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My View on Quicken Loans
Quicken Loans is America’s biggest mortgage lender because it has helped more than 2 million families pay for their homes. Quicken is a brick-and-mortar company with all the benefits of being online. In fact, 98% of the lender’s home loans are started through its digital platform, Rocket Mortgage. By answering a few simple questions about your goals, Rocket Mortgage by Quicken Loans lets you start your mortgage application and lock in a rate.
Quicken has a wide range of loans that can be bought or refinanced. These include conventional, FHA, and VA loans, as well as the unique YOURgage flexible loan option (more on that below).
Quicken Loans makes it easier and more tailored to your needs to buy or refinance a home if you are nervous about it. Quicken has loans for all kinds of situations, like when you have bad credit, low equity, or want to borrow a lot of money.
Before they start looking for a home loan, borrowers can quickly find out how much they qualify for. If they don’t feel comfortable doing this online, they can also call a Home Loan expert.
J.D. Power has ranked Quicken Loans #1 in customer satisfaction for the last 11 years in a row.
Whom Does It Fit?
Quicken Loans is a good choice for many borrowers, including those who are getting a conventional home loan or using VA or FHA loans to pay for their purchase. Quicken Loans offers traditional loans as well as a mortgage programme called YOURgage. This programme gives fixed rates for 8 to 29 years.
Different Loans and Products
Quicken Loans has a number of loan options for people who want to buy a home or get their dream home refinanced.
Some popular ways to buy are:
Adjustable-Rate Mortgage (ARM): Put as little as 5% down on a conforming rate.
FHA Loan: A borrower can get an FHA loan for 15, 25, or 30 years with as little as 3.5% down and a 580
FICO score. People must also have enough money to pay the upfront mortgage insurance premium, have a debt-to-income ratio of less than 50%, and have 2-6% for closing costs.
15- or 30-Year Fixed Loan: For both loans, you need a credit score of at least 620, a 3% down payment, a debt-to-income ratio of less than 50%, and closing costs of 2-6%.
YOURgage: Anyone who can meet the financial requirements can buy YOURgage. This custom loan needs a credit score of at least 620, a 3% down payment, a debt-to-income ratio of less than 50%, and closing costs of 2-6%.
Jumbo Loan: A jumbo loan can be used for home loans between $548,250 and $2,000,000. Borrowers must put at least 20% down in order to qualify.
VA Loans are loans for veterans, service members, and their spouses that don’t need a down payment. To qualify, you need a FICO score of at least 620 and a debt-to-income ratio of less than 60%.
Some ways to refinance are:
Refinance with cashout
FHA Streamline: If you have an FHA loan and want to refinance to get a better rate, Quicken Loans makes the process easy.
How to Fill Out an Application
For a new home loan or a home refinance, the application process is quick and easy. Borrowers who are interested can start the application process to find out the rate and terms of the loan they would be eligible for, but they don’t have to commit if they change their minds.
Here’s how the application process works:
Type in the basics: Tell Quicken Loans about the type of loan you want, the type of home you want, your credit profile, your zip code, the home or refinance you want, your personal information, and your job and home history.
Expect a soft pull on your credit: After you enter all of your information, Quicken Loans will do a soft credit pull to see what rates and loans you are pre-qualified for.
Decide on your loan: If you are ready to choose your purchase or refinance loan, you will be able to upload all of your financial documents and work with an underwriter to finish the loan. You can also call or email the person who is working on your loan if you have any questions.
Prices and Charges
Fees can come with home loans. All lenders charge fees like these, not just Quicken Loans. Here are some fees to look out for:
For a VA loan, you don’t have to put anything down, but for most other loans, you have to put down at least 3-3.5%.
Costs of Appraisal and Home Inspection: Both of these are important parts of buying a home and will cost an extra $800 to $1,000, depending on where you live.
Expect to pay 2-6% of the value of your home in closing costs.
PMI stands for Private Mortgage Insurance. For loans with less than a 20% down payment, the borrower will have to pay an extra.05% to 1% of the value of their home each year for PMI.
Help and Aid
On the Quicken Loans contact page, there are many ways to reach customer service, including Spanish-speaking support and support from outside the U.S. The two most common ways to get help are:
Online Chat available:
Monday through Friday, from 7:00 AM to 12:00 AM ET
Saturday and Sunday, from 9 a.m. to 12 a.m. ET
During the following times, you can call for help:
Monday through Friday, from 8 a.m. to 10 p.m. ET
Saturday, 9:00 AM – 8:00 PM ET
Sunday, 10:00 AM– 7:00 PM ET