Quicken Loans Review
Securing a mortgage loan or refinancing your home often marks an important step in achieving your family’s dream life. However, the complicated nature of mortgages can get in the way. That’s where Quicken Loans comes into play.
Quicken Loans is as easy as it gets when it comes to mortgages. They take your details through an easy online application process and quickly match you with the right solution for your specific needs.
Quicken Loans can help with a variety of loan types. At a glance, they offer refinancing options, reverse mortgages, specialist VA and USDA mortgages, as well as a unique YOURgage option. Yourgage allows you to customize the length of your mortgage to your financial goals with a fixed rate.
So, how can Quicken Loans help you refinance your home? In this review, we’ll take a closer look at everything Quicken Loans has to offer.
Pros and Cons of Quicken Loans
- Ranked #1 in customer satisfaction by J.D Power
- Custom terms available with “YOURgage” fixed-rate loans
- Quick online application that’s easy to understand
- Doesn’t offer home equity loans or HELOCs
- Not ideal for those who want an in-person lender
What Does Quicken Loans Offer?
Quicken Loans’ full range of mortgage loan services include:
- Rate-and-Term Refinance: If you want to lower your rate or adjust your term, then a rate-and-term refinance is worth considering.
- Cash-Out Refinance: If you want to tap into your home’s equity to take out money, then a cash-out refinance is worth exploring.
- Adjustable-Rate Mortgage: Get a low fixed interest rate and lower monthly payments for the first 5, 7, or 10 years.
- YOURgage®: Choose a custom term with a fixed interest rate from 8 to 29 years that fits your financial goals.
- FHA Loan: You may qualify for an FHA loan with a lower credit score than other loans, and a down payment as low as 3.5%.
- 30-Year Fixed Mortgage: Monthly payments spread over 30 years with a stable fixed-rate are lower compared to loans with shorter terms.
- VA Loan: Qualified veterans, service members, and spouses can finance up to 100% of their loan and pay less at closing.
15-Year Fixed Mortgage: You pay less interest when monthly payments are spread over 15 years because you pay off your loan faster.
- Jumbo Loans: When you need a big loan – from $484,351 to $3,000,000 – you can save with a small interest rate.
- FHA Streamline: Already have an FHA loan and want a lower interest rate? An FHA Streamline refinance requires fewer steps and documents.
- Reverse Mortgage: For homeowners over age 62 who want to use the equity in their home to meet their financial goals.
If you’re not sure which loan best applies to you, Quicken Loans also offers a calculator you can use to help you identify the best loan for your needs.
What To Expect on the Site
In order to make the application process convenient, Quicken Loans has an online process. You’ll be asked a few questions about your home and financial situation, including:
- What’s your estimated home value?
- How much additional cash would you like to borrow?
- Do you have a second mortgage?
- Any bankruptcy in the past 3 years?
After you complete the quick online form, Quicken Loans provides personalized quotes in minutes. If you move forward with an offer, the company performs a hard credit check. Additionally, you can send any financial documents that Quicken Loans needs through their secure online portal. Necessary documents may include:
- Pay stubs and tax returns
- Government-issued photo ID
- Current mortgage statement
You can then easily follow along as the process develops. If at any time you need help, you can reach out to Quicken Loans for support via live chat, email, and phone.
If you’re applying to refinance your mortgage, it’ll typically cost about 2–3% of the total amount of the loan. Depending on your mortgage, you might be able to roll these costs into the loan, reducing your upfront costs. Fortunately, when you apply to refinance, you’ll receive an estimate of the fees and costs of your loan.
Pricing will change from person to person based on their situation, but Quicken Loans says its lender fee won’t exceed 1% of the loan amount. In order to give you a clearer picture of potential fees, we’ve outlined all common fees you may pay:
- Application fee: This fee will be due even if your loan is denied.
- Appraisal fee: An appraisal fee gets an accurate and updated value for your property. Inspection fee: Certain inspections may be required based on the type of loan you’re getting.
- Attorney review and closing fee: This fee covers the costs of the lawyer who conducts the closing.
- Title search fee: A title search is often required to make sure your home has no liens and that you’re the rightful owner.
When it comes to repayment, Quicken Loans allows monthly, bi-weekly, and automatic loan payments.
The Bottom Line
If you’re looking to refinance your home but don’t know where to start, Quicken Loans can help you out. If you don’t know which type of refinance you want, the company’s extensive guides and experienced customer service team can help you understand your options. Additionally, Quicken Loans makes the process easy with a streamlined online process.
Given these points, Quicken Loans is worth considering as you compare the best mortgage refinance lenders.