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I have been mortgage shopping and was approved from two mortgage companies so far one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house! The other mortgage company I don't have to send in the payment until I have found a house and sent in the purchase agreememnt! I have read on the rip off reports that people never get their money back from Quicken Loans either they seem like a rip off to me.

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Liaoyu,

Welcome to the forum.

When the Quicken Loans Company is charging you the money even before finding a house, you should not deal with them. Moreover, when you have already found from the rip off report that this company do not return the money to the borrowers, it means that they are scams and there is no point to go ahead with them. Rather you should stay away from such company.

Like | Dislike | Share | Posted: Sun, 09/09/2007 - 21:57 | Post subject:

domainforsale's picture
domainforsale | Joined: September 10, 2007 02:56 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

maybe anytime they ask for money u should know it is a scam..

Like | Dislike | Share | Posted: Mon, 09/10/2007 - 03:14 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Liaoyu,

Welcome to the forum.

I don't understand one thing - why do they need your credit card number? It's better not to give it to the mortgage company. And, it's good that you haven't signed a deal with them yet. I personally feel you should explore loan options offered by some other company. And there's one way out. You can check out their reliability at the Better business Bureau.

hope this helps...

God bless you.

Samantha

Like | Dislike | Share | Posted: Mon, 09/10/2007 - 05:27 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:5877c9210a]I have been mortgage shopping and was approved from two mortgage companies so far one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house! The other mortgage company I don't have to send in the payment until I have found a house and sent in the purchase agreememnt! I have read on the rip off reports that people never get their money back from Quicken Loans either they seem like a rip off to me.[/quote:5877c9210a]

As per laws any service provider cannot ask for money upfront before the service is provided. If any company ask for payment before they have provided any kind of service then it is better to avoid them.

Like | Dislike | Share | Posted: Mon, 09/10/2007 - 14:10 | Post subject:

liaoyu03's picture
liaoyu03 | Joined: September 9, 2007 08:43 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

thank you.
I have never heard of a mortgage company asking for your money before you are even find a home! I think I will stick with my local mortgage lender they don't want the deposit until I have sent in the info for a house I have agreed to purcase.

Like | Dislike | Share | Posted: Mon, 09/10/2007 - 20:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes Liaoyu,

Even I think it is better if you stick with your local mortgage lender as they have not asked you for the deposit like the quicken loan company. It is better if you avoid such companies that ask for some deposit even before you find the house. I guess Quicken loans company is a scam.

Like | Dislike | Share | Posted: Mon, 09/10/2007 - 22:00 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:3100448bc8]one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house![/quote:3100448bc8]

Did they mention why they need your cc no. and what $500 will be used for?

Like | Dislike | Share | Posted: Tue, 09/11/2007 - 11:35 | Post subject:

lenny's picture
lenny | Joined: September 11, 2007 12:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have heard of Lender taking a application fee or a lock deposit, however this typically does not take place until you have found a home and are ready to move forward with the lender. This is an approach from them to assure they gain your business. Once you have place a large deposit you are not going to be willing to walk away from it. At this point you will find them offering rates no where near what you may have possible originally negotiated on. I recommend going with a local lender who will guarantee your rate and also attend your settlement. Good luck!!

Like | Dislike | Share | Posted: Thu, 09/13/2007 - 07:27 | Post subject:

livinginnky's picture
livinginnky | Joined: September 8, 2007 08:31 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

What do they want the $500 for?

I always require my customers pay for their own appraisal fees upfront and then credit them back at closing. Most companies do this. The reason being is if a home isn't worth what you are trying to purchase or [url=http://www.mortgagefit.com/refinance.html]refinance[/url] it for that is you or your realtors responsibility not mine. I don't want people buying overpriced homes and I don't want to have to pay $200-400 to find out. I am a loan officer not an appraiser.

However I wouldn't require a credit card and I would wait to get the money until the appraisal is actually necessary.

If the money is some sort of application fee...well that is just laughable in this day and age. Too much competition. If you ever are told to pay an application fee it probably means you can't get approved and this guy wants to make a quick salvage buck.

Like | Dislike | Share | Posted: Sat, 09/15/2007 - 22:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Liaoyu,

I think you should go with your local lender.

Like | Dislike | Share | Posted: Mon, 09/17/2007 - 03:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

its because quicken fully underwrites the loans prior to you finding a house.... "pre approvals" are worthless because they are not a guarantee of funds -- so you can get "pre approved", go make an offer for a house you THINK you can get financed for, and then what are you going to do as you go through the process and find out you actually can't close on the loan?

this is how it was explained to me when i dealt with Quicken Loans and they told me they can give me a pre approval but it wasn't a guarantee... so i called 3 other lenders, all of them offered a pre approval, but also confirmed pre approvals were not a guarantee... so i called my guy at quicken back and asked him about their full approval...

no one can approve a loan unless an underwriter certifies your loan and you turn in all of your documentation and have your credit profile checked out... that's a LOT more than just asking someone a few questions over the phone and looking at a credit report... it takes multiple people and is a lot more labor/time intensive... how many companies do you think are going to go through allllll that work when the client isn't even committed to following through on their loan?

long story short, the 500 dollars i paid also paid for my appraisal and title stuff once i did find my house... i was very happy with the company and was glad i got underwritten first... i was originally pre approved by another company for a $400k loan... when i went through the process i found out i could only get $325k because of child support and a 401k loan i was paying back... GOOD THING i didn't waste my time writing offers on 400k size homes because i could have never closed on a home that size anyway.... and there was no way i could have found that out unless i went through the whole process with quicken before hand....

just my two cents!

Like | Dislike | Share | Posted: Sun, 03/30/2008 - 14:08 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

p.s. all 500 bucks was credited back to me at closing... not a single penny was kept by quicken

Like | Dislike | Share | Posted: Sun, 03/30/2008 - 14:10 | Post subject:

adamr6cox's picture
adamr6cox | Joined: March 28, 2008 12:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it seems like you guys have the same problem we do must be a worldwide trend.

Like | Dislike | Share | Posted: Mon, 03/31/2008 - 00:59 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dbobby,

Welcome to our forums.

It's good that you shared your experience with us. may be Quicken Loans have a different way of looking at the mortgage process and that's the reason it underwrites loans prior to the buyer even finding a house. The best thing is, you got through the process and shared the actual information which hopefully will clear any doubts on the minds of the people dealing with them. :)

Like | Dislike | Share | Posted: Mon, 03/31/2008 - 03:21 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

SIMPLE...I DIDNT SIGN ANYTHING...THE LOAN OFFICER SCOFFED AT ME AFTER HE TOLD ME THAT I NEEDED TO GIVE HIM MY CREDIT CARD IN ORDER FOR MY APPLICATION TO GO TO UNDERWRITING BUT WOULD NOT BE CHARGED UNTIL THE LOAN IS COMPLETED..THIS IS SUCH A SCAM...THEY STOLE 500.00 THE VERY NEXT DAY. IF YOU ARE A LAWYER PLEASE CONTACT ME. I AM HAPPY TO START A CLASS ACTION LAWSUIT AGAINST THIS COMPANY. I KNOW IT IS HAPPENING TO A LOT OF OTHERS. WE ARE IN AN ADJUSTABLE MORTGAGE AND THEY SEEMED LIKE THEY WERENT LYING BUT THEY ARE BIG TIME LYERS...THEY EVEN LIED ABOUT WHAT THE CLOSING COSTS WERE GOING TO BE. I BACKED OUT BUT THEY TOOK MY MONEY. I HAVE REPORTED WITH THE BBB...DONT WORK WITH THEM...THEY ARE A SCAM. SORRY SO LOUD BUT THIS IS A SHOUT OUT TO EVERYONE WHO IS EVEN THINKING ABOUT DOING BUSINESS WITH THEM. THEY ARE GREAT WITH VERBAGE TOO.

Like | Dislike | Share | Posted: Wed, 12/24/2008 - 11:26 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Samanthas,

I understand how frustrated you must be feeling. It's your hard earned money they cannot take without any proper reason. You can contact any attorney who may help you filing the case against them. You can check out http://lawhelp.org/ . Here you can get a list of lawyers of your state who can help you.

Wish you a Merry Christmas.

Thanks

Like | Dislike | Share | Posted: Wed, 12/24/2008 - 21:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The returned deposit fee is itemized in the amounts returned at closing.
This is standard practice, and I used to work in a Mortgage Dept. A legal contract must have a "consideration," or a payment that is made. The closing estimated, itemizations, and other documents with Quicken clearly show that (in my case) nearly the WHOLE amount is returned at closing. I don't think those who are complaining have much experience! I've closed on three houses in my life, and Quicken's process is the same as the others. It is not helpful to call something a "scam" in such a public forum. But the naivete and ignorance of those posting here (including my own, perhaps) are not doubt responsible for our getting our country into this fix.

Like | Dislike | Share | Posted: Thu, 02/05/2009 - 22:27 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

In my opinion, the $500 was some type of application fee. Unfortunately, the quicken rep did not fully disclose the fact that this fee was going to be taken up front....or, Samantha did not clearly understand the rep's intentions.

Like | Dislike | Share | Posted: Fri, 02/06/2009 - 18:58 | Post subject:

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have heard of Quicken requiring a $500 "application fee" up-front. If you have got a quote from Quicken I would suggest you call a local lender and compare. If you feel as if you're getting a better deal with Quicken, go forth with the loan. I hope this helps...

Like | Dislike | Share | Posted: Mon, 05/04/2009 - 19:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Quicken charged my credit card 750.00 immediatelky after I told them that I didn't want to move forward witht he loan. I never even signed any documents, nor did I get an appraisel. After weeks of phone calls and complaints I finally received my money back. Unfortunately, 750.00 dollars doesn't justify getting a lawyer. I also discovered that there are pages upon pages of complaints agianst quicken loans at the consumer affairs website.

Like | Dislike | Share | Posted: Sat, 06/06/2009 - 18:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Quicken Loans promised full refund if my application rejected. However, they charged $350 for processing my application and rejected it. I think, that is how Quicken Loans makes money.

I already reported it to BBB.org.

It is scam. Avoid Quicken Loans

Like | Dislike | Share | Posted: Wed, 06/17/2009 - 15:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Their explanation of the fee (including a YouTube video) explains that the prepayment ("deposit" as they call it) covers your apprasial, a credit report and other out of pocket costs. If you are denied a loan, you will be refunded what has not beeen expended (not internally allocated - actually paid to a third party like the apprasier). If you are approved and proceed with the loan, you will see the entire amount credited against closing costs on the closing statement.

This does not mean they are a good or bad lender, only that this is NOT an application fee as many have been calling it. It is really an advance on closing costs that you would be paying anyway. I imagine it is their way of keeping window shoppers from wasting their time and money. And as a potential borrower, I would prefer not to subsidize people who are not serious about getting a mortgage.

Like | Dislike | Share | Posted: Thu, 08/06/2009 - 12:15 | Post subject:

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