Closing Costs With Quicken Loans Keep Rising


LoanSafe Member
Jun 10, 2015
My fiance and I have been working on closing a home in Cape Coral, Florida with Quicken Loans. It is $150,000, we are getting a FHA loan, and the home is considered to be in a flood zone. We began this process at the end of April and are set to close in 20 days -June 30th. From the beginning, we were given an estimated cash at closing of $6673. We were warned that this was an estimate and could change. Yesterday, we learned the cash at closing went up to $7250. We called Quicken Loans and spoke with the mortgage banker handling our account who didn't really give us a concrete reason as to why the cost had risen other than having something to do with taxes and insurance.

After this call, we went through the paperwork they'd given us on the website. We compared the paperwork from May 6th to the updated paperwork from June 9th. The paperwork includes a Third Party Fees disclosure, a "Here's How Your Numbers Work" sheet that includes things like origination charges, 3rd party costs, prepaids/escrows and a few other items. We sat down and went through the June and May statements, line by line, and could only find a difference in numbers in the "cash at closing" area.

We decided to call again today, voice our concerns, and try to learn exactly what cost more this time around. During this call we learned the amount has risen, yet again, to about $8000. This amount is not yet reflected in our online account. We asked, once again, why this number is being raised. The other person handling our account spoke with us and said that the rising costs are associated with taxes on the property and the flood insurance. We told her that we have about enough for the $7000, but not for $8000. She maintains that the rising cost has absolutely nothing to do with Quicken Loans, but she will speak with our mortgage banker about what they can do.

We are completely at a loss here as to what we should do. Our real estate agent has worked in the area for quite some time and says he has never heard of a mortgage company raising costs so high in the last few weeks. I understand that insurance is quite a big factor in Florida but something doesn't seem right.

What are my options? Is it wise to try to find and find a different lender? We both have good credit so that is not an issue. Should we ask the seller to help cover closing costs? I purchased a home in Georgia in 2009 using a local lender and I never had these issues.

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California
I do have to say that this isn't surprising with Quicken loans, they are a chop shop internet lender and don't care much about their clientele.

The fees should have been disclosed accurately at the beginning and there may be small changes but what you've experienced seems much higher than usual. When you open escrow you communicate with title/escrow and get their fee sheets. We all know how much should be collected for taxes and insurance as it depends on what month you close in. Again that should have been disclosed accurately.

With you so far into the process I would guess that quicken would come back and offer you a 1000.00 lender credit to offset the difference if they truly had your best interest at heart. But then again it's quicken...

I wish I could jump in and get everything going for you but that would be starting the process over again and it might not be in your best interest to do that as you have to close on time. Personally I would recommend staying away from Quicken in the future.
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LoanSafe Member
Sep 7, 2015
There are lender costs, like Origination, processing and appraisal that the lender can control. Any lender needs to get these right the first time or explain why there is a change. There are moving costs, based on your rate. Taxes & insurance can absolutely change your final dollar amount due at closing, particularly insurance since that is typically not a known number when you make your formal loan application.