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Quicken Loans Home Mortgage

in Home Purchase Mortgages from Quicken Loans · NMLS ID #3030

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Quicken Loans Home Mortgage

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in Home Purchase Mortgages from Quicken Loans · NMLS ID #3030

SuperMoney Net Recommendation Score +81%

SUPERMONEY NET RECOMMENDATION SCORE

+81

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

Strongly recommended

23 users recommend
1 user is unsure
2 users don't recommend
Browse Reviews: 23 Recommendations | 2 Complaints
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Highlights
Community Rating Strongly recommended
Loan Amount Up to $3,000,000
Loan Term (Years) 8 - 30 years
Number of Reviews 26

Quicken Loans Home Mortgage Review

Quicken Loans Home Mortgage is offered by Quicken Loans (NMLS #3030), a direct lender founded in 1985 and based in Detroit, MI. Quicken Loans Home Mortgage is available in 46 states (and Washington, DC).

Quicken Loans Home Mortgage FAQ

How much can you borrow via Quicken Loans Home Mortgage?

Quicken Loans Home Mortgage 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 Home Mortgage?

Quicken Loans Home Mortgage 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.

Does Quicken Loans Home Mortgage charge a mortgage origination fee?

Yes, Quicken Loans Home Mortgage may charge a loan origination fee of 0.5% to 3.6% of the loan amount.

What mortgage programs does Quicken Loans Home Mortgage offer?

Quicken Loans Home Mortgage 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 Home Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Quicken Loans Home Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Contact

  • Headquarters
  •   1050 Woodward Avenue
    Detroit, MI 48226
  •   Visit Site

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Message From Our Editor

What We Love About Quicken Loans

By focusing exclusively on the mortgage industry, Quicken Loans can offer a selection of unique mortgage products and customized solutions, such as adjustable term options, giving homebuyers flexibility in the length and other terms of their mortgage. Quicken focuses on empowering consumers to become better borrowers by providing them with lending solutions that fit their needs.

Rocket Mortgage is another new feature from Quicken that we love. This is their online mortgage option, and part of the reason we love it is that it is kept completely separate from the standard mortgage process. Borrowers can apply for, complete paperwork for, and finalize a mortgage loan entirely online, saving the hassle of finding and traveling to a branch.

What Could Quicken Do Better?

Although the company tried to set itself apart by offering better solutions for home buyers, this seems to be able to backfire in some instances. For example, while Quicken claims to have the best interest rates in the industry, they may reserve those only for borrowers with near-perfect credit and ideal lending conditions. Not only that, but they sometimes have additional fees and costs that end up adding up to much more than people anticipated. More transparency would be nice, but all in all, they’re pretty typical as far as mortgage lenders go.

Quicken Backstory

Started by Intuit, Quicken Loans was repurposed after purchase in 2002 by Dan Gilbert. Since then, the company has remained privately-held and has kept high business and customer satisfaction ratings. In fact, the company was at the top of the JD Power Customer Satisfaction Ranking from 2010 to 2015. Headquartered in Detroit, the company has offices in Cleveland and other cities, as well.

The Verdict

Quicken Loans is trying to differentiate itself as a mortgage lender. In most cases, this works, but those with bad credit might not find as many options here.

Availability

  Available in 46 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arkansas
  • California
  • Colorado
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee (%) 0.5% - 3.6%
Credit Score Range 620 - 850
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Minimum Down Payment 0% - 10%
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
Investment
Primary Residence
Loan Amount Up to $3,000,000
Loan Term 8 - 30 years
Interest Rate Types Offered Hybrid Mortgage
Mortgage Programs
  • FHA
  • HARP
  • USDA
  • VA
  • Conventional Mortgages
  • Conforming
Terms 5, 10, 15, 30 year

Quicken Loans Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

+81

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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