Where does Quicken Loans do business?
Quicken Loans is a direct lender based in Detroit, MI. The company was founded in 1985 and offers mortgage refinancing to borrowers in 46 statess across the USA (and Washington, DC).
What is the maximum loan term for a mortgage refinance via Quicken Loans?
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Quicken Loans offers mortgages refinancing with terms ranging from 8 to 30 years.
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