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Quicken Loans has become the nation’s largest mortgage lender even though it doesn’t operate any branch offices. When you apply for a mortgage from Quicken Loans, you can work out the details over the phone, or complete the entire process online through the company’s Rocket Mortgage division.
Quicken Loans reviews give the online lender high marks for its broad product selection and streamlined digital application process. Read on to find out more about what Quicken Loans offers and how you can compare rates from multiple mortgage lenders to find the right fit for you.
Quick navigation:
- Quicken Loans process
- Quicken Loans mortgage review
- Quicken Loans mortgage refinancing review
- Compare rates with multiple lenders
Quicken Loans process
Quicken Loans has developed an online process that greatly simplifies how you apply and get approved for a mortgage. Although assistance is available by phone or web chat, the Rocket Mortgage app lets you import your financial information online so you don’t have to bother with paper documents. You also have a choice of signing purchase loan documents online or faxing them in.
Plus, Quicken Loans says it services 99% of the loans it originates, making it easier for clients to set up automatic monthly or biweekly payments at no charge, and get quick access to tax and insurance information.
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Keep in mind that not all loan products are available through Credible.
Quicken Loans mortgage review
Good if:
- You’re comfortable applying online
- You don’t need to meet with your loan officer face-to-face
- You’d prefer a lender that will also service your loan
| Mortgage programs | Conventional, jumbo, FHA, VA, USDA |
| Fixed-rate loan terms | 15 years, 30 years, or YOURgage custom term 8-29 years |
| Variable-rate loan terms | 5/1, 7/1, and 10/1 ARMs |
| Minimum FICO | 580 FICO for FHA loans |
| Minimum down payment | 3% conventional; 3.5% FHA; 0% VA and USDA |
Quicken Loans offers a broad range of purchase mortgages, including conventional, jumbo, FHA, VA, and USDA loans.
If you’re home shopping, you can lock in your interest rate for 90 days after being approved for a purchase loan using Quicken Loans’ RateShield Approval.
FHA loans
FHA loans are a favorite with first-time homebuyers because you can often qualify with a lower credit score than a conventional loan. FHA-backed loans are available through Quicken Loans to borrowers with FICO scores as low as 580. Keep in mind that the upfront and annual FHA mortgage insurance premiums can make FHA mortgages a costlier option than conventional loans.
Down payments can be as little as 3.5% with fixed-rate FHA loans or 5% for FHA adjustable-rate mortgage (ARM) loans. Although Credible doesn’t currently offer FHA loans, conventional Home Ready and Home Purchase Products (which just require 3% down) can be very competitive in pricing.
Conventional mortgages
A conventional mortgage is a loan that isn’t backed by government programs such as FHA, VA, and USDA. Instead, it’s backed by Fannie Mae and Freddie Mac.
Quicken Loans may approve borrowers with good credit to buy a home with a down payment of as little as 3% using a 15-year or 30-year fixed-rate conventional mortgage. Fannie Mae and Freddie Mac will usually require homebuyers making down payments of less than 20% to take out private mortgage insurance.
Jumbo mortgages
If a mortgage is too big to be purchased or guaranteed by Fannie Mae and Freddie Mac, it’s considered a non-conforming, or “jumbo” mortgage. For 2019, Fannie and Freddie’s conforming loan limit for single-family homes in most markets is $484,350, although it can be as high as $726,525 in high-cost markets.
Quicken Loans offers jumbo loans of up to $3 million and says interest rates are typically lower than conventional loans. Jumbo loans are available with fixed or adjustable interest rates.
If you’re looking for easier down payment and credit requirements, jumbo FHA and jumbo VA loans are also available through Quicken Loans.
Quicken Loans mortgage refinancing review
Good if:
- You’re looking to refinance a jumbo loan to take cash out
- You want to lower the rate on an FHA loan
- You want a non-standard (or custom) repayment term
An online lender like Quicken Loans can be a good choice if you’re looking to refinance your home. Since you already have a mortgage, you know something about how the process works and can focus on which lenders offer the most favorable rate and terms.
Nearly two-thirds of the mortgages Quicken Loans made in 2018 were refinancings, according to the industry publication Inside Mortgage Finance.
In addition to a simplified online process, Quicken Loans offers a broad range of refinancing options, including conventional refinancing, FHA Streamline Refinance loans, and cash-out jumbo loan refinancing.
FHA Streamline Refinance
If you already have an FHA loan with an interest rate that’s higher than today’s rates, an FHA Streamline Refinance lets you adjust your interest rate and terms. In many cases, you can refinance even if you owe more than what your home is worth, without paying for a new appraisal.
FHA Streamline Refinance loans were created to help homeowners take advantage of lower interest rates, not take cash out of their homes. So if you want to take more than $500 in cash out when refinancing, consider a conventional or jumbo cash-out refinance.
Cash-out jumbo refinance
Homeowners refinancing jumbo mortgages through Quicken Loans can get up to $750,000 cash back, depending on how much equity they have in their homes.
Your home equity is the difference between what your home is worth, and how much you owe on your mortgage. If you have a $600,000 jumbo mortgage, and your home is worth $800,000, you have $200,000 in equity or a 25% equity stake. Most lenders want you to maintain a 15% to 25% equity stake in your home if you’re taking cash out when refinancing.
YOURgage custom repayment term
When refinancing, it’s helpful to be able to choose a custom repayment term that matches your needs. Many lenders only offer standard repayment terms, like 15 or 30 years.
If you’ve been making payments on a 30-year mortgage for 12 years, refinancing into another 30-year mortgage will stretch your payments out over a longer period of time, which could cost you thousands in additional interest. But you might not want to make the higher monthly payments associated with a 15-year mortgage.
Quicken Loans’ YOURgage mortgage lets you choose a custom repayment term of anywhere from eight to 29 years. The YOURgage mortgage, available for fixed-rate conforming mortgages of up to $484,350, allows you the option of refinancing up to 97% of your home’s value.
Compare rates with multiple lenders
Quicken Loans has helped millions of Americans buy or refinance a home and earned high marks for customer satisfaction in the process.
If Quicken Loans’ simplified online process sounds attractive to you, make sure that you compare rates from several lenders before making your final decision.
You can use Credible to compare personalized mortgage rates from Quicken Loans and other lenders on our platform. We automate much of the origination process, so you can close your chosen loan without leaving our website.
Keep in mind that not all loan products are available through Credible.
