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Quicken Loans quickly climbed to the top of the home lending industry with the introduction of Rocket Mortgage, thanks to a fortuitous Super Bowl commercial that made the company a household name.
The company provides purchase and refinance options, focusing on speed and convenience, but sacrificing on lower rates and savings. Even without any brick and mortar branches, the online retail mortgage lender continues to hold its high position based on both customer satisfaction and volume.
Quicken Loans: In A Nutshell
- A wide range of mortgage products for buying and refinancing.
- Ranked highest, or tied for first, for overall customer satisfaction by J.D. Power nine years in a row.
- The biggest FHA lender in the United States.
- Great for first-time homebuyers.
Quicken Loans Mortgage Options
With Quicken Loans, you have several options to choose from: fixed-rate mortgage, adjustable-rate mortgage (ARM), Federal Housing Administration (FHA) loan, Veteran Affairs (VA) loan, YOURgage, jumbo loans and reverse mortgages.
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30-year fixed mortgage. Monthly payments spread out over 30 years with a stable fixed rate. Payments are lower compared to shorter-term loans.
15-year fixed mortgage. Monthly payments spread out over 15 years. Pay less interest because you’ll pay off your loan faster.
Adjustable-rate mortgage. Get a low fixed interest rate and lower monthly payments for the introductory period, which can vary: 1, 5, 7, or 10 years.
FHA loan. If you have a lower credit score, you may qualify for an FHA loan with a down payment as low as 3.5%.
FHA streamline. Refinance your existing FHA loan for a lower interest rate. It’s quick and easy, with only a few documents required.
VA loan. For qualified veterans, service members, and their spouses. You can refinance your loan and pay less at closing.
YOURgage. Choose a custom term, from 8 to 29 years, with a fixed interest rate that fits your financial goals.
Jumbo loan. Save with a small interest rate when you need a big loan: $453,100 to $3,000,000.
Reverse mortgage. For homeowners over the age of 62 who want to use the equity in their home to meet their financial goals.
Quicken Loans provides an online calculator so you can see what the costs will look like for an average borrower.
Quicken Loans Mortgage Portal
Quicken Loans makes the whole mortgage process easy and convenient with user-friendly online tools. These include the MyQL mortgage portal where you can review your home loans and make payments. While more and more brick-and-mortar lenders are now providing web portals for their mortgage products, Quicken Loans is completely dependent on its system, so its site is extremely well-maintained and constantly improving.
Quicken Loans’ claim to fame is its outstanding reputation for customer satisfaction. The company takes the highest score in J.D. Power’s 2018 survey of mortgage servicers over more established lenders. Statistics from the Consumer Financial Protection Bureau (CFPB) also confirm Quicken Loans’ determination to quality care and support for its customers.
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Quicken Loans Drawbacks
Quicken Loans does not offer home equity loans or home equity lines of credit (HELOCs). Cash-out refinancing is the closest option the online home lender offers. If you’re committed to getting a home equity loan, then you’ll need to consider other options, like LoanDepot. Lenders that offer HELOCs include Citi, Chase or Wells Fargo.
Quicken Loans only offers phone and online services. For those that like the personal touch of face-to-face contact, you’ll most likely prefer lenders with brick-and-mortar branches.
Lastly, Quicken Loans only offers mortgage lending, so you can’t bundle your mortgage with other financial accounts. If you want banking or investing services, you’ll need to work with other institutions.
Quicken Loans Availability
Although Quicken Loans does not have any brick-and-mortar branches, it has licenses to originate and service mortgages in all 50 states.
Quicken Loans Application Process
Applying for a mortgage with Quicken Loans is quick and easy online or over the phone. The Quicken Loans online application portal is branded as Rocket Mortgage. It finds, imports, and verifies financial information and lets you customize your mortgage – all online and without having to speak to a person.
Whether you opt for applying via phone or Rocket Mortgage, Quicken Loans will match you with a Home Loan Expert who will guide and support you throughout the process, if needed. After you submit your application, Quicken Loans will pull your credit score and give you a loan estimate via MyQL, the site’s loan portal.
If you wish to continue, you will have to submit a good-faith deposit which covers the costs of processing your loan, including credit pull, appraisal, and title work. When you close, this deposit will get credited against your total closing costs. According to Quicken Loans, this deposit ranges between $400 to $750.
Another option you have is “Closing Cost Cutter,” which is a good choice if you don’t have cash readily available to pay for your deposit and you want to reduce your closing costs. With this method, you’ll be opting for a higher interest rate, which means higher monthly payments and more interest accrued over the term of your mortgage.
Quicken Loans will then verify your credit and assets. If everything checks out, you’ll get pre-approval for the loan.
Mortgaging or refinancing with Quicken Loans is a quick and convenient process. Although not particularly the most attractive in rates and savings, this lender is at the top of its game when it comes to customer satisfaction.