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Quicken Loans – About The Lender
Entirely Online Lender
Quicken Mortgage Pros & Cons
Quicken Loans Mortgage Process
Borrowers apply online (or by mobile app) with Rocket Mortgage or by talking to a Home Loan Expert on the phone. Chat is also available. Credit is checked and mortgage solutions and rates are provided. The borrower can import all financial information – pay information, bank statements and other data electronically or, as applicable, Quicken Loans can gather the information automatically from the sources. The loan is assigned to a Quicken Loans Home Loan Expert for follow-up.
Online calculators (Refinance, Purchase, Home Affordability and Amortization) and the assigned Home Loan Expert help borrowers choose the best home loan option. Comparisons of the costs, rates and benefits are made available so that borrowers can understand the long-term costs of the financing they choose.
The borrower has the ability to customize their mortgage – for example, if he or she plans to obtain a fixed rate loan, they are not locked into the stand 15 or 30-year term but can choose a term from 8 to 29 years. Quicken Loans calls this their “YourGage” program.
Information about income, assets and credit is verified throughout the process. The borrower sends information online and can communicate regularly with their Home Loan Expert, including after hours. The borrower is regularly provided with real-time updates.
Again, flexibility is a hallmark of the Quicken Loans process. Borrowers can close the loan on their terms – when and where they wish. They receive their documents and details before signing and schedule the closing online.
- 30 year, Fixed Rate mortgage – is the most popular loan type, due to its low payment that doesn’t change until it is paid off.
- 15 year, Fixed Rate mortgage – allows a lower rate and the ability to pay far less interest over the life of the loan.
- 5/1 and 7/1 Adjustable Rate mortgages – these offer the lowest interest rates for the initial fixed-rate period (five or seven years), allowing the borrower to maximize their monthly cash flow or afford a more expensive home.
- Jumbo Loans – fixed rate and adjustable rate mortgages are available for loan amounts over $453,100 and up to $3 million.
- YourGage – the unique mortgage that allows a mortgage to be custom-tailored to the term desired by the borrower.
- Fixed and Adjustable Rate, government insured or guaranteed loans, which allow lower interest rates and smaller down payments than most conventional loan programs. These include FHA, VA, USDA, FHA and VA Streamline loans.
- Reverse Mortgages – this is a type of loan that is growing in popularity among the aging population, because they allow to obtain a mortgage that allows them to live in their home and make no mortgage payment by utilizing their built-up equity. In some cases, a reverse mortgage may even provide an income to the borrower.
Should You Consider Quicken Loans Mortgage?
Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs. If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing. Otherwise, they are the industry gold standard.
Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. Quicken Loans has an abundant and robust online presence. You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online. There are many calculators and resources to help any borrower on their web site.
Quicken Loans does not have to boast about its Customer Service ratings (usually obtained by internal polling of customers) – it is a widely respected company by both consumers and major and minor ratings agencies (BBB.com, JD Powers & Associates, ConsumerAdvocate.org, etc.). Negative ratings can be found, but they are in the minority.