Complaint / review text:
We are in the process of refinancing our loan with another, more reputable mortgage company and Ron from Quicken has been calling for days and I finally answered his call today and it's the same song and dance he's giving me that everyone who has posted here has gotten. He told me that he could get me a better interest rate than what I was getting now and if I just give him 10 min of my time, he'll give me the numbers.
Now pay attn here, b/c this is how they are running the scam (and it's all in black and white here, I don't see why no one has filed a suit against them). DO NOT BELIEVE them when they say you're approved and your deposit will be refunded - THAT'S NOTHING BUT A BIG FAT LIE! You are NOT approved. They SHOP the loan around FIRST. They INFLATE your property value well beyond what it's worth. Then, when they CAN'T get the loan approved, they blame it on the appraisal - WHICH BY LAW, THEY HAVE TO GIVE TO YOU.in the meantime, they've taken your $500 or more or less, depending on what, I don't know - he wanted $500 from me - I did not do it. I did the smart thing and called the mortgage company I'm dealing with now and asked if they could match the rate and everything else and he said, there is NO possible way that they can do that for you. And that's when he told me how Quicken Loans works. And I knew he was telling the truth b/c Ron said he'd estimate my home value at $185K (and that is really pushing it) and the mtg person I'm working with said the only way I could get the rate that Ron was quoting me was if my home came in at $185K - and I never told my mtg rep what Ron was trying to estimate my HV at.
PAY ATTN PEOPLE. This is how they are scamming you! They inflate your HV, LIE about being approved and then use the appraisal as their escape plan when they can't find someone to service the loan. All the while, getting anywhere from $350 to $550 from you that you probably didn't even have in the first place.
I say stay away from quicken and use a reputable mtg company instead - an actual mtg company and not someone who shops the loan around.