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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Quicken Loans

Finanso.Multilogin™

About lender

Quicken Loans Inc., based in Detroit, is one of the leading mortgage lenders in the United States. They submitted papers to the US government. Under the name Rocket Companies, the Securities and Exchange Commission began taking the company public. Quicken Loans became the parent company of Rocket Mortgage in 2021. It is stated that Rocket Mortgage is doing business as Quicken Loans, LLC.

Quicken Loans have mortgage options and loan types available in all 50 states. If you're looking for a loan, Quicken's Rocket Mortgage is likely to be an option you need to explore. It offers a regular nonbank range of conventional loans, fixed- and adjustable-rate home loans, VA loans, mortgage refinancing, and jumbo loans for higher-priced homes through Rocket Mortgage.

Quicken was the largest lender of FHA loans in 2020. Its services offer home equity loans, mortgage and home refinance loans, with customers being able to complete the entire mortgage online. Consumers who prefer to apply over the phone can chat with a Home Loan Expert at the company. Quicken Loans services 99% of its loans, meaning borrowers work with the company from the beginning to the end of the process.

Pros and cons

Pros

  • Provides a prequalification loan estimate within minutes.

  • YOURgage allows you to customize your mortgage by allowing you to choose the term length.

  • The loan application process is simple and may be completed online.

  • Quicken Loans has offices in 50 different states.

Cons

  • You are unable to apply in person.

  • Because of the low down payment requirements, you may be authorized for a larger loan than you need.

  • A hard credit check is required to get a customized rate.

  • HELOCs and home equity loans are not available.

Quicken Loans is a financial institution that solely offers mortgages and loans, with no banking, investment, or other financial services. It provides customizable mortgage options. The Rocket Mortgages interface streamlines the application procedure. It offers mortgages with low down payments. Ensure that you understand its advantages and disadvantages, and various financial information before applying on the Quicken Loans website.

Terms and conditions

Quicken Loans and Rocket Mortgage both provide a variety of financial products and refinance alternatives such as cash-out. It has an online application procedure that has been praised as a more convenient option than that of other lenders. However, the lender's rate page does not clearly differentiate between refinances and acquisitions. Refinance expenses, like those of any lender, can mount up quickly.

An origination fee, a rate-lock fee, and other closing costs may be charged by Quicken Loans and Rocket Mortgage. These costs may vary depending on the loan type, taxes, and other reasons. Quicken Loans and Rocket Mortgage both provide daily rates on their respective websites. Select "Mortgage Rates" from the Rocket Loans website's menu. It displays 30-year and 15-year fixed conforming mortgages, 30-year VA mortgages, and 30-year FHA mortgages, as well as interest rates and APRs. It also compares today's rates to those from the day before and a year ago.

Quicken's YOURgage program lets you choose from an eight- to 29-year fixed-rate loan term (the length of the mortgage repayment). This allows you to choose your monthly payment and gives you a little more freedom than the traditional 15- and 30-year durations.

Loan Options

Quicken loan officer can walk you through your mortgage options over the phone, but it's a good idea to do some preliminary research on your mortgage possibilities before calling a mortgage lender. Customers that use Quicken have various options:

  • Federal Housing Administration (FHA) loan. If you have a low credit score and/or limited income and cash for a down payment, this government-insured loan may be a viable alternative. Quicken Loans require a minimum credit score of 580 to qualify for an FHA loan. When you get an FHA loan from Quicken, you can put as little as 3.5% down.

  • Fixed-rate mortgage. Quicken Loans offers fixed-rate mortgages with maturities of 15 and 30 years. A fixed-rate mortgage is a safe bet for a house financing. You know exactly what you'll receive. A fixed-rate mortgage's consistent monthly payments may make budgeting easier.

  • Veterans Affairs (VA) loans. Quicken Loans offers VA loans with 30-, 20-, or 15-year fixed rates, as well as a 5/1 ARM. A 5/1 ARM introduction term is five years long. The rate will adjust once a year after those five years. Quicken provides VA mortgage bankers who can assist you with the VA loan procedure. VA loans are available to those with credit ratings as low as 620.

  • Jumbo loan. A 20% down payment is usually required for jumbo loans. Jumbo mortgages from Quicken Loans allow you to borrow up to $3 million. Quicken allows you to refinance your home for up to $500,000. A 700 credit score is required for a Quicken jumbo loan.

  • Adjustable-rate mortgage (ARM). ARM loans feature a fixed interest rate for the first five, seven, or ten years. Following the introductory period, the rate is variable and might go up or down during the loan duration.

  • United States Department of Agriculture (USDA) loan. USDA mortgages are one of Quicken's federal lending options. You may be eligible if you want to buy a property in a rural location and make 115% or less of the area's median income. Rural Development Loans include no down payment requirements and cheap guarantee fees.

  • YOURgage. Quicken Loans' YOURgage may be an excellent alternative for you if you want to personalize your mortgage. You can choose your own conditions to fulfill a financial goal, or cut your interest rate. You can choose the payment conditions of your mortgage based on your objectives using this option. It's only available in fixed-rate conventional mortgages, but it's available in all 50 states. You can choose an eight- to 30-year loan term, refinance up to 97 percent of your home's value, or buy a property with as little as 3% down.

Funding a loan

Quicken Loans are available to chat from 7:00 a.m.–12:00 midnight ET, Monday to Friday and from 9:00 a.m.–12:00 midnight ET, Saturday to Sunday. You can also call the company from 8:00 a.m.–10:00 p.m. ET, Monday to Friday; 9:00 a.m.–8:00 p.m. ET, Saturday and from 10:00 a.m.–7:00 p.m. ET, Sunday. The time it takes for mortgage money to be issued varies depending on the lender, although it is normal for cash to be delivered within 3 to 7 days.

FAQ

Is Rocket Mortgage the same as Quicken Loans?

Quicken loans announced its changing name to Rocket Mortgage. Quicken Loans LLC, based in Detroit, is changing its name to underscore its wholly digital mortgage brand.

Is Quicken Loans a legit company?

Yes. Quicken Loans has a long history of excellent customer service. According to J.D. Power, it is the best lender for customer satisfaction. It ranked second for 11 years in a row in 2021.

What is the downside to Rocket Mortgage?

A credit check is required to obtain a personalized interest rate, which may damage your credit score. There are no home equity loans or lines of credit available. According to the most recent data, lender costs are on the top side, and unusually low mortgage rates did not mitigate them.

Company documents

Email & Text Policy
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We’ll help you understand your mortgage options so you can feel certain about what you can afford.

© Quicken Loans

Financial products

Quicken Loans
Home loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$25,000-$3,000,000
Rate
i

Effective interest rate on the product

up to 3.5%
Term
i

Loan term for the financial product

up to 30 years

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Mariner Finance
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,500,000
PENNYMAC
Home loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $647,200
Rate
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Effective interest rate on the product

up to 6.68%
Term
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Loan term for the financial product

10-30 years
HomeLoanServ
Home loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $135,000
Rate
i

Effective interest rate on the product

up to 5.25%
Caliber Home Loans
Home Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $300.000
Rate
i

Effective interest rate on the product

up to 4%
Term
i

Loan term for the financial product

up to 30 years

Calculate loan payments in Quicken Loans

Quicken Loans calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with Quicken Loans

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Quicken Loans and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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