Quicken Home Mortgage Loans: A Comprehensive Guide

Quicken Home Mortgage Loans are offered through Quicken Loans, a leading online mortgage lender. They offer a range of mortgage loan options, including conventional, FHA, and VA loans.

Quicken Loans has a reputation for being a fast and efficient lender, with a typical closing time of 20 days. This is significantly faster than the industry average of 40 days.

To qualify for a Quicken Home Mortgage Loan, borrowers typically need a credit score of at least 620. However, some loan options may require a higher credit score.

Quicken Loans offers a variety of mortgage loan options, including fixed-rate and adjustable-rate loans. The interest rates and terms of these loans can vary depending on the borrower's creditworthiness and other factors.

Quicken Loans offers a wide range of loan products to suit different borrowing needs.

You can get a traditional fixed-rate mortgage with Quicken Loans, which comes in 30-year and 15-year options. Their competitive rates and terms make them a great place to start your search.

For consumers who want an adjustable-rate mortgage, Rocket Mortgage has got you covered. This type of mortgage comes with a fixed rate for a specific number of years, after which the rate turns to a variable rate.

FHA loans are also available through Quicken Loans, allowing borrowers to get into a home with as little as 3.5% down and easy credit requirements.

VA loans, which can be used with as little as $0 down, are another option for eligible service members and veterans. These loans also have easy credit qualifying and limited closing costs.

USDA loans are available for individuals who want to purchase property in rural areas across the United States. Quicken Loans also offers jumbo home loans for larger amounts than traditional home loans can accommodate.

Mortgage refinancing is also a possibility, allowing you to refinance your current home loan into a new mortgage with better rates and terms.

Here are some of the loan products offered by Quicken Loans:

The loan process with Quicken Loans is straightforward and convenient. You can apply online or over the phone and be matched with a Home Loan Expert who will guide you through the process.

After your credit score is pulled, you'll get a loan estimate or prequalification letter via the loan portal, MyQL. This is a great way to get a sense of how much you can borrow and what your monthly payments might be.

You'll need to submit a deposit to cover costs like credit report, appraisal, and title work. This deposit can range from $400 to $750, and you can pay it using credit, debit, pre-paid Visa or MasterCard gift cards.

Quicken Loans has a complex history with Rocket Mortgage, its online mortgage application platform. Quicken Loans was founded in 1999 after Intuit purchased Rock Financial and combined it with QuickenMortgage.

The name Quicken Loans stuck after a group of investors led by Rock Financial's founder bought Quicken Loans from Intuit in 2002. They kept the name, but Rocket Mortgage was launched in 2015 as a fully-online mortgage application experience.

Rocket Mortgage was essentially a Quicken offering, with both brands having their own websites. But in 2021, the relationship flipped, and Quicken Loans was renamed Rocket Mortgage.

Getting a great rate on your mortgage can make a huge difference in your monthly payments. You can save thousands of dollars over the course of your loan, which can be converted into paying down other debts or taking that vacation you and your family have been wanting to go on.

To get a great rate, you'll want to talk to someone at QuickenLoans to see which of their financial products makes the most fiscal sense for you and your family. They will help to match you with the loan that will allow you to make the most of your money.

QuickenLoans offers three different types of mortgage terms: 30-Year Fixed Mortgage Rates, 15-Year Fixed Mortgage Rates, and Adjustable Rate Mortgages. Each type of mortgage has its own benefits and drawbacks.

Here's a quick rundown of the different types of mortgage terms offered by QuickenLoans:

By choosing the right mortgage term for your needs, you can get a great rate and make your mortgage payments more manageable.

You can apply for a mortgage with Quicken Loans online or over the phone.

You'll be matched with a Home Loan Expert who will guide you through the mortgage process.

You'll need to submit a deposit which covers costs incurred to process your credit report, appraisal, and title work. This deposit is credited against your total closing costs.

The amount of this deposit varies between $400 and $750, and your Home Loan Expert will let you know what you owe.

You can use credit, debit, pre-paid Visa or MasterCard gift cards to pay the deposit, but not checks, money orders, or cash.

Quicken Loans offers an option called the "Closing Cost Cutter" which can give you a credit toward your closing cost, but you'll need to opt for a higher interest rate.

This means you'll have a higher monthly payment and pay more interest over the term of the mortgage.

You can do a lot online with Quicken Loans, and it's a game-changer for those who prefer to handle things digitally. With Rocket Mortgage, you can check out live mortgage interest rates on the Quicken Loans website.

You can start your mortgage application online, and even import all of your financial information online, making the process much faster and easier. This includes uploading bank statements and credit reports without having to print and fax them.

The online portal, MyQL, allows you to access your Quicken Loans account, check the status of your loan, and even make payments online. You can do this 24/7, which is super convenient.

If you're looking for a more personalized experience, you can speak with a loan expert over the phone and begin your application that way. However, the entire process can be completed online if you prefer.

Here are some of the online features you can expect with Quicken Loans:

Rocket Mortgage and Quicken Loans are two names for the same company, with Rocket Mortgage being the online mortgage service offered by Quicken Loans. You can apply for a mortgage and upload documents online, and the company will even close your loan at your home if you prefer.

Quicken Loans became the largest overall retail lender in the U.S. in January 2018, and it relies on wholesale funding to make its loans. It uses online applications rather than a branch system, making it a convenient option for many borrowers.

Here are some key pros and cons of Rocket Mortgage:

However, Rocket Mortgage may not always offer the most competitive rates, and it doesn't provide access to all available mortgage products.

Rocket Mortgage and Quicken Loans are two mortgage lending companies that have made a significant impact in the industry. Quicken Loans, headquartered in Detroit, Michigan, became the largest overall retail lender in the U.S. in 2018, with over $400 billion in mortgage volume closed across all 50 states from 2013 through 2017.

The Rocket Mortgage application is a game-changer, allowing users to access real-time financial data and get approved for a mortgage loan in just eight minutes. This is made possible by the platform's ability to verify client data, filter it, and source it from external parties.

In 2015, Quicken Loans created Rocket Mortgage, which performed electronic closings (eClosings) in all 50 states, a first in the mortgage industry. This innovation was compared to the iPhone moment by TechCrunch.

Here's a comparison of Rocket Mortgage and Quicken Loans in a nutshell:

Rocket Mortgage is ideal for busy professionals who want a seamless mortgage process, homeowners looking to refinance without hassle, and anyone seeking excellent customer service.

The mortgage industry is a complex and ever-changing landscape, but there are some key facts to keep in mind when evaluating lenders. Home prices are currently on the decline, with a year-over-year decrease of -0.7% nationwide.

This decline in home prices may make it a good time to enter the housing market, as prices may be increasing faster than you can save. However, it's essential to understand the current mortgage interest rates, which are nearing record lows at 7.49% for a 30-year fixed-rate mortgage.

To qualify for a traditional mortgage, you'll typically need a down payment, which can range from 5% to 15% of the purchase price. The good news is that some loan options, such as FHA and VA loans, may require as little as 3.5% or $0 down.

It's crucial to shop around for the best rates, comparing interest rates and loan terms among at least three or four lenders before applying. This will help you secure the best deal for your situation.

Rocket Mortgage by Quicken Loans is a popular choice for mortgage applications, offering a seamless experience with excellent customer service ratings and an A+ rating from the BBB.

You can apply for a mortgage and upload all your documents online, and the company will even close your new loan at your home if you prefer.

While Quicken Loans is a reliable option, it's still essential to compare rates among multiple lenders to ensure you're getting the best deal.

Quicken Loans may not always offer the most competitive rates, so be sure to shop around.

Rocket Mortgage provides helpful resources such as calculators, personalized rate estimates, and customized advice from licensed mortgage advisors.

Here's a summary of the pros and cons of Rocket Mortgage: