Table of Contents
- What You Need To Know
- Top VA Loans
- An Online Mortgage Powerhouse
- From Application to Closing – an Efficient Five-Step Process
- A Wide Range of Loans
- Additional Benefits of a Quicken Loans Mortgage
- Rocket Mortgage by Quicken Loans
- Quicken Loans Closing Costs
- Veterans United
- Quicken Loans
- J.G. Wentworth
- Lending Tree
What You Need To Know
- ✔ You don't have to make a down payment, but it will save you money on your VA loan
- ✔ Not all sellers will agree to this, but having the seller pay your closing costs will save you a lot of money
- ✔ Refinancing is a great way to save, and the VA won't let you do so unless it makes financial sense
Top VA Loans
Quicken Loans Inc. is the nation’s largest home mortgage lender. Between the years of 2013 – 2017, the company closed more than $400 billion of mortgage volume across all 50 states.
Quicken Loans moved its headquarters to downtown Detroit in 2010 and currently, the company and its subsidiaries employ more than 17,000 full-time team members in Detroit’s urban core. The company also operates web-based loan centers in Detroit, Cleveland, Charlotte, and Phoenix, and it operates a centralized loan processing facility in Detroit, as well as its One Reverse Mortgage unit located in San Diego.
In addition, J.D. Power has ranked Quicken Loans as the “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States for the past eight consecutive years, 2010 – 2017. It also ranked the company as the highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017. The company also received 4.5 stars out of 5 on the real estate site, Zillow.
In 2018, Fortune magazine once again included Quicken Loans on its list of “100 Best Companies to Work For” – a distinction the company has achieved for the past 15 consecutive years. In 2017, Computerworld magazine also recognized Quicken Loans as the #1 place to work in technology – an honor the company has received 8 times in the past 12 years.
An Online Mortgage Powerhouse
In some respects, the process of obtaining a mortgage through Quicken Loans is similar to that of traditional lenders. The primary difference is that potential homebuyers can perform most of the loan application steps online, which is why Quicken Loans promotes itself as a more convenient alternative to traditional lenders.
A major element of the company’s success is the ability to manage one’s entire loan application via an online tool called MyQL – a tool created by Quicken that can be accessed either online or via a mobile app, MyQL Mobile.
MyQL allows borrowers to access a personalized website where they can receive messages from Quicken, make payments and even sign documents. The MyQL mobile app (available for both iPhone or Android), operates in the same way. All a borrower requires to gain access to their information is a personalized username and password.
Because of the customer’s ability to track progress online and sign documents electronically, borrowers benefit from a faster mortgage process. According to Quicken Loans, it is possible for some loans to close as quickly within two to four weeks. For these reasons, the company has built a reputation as a convenient way to obtain mortgage financing for one’s home.
From Application to Closing – an Efficient Five-Step Process
Quicken Loans has developed an efficient, well-defined, five-step process in order to apply for and close a Quicken Loans mortgage. The five-step process includes:
1. Application – To get the application underway, borrowers can chat, email or call a Quicken Loans mortgage banker. According to the company, a home loan expert will ask several questions about your goals, then recommend solutions that meet your needs.
2. Credit Review – Like other mortgage lenders, Quicken uses your credit score to determine your eligibility for specific loans and your interest rate. Though the minimum credit score Quicken Loans will consider is 620, most approved applicants have scored well above that. Customers can access their credit report online or have one of its mortgage specialists pull it.
3. Good Faith Deposit – The “good faith deposit” is a feature that works a little somewhat differently than with other lenders. Customers pay a fee up front – between $400 and $750 – to cover the cost of obtaining your credit report, the home appraisal fee, and loan processing costs. The good news is that the company deducts the deposit from your other closing costs, so in the end, you may not be paying more than you would with other lenders.
4. Underwriting – This is the fundamental part of the mortgage process. To ensure you’re eligible for the loan terms you’ve been offered, the lender has to verify your income, assets and other financial information. They also require a property appraisal, proof of employment and credit history, and the property must be the borrower’s primary residence.
5. Closing – One perk of using Quicken Loans is that you can choose where you want to close the loan. It could be at your home, office or even a nearby coffee shop. This is the only stage where you will meet with a Quicken representative in person.
Once the mortgage is settled, customers make monthly payments – either directly to Quicken Loans or to a separate loan servicer, depending on the loan.
A Wide Range of Loans
Quicken Loans offers conventional and government-program mortgages and refinancing options for loans from eight to thirty years. Its loan rates vary depending on the type of loan, but the company’s willingness to work with higher debt-to-income ratios makes it an excellent choice for consumers, especially for those who might not meet the usual lending standards.
Here are the types of loans offered by Quicken Loans:
30-Year Fixed Mortgage
Monthly payments spread over 30 years with a stable fixed rate are lower compared to loans with shorter terms.
15-Year Fixed Mortgage
You pay less interest when monthly payments are spread over 15 years because you pay off your loan faster.
Adjustable Rate Mortgage
Get a low fixed interest rate and lower monthly payments for the first 5, 7 or 10 years.
Choose a custom term with a fixed interest rate from 8 to 29 years that fits your financial goals.
Qualified veterans, service members and spouses can finance up to 100% of their loan and pay less at closing. For more information on VA Loans be sure to check out our comprehensive guide here.
Quicken Loans is a great lender to look at if you’re trying to find a lender who knows what they’re doing when it comes to a VA loan. Their lenders are not only knowledgeable on the process, but they’re extremely attentive and will work hard to save you as much money as possible when you buy your house.
You may qualify for an FHA loan with a lower credit score than other loans, and a down payment as low as 3.5%.
Already have an FHA loan and want a lower interest rate? An FHA Streamline refinance requires fewer steps and documents.
When you need a big loan – from $453,100 to $3,000,000 – you can save with a small interest rate.
For homeowners over age 62 who want to use the equity in their home to meet their financial goals.
Additional Benefits of a Quicken Loans Mortgage
- An exclusive online application process but supported by real people when you need them.
- Home Loan Experts are available via chat, email and phone to help you understand which loan is right for you.
- Quicken Loans has a program that pays private mortgage insurance for people who have less than a 20 percent down payment.
- Quicken Loans services 99% of their mortgages in-house, meaning their award-winning customer service continues after your closing.
- There is no charge to make your mortgage payments online.
Rocket Mortgage by Quicken Loans
Rocket Mortgage is a new loan product and service from Quicken Loans that lets a prospective borrower apply and be approved for a mortgage in minutes using just a smartphone app.
Rocket Mortgage’s loans are actually the same kind of mortgages and refinances that most lenders offer, but with less paperwork and more online directions and guidance as a borrower navigates through the mortgage application process. Rocket Mortgage verifies your personal information online as its being entered, ultimately cutting down the time it takes to close on a home.
Since Rocket Mortgage was launched in 2016 with a TV commercial during Super Bowl 50, the company has gained more than 2 million users.
Below are some additional details about the Rocket Mortgage loan service:
- Rocket Mortgage is an exclusively online product, so only a computer or mobile device is needed to get started.
- Quicken Loans’ Rocket Mortgage products include both fixed-rate and adjustable-rate mortgages.
- Rocket Mortgages feature similar credit and down payment requirements as a traditional mortgage you might get from a brick-and-mortar location.
- Available in all 50 states.
Quicken Loans Closing Costs
Quicken Loans Closing costs are a bit different than traditional lenders. Quicken Loans takes a good faith deposit which is an upfront deposit designed to cover your credit report, home appraisal, and the processing of your loan. This initial fee is around $400-750 but you end up receiving those funds back when you finalize your closing.
All in all closing costs can upwards of $5,000 and are dependent on your local area. However, below is a quick breakdown of some of those costs.
- Appraisal ($225 – $450)
- Credit Report ($15 – $30)
- Closing Fee ($150 – $400)
- Title Company, Title Search or Exam Fee ($150 – $400)
- Survey Fee ($150 – $400)
- Flood Determination/Life of Loan Coverage ($15 – $25)
- Courier Fee ($30)
- Title Insurance (Lender’s Policy) (Varies – generally between $175 – $875)
- Title Insurance (Owner’s Policy) (Varies – generally between $175 – $875)
- Homeowners’ Insurance (Varies – $300 and up)
- Buyer’s Attorney Fee (Not required in all states – $400 and up)
- Lender’s Attorney Fee (Not required in all states – $150 – $500)
Learn more about Quicken Loan Rates
Doing Well by Doing Good
As Quicken Loans has grown and achieved enormous success, so has the company’s commitment to doing well by doing good.
The Quicken Loans Community Fund was created to find innovative ways to make an impact in each of the company’s home communities. The Community Fund’s guiding philosophy is that value can be created for everyone, not just for the company.
The Quicken Loans Community Fund focuses on investments in housing stability, entrepreneurship, education and employment, public space activation, and community sponsorships in Detroit.
Through its For-More-Than-Profit model, the Quicken Loans Community Fund brings together for-profit businesses and non-profit investments. The team is dedicated to investing alongside community partners to build social and financial equity throughout the company’s home cities: Detroit, Cleveland, Charlotte, and Phoenix.
In 2016, Quicken Loans donated more than $16 million to charitable organizations, and their team members have contributed more than 100,000 volunteer hours to various worthy causes.