Settling for a One Star Experience

            Quicken Loans and Lending Tree are both rated as an A+ company by the Better Business Bureau(BBB), but does that really reflect the service customers have been getting? Customer reviews show that these sites are not as easy and cheap as they advertise.

Users of Quicken Loans complain about the lack of professionalism and communication during the process of finding loans. They often had to send in documents they had already sent before, such as credit reports, or fill out paperwork that did not pertain to them. Many of them said each time they called the company, they spoke with a different representative, who knew nothing of what had already occurred in the process. “The ‘so called fixed rate’ changed often depending on to whom you were speaking,” one customer wrote, and it was has been agreed with by others.

Others complain of a $400 deposit that they lost when they were denied a loan by the company that promised to help them.  The BBB says that the company resolves these issues, but from the reviews that I read, these issues still seem to be happening.

  The biggest issue customers had with Lending Tree was the amount of spam emails and phone calls they were receiving. Even after unregistering from the email and phone lists, many of the customers still receive this spam on a daily basis. Also, customers report that Lending Tree gives out their information to other companies. One customer complained of receiving calls from Sears, Home Depot, and other companies about window repairs after having a conversation with a representative from Lending Tree about finding a loan for home repairs.

As with Quicken Loans, the customers are also losing their appraisal fees, deposits, and processing fees when lenders suddenly back out of deals, or the customers never hear from their lenders.

Sure, the BBB believes that these two companies are A+ companies. But have they ever had to use one of these companies to find a lender? Customer reviews give potential users a better view of what kind of companies Quicken Loans and Lending Tree are.

5 Sins Made by Mortgage Consumers

Consumers are simply leaving thousands of dollars on the table by not shopping for a mortgage effectively.  Such negligence was reported in November 2012 by Fannie Mae in a recent study on the topic of Mortgage Shopping.   The research shows those that make efforts to get multiple quotes and use available tools have the advantage. Once you have analyzed all the information you’ve gathered, you can feel confident that you are making the best decision and getting the best rate you possibly can for such an important purchase.

1. Grabbing the First Thing You See

Savvy buyers when it comes to mortgages save thousands of dollars. They tell you not to rent the first apartment you look at, and there are many mortgage companies to consider. Don’t be afraid to shop around and get multiple quotes so you can make an informed and educated decision.

HUD rules implemented in relation to mortgage and real estate

HUD rules implemented in relation to mortgage and real estate 

The Department of Housing and Urban Development (HUD) emphasize on consumer rights to safeguard the borrowers while acquiring housing and the financing. HUD introduced “coordinating and administering programs that provide assistance for housing and community development.” There are different types of programs that insure mortgages as well as offer home improvement loans. HUD also provides funds for possessing low to moderate income housing. It implemented rule that monitors mortgage and real estate transactions to safeguard the borrowers from jeopardy. If you’re aware of the rules implemented by HUD in relation to mortgage and real estate, then you can continue reading the article for more information.