Quicken LoansReviews 47

I am on day 143 of my loan. The loan is for $260,000 and it appraises for $550,000.
Everything has been done including the survey, now after 140+ days I am being told that they need more documents. I have been approved 3 times then they say oh wait we need this and this.
This is not my first rodeo I have refinanced before, but Quicken loans keeps stalling hoping to find something they can change or cancel the loan. They do not do what they say and for as far as I am concerned, they are using false advertisement. I think they just bring on new clients to be able to look good for their investors.
By the way my credit score was 800+ when this all started.

I have paid all of my notes on time for over 10 years. I am self employed and was told that 2 years of taxes would be required, however what they do not say, is that if you change jobs for the better anytime after those 2 years, you then need to wait another 2 years for taxes to be submitted. Absolutely ridiculous, how a customer is progressing in life or just wants to simply refinance the nonsense this company requires. I'd rather pay higher percentage to another willing to help. The person I originally dealt with to start my mortgage was Grobnagger, Nick. Of course they were very helpful over 10 years ago to get my business, but then do nothing afterwards.

I'm going to post an update each day to tell the rest of this story but here is where my refinancing stands today.
10/14/2020
It started with Rocket Mortgage a Quicken Company in June 2020. Here it is October 14 2020 and still not closed.
Refinancing 2 properties with loan to value at about 30% each which any bank would want to see. My credit last I checked was over 800 and I have a net worth in the millions in cash and other properties. Through the months there has been numerous requests for additional documents after the initial data download with a couple being repeated because some of the documents went past 90 days and i had to provide updated documents. I was told last month I was in the highest priority... whatever that means. We'll see what tomorrow brings...

Who advertises market rate interest, then after you've given them your confidential financial and personal information, finally discloses the truth which is they charge 3-4 points for a loan, thereby making the loan double the cost, and when you say 'no thanks', they refuse to delete your private, confidential information, selling it to identity thieves. Quicken Loans violates federal and state laws everywhere. They don't bother to get licensing in the states where they advertise. The location of their offices are a secret. They also claim 24/7 service, but you sit on a phone for 3.5 hours before anyone answers the phone when you need help. The law requires they delete your personal information, but they refuse to do that. Law breakers. Thieves. Scam Artists. They literally lied over and over.

Horrible experience. Very bureaucratic process.
I have refinanced several properties in the past 10 years, but never had such a miserable experience as with Quicken Loans.
I'm refinancing 2 properties with Quicken Loans and 65 days into it and they still have not closed.
Let me preface that there are no credit issues and plenty of equity in these properties. They seems to be looking for excuses not to approve loans: A building with 8 units all covered by the same HOA insurance - Quicken Loans says the insurance is not adequate, however, 3 units just closed their refinance app 1 week before me (same HOA). Also, according to Quicken Loans I cannot even purchase my own insurance coverage. - The HOA has to buy it, so I cannot do anything about it.
When I asked to speak to the underwriter to get an explanation, they said the underwriter cannot take any calls.

Watch out
When you fill out an application online everyone and their brother calls you over and over and over and over none stop. This is way to much like vultures going after meet.

Then you do call and start talking just trying to see if this is the rout you want to go. They try to get you to give your social right off the bate this lowers your score if Quicken is not the rout you want to go. I want to know my options I know my score they should just give me what it looks like are could look like but not them they just do not care they want to go right for the kill.

They say how awesome they are I do not think so at all

I should hear options first knowing if information does not come back as I stated then it could change. All this should be done before they ask for my social.

Just bad business all levels at this point

You will NOT be working with a single person, its a group, and none communicate wih the other. I have one mortgage through Quicken- they did the same thing losing documents, not talking with one another within the group and waiting until the day prior to get everything together. THIS time, my husband thought it was a "fluke" that things had gone so terribly the first time and wanted to give Quicken another try. We had an offer in on a home in February, it is middle of March and the company is STILL asking for the same information we have already sent them. WORST part of all, NONE of the employees have common sense. Example: we were asked for a copy of our mortgage payments- ARE YOU KIDDING ME? Did we not say our other mortgage is through Quicken? How is it is possible that you would not have the information? My husband sent the information requested, basically copying and pasting from the QUICKEN loans account! I have now gone through three different people, all asking for different things. ALL seemingly having us start all over in the process, we aren't any closer to our closing date of April 9! This is truly one of the most incomptent companies. We have had 4 homes, all with different lenders. ITS not a fluke, Quicken is terrible!

I'm a 28 year Marine Combat Veteran with Purple Heart. About two years ago I refinanced my home with Quicken Loans and one of the things I pointed out was that I wanted to pay my own Homeowners Insurance. My reason for this was, when I was in another loan the mortgage company kept telling me at the end of the year my Escrow account was short. I discussed this with a Realtor friend of mind and was told to pay my own Homeowners Insurance, this would end my Escrow shortages. I posed this to the agent I was working with when refinancing with Quicken Loan and was told that stating out I would have to let them pay my Homeowners Insurance. However, after a year I could start paying my Homeowners Insurance myself. Here it is two years later and this year the same as last year i receive a notice that my Escrow account had a shortage. After speaking with a so-called team representative about my taking over my Homeowners Insurance payment, she gives me a lot of mortgage "garbage" which basically meant that I couldn't. I see this as a Bait and Switch con game Quicken loans play with people in order to increase your mortgage payment each year. I truly HATE company like this who preys on Veterans... or prey on any one for that fact. There should be a law against mortgage company's doing this, but because of their size and money they will always win out. No one to protect the consumer. I will alert the BBB about this scam. Please, if you are a Veteran stay clear of Quicken Loans. As one reviewer said - they are not military friendly. I will do everything I can to expose them so that people will not get caught up in all their hype about being the "best" mortgage company out there. Believe me, they are "BLOOD-SUCKERS! This is a REAL review from a REAL military veteran who suffers from PTSD!

I have heard a lot of great things of the company despite having military bankers that do the same thing. I have JUMPED through hoops with them and realized I am paying less than the %6 for home for out of state residency, but still found a way to make me pay more than what the tax assessors in my county said.
Bottom point:
If you are military and do not want to use the military banks ( that is preference but they at least understand the military background. I jumped through hoops with some things they asked for because they may have wanted extra money or not get it.), fact check them because my county tax assessor laughed me when I told them the when the have changed my taxes down and I still pay three grand more than the person in the same complex as the town home I mortgage.

I just got off the phone with Quicken Loans... I was scheduled to talk to a loan officer again today at 11:00 a.m. At 9:00 a.m. this morning, someone from the company called to ask me questions I have already answered. When I told him I would not be deciding on a loan today, this person became very indignant. "Well, when would I be deciding?" "What day?" "You're not going to do any better with your income of blank-blank a month!" Who needs to be talked to like this?!?! What a bunch of arrogant, pushy, SALES people! And $500 up-front for a house appraisal? GO SCRATCH! If you read this review, do yourselves a favor and go somewhere else to look for a loan!

Ql is at fault for a low appraised value? That is an independent appraiser im sure quicken is just thrilled your home appraised low and they wasted resources on a loan that cant close. The old 500 deposit complaint gets old this company closes billions of dollars in mortgates pretty sure their objective is not to collect a deposit from you. You pay a deposit to a mortgage company to pay third party fees your appraisal is one of them. Your loan doesnt close you pay for the actual appraisal they pay for processing a loan that doesnt close locking a rate and are out thousands of dollars including bad pr from people that think ql is out to collect these deposits to take over the world and stick it to people bc thats where the real money is in mortgage lending... 500 deposits

Zach obviously had his online ducks in a row while speaking with me today. It will be very helpful getting this refinance if he can lower our interest rate (our #1 concern) and it appears he can keep our refinance with our current lender, which is a bonus. I hesitated talking to anyone about this, because no one would tell me what rate we qualified for in original requests, so him stating right up front that he can do better was a relief.

The $400 deposit you put down is COMPLETELY NON REFUNDABLE if for ANY reason your loan does not go through. The agent might not be clear about this, BUT no matter what they will NOT give it back. Even if they find proof that the agent was NOT clear about the terms they still will not give it back! VERY bad business practices going on here. The agents are also NOT very well trained. Several big errors on the part of the agents that are supposed to be serving you. Do NOT use them!

I just terminated my application with quicken loans. They repeatedly asked for documents I had already provided. When I told them I had provided the information already they indicated the items hadn't been cleared by an underwriter. But the worst thing was despite being approved they wanted to run another credit bureau report with my husband as primary. We both have credit scores over 800 but they said it had to be run. We were going to put more than 50% down and had provided bank statements showing we had more money than the loan amount we were requesting.

After receiving weekly emails from Quicken to refinance our present mortgage, we decided to give it a try. We went through tons of paperwork, emails back and forth, a bad appraisal and hundreds of dollars. In the end, we were not going to get the cash out we had said we wanted right at the beginning of the process! We STRESSED that we wanted $15,000 cash out or we didn't even want to start the process. Their "so-called" problem solver was rude and insulting by reminding us that our 2200 sq foot house was in a depressed area where the value of the neighboring houses is not high. It *is* the way banks and the real estate world work. They did not take into consideration that there is a community of new homes being built a few blocks from us. The area of our State is growing fast, and there are construction, and utilities being worked on all over our city. Anyhow, this process took longer than any of the mortgages we got and paid off over the years! BTW, our FICO scores are 790 and 720 respectively. All we're left with is a checking account less the $400 they took from us and the appraisal fee $100. They were QUICKen to take that! Our insurance policy on our house is the kind that pays to rebuild it. It's for $350,000! Too bad the VERY nice people Sara DeGregory and Cindy White have to work for Quicken! Those two deserve much better.