Quicken Loans get consistently bad reviews for deceptive practices throughout the loan process, but predominantly from people who never got the loan with them. There are a huge number of customers who have criticized Quicken Loans for misleading them and tricking them into paying fees that are never explained. Particularly, Quicken Loans is indicted publicly for getting substandard appraisals that they charge the customer to provide. They are accused of hooking the buyer and then changing their credit assessment at the last minute, forcing the buyer to accept a higher rate of interest or reject the deal and lose the house.
Many Questions Throughout the Process
This is a company that seems to be constantly accused of being shady at every stage of the game. The sheer outpouring of bad reviews on this company should alone make you wary. However, the actual tenure and pitch of their advertising strategy could also lead you to believe that the process is so “quick’n’easy.” What is true is that you will quickly be parted from at least $500 before you prequalify for the loan. Most retail home loan companies provide some level of free qualified service to assess the likelihood of the potential borrower getting the loan and most companies provide the online tools necessary for buyers to assess their own buying potential without charging a nonrefundable “appraisal” fee.
The Speed and Efficiency of the Process is Tempting
This company’s terms can look attractive to young folks with a steady income who prefer to apply for the loan without ever leaving their computers. Normally this is a good sign that a company is moving with technology and is no doubt the future. However the complaints seem to center around people who feel baited and switched out of appraisal fees and higher interest rates at the last minute, as well as no lock down process for pre-qualification or even the loan proper before the customer sinks some significant fees into the process.