Quicken Loans Mortgages
Quicken Loans is a direct lender with more than 30 years of experience in helping over 2 million American families finance their homes. Quicken Loans prioritizes their customers' needs and offers unique features and benefits to their mortgage loans and application process to help make the process hassle-free for borrowers.
They offer a wide variety of mortgage types, rates and terms along with helpful tools and insight for the first time home buyer. Quicken Loans strives to create a mortgage process you won't find anywhere else and this review will elaborate on some of their options and their process in detail.
An Overview of Quicken Loans' Mortgage Offerings
Quicken Loans offers mortgages for individuals and business owners whether you are looking to purchase your first home, move houses or purchase a vacation home, or if you're interested in investing in real estate or corporate relocation.
They offer borrowers a wide array of mortgage types including:
- Adjustable rate mortgage
- FHA Loan
- 30-Year Fixed Mortgage
- VA Loan
- 15-Year Fixed Mortgage
In addition, there are quite a few other unique mortgage options available.
Jumbo Loans - These loans are available to borrowers who wish to take advantage of the industry's current low interest rates for larger purchases ranging from $417,000 up to $3 million. These loans are good for a 15-year or 30-year term and FHA and ARM options are available depending on where you live.
FHA Streamline- This loan option is for current homeowners who already have an FHA loan but would like to refinance. Quicken Loans makes it possible to save even more money on your mortgage with this flexible option.
Reverse Mortgage- This option is best for homeowners who are at least 62-years-old because it allows you to eliminate your monthly mortgage payment and get cash when you need it most.'
YOURgage - This type of mortgage allows you to choose a term between 8 to 30 years and get a fixed rate and low payment so you can pay off your loan even faster.
In addition to offering a great variety of mortgage options, Quicken Loans has a few other specific benefits:
- While most homeowners who obtain a traditional mortgage without putting at least 20% down have to purchase private mortgage insurance, Quicken loans has a program that pays for the insurance in return for a slightly higher interest rate. By choosing this option, you may save money by not having to pay PMI but this only may be the case if your new interest rate isn't costing you too much money as well. Also, if you plan to pay off your mortgage early and save interest as a result, this may be a viable option. To be sure, you should calculate everything beforehand to see if it's a beneficial option for your situation.
- Quicken Loans strives to provide a hassle free mortgage application and closing process by working efficiently and providing timely updates on the status of your mortgage.
- Real customer service agents are available to take your call throughout the day and respond to your messages within one business day or less.
- Quicken Loans also provides a checklist of documents for applicants to follow so expectations are set realistically and there are no hidden fees.
- Quicken Loans has an A+ rating with the BBB along with several high customer service ranking from people who have secured loans with the company.
Cons to Consider
Quicken Loans charges a standard underwriting fee and according to some customer reviews, the company may charge an application fee. The application fee can be seen as a loss if you don't decide to use the company.
Terms and Rates
Quicken Loans offers terms ranging from 8 years to 30 with most mortgages being fixed or variable 15-year or 30-year loans. Rates are low and range from a little over 2% to just under 5% on average. However, mortgage rates are constantly changing and you can check their websites' 'Mortgage Rates Today' page for the most consistent updates.
Rates may also depend on where you live and other eligibility factors like your credit and debt-to-income ratio.
Quicken Loans refers to their application process through closing as the 'Amazing Mortgage Process'. They specialize in taking care of all the tedious work when it comes to securing a mortgage for homebuyers and utilize the following five steps:
Initial Application - Applicants start by speaking with a Quicken Loans agent whether it's a phone call email, or chat through the website. The agent will match you with an expert who will act as your main point of contact in helping you understand their offerings and how it can meet your needs. Your home loan expert will ask basic questions pertaining to your financial objectives and offer some realistic expectations. Your credit is usually pulled during this initial step.
Credit Review - Next Quicken Loans will review your credit to determine your rate and loan terms to offer you.
Create an Account - Once you choose a loan option, you can create an account so Quicken Loans can prepare your application and accept your deposit. They use secure technology to do this online. Initially, the deposit goes toward costs like obtaining your credit report, appraisal and title work. When you close your loan, the deposit will be credited against the total cost on your closing documents.
Underwriting- Quicken Loans will verify all the information you submitted including your income, assets, and debt. You may need to submit additional documents and your home will be appraised at this time.
Closing- When all your documents are in and it's time to close, an agent will come to you to have you sign the closing papers and secure your brand new mortgage.
Whether you are looking for a traditional loan, VA loan or an FHA mortgage, Quicken Loans offer a lot of variety and guidance when it comes to choosing the best mortgage for you. They provide customers with individualized support and attention and also offer an array of resources and advice on their website to utilize.
The fact that borrowers don't need to adhere to certain guidelines about what type of property they can purchase is another benefit. It seems like this company does everything in-house. If you can prepare yourself to handle any extra fees pertaining to the closing costs and appraisal, this would be an ideal option for individuals or business owners.