Do you need a reliable and trusted mortgage company where you can borrow loans? Then Quickens loans is one of the best recommended Mortgage lenders to bid for? Let’s quickly dive into some reviews about Quicken loans.
Quicken loans Reviews
Quicken loans is the largest and famous mortgage lender in the United States with its convenient online digital application platform and easy loan approval. In 2020, the lender records 1 million loans worth more than $300 billion wide margin in the United States. Quicken loans is stationed in all 50 US states where it provides variety of mortgages. In July 31, 2021, Quicken loans was renamed to Rocket Mortgage as it became the architect of Rocket Mortgage. So if you are looking for a suitable mortgage company where you can get a loan, it is best to give the Quicken’s Rocket Mortgage a try because of its rare features when compared to other lenders.
Quicken Loans was founded by Dan Gilbert in 1985 who is currently still serving as the Executive chairman of the loan company. The lender has its headquarter in Detroit, United States of America. Quicken loans offers several variety of mortgages which include Refinance and Purchase of houses and real estate services. You can also check your mortgage rates and use the calculator that is available on the website to calculate your purchase and refinance. The lender offers mortgages such as the FHA loans, VA loan, Jumbo loans, YOURgage® and lots more but does not offer USDA loans, construction loans, home equity loan, HELOC and reverse loan. To apply for mortgage at Quicken loans and also check your application status is easy as you can do this via the online application or through the Rocket Mortgage app.
Types of Mortgage Loans Quicken Loans Offer?
- Adjustable-Rate Mortgage (ARM) – This is different from the conventional mortgage or fixed-rate mortgage. With this mortgage, your interest is fixed for a long period of specific time. It may be up to five, seven or even ten years. In other words, your rate won’t increase more than 5% of the original rate throughout the life of the loan. However, you interest rate may change every six months depending on the market and the interest rate is usually lower than 30-year fixed interest rate. To qualify for ARM, you will have a minimum of 5% down payment and a minimum FICO score of 620.
- 30-Year Fixed Loans – this type of loan is best suited for those who want lower monthly payment and a fixed interest rate during the life span of the loan.This allows you pay your mortgage in 30 years and your interest rate is locked during the life of your loan. But the amount of your taxes and insurance can fluctuate by going up and down especially if you are purchasing a home or refinancing equity. To qualify for 30-Year Fixed Loans, you will have a minimum of 3% down payment and a minimum FICO score of 620.
- FHA Loans –this type of loan is insured by the Federal Housing Administration (FHA) which helps to protect against defaults on payment and also allows lenders offers lower rate. FHA loans is meant for people with 3.5% down payment and a credit scores of 580 and higher. To qualify for FHA loans, you must also have a debt-to-income ratio (DTI) of no more than 50%, a steady employment history, money to cover the upfront mortgage insurance premium (UFMIP), and money to cover the upfront mortgage insurance premium (UFMIP).
- 15-Year Fixed Loans – this type of loan grants you an offer to pay less interest rate over the life of the loan. This means your principal and interest payment won’t change because the interest rate is locked for the entire life of the loan. You can pay off your mortgage at any time without prepayment penalties and also stand the chance to avoid mortgage insurance with a down payment of 20% or higher. To qualify you need a minimum 3% down payment, FICO score of 620, a debt-to-income ratio (DTI) of no more than 50% and money to cover closing costs, which are about 2% – 6% of the purchase price.
- Jumbo Smart Loan – Jumbo Smart loan is new jumbo loan at the Quicken Loans. This type of loan is usually greater than the conventional loan limit. The Jumbo smart loan is meant for people who need to borrow up to $2.5 million to purchase or refinance a home. With this loan, you can even finance investment properties and access primary home. This loan does not require mortgage insurance and you get a 30-year fixed interest rate. To qualify for Jumbo Smart loan, you need a down payment greater than 10%, minimum FICO score of 680, A debt-to-income ratio (DTI) of no more than 45%, Money to cover closing costs, which are about 2% – 6% of the purchase price, and a maximum loan-to-value ratio (LTV) of 89.99%.
- VA Loans – the loan type is specially meant for qualified veterans, service members and their spouses. This type of loan is backed and monitored by the Department of Veterans Affairs. To qualify for VA loans, you will need a Certificate of Eligibility, minimum FICO score of 620, a debt-to-income ratio (DTI) of no more than 60%, and Money to cover the funding fee charged by the VA.
- Quicken Mortgage® YOURgage® – this type of loan is for those who want a flexible loan length and a fixed interest rate that is unchangeable over the entire life of the loan. With this loan, you can choose a loan term from 8 to 29 years and also get control over your monthly payment. One of the drawbacks of this loan type is that you may have to pay for mortgage insurance if you have a down payment of less than 20% of your homes price. To qualify for this loan type, you will need a minimum 3% down payment, minimum FICO score of 620, a debt-to-income ratio (DTI) of no more than 50%, and money to cover closing costs, which are about 2%-6% of the purchase price.
How Quicken Loans Mortgages Work?
The Quicken Loans works in a simple and dynamic way, to access the lender platform, you can use the official quickenloans.com or rocketmortgage.com website and on through the Quicken Loans app or Rocket Mortgage app. On the website, you can either choose to buy a home or refinance. You will then be asked to provide important financial information and document about yourself.
You will also request to speak with a Quicken loans representative or agent to guide you through the application process. After completing the application, you will get a notification from a representative who will finalize the remaining loan options and the cost required. From the mobile app, you will be able to upload your documents and check your loan application status.
Quicken Loans Mortgage Interest Rates
The interest rates of Quicken loans vary and you can access that on the www.quickenloans.com website. The Quicken loans mortgage rate changes on daily basis based on the market. When you logon to the website, click on the “Mortgage Rates” option and a drop-down list will appear. Then, click on “Mortgage Rates Today”. The rate offers you the loan options for 30-year fixed, 15-year fixed, FHA 30-year fixed, and VA-30 year fixed; Rate/APR and 1 Day Rate/APR change.
Quicken Loans Mortgage Process
This application process tells you how Quicken loans mortgages works. This will guide from the application process, to getting approved, and also how to manage your loan.
- Apply for a Home Loan
- Explore your Options- this comes after the company analyzes your cost, rates and benefits.
- Verify your information
- Close your Home loan by scheduling it online
- Finally, manage your Home loan
Quicken loans Mortgage Application
To apply for Quicken loans, you can either apply online or on mobile app. The steps below show you how to apply online.
- Go to www.quickenloans.com or www.rocketmortgage.com in the web browser of your device.
- Next, click on “Apply for Home Purchase”.
- Select your “Home Description” and click “Next”.
- The next step is to choose your “Property Use” and click “Next”.
- Now, choose “when do you plan to purchase your home” and hit the “Next” button.
- Answer the question “Are you a first-time home buyer”.
- Click “Next”.
- Select “your credit profile” and click “Next”.
- Now, enter your “First name” and “last name”.
- Click on “Next”.
- Enter your “email address”.
- Enter your “password” and re-enter “password”.
- Agree to the terms and condition of Quicken Loans
- Click “Continue”.
- Now, verify your email address and follow the instruction to complete your application.
- Finally, wait for a notification from a representative.
Now that you have applied, you can now check your application status. However, if you are thinking of getting approval for your mortgage after application, it is important you consider the key things below that will get you a mortgage approval fast.
How to Get Quicken Loans Mortgage Approval Fast
It is important you get a mortgage approval first even before you think of buying a house. This help you estimate your monthly payment and understand the kind of house you can afford. This is usually based on the financial information you provide. The approval determines the estimate of your loan amount, interest rate, and your monthly payment. However, this varies depending on the type of lender you operate with. Some lenders call it a “preapproval” or “prequalification”. To get a Quicken loans mortgage approval, three criteria will be reviewed for deciding how much you can borrow. They include your assets (something that can be turned into cash if need arises), your income (to ensure you can afford a monthly mortgage payment, debt-to-income (DTI) ratio below 50%, and amount of debt that doesn’t offset your income too much) and Your Credit Score (a good FICO score gives you edge). Approval usually takes 90 days depending on your loan type but if you haven’t made an offer within 90 days of getting an approval letter, you can renew your approval before making the house offer.
Quick Steps to Get Quicken Loans Mortgage Approval
There are two levels of approval at Quicken loans. They are
- Prequalified Approval – A Prequalified approval can be gotten online. This is done by going through the official Quicken’s Rocket mortgage website – https://www.rocketmortgage.com/ in the web browser of your device and create an account. After you create an account, you will be asked a few questions about your income and assets and then give Rocket mortgage permission to pull your credit report.
- Verified Approval – this is the second type of approval. With this approval type, it offers you a stronger offer when verifying your finances by telling your seller you are competent enough to buy the home. You can also strengthen your negotiation position before you bid for an offer. A Home Expert will verify your income and assets within 24 hours, and you will get a verified approval letter listing the amount you are approved to borrow.
Quicken Loans Customer Service
If you are still having any problem regarding Quicken loans and you want to speak with a representative. You can either call, chat or apply online to get in touch with a Home Expert using the following phone numbers.
To Chat Online with a Home Expert
Chat is available at the following times:
- Monday – Friday, 7:00 a.m. – 12:00 midnight ET
- Saturday – Sunday, 9:00 a.m. – 12:00 midnight ET
To Seek an expert advice on a new loan?
Call (800) 251-9080 during the following hours:
- Monday – Friday, 8:00 a.m. – 10:00 p.m. ET
- Saturday, 9:00 a.m. – 8:00 p.m. ET
- Sunday, 10:00 a.m. – 7:00 p.m. ET
(To speak with a Home Expert in Spain) Llame al (800) 718-8233 para Español durante las siguientes horas:
- De lunes a viernes de 8:00 a.m. – 10:00 p.m. ET
- Sábado de 9:00 a.m. – 2:00 p.m. ET
- Domingo de 10:00 a.m. – 1:00 p.m. ET
Out of the country? Call (888) 855-1822.
For SMS, you can also text AMAZE to 26293 to receive Quicken Loans Text Alerts!
10 msg/mon. Reply HELP for help. Reply STOP to cancel. Msg&Data Rates May Apply.
To Seek help with a loan in process or one that has closed?
Call (800) 863-4332 during the following hours:
- Monday – Friday, 8:30 a.m. – 9:00 p.m. ET
- Saturday, 9:00 a.m. – 4:00 p.m. ET
How to Make Quicken Loans Payment
To make a payment at Quicken loans, you can either go to their Payment address or pay by calling a representative.
Quicken Loans Payment Address
P.O. Box 6577
Carol Stream, IL 60197
Payment by Phone
If you want to make a mortgage payment by phone or you have questions on your account. Simply, call – (800) 508-0944.