We received a good faith estimate from Quicken loans promising a 4.99 % rate on a 15 year loan. We were asked to put up 500 which would be applied to closing costs and would subsequently be refunded if the loan did not go through.
However, yesterday we were told the company would not honor the 4.99% 15 year mortgage term. Jim Duffy called and asked how our Christmas shopping was going. We told him that we had not been doing any shopping this year. Next, he told us that they would not honor the good faith estimate provided and told us that the loan terms were going to change. I advised Mr. Duffy that this was not was provided in writing to us. I told him he had lost our business and asked that he refund our money as was promised before. We were told that they would not provide a refund. We advised them that we would get an attorney and would pursue this in court, because this was not what the company promised.