Should I use Quicken Loans?

Moe Bedard

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Staff member
Loan Safe Mortgage
Aug 10, 2007
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Many prospective mortgage borrowers are looking for a good lender in order to obtain financing for a new home purchase or to refinance their homes. In doing so, they are turning to the internet to locate accurate information to help them make a decision. Quicken Loans spends a huge amount of money on marketing and they also have a very large web presence.

Personally, I have not done business with this company in any fashion. But I have researched various lenders over the years and I am very familiar with how the operate.

So the question of the day is, "Should I use Quicken Loans?"

This is a very good question that all prospective borrowers should ask themselves before they fork over up front fees or commit to mortgage lender.

The facts are that all lenders have complaints against them. You can visit just about any consumer blog or agency to find pissed off consumers who feel they were ripped off by their lender or loan officer. Quicken Loans is no different. I compiled my own complaint list here on the forum which you can research here, http://www.loansafe.org/forum/quicken-loans/32872-complaints-against-quicken-loans.html.

The most common issue that many people are having is being charged up front fees and then being denied for the mortgage with no refund on these fees. I have seen this countless times. People are being charged $400-$500 for a Good Faith Estimate or Appraisal Fee and then when the mortgage is denied, they lose their money.

Another issue is delayed closings and false promises made by Quicken loan officers.

What borrowers need to realize is that the current lending environment is terrible right now. It is difficult for just about everyone to get a loan right now. There are no gaurantees in this market. Even if you have great credit and income, you still may have a lot of obstacles to jump in order to get financing.

What you should is is shop 3-4 different lenders and let them know you are shopping. Tell them you will not and refuse to pay upfront fees. Let them know that you are documenting everything and that all you want is the 100% truth, the whole truth and nothing but the truth and if you don't get it, you will report them to the proper authorities.

Back to the question, "Should I use Quicken Loans?"

I say, yes, but only first use them to shop against other lenders. Don't commit money or your business to them until you have done your due diligence. In the end, may the best lender who tells you the truth and doesn't charge you up front fees win your business.