Looking for a suitable mortgage company to borrow loans, Quicken Loans serves as one of the recommended ones to go for. Quicken is one of the most profound mortgage lenders where you can find anything or service a neighborhood mortgage lender can offer. One exclusive aspect of the mortgage company is that it comes with online convenience.
Quicken Loans serves as the biggest and well-known mortgage lender in the United States. Due to it revolutionary digital application experience and online convenience, the mortgage lender is ranked as the top provider of mortgage loans in the United States even with a single branch office. There are a wide range of mortgage options offered by Quicken Loans which is not compared to other lenders.
The disadvantage of Quicken Mortgage is considering it rates and fees which are higher than other lenders or national median based on reports coming from Home Mortgage Disclosure Act data. According to NerdWallet, in terms of the rating of the platform, a variety of loan types is rated 4 of 5 stars, loan products: 5 of 5 stars, online convenience: 5 of 5 stars, rate transparency: 4 or 5 stars while the rates and fee are rated low.
What is Quicken Loans?
Quicken Loans which is currently known as Rocket Mortgage is a mortgage loan provider that mortgage loans services that include ARM loans, Jumbo loans, VA loans, FNA loans, and 15- and 30-year fixed-rate mortgage. Currently, Rocket Mortgage serves as the largest overall retail lender in the United States and also serves as the biggest online retail mortgage lender. Most bigger mortgage lenders, depending on Deposits, but for Quicken Loans, rely on wholesale funding in other to offer loans and also make use of online applications instead of using a branch system.
What Types of Mortgage Loans Does Quicken Loans Offer?
First of all, you need to know that Quicken offers you a wide variety of loans and it includes a full nonbank selection of fixes. As well as adjustable-rate home loans, mortgage refinancing and also jumbo loans. Unlike most mortgage lenders, Quicken Loans doesn’t include home equity loans or lines of credit. This is because Rocket Mortgage doesn’t have the necessary capital from banks deposits in other to fund mortgage. Instead, nonbank lenders tend to sell their loans to investors. Even the largest investor, Fannie Mae and Freddie Mac don’t buy home equity loan products.
Currently, Quicken is the biggest lender in the United States for mortgages which is verified by Federal Housing Administration. It offers twice the FHA loan volume than it competitor offers to members. Rocket Mortgage offers VA loans backed up by the Department of Veterans Affairs.
With Quicken’s YOURGage you can easily select a fixed-rate loan term. It also offers you eight to 29-year mortgage payback length. Another thing that Quicken Loans does not offer members is a reverse mortgage.
How Quicken Loans Mortgages Work
The way Quicken Loans works is very simple due to it online convenience. As a home loan borrower, the first thing you need to get started is through the Quicken Loans app or Rocket Mortgage app or website. Likewise, you can request an agent to help with the application. Afterward, you’ll need to provide financial information and documents where you can upload on the app.
Once you complete the action, you’ll receive a notification from a representative to elaborate on the loan options as well as the cost for each. Right from the app, you can always check your loan status and that’s all. You don’t need to search for any branch for an application.
Quicken Loans Mortgage Rates and Fees
Before choosing a mortgage lender, the first you need to do is to under that cost for the loan. This is what you need to put into considerations. However, you need to compare the average lender origination fee with other or all lenders. According to Home Mortgage Disclosure Act, 2 of 5 stars is what Quicken Loans earns.
What Credit Score Do You Need?
The minimum FICO score of 620 is required for 30-year fixed-rate mortgages, YOURgage loans, and VA loans. FHA borrower credit score is at least a 580 FICO score. For jumbo loans, 680 serves as the minimum score.