Quicken Loans review: rates, terms and more
See why many customers turn to Quicken Loans as their preferred mortgage lender. Learn about rates, terms, pros, and cons! Keep reading to find out the main features of this lender.
Quicken Loans: repayment terms flexibility, rate transparency
When finding the best mortgage rates and getting approved, you need to work with a company you can trust! And in this Quicken Loans review, you might find what you’re looking for!
In this article, we’ll explore all the details of this lender, including the pros and cons!
So keep reading for more information on this lender! We’re sure that after reading this, you’ll make a more informed decision!
|580 or higher;
|Conventional loans, Jumbo Loans, fixed- and adjustable-rate, FHA and VA mortgages, and refinancing loans;
|Minimum Down Payment
|As little as 3%;
|Up to 29 years.
Quicken Loans review: what you need to know
Quicken Loans is one of the biggest lenders in the U.S. and is known for its great customer service. Also, it provides a very convenient website and mobile app.
Additionally, do not be surprised if, in your online application, you end up at the Rocket Mortgage website. Quicken owns Rocket Mortgage, which began an online experience of Quicken Loans.
This lender has multiple loan types, including conventional and jumbo mortgages, FHA and VA loans, and fixed- and adjustable-rate loans.
Customers can also apply for rate-and-term, cash-out, and streamline refinancing, as well as an investment property and flex-term.
Unlike other lenders, Quicken Loans offers more flexible repayment terms to its customers. They can choose from 8 up to 29 years. Also, the minimum down payment is as little as 3%.
When it comes to interest rates, customers can view daily updated interest rates on the Quicken Loans website, so they know what they’re applying for!
Furthermore, it offers a fully digital application process, and new borrowers can prequalify in a few minutes.
Quicken Loans main features
Quicken Loans is an excellent lender for flexibility, transparency, and support. However, before applying, you must also check this lender’s disadvantages.
To help you figure it out, below, we compare the benefits and drawbacks of this product! Let’s check it out!
- User-friendly website and mobile app;
- Flexible repayment terms and low down payments;
- Prequalify in minutes;
- Enjoy the convenience of a fully digital application process;
- Exceptional customer satisfaction rates.
- No in-person customer service is available;
- It doesn’t offer home equity loans, HELOCs, or USDA.
Credit score required to apply
Since Quicken Loans offer multiple home loan options, the credit score requirements will vary! Nevertheless, applicants can apply with a minimum FICO score of 580.
Quicken Loans application process: how does it work?
One of Quicken Loans’ main benefits is its easy-to-use website, which provides all the necessary information for borrowers to complete their applications.
Therefore, applying for this lender is simple and only takes a few minutes! Do you want to learn more about how to apply for it? Don’t worry!
The next article will fill you in on how the application process works and what are the minimum borrowing requirements. Keep reading for more information!
About the author / Beatriz Vieira
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