Even though rates had gone down in the interim, we could not get the lower rates in effect, we could just pay them more for the same rate even though the delay had been due to their inattention. Chris would not return phone calls & ignored our emails for weeks. Finally when we logged onto our account we found another person?s name and phone number (no one had even bothered trying to reach us to tell us the case was reassigned). Jonathan, the first person who actually spoke to us, displayed the only professional behavior we encountered. While the news was bad (Quicken would not honor any of their earlier commitments to us, even one that we had in writing about a $250 charge that they had incurred without our permission), at least Jonathan was honest. We then terminated our ?deal? with them and ?wrote off? our wasted $500. Never again!

customer service is horrible

This was an amazing experience. This is the second time I've used their service for a refinance and both times it went without any problems.

I have been wanting to refinance my mortgage for a number of years. Between being underwater and our credit having taken a big hit the past couple of years, I didn't think anyone would qualify us for a refi. I received a flyer for Quicken Loans through my current mortgage company. I read some reviews of Quicken Loans and thought "absolutely not". The reviews were pretty terrible, and I didn't want to start something and have the whole process fall apart. I ignored Quicken's phone calls, but luckily my husband did not. He spoke with a rep on 10/11/12, who asked some preliminary questions. We had the first set of documents that night. Eric (the rep) was very on top of everything. They do get a bit pushy if you don't get things sent in to them ASAP, but everything else was great. Over the course of the next week, our GFE was updated from the original estimate two times. The cost went up by a couple of hundred dollars, which I didn't think was too bad. With this refi, we were able to roll all closing costs into the loan, and provided virtually no documentation. Our new monthly payment is $500 less per month than we were paying, which is awesome!!! We started the whole process on Thursday 10/11/12, and signed the closing documents on Friday, 10/19/12. I couldn't believe it only took 8 days. After reading all of the reviews, I can't believe what a positive experience we had with dealing with Quicken Loans. Overall, I'm thrilled to have an extra $500 bucks every month after thinking I would never be able to refinance. Well worth it for me!!

The reps finally stopped contacting me, I hope! Wouldn't contact this company again.

We were not happy with them because they were pushy and wanted us to make a decision right away; I understand the hurry to get an interest rate, but they wanted an answer within days! The representative that I spoke with was not professional and put me down for not making a prompt decision. There were also hidden fees, and the closing rate that they were going to charge was $10,000 in addition to other fees.

When I was shopping for a refi, I requested a quote from Quicken loans. Of the 6 or 7 companies I tried to work with, this company was the least professional and completely refused to provide a quote that could be compared. The person on the phone with me was being coached as to what to say and I could hear this person working the agent to get me to respond certain ways and I simply cut off the discussion and told them I had no more interest. When I got off the phone, the interchange was soo slimy I felt I needed to wash my hands. I received multiple emails after that wanting me to re-engage and I responded I wanted a rate quote. It never happended. I was surprised that a large organization could be so unprofessional and come off sounding like con artists? I will have nothing more to do with this company.

The "Power Banker" (aka call center staff) we dealt with was a twit. Lots of paperwork with a refi is to be expected. Having to sign documents 2 or 3 times because he didn't have them right in the first place was really maddening. We signed the initial "disclosure documents" and then he changed the requirements and and we had to sign them again because he had not done them correct. The "Power Banker" called on a Friday afternoon telling us that he was going on vacation -right during the middle of the refi process... Then when he returned he said that he needed us to respond "within 24 hours" to keep the process moving along. What an arrogant little man. Even when closing the loan refi 60 days later (after having been promised 30 days) he still had my wife's maiden name instead of her married name on the loan documents! Huge headache to get that simple problem fixed. Really poor quality (accuracy of the paperwork) and arrogant attitude.

I pulled out of refinancing with Quicken Loans. Things started well. I liked the Mortgage broker and he was pretty responsive to my emails and phone calls. The closing costs did creep up a bit with the pre-paids, but I was still on track to save money at the 3.75 rate which would have given me a break even in several years and then a lot of savings down the road. But then my appraisal came in lower than I was expecting. Not by much, just a bit. This is where things started to get a little strange. After my appraisal came in low, I was re-assigned to another person to work up an FHA refinance on Friday. It took several emails and phone calls to get ahold of this person on the next Tuesday. I finally did get ahold of him and he said it had to be FHA again, so I told him to try to work the numbers. I waited a couple more days and no good faith estimate, so I requested a good faith estimate. He said he couldn't give me one yet, only a rough estimate. The rough estimate showed me saving less than 100 dollars a month, so at this point I asked them to stop the process. Note it was almost 1 1/2 weeks after the appraisal at this point, so I was frustrated with how slow things were going. This is why I rate them a 'C' on responsiveness and puncuality. Not soon after I asked them to stop the refinance process, I also found appraisal actually had some blatant mistakes in it. This to me supports the fact that the appraiser wasn't that good and probably got my house's valuation wrong. For example, I found several errors in the appraisal, such as the appraisal saying I had a crawl space, when I had a full basement, saying I had ceiling fans, when I have no ceiling fans. Even the room count in the appraisal was wrong and there were spelling mistakes. In addition, the appraiser found several comps that were miles away in different neighborhoods and different lot sizes, no basements, etc and used those for comps. To me this calls into question the valuation, since I found so many other mistakes. I bough this to the attention of the mortgage broker, but by now it was too late. The Mortgage broker wanted to do a valuation appeal, but I guess the guy processing my loan - the "Solution Consultant" was afraid to do this because of the stricter laws now with mortgages. To sum things up, not bad or terrible, but I felt things could have gone much better. I felt the communication after my loan was switched back to FHA could have been better and gone faster. It just seemed like things took forever after the appraisal came back low. I will also have to complain about the appraisal. I know that Quicken Loans just contracts with someone, but I felt like the appraisal was done by someone that didn't do it correctly and it seems like for the 300 or so dollars I spent, a better, local appraisal company could have been used. I know the laws have changed, but shouldn't a homeowner have some process to appeal and get another appraisal if its obvious that mistakes were made? Anyway, this is the 2nd time I have tried to use them and it hasn't worked out. Going forward, I will probably try to use a local mortgage broker to get better service and hopefully an appraisal that is more in line with reality. Note that the market I'm in has lost some value, but values and sales are picking up. I don't think the guy that did the appraisal took that into account at all. Update: When I wrote this review the first time, I had just told the loan consultant to "stop" with the process because the numbers didn't make sense and they wouldn't try a 2nd appraisal. Then almost a week after I told them to stop, I get a phone call and an email from someone at Quicken Loans who proposes a new loan that has lower closing costs and works with my lower appraised value, but they have increased the rate to 4.25. I tell this new guy no and say in summary: "no thanks, I'm done because I don't really have faith in Quicken loans at this point". Besides, the new rate is not competitive and the credit they were giving on the closing costs they would still make back in interest in just a few months. I'd rather just try to use someone else and get a good rate. Then on 10-5-2012, more than a week after I told them to stop the process, I call to find out when I'm going to get a refund on my initial 500 dollar deposit ( minus the appraisal and credit report fees of course ). I speak with a nice young lady that tells me that my loan HASN'T been stopped, its in a suspended status and it will take another 8-14 days to get my refund! This is after my last loan consultant said he was stopping the process last week and said I would get a refund in 7-10 days! I finally got things closed down later that day. Update - I finally got a refund of part of my initial 500 deposit. Note that it took until 10-12 to get my refund, over 2 weeks after I told them to stop the refinance. There is no excuse for that. Some people may get lucky with Quicken loans, but with the customer service I have experienced, I will never "roll the dice" and take a chance with them again.

I didn't fall into this predatory lending practice ploy. Tries to sign you up for higher than normal market price interest rate, over a full point higher than any other competitor. Closing costs were thousands higher as well.

Refinancing our mortgage and had to share important fiscal information with multiple people since the person dealing with our loan changed three times. After the appraisal, we were turned down for dept to loan ratio which was approved earlier in the process. Also, our children live at home and one of my children have a small business in our garage. That was also an issue for our loan. Strung us alone over two months and we only received a rejection after initiating contact. They talk fast but accomplish little.