Quicken Loans Mortgage Refinance Reviews (Jan. 2021) | Mortgage Refinance

Highlights
Community Rating	Strongly recommended
Loan Amount	$25,000 - $3,000,000
Loan Term (Years)	8 - 30 years
Number of Reviews	30

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.
7 different mortgage programs offered. Quicken Loans Mortgage Refinance refinances FHA, HARP, 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.
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 & 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. 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 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.

What is the estimated funding time for a mortgage refinance with Quicken Loans Mortgage Refinance?

Quicken Loans Mortgage Refinance will typically approve (or deny) a mortgage refinance application within 0 hour and fund mortgage refinances within 30 days of approval.

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.

Does Quicken Loans Mortgage Refinance charge prepayment fees?

No, Quicken Loans Mortgage Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does Quicken Loans Mortgage Refinance offer?

Quicken Loans Mortgage Refinance 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.
Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
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 Mortgage Refinance allow?

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

Primary home
Secondary homes and vacation properties

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters
1050 Woodward Avenue
Detroit, MI 48226
Visit Site

Other Services by Quicken Loans

Mortgage

Home Purchase Mortgages

20

23 Reviews

Reverse Mortgages

Availability

Available in 46 states and Washington, D.C.

Alabama
Alaska
Arkansas
California
Colorado
Delaware
Washington, DC
Florida
Georgia
Hawaii
Idaho
Illinois
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Feature Breakdown

No Prepayment Fee
Origination Fee (%)	0.5% - 1%

Quicken Loans Mortgage Refinance Community Reviews

Would you recommend Quicken Loans Mortgage Refinance to your friends?

Credit Score Range	620 - 850
Employment Statuses Considered	Employed Full-Time Employed Part-Time Retired Self-Employed
Immigration Status Considered	U.S. Citizen U.S. Permanent Resident
Intended Use	Investment Primary Home Secondary Home
Joint Loan Applications Accepted	Cosigner Individual Applications
Military Status	Active Duty Military Non-Military Veterans Military Dependent
Minimum Age	18
Property Type	Multi-Family Home Single Family Home Townhome

Approval Speed	0 hours
Funding Time Range	7 - 30 days
Mortgage Features	Cash-Out Refinance No-Closing-Costs Option Instant Online Preapproval

Interest Rate Types Offered	Fixed-Rate Mortgage Adjustable-Rate Mortgage (ARM)
Mortgage Programs	FHA HARP USDA VA Conventional Mortgages Jumbo Conforming
Terms	5/1, 7/1, 8, 10/1, 15, 30

Want to learn more about Quicken Loans Mortgage Refinance?

Quicken Loans Mortgage Refinance

in Mortgage Refinance from Quicken Loans · NMLS ID #3030