Quicken Loans Mortgage Refinance
in Mortgage Refinance from Quicken Loans · NMLS ID #3030
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Quicken Loans Mortgage Refinance
in Mortgage Refinance from Quicken Loans · NMLS ID #3030
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Would you recommend Quicken Loans Mortgage Refinance to your friends?
| Community Rating | Strongly recommended |
| Loan Amount | $25,000 - $3,000,000 |
| Loan Term (Years) | 8 - 30 years |
| Number of Reviews | 34 |
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
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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
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Contact
- Headquarters
-
1050 Woodward Avenue
Detroit, MI 48226 - Visit Site
Other Services by Quicken Loans
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?
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