Complaint / review text:
As most people have already mentioned, the agents at Quicken are very helpful initially and cheerfully promise you the loan will go through, great rates and low fees. We provided all of the requested information the first day, had an LTV of 15% for the refinance of a million-plus home, excellent credit history and great income. However as time went on, I got the sense that every time I spoke to the agent was as though I was speaking to him the first time. They did not remember the loan amount, what was pending or what to do next. They increased our rate by 1% to provide a no cost refinance; however, once we got the GFE the numbers did not add up. We were given hazy explanations saying that the numbers would all become clear on the closing. However on my calculations, we would have over $2,000 out of pocket in fees. Again, hazy explanations were given and we waited.
Two months went by and as we neared closing, we were told that because the loan amount was now lower (as we had to keep paying our mortgage, duh) that they were going to take another $1,000 off the credit towards the no closing cost. We were now going to have to hand over $3,000 in a no closing cost refinance with rates much higher than anywhere else because of it. So we were going to be forced to pay a higher interest for basically no significant money going towards lowering closing costs. And now our interest rate lock has also expired, we are $500 down due to the deposit and cannot even revert back to the regular rate without money going towards the closing because of the 60-day lockout. Quicken has no idea how to deliver on their promises, will dupe and deceive its customers with a smiley face and should be avoided at all costs!