Complaint / review text:
A month back, I was quoted a mortgage refinancing and was contacted by Steve from Quicken Loans. I told him I was looking for 0 closing cost refinancing only. On May 14, Steve gave me a call saying they could offer 4.5% interest rate. Since it was the best, so I said I would process. He asked for my credit card number. Then he sent me an email asking me to sign it online. After reading good faith estimate, I noticed that there was no lender credit. I called back stating it. He said they could not do 4.5% at 0 closing cost, but could do at 4.625%. I felt unhappy but still did not reject. After reviewing changed documents online, I still did not see lender credit. Steve then said there was first month pay skip which I did not understand. But he said it was 0 closing cost. So I signed the documents.
But the next day (May 15), I figured it was not 0 closing cost. My current loan outstanding is near $230K and with Quicken Loans, the new loan amount will be $232K (plus $2K closing cost). Assume it is closed on June 1, I will not pay in June, but if I would like to pay $2K in June, on July 1, my new loan will be $230K. Sounds great, right. Let's take another real 0 closing cost loan closing at July 1. I would still pay $2K for the current loan but what is the outstanding on July 1? It will not be $230K but it will be $229K because $2K paid in June also reduces your loan principal. Do you see the difference? And they refuse to refund my $500 application fee. Now I only believe mortgage agency referred by my friends. You cannot expect an individual smarter than them on this business. Even if you are, do you want to do business with a dishonest, misleading party?