Quicken Loans Mortgage Service
Quicken Loans is an online-focused mortgage lending company. Quicken Loansonly offer mortgages and loans – it doesn’t provide any investment banking or other financial products.
Found in 1985 as Rock Financial, Quicken Loansis an online mortgage lender based in downtown Detriot, Michigan. Today Quicken Loansis the largest mortgage retailer in the United States and offers all types of mortgages and loans. Whether its for purchasing a home, refinancing one or just to know how the mortgage works, Quicken Loansprovides technology, education and customer service to ease the entire mortgage process.
Minimum credit: 620
Minimum down payment: 3% – 3.5%
Origination fee: 0.5% – 1%
Other fees: Quicken Loans charge a certain deposit amount to pull your credit report, home appraisal and other loan processing charges. Typically it costs between $400 -$750 and called Good Faith Deposit. The company will return this amount once you close your loan.
Available States: Available in all states
Pros & Cons
- Quick and easy process. Applying for a mortgage/loan is really quick, simple and easy. You can apply for a mortgage/loan online.
- Great customer service. Quicken Loans has excellent customer service. Experts will be available 24/7.
- Licensed in all states. Quicken Loans is licensed to sell mortgage in all states.
- Loan/Mortgage types. Quicken Loans has a wide variety of loan/mortgage types. They offer large amount loans such as Jumbo loans (up to $3 million) in fixed or adjustable-rate terms.
- Flexible repayments. Quicken Loans has a flexible repayment option. You go for any repayment option which is convenient for you.
- Online app. Quicken Loans app MyQL provides 24/7 chat and phone support.
- Fast loan approval. Most borrowers can get their home loans approved within 30 days.
- Application deposit. Quicken Loans application deposit is also known as Good Faith Deposit. You need to pay an application deposit as an additional fee. This amount will be refunded once you close the loan.
- Two-step process. Even if you submit an online application, you have to speak with a representative to get your loan details completed.
- No home equity loans or HELOCs. Quicken Loans doesn’t offer any type of home equity loans or HELOCs.
What types of loans does Quicken Loans offer?
- FHA Loans
- Conventional Loans
- USDA Loans
- VA Home Loans
- Jumbo Loans
- Refinance Mortgage Loans
- YOURgage Loans
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