Quicken Loans Mortgage Features, Rates, Pros, Cons, And Complete Reviews

Quicken Loans Mortgage Reviews: If you are looking for mortgage lenders or companies, then you will definitely come across Quicken Loans. Nowadays, online mortgage companies are getting popular and among those Quicken Loans has outdone many other providers. It is a US-based mortgage company that is licensed in all 50 states. It is one of the popular and largest mortgage lenders in the United States. The best thing about Quicken Loans is that they provide different types of mortgages to their customers whether it’s conventional mortgages and adjustable-rate mortgages or jumbo loans and Federal Housing Administration loans, among many others.

Other types of mortgages offered by Quicken Loans are U.S. Department of Veterans Affairs loans, U.S. Department of Agriculture loans, reverse mortgage loans, etc. Even after knowing the fact that the borrower has to deal with Quicken Loans online, it is still making many people comfortable to apply for a home loan outside of an office. Today we are going to talk about Quicken Loans Mortgage in this article which will help you out to know more about this online mortgage lender company. If you are looking for the same then you are on the right platform. So, let’s begin with the types of products it offers.

About Quicken Loans Mortgage

Quicken Loans Mortgage is the Largest Mortage Lender in the United States of America based on Low Volume and is Licensed in the 50 States. The Lender offers conventional Mortgages, Adjustable Rate Mortgages, Federal Housing Administration Loans, US Department of Agriculture Loans and Jumbo Loans. Quicken Loans Provides a Full Nonbank Selection of Fixed and Adjustable Rate home Loans, Mortgage refinancing and Jumbo Loans for the higher-priced Homes. Quicken Loans has the Minimum FICO Credit Score of 620 and a debt-to-income ratio of no More than 50% on its conventional 30-year Fixed Loan. Quicken Loans does not charge a prepayment penalty on any of its Loans. with Quicken Loans, borrowers can complete the Entire mortgage Process online Including Application, approval, Closing, and Account Management.

Types & Products of Quicken Loans Mortgage

Quicken Loans helps its customers by offering a list of mortgage types and products that helps the borrowers in many different ways. There are many specialized types of Mortgage Loan that has been offered by Quicken Loans, called YOURgage. With the help of this loan, the borrowers can easily select a repayment term which may vary from 8-29 years. This let the borrowers modify their monthly payment on the basis of their budget. In addition to that, they can put down as little as 3 per cent with a YOURgage. Additionally, Quicken Loans also provides a reverse mortgage loan to homeowners via its subsidiary i.e. One Reverse Mortgage. This type of loan is basically offered to those who are at least 62 years old and have adequate equity in their home.

Here is the list of loans provided by Quicken Loans to its customers or borrowers:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
  • Mortgage refinance loans, etc.

However, one must take note that there are some types of loans that are not provided by Quicken Loans and those are Home equity loans and Home equity lines of credit.

Minimum Requirements to Qualify For The Quicken Loans Mortgage

For qualifying for Quicken Loans, the borrower must have at least a FICO credit score of 620 as well as a debt-to-income ratio of that should not be more than 50 per cent. This is applicable for the 30 years fixed loan. In addition to that, for the USDA loans, you must be required to have a perfect 640 score. Along with the perfect score, you must also have adequate property and should also meet their income requirements.

Moving on to the VA loans, the borrowers must have a least 620 FICO credit score along with a DTI not above 60 per cent. On the other hand, for FHA loans, borrowers must have a credit score of a minimum of 580 along with a DTI of 50 per cent or less than that.

Talking about the conventional loan, including a YOURgage, you can put as little as 3 per cent down. Meanwhile, borrowers of FHA loan must put down a minimum of 3.5 per cent, as well as for the VA and USDA loans, you don’t have to pay any down payment at all.

What Are the Quicken Loans Mortgage Fees?

Well, there is not any fixed amount or fees that have been charged by Quicken Loans from its borrowers. These charges may depend upon the kind of loan product, therefore, it is not the same for every type. Also, one must take note that Quicken Loans doesn’t ask for any pre-payment penalty on any of its offered loans.

There’s a Feature of Quicken Loans called RateShield which let the borrowers buy products from their company at an interest rate for 90 days till the time they explore for a home. In addition to that, the borrowers also get the option for locking in a lower rate if in case the market rates fall by the time they have actually found a home.

Pro & Cons of Quicken Loans

Here we have listed some good and bad points about Quicken Loans, so if you are planning to go with the company, you can get an idea about what you are going to deal with. Let’s begin with the advantages of Quicken Loans Mortgages:

Advantages

  • As Quicken Loans is an online-based company, the borrowers can get access to complete loan procedure online.
  • The borrowers can get a wide range of mortgage products on one platform.
  • The customer service ratings of Quicken Loans is also satisfactory

Disadvantages

  • The most common disadvantage of Quicken Loans is that there is no direct or face-to-face service available as it is operated online. Every single process is done online, so the clients who are uncertain or doubtful of online services may not find this platform an ideal type.
  • Quicken Loans don’t provide any home equity loans or else the lines of credit.

Final Verdict

Overall, Quicken Loans is the best option for borrowers who are looking for getting Mortgage loans online. If you are not hesitant about online processes, then this is a great platform for you as you can complete the whole mortgage procedure online without having any face-to-face meetings. It is also a great option for those borrowers who are looking for refinancing via HARP. Even though it doesn’t deal with all the type of Mortgage loans but it covers many which will benefit you. Also, people who like to work having face-to-face interactions or meetings may find this online platform uncertain. But there’s nothing to worry about about this platform as it very safe and trustworthy mortgage lender/provider Company. The customers who have already tried Quicken Loans for getting a mortgage have given decent reviews to this company. Quicken Loans also provides you with satisfactory customer service.

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