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).

• 6 different mortgage programs offered. Quicken Loans Home Mortgage offers FHA, HARP, USDA, VA, conforming, and conventional mortgages.
• Financing for single-family and multi-family properties. However, Quicken Loans does not offer financing for manufactured homes.
• Non-standard interest rates available. Quicken Loans Home Mortgage only offers hybrid mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Origination fees of up to 3.6%. This is on the high end when compared to the other lenders SuperMoney tracks. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Quicken Loans Home Mortgage.

How much can you borrow via Quicken Loans?

Quicken Loans 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 mortgage?

Quicken Loans 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.

What mortgage rates does Quicken Loans offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does Quicken Loans mortgage charge an application fee?

Do they charge mortgage origination fees?

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

What mortgage programs are available?

Quicken Loans mortgage offers the following mortgage types:

• Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Conforming conventional loans: Mortgages with loan amounts that are equal or less to the dollar amount limit set by the Federal Housing Finance Agency ($548,250 in 2021) and meet the loan requirements of Fannie Mae and Freddie Mac. Conforming conventional loans typically provide the lowest interest rates for borrowers with an excellent credit score.
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: 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. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Quicken Loans mortgage allow?

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

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

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.