Quicken Loans Mortgage Refinance Review

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

Key Takeaways

• Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
• Mortgage programs available. Quicken Loans Mortgage Refinance refinances FHA, HARP, USDA, VA, jumbo, conforming, and conventional mortgages.
• Property type. Offers refinancing for both single and multi-family homes.
• Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with Quicken Loans Mortgage Refinance.
• Interest Rate Types. Quicken Loans Mortgage Refinance offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Fast process. In some cases you can refinance your mortgage loan within 7 business days.
• No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
• Origination fees of up to 1%. This is on the low end for lenders that charge an origination fee. However, plenty of lenders don't charge an origination fee. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Cosigner applications accepted. Applying for Quicken Loans Mortgage Refinance with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Quicken Loans Mortgage Refinance.
• High maximum DTI ratio. Quicken Loans Mortgage Refinance has a maximum debt-to-income ratio of 50%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.

Quicken Loans Mortgage Refinance Pros and Cons:

What range of mortgage balances will Quicken Loans Mortgage Refinance refinance?

Mortgage refinancing loans start at $25,000 and go up to $3,000,000

What is the maximum loan term for a mortgage refinance via Quicken Loans Mortgage Refinance?

The term of a mortgage refinance will impact 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 Mortgage Refinance offers mortgages refinancing with terms ranging from 8 to 30 years.

Does Quicken Loans Mortgage Refinance charge a mortgage origination fee?

Yes, Quicken Loans Mortgage Refinance will charge a loan origination fee of 0.5% to 1% of the loan amount.