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Quicken Loans: Everything You Need To Know

by | Jun 28, 2020

In 2017, 37% of homeowners in the United States had no mortgage to pay. However, this still leaves 63% of homeowners who still owe money on their house; this might include you.  As you’re looking to either purchase a home or refinance, you may have come across Quicken Loans (NMLS #3030).

Wondering about this option? Then keep reading to learn more about Quicken Loans.

Is Quicken Loans An Option For Me?

It can be!  Quicken Loans makes homeownership very accessible to potential buyers and people looking to refinance, even if they only have fair credit.

Is Quicken Loans Legit?

Quicken Loans was originally founded in 1985 in Detroit, and since then, it has become one of the largest overall retail lender in the entire country. This means countless other customers have successfully gone through the mortgage process with this company.  While Quicken Loans is not a bank, it is considered a mortgage lender, which is slightly different.

Mortgage lenders can underwrite home loans, just as banks can. However, they may offer different loan products.  As you’ll see in a later section of this article, Quicken Loans does have some limitations for loans.

How Does Quicken Loans Work?

Usually, borrowing with other large mortgage lenders involves a branch system. However, this is different from Quicken Loans.

This company uses wholesale funding and online applications, which gives its customers a great alternative for a conventional loan. They’re a direct lender, and they offer a wide range of loan types, such as conventional loans, VA loans, adjustable-rate mortgages, and FHA loans.

To work with Quicken Loans and start the loan process, one option is to have a phone call with one of their Home Loan Experts for origination. After obtaining your information, they’ll see which conventional mortgages and rates you can get for the lowest monthly payment.

Once you decide on one with a good interest rate, they’ll have to underwrite the mortgage and also order a third-party home appraisal. To fund these actions, you’ll make a good faith deposit that is as low as $400. Once you’ve paid the down payment and bought your house, Quicken Loans will deduct this good faith deposit from your other closing costs.

If you’re looking for a completely online experience, then you’ll want to consider using their other online option, Rocket Mortgage. They offer an online mortgage option for the application process.

Does Quicken Loans Offer Home Equity Loans Or Personal Loans?

Unfortunately, Quicken Loans does not offer home equity loans or personal loans (lines of credit). If these are the services you’re looking for, you may have to seek out another mortgage company for those loan options.

Overall Thoughts

In the end, it’s always best to shop around so you can find the best options available to you. So make sure you explore your choices and don’t make any hasty decisions.  Whether you’re a first-time homebuyer, a seasoned real estate buyer, or even just looking to refinance, Quicken Loans has a wide range of mortgage products and loan options available that may be able to suit your needs.

Quicken Loans is considered the largest mortgage lender in the U.S. and even has a top-rated customer service rate, which you wouldn’t necessarily get with other smaller lenders.  Want to learn more about Quicken Loans?  See what they can do for you today!

DISCLOSURE: LMB gets compensation/is an affiliate of Quicken Loans





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