Quicken Loans is the second largest retail home mortgage lender in the United States and the largest alternative mortgage lender. The Detroit-based company is changing the way homeowners shop for mortgages. While traditional banks shy away from mortgages, citing narrow profit margins and tightening regulations, Quicken Loans and other online lenders are filling the space. Already, Quicken Loans has become the number 1 FHA lender in the United States.
Quicken Loans offers starting rates ranging from 3.979% APR to 4.117% APR depending on whether you purchase a 5-year ARM or a 30-year fixed mortgage.
Borrowers who qualify for VA loans can qualify for rates as low as 3.46% APR for a VA 5/1 ARM. These rates assume a $200k loan and a credit score of 720.
Remember rates can change daily. Click the link above to check Quicken Loans’ latest prices.
Quicken Loans offers a full range of mortgage loans:
- Adjustable Rate Mortgages
- FHA Loans, including FHA Streamline
- 30-Year Fixed Mortgages
- 15-Year Fixed Mortgages
- Jumbo Loans (up to $3 million)
- Reverse Mortgages
- VA Loans
Quicken Loans start with an online application. Once you submit the application, you will be assigned a home loan expert who will guide you through the rest of the process. Clients who use Quicken’s Rocket Mortgage service can get a decision in as few as eight minutes.
Quicken Loans will then check your credit. Expect a hard pull on your credit, which will lower your credit score by a few points.
Once your credit checks through, Quicken Loans will send you a good faith estimate of the mortgage’s rates and terms. If you agree, Quicken Loans will underwrite the loan to verify the information provided.
Applicants will also need to have the property appraised to ensure its worth the purchase amount. Once the property is valued, and your information is verified, Quicken Loans schedules an appointment to close the home loan.
- Quicken Loans is the second largest retail lender in the country and the largest non-bank lender.
- Its mortgages are fast. If you apply for a Rocket Mortgage, you could get a decision in the time it takes a rocket to reach orbit (8 minutes).
- Rates are low. It’s hard to find lower rates, whether you go with a traditional bank lender or another super-prime online lender.