Quicken Loans | Home Equity Review
Quicken Loans | Home Equity Review
12 Customer Reviews - see all comments
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Quicken Loans is a financial lending company that specializes in online mortgage refinance. Based in Michigan and founded in 1985, Quicken Loans has grown to become the largest online lender in the United States. The company offers a streamlined qualification process, as well as flexible loan terms.
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From the comments and reviews that I have read about your company. Quicken Loans is not a good company. People are saying that they've experienced negative affects from you all trying to get people to pull cash out of their home, you all don't do home equity loans, and they've had bad experiences at closing.
My house is paid for all the way it's mine in my name.im looking for is a low interest loan and the only way to get that is with home equity line of credit so hook me up
I just spent the better part of five days working with a Quicken Mortgage Broker in search of a Home Equity Line of Credit (HELOC). I clearly explained my desire to have that type of loan so that I could access cash as needed. Instead after many conversations, it turns out they do not offer HELOC loans but were pushing me to “pull needed cash” out of my home. Doing that would leave me paying interest on a loan far greater than what I need right now without the ability to access additional funds in the future. I finally spoke to a supervisor who said, no, they do not offer HELOC because “most customers don’t really want them.” Worst financial experience in a long time.
I also have the same complaint as jerrypeck. I am going to exact copy of his statement as follows:
We did a Google search for home equity loans (HELOC), Quicken Loans called us from our online inquiry into home equity loans and stated that they ... do ... not ... do ... home equity loans. They tried to sell us on a refinance of our existing loan. Quicken Loans needs to either: a) remove all suggestions that it does home equity loans so search engines will pull Quicken Loans up into the list; or, b) actually start offering home equity loans.
We did a Google search for home equity loans (HELOC), Quicken Loans called us from out online inquiry into home equity loans and stated that they ... do ... not ... do ... home equity loans.
They tried to sell us on a refinance of our existing loan.
Quicken Loans needs to either: a) remove all suggestions that it does home equity loans so search engines will pull Quicken Loans up into the list; or, b) actually start offering home equity loans.
Absolutely THE WORST company to get a loan. I have excellent credit, house nearly paid off and no other debts and they advertised a great low rate for someone like me. NOPE... they couldn't get the paperwork done...first they lost it supposedly THEN claimed they were missing an item but only after the 30 days was I notified of this missing item. YEAH a great rate they never wanted to give but they were real quick to collect over $600 in fees that they never returned to me. HORRIBLE
Quicken loans only offers HELOC loans to Schwab investment account holders....
I was looking for current rates on the web... filled in the requested information... within 5 minutes I got a call from a loan rep.... found out they only loan to Schwab investors... I feel like I wasted my time.... and I still did not get the current rates....
QUICKEN DOES NOT DO HOME EQUITY LOANS! I spent tons of time providing all my info only to discover they wanted to combine my first and second.... only for 17,000 in fees!!! Not an option for home equity loans!!!
Felt like a bait and switch. Everything was rosy until they had my $500... then they used my DIR Debt to Income Ratio to jack the rate and change an extra $1000 to even provide a high rate. Don’t give them a penny until you have a lock on the rate.
Entirely too aggressive and pushy when you fill out online request for rates. No one should be calling within 30 seconds of entering my phone number.
Great experience the whole way through....until it came time to close the loan. A surprise that came during the closing process was that for my condo needed to be insured for flooding (even though its on the 2nd floor)and I couldn't buy it myself. The whole complex had to be under a blanket policy for flooding. (Something I wasnt told until the end of the process) I needed the loan to pay for my fathers memory care facility which he is already in costing thousands. Should provide this detail upfront. The whole process wasted time I dont have a delayed a desperate situation
I have to admit, QUICKEN LOAN service on info,etc. was Outstanding. The calls weren't constant as LENDING TREE calls. QUICKEN LOAN rep was informative, pleasant, and made me feel very comfortable versus LENDING TREE . Whom after many attempts, I finally agreed to go where every rep there told me to go.(website) to ONLY be denied by letter later? Quicken Loans- provided info,Details,and showed concern on my needs and situation. I had my Birth certificate stolen years ago, until present (CREDIT RUINED) Police records lost.The rep. was patient, and understood my situation. The opposite of LENDING TREE.I gave them 4 STARS only because i decided that year not to APPLY for EQUITY LOAN thanks... Read More
**As part of their continuous drive to simplify and speed up the home equity lending process, Quicken Loans has recently developed an eClosing network, a mortgage closing with a digital note. It can be done one of three ways: an in-person hybrid eClosing, an in-person electronic notarization (IPEN), or a remote online notarization (RON). Hybrid eClosing is currently available in all 50 states, though IPEN and RON are still being phased in. However, as more states adopt the technology, the growing network will allow any Quicken Loans mortgage to take advantage of the eClosing option.