Quicken Loans Mortgage Refinance

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

• 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.
• Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
• 7 different mortgage programs offered. Quicken Loans Mortgage Refinance refinances FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for single-family and multi-family properties. However, Quicken Loans does not offer financing for manufactured homes.
• Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with Quicken Loans Mortgage Refinance.
• Standard interest rates 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.
• 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 & Cons

Pros	Cons
Cash-out refinancing available. Provides a range of rates. Many lenders will only give you a rate when you apply for a loan. $0 prepayment fee. Considers applicants with fair credit. Offers financing for both single and multi-family homes. Available in 46 states.	No brick-and-mortar branches (if you like that kind of thing). Charges an origination fee of up to 1% of the loan amount.

Quicken Loans Mortgage Refinance FAQ

What range of mortgage balances will Quicken Loans 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 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 mortgage refinancing with terms ranging from 8 to 30 years.

How long does Quicken Loans refinance take to refinance?

Quicken Loans refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.

Does Quicken Loans 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.