Complaint / review text:
I received a call/email from Quicken Loans indicating that as a past client, I will be able to refinance my loan with zero closing fees and only $200 deductible closing fee. They also told me that they will use the appraisal from my past refinancing and I do not need to get appraisal now. This one was one of the reasons why I showed the interest to proceed with this company, even though the given interest rate was significantly higher than the rate offered by other financial institutions. I received my good faith estimate where I can see that with the new rate, I can save $84 a month and that I will need to pay only $200 deductible fee.
I decided to move forward with refinancing and submitted all required documentations. A couples of weeks later, I received a new good faith estimate where I can see that my closing fees is going to be now $2,055.57 on the loan they added private mortgage insurance (which I am not paying with my existing loan) and my monthly mortgage payment is going to be $92 more what I am paying now. Also, I was surprised to see in a new good faith estimate that my house value dropped $45,000 in one month vs previous good faith estimate. I am very dissatisfied with Quicken Loans and I decided not to refinance my house with this company. I will never use their service again! They misled me in their estimates. I could have worked with other institution on the refinancing with better results.