Quicken Loans Mortgage An Alternative To Countrywide Home Loans

Rock Financial, the nation’s largest mortgage lender, was launched in 1985 as Quicken Loans. The company is well recognized for its digital home loan process, which is powered by its Rocket Mortgage online lending platform, which is based in Detroit. In reality, Quicken Loans will change its name to Rocket Mortgage on July 31, 2021.

The Most Beneficial Features

  1. Quicken Loans offers a variety of services. It originates 99 percent of the loans.
  2. The organization provides a wide range of loan options and conditions that can be customized.
  3. The digital application process is simple to use, and loan status information is available at all times.
  4. Quicken Loans is known for its great customer service.

Drawbacks

  1. Because Quicken Loans’ claimed rates are predicated on paying higher-than-average discount points, borrowers may be able to find lower rates and fees elsewhere.
  2. Because there are no face-to-face contacts with the loan originator, the loans are oriented at digital natives.
  3. U.S. Department of Agriculture loans, home equity loans, and home equity lines of credit are not available through Quicken Loans.

Quicken Loans Provides What Kinds of Mortgage Loans?

YOURgage is a unique mortgage loan offered by Quicken Loans. Borrowers can choose a payback period of eight to 29 years with this loan, allowing them to customize their monthly payments to fit their budget.

Other loans include:

  • Fixed-rate and adjustable-rate mortgages
  • Federal Housing Administration mortgages
  • Veterans Affairs mortgages
  • Jumbo mortgages

For homeowners, Quicken Loans also offers:

  • Refinancing
  • Cash-out refinancing

How Does Quicken Loans Work?

Borrowers can begin their applications using the Rocket Mortgage app or website, or they can request that an agent call them. All financial data and papers can be digitally uploaded and shared. Following that, a representative will contact you to go over your loan alternatives and the expenses associated with each.

Once you’ve moved forward, you’ll be able to check the progress of your loan online at any time, and you may be asked to supply additional papers on a regular basis. You’ll choose the date and venue for the closing when the loan is ready to close.

What Are the Terms, Fees, and Conditions of Quicken Loan?

The costs charged by Quicken Loans vary depending on the loan package and other criteria. After submitting all of the prequalification documents and connecting with a representative, interested borrowers will receive cost information early in the application process.

The YOURgage program offers fixed-rate loans with maturities ranging from eight to 29 years, in addition to the standard 15- and 30-year loan periods.

RateShield Approval guarantees a fixed rate for up to 90 days (for 30-year fixed-rate loans). Quicken Loans will check to see if rates have reduced since you locked in after you sign your purchase agreement. If this is the case, the lender will relock the lower rate for another 40 to 60 days.

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What Quicken Loans Discounts Are Available?

There are no specific discount schemes offered by Quicken Loans.

How Do You Meet the Requirements?

Depending on the loan program, Quicken Loans has slightly varied requirements.

  • Borrowers must put down a minimum of 3% on 30-year fixed-rate mortgages and have a debt-to-income ratio of no more than 50% for the YOURgage product.
  • 3 percent of the time, and have a debt-to-income ratio of no more than 50%.
  • FHA loans also require borrowers to have a DTI ratio of no more than 50% and a down payment of 3.5 percent or greater.
  • Borrowers must have a certificate of eligibility and a DTI ratio of no more than 60% to qualify for VA loans.
  • A DTI ratio of up to 45 percent is allowed for jumbo loans, while the loan-to-value ratio (the loan amount as a proportion of the home’s current market value) can be up to 89.99 percent.

What Credit Score Should You Aim For?

Borrowers must have a minimum FICO score of 620 for 30-year fixed-rate mortgages, YOURgage loans, and VA loans. FHA borrowers must have a FICO score of at least 580. The minimal credit score for jumbo loans is 680.

What is the Lender’s Location?

Quicken Loans is based in Detroit, Cleveland, Phoenix, and Charlotte, North Carolina, but it services borrowers across the United States.

Calculator for Mortgages

Is your ideal house within your grasp? The mortgage calculator from U.S. News will show you how much home you can afford.

Is Quicken Loans a Trustworthy Company?

U.S. Bank gave Quicken Loans a 4.0 out of 5-star rating. News & World Report is a news organization based in the United States. This score is determined by the lender’s affordability, as well as the lender’s qualifying standards for potential borrowers and customer service. Lenders in the mortgage category have an average rating of 4.3 stars.

Quicken Loans is an approved company with an A+ rating from the Better Business Bureau.

In the year 2020, the Consumer Financial Protection Bureau received 554 complaints against Quicken Loans’ mortgage products. All problems were promptly addressed by the company. The most typical problem encountered while applying for a loan or refinancing an existing loan.

What Is the Customer Service Like at Quicken Loans?

Quicken Loans has a number of different customer care choices. You may be able to communicate with your loan officer via text, email, or phone during the loan process.

There’s a chat function available Monday through Friday from 7 a.m. to midnight Eastern Time, and Saturday and Sunday from 9 a.m. to midnight ET, if you have queries concerning your loan or account.

What Are Some of the Online Features of Quicken Loans?

Home loan borrowers can complete the full procedure online, with some phone support as needed, from start to end. Connecting Quicken Loans to your bank account allows it to verify employer direct deposits, upload documents such as tax returns, and add digital signatures if necessary.

Quicken Loans will give you alerts regarding the progress of your loan and any papers or information that may be required. You can manage payments on the website or app once the loan is finished, and you may set up one-time, automatic, or biweekly installments.

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