Quicken Loans has a reputation as a heavy-hitter in the mortgage space. Quicken, which was founded in 1985, announced in e the nation’s largest residential mortgage lender with a total loan volume of $83.4 billion. Headquartered in Detroit, Quicken Loans has provided more than two million American families with mortgages.
Quicken Loans is the largest online retail mortgage lender, according to National Mortgage News. Its parent company is Rock Holdings, Inc. Quicken provides only mortgages and loans – it doesn’t offer any banking, investment or other financial products. It does, however, offer a range of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans and jumbo loans. You can also use the company’s “YOURgage” feature to customize your loan terms.
Getting a home mortgage from Quicken isn’t a matter of driving over to a local branch. The company combines online mortgage application tracking with a legion of representatives who can guide you through your application over the phone. Hate talking on the phone? You may be better off using Rocket Mortgage, an online-only portal from Quicken Loans that lets you complete your entire mortgage application on the web, without speaking to a loan officer.
Regions Served by Quicken Loans
Quicken Loans offers loans in all 50 states. It has become quite a large operation in the years since its founding. Quicken has over 17,000 employees based in offices throughout the country.
What Kind of Mortgage Can I Get with Quicken Loans?
Once you’ve decided to dip your toe into the mortgage market you’ll need to decide what type of mortgage to get. You can talk through your mortgage options over the phone with Quicken Loans, but it helps to have done some research into your mortgage choices before you have your initial phone call with a lender.
Fixed-rate mortgage: Your interest rate and monthly payments will stay the same for the entire life of this loan. Fixed-rate mortgages are available in 15-year and 30-year terms with Quicken Loans. The fixed-rate mortgage is a dependable home loan option. You know what you’re getting. The steady monthly payments with a fixed-rate mortgage may make it easier to budget.
Adjustable-rate mortgage (ARM): Also known as an ARM, this mortgage option from Quicken Loans generally has a lower interest rate when compared to fixed-rate mortgages with the same term – at least at first. At Quicken, its ARMs have an introductory period that can be five, seven or 10 years where the interest rate is fixed. Following the introductory period the rate is adjustable throughout the loan term and can fluctuate up or down. The amount by which the interest rate fluctuates each time it adjusts is generally dependent on a benchmark rate. If you have an ARM your loan terms will specify how many times the rate can change between your introductory period and the end of your loan. The loan terms will also specify a maximum interest rate that your loan cannot exceed.
Federal Housing Administration (FHA) loan: This government-insured loan may be a good option if you have limited income and funds for a down payment, and/or a lower credit score. We put together a comprehensive guide to FHA loan qualifications if you want to take a deeper dive. The minimum credit score for an FHA loan through Quicken Loans is 580. You can put as little as 3.5% down when you get an FHA loan from Quicken.
Veterans Affairs (VA) loan: These mortgages are backed by the Department of Veterans Affairs. If you are a current or former member of the U.S. armed forces (or the current or surviving spouse of one), you may be eligible for this mortgage. With Quicken Loans you can get a VA loan that’s a 30-, 20- or 15-year fixed-rate mortgage, or a 5/1 ARM. The introductory period on a 5/1 ARM lasts for five years. After those five years the rate will adjust once per year. Quicken has dedicated VA mortgage bankers who can help you through the VA loan process. Credit scores as low as 620 can qualify for VA loans.
United States Department of Agriculture (USDA) loan: Quicken offers USDA mortgages as part of its government loan products. If you’re looking to purchase home in a rural area and you make 115% or less of the area’s median income, you ent Loans include 0% down payment and low guarantee fees.
Jumbo loan: If you need to borrow a home loan that exceeds the particular conforming loan limit in the area in which you are buying, you will be in the market for what is known as a jumbo loan. In most of the United States, jumbo loans are ones that are greater than $548,250. However, in some counties with pricey real estate, the conforming loan limit is as high as $822,375, meaning that buyers can take out mortgages up to that amount before their mortgage is a considered a jumbo loan. Jumbo loans are viewed as being risky for the lender because government mortgage finance groups Fannie Mae and Freddie Mac won’t buy jumbo loans. Any jumbo loans that a lender can’t sell stay on the lender’s books and expose the lender to the risk that the jumbo loan borrower would default on an expensive home that would be hard to re-sell after foreclosure. To compensate for these risks, lenders may charge higher interest rate for jumbo loans. Still, a jumbo loan may be right for you if you have a lower debt-to-income ratio, a higher credit score and can make a larger down payment. Jumbo loans generally require borrowers to put 20% down. Quicken Loans’ jumbo mortgages let you take out a mortgage of up to $3 million. Through Quicken you can take a cash-out refinance of up to $500,000. The minimum credit score for a jumbo loan from Quicken is 700.
YOURgage: If you’d like to customize your mortgage, pick your own terms to meet a financial goal or lower your interest rate, Quicken Loans’ YOURgage might be a good option for you. With this option, you’re able to pick the payment terms of your mortgage based on www.paydayloansohio.net/cities/burton/ your goals. While it’s only available in a fixed-rate conventional mortgage, you can get it in all 50 states. You can pick a loan term of between eight and 30 years, refinance up to 97% of your home’s value or purchase a home with as little as 3% down.