The largest direct lender in the USA
Pros
- Wide range of loan products
- Online application
- Services offered nationwide
Cons
- No in-person consultation
- USDA loans are not available
As a nationwide mortgage lender, Quicken Loans provides customers with a wide range of mortgage loans and home refinance loans. One of the standout features of Quicken Loans is the ability for borrowers to complete the entire loan process conveniently and securely online. It’s important to note that if you prefer an in-person experience, Quicken Loans may not be the ideal choice as they do not facilitate face-to-face meetings.
Best for?
Quicken Loans provides a convenient and streamlined online application process for home loans and refinancing. Whether you are looking to purchase a new home, lower your mortgage payments, or access the equity in your home, Quicken Loans offers services that can cater to your needs.
It is worth noting that their focus may not be as accommodating for individuals requiring special assistance. If you have a low credit score or a high debt-to-income ratio (DTI), you might find it necessary to explore alternative options outside of Quicken Loans to ensure your specific needs are addressed.
Product Offerings
In a recent development, Quicken Loans has successfully transitioned all of its lending operations to Rocket Mortgage. This platform enables borrowers to complete a full mortgage application and finalize the closing process entirely online, even allowing for electronic signatures on loan documents.
The back-office functionality is designed to automatically verify a significant portion of the information provided in the online application. This streamlined approach significantly expedites the mortgage process and alleviates some of the administrative responsibilities from the borrower’s shoulders.
Conventional Loan
Conventional loans refer to a mortgage that meets the guidelines set by Freddie Mac and Fannie Mae. For first-time homebuyers, it is possible to qualify for a conventional loan with a down payment as low as 3% and a minimum credit score of 620. One advantage of conventional loans is that borrowers can typically discontinue paying private mortgage insurance (PMI) after a few years, once they have built sufficient equity in their home.
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) is a type of mortgage that typically starts with a lower initial interest rate compared to a fixed-rate mortgage. However, there is an inherent risk with ARMs that the interest rate may increase over time if market rates rise.
Jumbo Loan
Jumbo loans are utilized for mortgages that exceed the loan limit set by Freddie Mac and Fannie Mae, which is currently $726,200. These loans are designed to accommodate higher-value properties
VA Loan
A VA loan is a mortgage program backed by the Department of Veterans Affairs (VA) that offers several advantages to eligible borrowers. One of the primary benefits is the ability to secure a loan with no down payment requirement. Furthermore, VA loans have a more relaxed credit requirement compared to some traditional loans. You must be an active-duty service member, a veteran, or have another eligible military affiliation.
FHA Loan
An FHA loan is a mortgage option that is backed by the Federal Housing Administration. It allows borrowers to make a down payment as low as 3.5% and potentially qualify with a credit score as low as 580.
YOURGage
If you need a mortgage loan term that aligns with your payoff timeline and monthly budget goals, Rocket Mortgage’s® YOURgage can be an excellent option to consider. With Rocket Mortgage’s® YOURgage, you have the freedom to select a custom loan term ranging from 8 to 29 years.
Rate-and-Term Refinance
A rate-and-term refinance refers to the process of replacing your original mortgage with a new loan that offers more favorable terms or a lower interest rate.
Cash-Out Refinance
A cash-out refinance is a type of mortgage refinance that allows homeowners to access their home equity by replacing their current mortgage with a new loan for a larger amount. The difference between the new loan amount and the existing mortgage balance is given to the homeowner as a lump sum of cash.
Applying for a Loan
Quicken’s Rocket Mortgage platform enables borrowers to conveniently and entirely complete the mortgage preapproval process online. By obtaining preapproval upfront through Rocket Mortgage, you can strengthen your position as a serious and qualified buyer in the real estate market. Many sellers and agents require a preapproval letter before considering or accepting offers from potential buyers.
You will be required to submit your financial information and supporting documents online, which include details such as your Social Security number, income, assets, and debt. Quicken’s underwriters will meticulously review your personal finances, confirming the information you provided and obtaining your credit report to assess your creditworthiness.
What Do People Say About Quicken Loans?
We had a fantastic experience with Quicken Loan. Right from the start, the mortgage broker was responsive, knowledgeable, and professional. They guided us through the process smoothly. What impressed us the most was that the entire transaction was completed within a month. This quick turnaround allowed us to start working on the home improvements we had planned, using the money we pulled out from our home equity.
The representative I spoke to was great at explaining the process to us and giving us the numbers we needed for our desired cashback and a manageable loan. He was prompt in his actions. We were prepared to provide our financial information, which wasn’t a problem. The only slight issue was that the overall process took a bit longer than we expected. But it all happened without any glitch.
Customer Support
Quicken Loans, as one of the leading mortgage lenders in America, excels in delivering exceptional customer satisfaction scores. Quicken Loans consistently maintains its outstanding reputation for customer satisfaction scores by employing a streamlined approach to the mortgage application process through the utilization of technology.
Quicken Loans provides different hotlines for different customer needs. If you need to consult an expert on a new loan, you can call (800) 251-9080.
• Monday to Friday – 8 AM to 10 PM, ET
• Saturday – 9 AM to 8 PM, ET
• Sunday – 10 AM to 7 PM, ET
If you need help with a loan that was closed or under processing, call (800) 863-4332.
• Monday to Friday – 8:30 AM to 9 PM, ET
• Saturday – 9 AM to 4 PM, ET
If you want to make a payment for your mortgage, you can pay by phone (800 508 0944) or through the address:
Quicken Loans
P.O. Box 6577
Carol Stream, IL 60197
You can also send an email to Help@QuickenLoans.com or chat with an agent for any assistance you need. Online chat support is available Monday to Friday 7 AM to 12 MN, ET, and Saturday to Sunday 9 AM to 12 MN, ET.
Final Thoughts
At the start of the century, Quicken Loans pioneered the concept of providing borrowers with an online mortgage process. Since then, Quicken Loans has consistently maintained its position as a frontrunner in the industry
Considering this, it is highly recommended to include Quicken Loans on your shortlist of preferred lenders. However, if you have a strong preference for in-person interactions rather than utilizing websites and phones, you may want to consider other options accordingly.