Quicken Loans — strong-arm tactics and false advertising
I nearly became a victim of this company, and thought I'd share my experience with others. I recently became interested in refinancing my home mortgage. It's a relatively low amount (less than $50, 000), and after hearing an ad for their no-cost, streamline loan, I called to inquire as to the details. The loan officer was extremely pushy and refused to give me the specifics unless I provided all my personal info. After doing this, he still wasn't specific enough and insisted on getting my credit card # so he could charge me $500 for an appraisal. I'm an experienced home buyer and have also refinanced several times in the past. Needless to say, red flags went off immediately, so I pressed him to put the details in writing. He hedged on doing this, but kept calling me back anyway. When he finally did decide to put it in writing, he only called it "tentative" and did not give me the requested breakdown of closing costs. He knew I was no longer interested, but kept calling me back repeatedly. I never responded to these follow-up calls, but that didn't stop them from pursuing my business.
Some time passed, and then I got a call from a different loan officer stating that new terms were available as there had been a change in the market. When I inquired as to what that change might be, a new person put me through the same drill as the first one, demanding this time $400 down, and even implied that I must have some sort of financial problem not to want to do this. I told him I don't go around giving my hard-earned money to everyone who asks for it. He was extremely arrogant and condescending, not to mention rude. To make a long story short, there were no changes in the market to report to me. They only wanted to badger me further.
My thought was this company must be in real dire straits to push a customer on such a small loan. Bear in mind, they're located in Scottsdale, and one would think they have bigger fish to fry with all those multi-million dollar properties up there. They even tried to convince me that taking $500 up front is procedural with ALL mortgage lenders, which I happen to know for a fact is not the case at all.
Although they offer you a low interest rate, beware of the jacked-up costs and required down payment. Also, don't believe in Better Business Bureau ratings, they're totally worthless!