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

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 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.

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.
• 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