Mortgage

Quicken Loans Mortgage Evaluate for 2020

overview

Quicken Loans is one of America's largest mortgage lenders and has an outstanding customer satisfaction rating.

One reason borrowers love Quicken is because of its industry-leading online resources. Thanks to its helpful tools, the mortgage process feels more accessible to many buyers.

Quicken also owns the Rocket Mortgage brand, which we examined separately.

Unless you prefer face-to-face interaction over websites and phones, you probably want Quicken on your lender shortlist.

Just make sure that you check the interest rates of some different lenders before buying so you can be sure you are getting the best deal on your mortgage.

Compare Quicken Loans Mortgage Rates

Quicken's mortgage rates were average in 2019 – neither the highest nor the lowest among the major lenders.

Prices have fallen to new lows since 2019, so this table does not reflect the prices that you are likely to be offered. However, you can use it as a tool to compare lenders side by side.

Average 30-year mortgage rates at major banks

Accelerate Loans
Wells Fargo
chase
Bank of America
30-year average interest rate, 2019

4.16%
4.22%
4.22%
4.05%

Monthly P&I payment

$ 973
$ 980
$ 980
$ 961

Median Loan Costs, 2019

$ 5,075
$ 3,484
$ 3,440
$ 3,918

Median Origination Charges, 2019

$ 2,805
$ 1,199
$ 1,279
$ 1,265

One important thing is that the rates quoted by Quicken usually assume that you are “buying down” your rate using rebate points.

So, as with any lender, make sure you receive written, formal quotes that include closing costs and fees.

That way, when all costs are extrapolated, you can see which lender really is the best deal for you.

Average interest rate and fee data comes from public records required by the Home Mortgage Disclosure Act (HMDA).

* Monthly principal and interest payment based on a home price of $ 250,000, down 20%, assuming each lender's average 30 year interest rate for 2019. Your own interest rate and monthly payment will vary.

Check your mortgage rate with Quicken today, September 26th, 2020

Quicken Loans Refi Rates

Quicken Loans refinance rates are the same as mortgage rates. So you can use the comparison chart above as a guide when looking to refinance with Quicken.

Note that Quicken's interest rates tend to be slightly higher than the industry average, and the same goes for refinancing.

But this is also the top-rated company for customer satisfaction – and many are willing to pay a little more for simply working with a company that puts service first.

Check your refinancing rate with Quicken today, September 26th, 2020

Quicken Loans Discount Points

When comparing interest rates between mortgage companies, keep an eye out for Quicken Loans rebate points.

"Discount Points" are an additional cost that you pay when you sign up to lower your mortgage rate. One point usually costs 1% of your loan amount. And Quicken usually includes more discount points in its advertised prices than many other companies.

For example, Quicken may be announcing the 30 year fixed rate at 3.75% with 2.125 points due at close (an actual rate at the time of writing).

That means if you have a loan amount of $ 250,000, you will have to pay approximately $ 5,300 upon completion to keep your interest rate that low.

Without paying 2.125 points, that rate would likely be closer to 4.25%.

Quicken Loans Mortgage Loans Review for 2020

Quicken consistently tops customer satisfaction charts, has an A + rating from the Better Business Bureau, and claims that 96 percent of its customers say they would recommend it to others.

In the J.D. Power took home the highest customer satisfaction rating for ten years in a row.

How can Quicken maintain its excellent reputation?

In short, by streamlining the mortgage application process using technology.

Quicken also backs its online tools with real mortgage experts ready to provide advice over the phone or email.

However, if you prefer a personal experience, this lender is not for you. No personal meetings will be held.

It also seems to prefer dealing with mainstream customers rather than those who need special help.

You may need to look elsewhere if your credit score is below 620 or if you are burdened with a lot of existing debt.

Working with Quicken Loans

Quicken Loans was one of the first companies to offer web-based mortgage loans around the turn of the century. And since then it has largely maintained its lead.

If you are into technology, Quicken's Rocket Mortgage offering is especially attractive.

So you can do even more tasks online – including signing your loan documents electronically.

Rocket's back office functionality can automatically validate much of the information you provide in your application. This speeds up the process and takes some of the load off your shoulders.

Technophobes aren't excluded, however. Quicken Loans allows you to apply for and manage the loan process by phone, email, fax, and mail. You just won't be able to look people in the eye.

Finally, you can get pre-approval for a loan with the company's RateShield Approval offering. And it can set your tariff for 90 days while you find the home you want.

"Fix" is actually not the right word. Your interest rate stays the same when mortgage rates rise, but can continue to decrease as mortgages fall.

Speed ​​up customer service reviews

It's hard to overstate Quicken Loans' exceptional customer service. Because compared to the rest of the industry, this lender really stands out.

Quicken Loans Ratings

Quicken Loans is one of the highest rated mortgage companies. In 2019, it received top marks in J.D. Power. This was number one for the tenth year in a row.

Quicken also has an A + rating for the Better Business Bureau and receives fewer than one complaint per thousand customers, according to the Consumer Financial Protection Bureau's database.

Companies
Mortgage origins 2019
CFPB complaints
Complaints per 1,000 mortgages
2019 JD nominal power
Accelerate Loans

774,900
187
0.24
880/1000

Wells Fargo

1,026,800
342
0.33
837/1000

chase

527,600
188
0.36
850/1000

Bank of America

466,552
245
0.53
843/1000

Mortgage loan products at Quicken Loans

You won't become the biggest lender with a small portfolio of products. So it's no wonder Quicken Loans has a good selection, including:

30 year fixed rate mortgage (FRM) – The most popular type of home loan"Your luggage" – Still an FRM, but you can choose any term you want from eight to 29 years. This is more flexible than almost any other lenderAdjustable Rate Mortgage (ARMs) – These start out cheaper, but carry the risk that they will become more expensive when market prices rise. You can limit this risk by setting your tariff for the first five, seven or ten yearsFHA loans – With this government sponsored loan, you can make a down payment of only 3.5 percent. And you can qualify with a low credit score (620+). However, you will need to get mortgage insurance every month until you move or refinanceVA loan – No down payment required, low credit, and no ongoing mortgage insurance payments. However, you must be an Active Service Member, Veteran, or one of the other Eligible Groups to qualifyJumbo Loans – If you need to borrow more than most mortgages allow – that's currently $ 510,400. Get up to $ 3 million if you can afford it

Quicken Loans also offers reverse mortgages for people aged 62 and over.

These allow you to access your home's equity without selling it. And you don't have to make any monthly payments. However, the cumulative borrowing costs may mean you don't have much equity to leave your heirs.

Where can you get a mortgage from Quicken Loans?

NMLS ID: 3030

Quicken Loans does not have any brick and mortar stores where you can apply for a mortgage.

When you choose this lender, you need to be comfortable without face-to-face encounters.

However, you don't need to use a computer or device beyond initial contact if you don't want to.

After you have requested a call online, you can use the telephone, e-mail, fax and postal services until completed.

But that tends to ruin the point of this company. As can be seen from this Quicken Loans mortgage lender review, she's great at all things digital.

Choosing Quicken and avoiding its web-based services is like visiting Disneyworld and avoiding the park's attractions.

Quicken Loans FAQ

Are the closing costs for Quicken Loans too high?

Through his own estimate, The closing cost for accelerated loans is usually 3-6% of the loan amount. That could be a little higher than the average. Most of the industry estimates 2-5% of the loan amount for closing costs.

However, the cost varies greatly depending on your loan amount, your location, your property taxes, Seller concessions, and so on. It is therefore impossible to make a blanket statement as to whether the closing costs of Quicken Loans are too high. To convince yourself of this you have to Compare credit estimates from Quicken and a few other companies side by side.

How does Quicken Loans work?

Quicken Loans works a little differently than most mortgage lenders. Since it is primarily a digital lender, customers will need to apply online – likely through theirs Rocket mortgage Platform. You are unlikely to meet with a Quicken loan officer in person until it is time to sign your closing papers. In some states, Quicken / Rocket even lets you sign your loan documents via email and skip the face-to-face meeting altogether.

What does your credit rating need to be for Quicken Loans?

Quicken Loans requires a minimum score of 580 for FHA loan. To the VA loan and conventional loans (those backed by Fannie Mae and Freddie Mac), Quicken requires a credit score of 620.

What Credit Score Does Quicken Loans Use?

Quicken Loans uses your FICO credit score to determine your eligibility for a mortgage.

Are Quicken Loans Safe?

Yes – Quicken Loans is a safe and legitimate company to use as a mortgage lender. It may seem a bit strange to apply for such a large loan online without meeting a loan officer in person. However, Quicken Loans is an established company that is licensed in all 50 states. It was the largest private mortgage lender in the US in 2018, and had no major scandals or borrower problems, according to the NMLS.

Do Quicken Loans Have Home Equity Loans?

Quicken Loans does not offer home equity lines of credit. Quicken does, however Disbursement Refinancing. Withdrawal refinancing is an alternative to a home equity line of credit for using your home equity.

Is Quicken Loans the same as Rocket Mortgage?

Quicken Loans owns Rocket Mortgage. But they're not exactly the same. Rocket Mortgage is Quicken's online portal, so most customers will apply for and manage their loans through Rocket. But Quicken actually works on the loans. You do the "back end" to find out if you qualify for a mortgage and how much you will pay.

Does Quicken Loans charge pre-approval?

Accelerate Loans not charged you to get prequalified for a mortgage. But it calculated for pre-approval. This is because the pre-approval process involves more than pre-qualification. It requires more work from Quicken, like getting a credit score and checking your income and assets. To pre-qualify, Quicken simply asks you a few questions about your income and creditworthiness and tells you how much you can afford.

Is Quicken the Best Mortgage Lender for You?

When you choose Quicken for your mortgage, you are in good company. This lender has quickly become one of the most popular in the U.S. thanks to its seamless digital-first mortgage process.

Remember, however, not to choose a lender for ease of use alone. You should also compare the prices of some companies and make sure you get the best deal.

Here you can get started.

Check your new plan (September 26, 2020)

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