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If you’re shopping for a home loan, understanding your mortgage options is easier said than done. You could find the world of home financing filled with complicated jargon and confusing applications.
Quicken Loans seeks to streamline and simplify the process with its online application, online resources and its access to friendly, informative mortgage experts.
As the largest online mortgage provider in the US, Quicken Loans offer a wide range of loan options including conforming, fixed and adjustable-rate terms, FHA, VA and HARP refinancing products.
|Loan types||Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA|
|Minimum down payment||3%|
|Origination fee||0.5% to 1.0%|
|Other fees||Quicken Loans charges a Good Faith Deposit of $400–$750 to help cover the cost of pulling your credit report, your home appraisal and additional loan processing costs. When you close your loan, Quicken Loans credits your deposit to your closing costs.|
- Wide selection of mortgages.
- Online loan support.
- High loan amounts.
- Application deposit.
- Hard credit pulls.
However, some complaints point to hard credit inquiries without authorization during the application process. There’s also reports that loan advisors were aggressive when trying to close the loan.
Do I qualify for a loan with Quicken Loans?
To be eligible for a home loan with Quicken Loans, you’ll need a personal credit score of at least 580 for FHA loans, 620 for conventional and VA loans and 700 for jumbo loans.
You’ll also need to be ready with a down payment of at least 3% for conventional loans and a deposit of $400-$700 to cover the Quicken Loans Good Faith Deposit.
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What can I expect with a Quicken Loans home loan?
- Fast turnaround. Most borrowers close their home loans with Quicken Loans within 30 days.
- Jumbo loans. Apply for a jumbo loan of up to $3 million with both fixed- and adjustable-rate terms available.
- No prepayment penalty. Pay off your loan in full at any time without having to worry about a prepayment penalty.
Are there any special programs?
- FHA loan. This government-backed home loan offers fixed- and adjustable-rate terms of up to 30 years, down payments as low as 3.5% and requires a minimum credit score of 580 to qualify.
- VA loan. Available to active servicemembers, veterans and their spouses, Quicken Loan’s VA home loans have 0% down payment options and jumbo loans of up to $1.5 million.
- YOURgage. This fixed-rate loan offers terms of 8 to 20 years for more control over your repayment term.
Pros and cons
- Simple online application. With its easy online mortgage application, the only time you’ll meet in person is the final loan sign-off.
- Flexible terms. You get more control of your loan terms with YOURgage
- Access MyQL. Quicken Loans offers access to MyQL — an online tool that guides borrowers through the process of closing of their homes.
- Wide selection of mortgages. Quicken Loans offers fixed-rate, adjustable-rate, jumbo, FHA, VA and HARP loan options to its customers.
- Maximum loans. Find non-conforming jumbo loans from $424,101 to $3 million in fixed- or adjustable-rate terms.
- Flexible repayments. Pay off your loan early without prepayment penalties.
- Online loan support. Monitor the progress of your application with MyQL and access the support seven days a week by phone and live chat.
- Application deposit. You’ll need to put down a deposit to apply, and the deposit goes towards closing costs if you seal the deal on your new home loan.
- Two-step process. Unlike fully online mortgage lenders, you have to speak with a representative to get your loan details completed.
- Hard credit pulls. Some homebuyers were surprised to see a credit check show up on their credit report before they expected it or gave authorization.
How is Quicken Loans related to Rocket Mortgage?
Quicken Loans owns Rocket Mortgage, a site designed to appeal to a new generation that’s comfortable with end-to-end transactions online — from applying, to vetting and documentation, to funding.
Think of Rocket Mortgage as an extension of Quicken’s strength in the market. Rather than speak with a representative, you enter your information into Rocket Mortgage’s site or app, and Quicken takes this info directly to the banks.
If you’re a first-time homebuyer or have a similarly uncomplicated purchase in the works, you just might be able to streamline the process with Rocket Mortgage.
How do I get started?
A Quicken Loans team member will follow up with you by email or phone to begin the process of applying for your home loan.
- Minimum personal credit score of 580 for FHA loans, 620 for conventional and VA loans and 700 for jumbo loans
- Minimum down payment of 3% for conventional loans
- $400 to $750 application deposit
- Your full name and personal contact information
- Your Social Security number
- Pay stubs from the past 30 days
- W2s and 1099s from the past two years
- Personal tax returns from the past two years
- Profit and loss statements (if self-employed)
- A list of your assets, including savings, real estate, car titles and other investment records
- A complete list of your debts, including student loans, auto loans, personal loans and credit cards
I got the loan. Now what?
- Track your loan with MyQL. Keep tabs on upcoming payments and automate the repayment process by registering for online payment options.
- Keep up with repayments. Understand your loan schedule to avoid missing a payment. If you run into financial difficulties and can’t make a payment, reach out to a representative as soon as possible to discuss your options.
Quicken Loans is a nontraditional lender with a range of home loans to select from. It offers flexible, efficient home financing online, with home loan experts ready and willing to guide you each step of the way.
If you want a mortgage outside the realm of traditional lenders and financial institutions, Quicken Loans may be able to help you.
Frequently asked questions about Quicken Loans
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