First, they upped our interest rate. They said that the rates went up nationally overall. Okay, I believe them. The government has been doing that. But we didn't realize that over the course of two weeks of jumping through Quicken's hoops that our interest rate would go up by 1.5 while we were dealing with them. Moreover our friend(s) who are also applying with similar credit scores/history are still able to get a full interest point less than we are (not including the special, first-time-buyer interest rate that we don't qualify for).
Second, they kept switching our point of contact. We've dealt with three or four different people at Quicken since this process began. Often they gave us conflicting answers to very important questions.
Third, the closing fees that we were quoted and checked on nearly every step of the way just suddenly jumped by 1500. I asked for an itemized list to be able to track down which fee(s) were more than we were told, but the blasted thing is so complicated, I can't tell which caused the increase.
On close examination, it looks like the increased closing costs are due to the attorney/title company. I spoke to the actual attorney before this whole process started and told him that I was price shopping. I gave him a figure of $900 that had been quoted to me by a similar title company in Oxford. And he assured me that he could he could do the whole process for less, and now suddenly his total closing fees are nearly $500 more!!!
Everyone has gone home for the day, so I've got to wait until the morning of closing to be able to try to hold the attorney to his original price.
We pushed ourselves to buy this house because we loved it and the owner was able to hand it off to the realtor. We rushed into the application process, knowing that we wouldn't get as great of a rate as we wanted. But we did not expect to have to play hardball on shifting quicksand.
If I had not won that poker tournament a month ago, there is no way we would have been able to do this without emptying Jimmy's retirement account. And even now we're pushing it.
Quicken Loans was recommended to us by haabda when we started this process, so Jimmy didn't even look anywhere else for a competitive interest rate. I hope with a crystallized fury that we are able to refinance this sucker ASAP so that we can ditch Quicken altogether.