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Where does Quicken Loans do business?
Quicken Loans is a direct lender based in Detroit, MI. The company was founded in 1985 and offers mortgages to borrowers in 46 states (and Washington, DC).
How much can you borrow via Quicken Loans?
Quicken Loans allows borrowers to apply for loan amounts of up to $3,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with Quicken Loans?
Quicken Loans offers mortgages with terms ranging from 8 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What range of rates does Quicken Loans offer?
Quicken Loans offers home loans with APRs starting at 4.497% .
Does Quicken Loans charge a mortgage origination fee?
Yes, Quicken Loans may charge a loan origination fee.
What mortgage programs does Quicken Loans offer?
Quicken Loans offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
- Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Quicken Loans allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Quicken Loans allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
1050 Woodward Avenue
Detroit, MI 48226 USA
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Other Services by Quicken Loans
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia