Quicken Loans, founded in 1985, is the largest online retail mortgage loan provider. The fact that it was announced in February 2018 that it was the largest mortgage lender in the country is an indication of this. Quicken Loans does not offer any investment, banking or other financial products. Quicken Loans provides only mortgages and loans.
To obtain a home mortgage from Quicken, you must submit your online application request. You can use 2 methods to do this;
1- You can contact a legion of representatives to guide you through a phone call.
2- You can use an online portal that allows you to apply without talking to any loan officer through the website: Rocket Mortgage.
Regions served by Quicken Loans and average loan interest rates
Quicken Loans has grown into a large company over the years since its inception and offers services in 50 states. Detroit, Michigan; Cleveland, Ohio; Phoenix, Arizona; San Diego, California; and Charlotte, North Carolina based service has 17000 employees.
The interest rates of mortgages obtained with Quicken Loans vary according to the type of loan received. Quicken Loans generally have rates ranging from 2.85% to 3.30%.
What kind of Mortgage can you get with Quicken Loans?
Customers who wish to receive Quicken loans must first receive information about mortgage options from one or more lenders. Quicken Loans are like other loans. When you apply to receive Quicken Loans, you may be faced with a hard credit inquiry like any other loan. This happens the first time you apply. And for Quicken Loans, credit score is also very important.
The following are the loan options you can get with Quicken Loans;
- Fixed-rate mortgage,
- Adjustable-rate mortgage (ARM),
- Federal Housing Administration (FHA) loan,
- Department of Veterans Affairs (VA) loan,
- United States Department of Agriculture (USDA) loan,
- Jumbo loan,
- 1% Down Payment Option.
- Fixed-rate mortgage;
Monthly payments and interest rates remain the same until the loan payment ends. With this option, you can manage your budget more easily by having a fixed credit payment. You can get a fixed-rate mortgage through Quicken Loans. That is a reliable home loan with a 15 and 30 year maturity.
- Adjustable-rate mortgage (ARM);
Quicken Loans usually uses a low interest rate in this mortgage option but has an introductory period of 5, 7 or 10 years, in which interest rates are fixed. Then interest rates can be set up or down. The number of times this can be done during the loan period may vary depending on your credit terms and introductory period. While issuing the loan, these arrangements are settled and the maximum interest rate is determined according to the loan terms.
- Federal Housing Administration (FHA) loan;
This mortgage option from Quicken Loans can be a good option if you have limited money or income. A minimum of 580 credit scores is required to obtain FHA credits with Quicken Loans.
- Department of Veterans Affairs (VA) loan;
In order to take advantage of this mortgage option of Quicken Loans, you must now be a member or former member of the US armed forces. Persons who meet these requirements may receive a fixed mortgage loan of 15, 20 or 30 years or a 5/1 VA loan. Quicken, which has special VA loan bankers who can assist you during the loan period, will issue a 5/1 VA loan with a 5-year introduction period. After 5 years, Quicken Loans rate can be adjusted once a year. A minimum of 620 credit scores is required to receive VA loan.
- United States Department of Agriculture (USDA) loan;
As of 2017, Quicken Loans added USDA loan to its mortgage options. To receive this credit, you must have one of the following;
1- Buying a house from a rural area
2- Less of the area’s median income.
Features of Rural Development Loans include low guarantee fees and 0% down payment.
- Jumbo loan;
This is one of the Quicken Loans mortgage options. But it carries a lot of risk for lenders. Lenders facing default risk may offer high interest rates. This is one of the Quicken Loans mortgage options. But it carries a lot of risk for lenders. Lenders facing default risk may offer high interest rates. The minimum credit point to be able to benefit from this loan through Quicken Loans is 700.
This Quicken Loans mortgage option is ideal for those who want to lower interest rates, customize their mortgage and set their own terms to achieve a financial goal. Because with this option you can choose the payment terms of your mortgage according to your goals. You can purchase a home with as little as 3% down, refinance up to 97% of your home’s value or pick a loan term of between 8 and 30 years.
Who can get Quicken Loans?
The most important issue for obtaining Quicken Loans is approval. Approval allows you to estimate your loan amount, interest rate and monthly payment, and lenders decide if you have the necessary financial conditions. Approval for those who want to get Quicken Loans also provides some advantages. These are;
1- You’ll be in the best position to make a strong offer on a house because the seller will know a lender already verified your finances.
2- You and your real estate agent will understand what you can afford so you don’t waste time looking at homes outside your budget.
3- After your offer is accepted, you’re less likely to run into surprises that could slow down closing the loan.
The three criteria that are considered when deciding for approval are as follows;
1- Credit Score (especially FICO score),
The approval stages for getting Quicken Loans are;
1- Prequalified Approval,
2- Verified Approval (You will get a Verified Approval Letter within 24 hours.),
3- RateShield™ Approval (The strongest approval. Valid for 90 days.).
Even if prices increase after the last approval, your rate will remain the same or if prices decrease, your rate will decrease.