Complaint / review text:
I refinanced with Quicken Loans for a cash out refinance. I had a lot of equity in my home at the time. I had applied through Lending Tree online and was contacted almost immediately by Quicken. I did not want to commit right then and there so I could see what other companies had to offer. They were extremely pushy and persistent and wanted me to put $700.00 on my credit card to get the process started. I couldn't do it because the card was maxed so they rolled it over into the refinance reluctantly. Quicken's interest rates weren't any better than anyone else's but they did offer a refinance at anytime in the future for the life of your loan at no cost to you program. Which that sounded great to me since the rates really weren't very low at the time. I asked what the catch was and they said there wasn't one. It was absolutely no cost to me.
Everything went very smoothly and I was happy with my payment until January when I got my mortgage statement from Countrywide that I had no escrow and now my payment was $374.00 per month higher. I called them and they said that Quicken had only calculated a little over $14.00 per month for taxes and insurance. Taxes per year are about $2,000.00 and insurance is a little over $600.00 per year. You tell me how they got $14.00 per month out of $2,600.00! I called Adam Kresch at Quicken Loans to take him up on the no cost to me refinance. He says he can't give me any better rate than I had already (which was over 6.5%). When I told him another company could offer me 5.375%, he said he could give me that too, if I paid all the closing costs. (there's your catch) Or he offered to give me an interest only loan to give me a lower payment. The ole' Bait and Switch. I filed a complaint with BBB and have been going 'round and 'round with them. I told them I wanted all my closing costs back from this loan company I had to go with to clean up their mess, plus I wanted all the closing costs back from refinancing with them since they defrauded me. They still are responding with they tried to help me by offering an interest only loan but they didn't touch on the error they made with the escrow.
My mortgage payment went up $375.00 per month because of what they did. Plus cost me over $5,000.00 in closing costs with another mortgage company to undo their mess, thus taking another $5,000.00 out of the equity of my home. I not only want closing costs back - but, now I want my home paid off in full on their dime. I want Quicken Loans put out of business.