Quicken Loans Mortgage Refinance
Quicken Loans Mortgage Refinance
in Mortgage Refinance from Quicken Loans · NMLS ID #3030

Quicken Loans Mortgage Refinance

in Mortgage Refinance from Quicken Loans · NMLS ID #3030
SuperMoney Net Recommendation Score +93  


This product is strongly recommended by SuperMoney users with a score of +93, equating to 4.9 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Community Rating Strongly recommended
Loan Amount $25,000 - $3
Loan Term (Years) 8 - 30 years
Number of Reviews 44

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 refinance are 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 0.5% 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. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money 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.
  • Strongly recommended. 42 out of 44 SuperMoney community members recommended Quicken Loans Mortgage Refinance.
  • 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.

Does Quicken Loans 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 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%.
  • 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.
  • 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 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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  Available in 46 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arkansas
  • California
  • Colorado
  • Delaware
  • 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
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Origination Fee (%) 0.5% - 1%
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Approval Speed 0 hours
Funding Time Range 7 - 30 days
Mortgage Features
  • Cash-Out Refinance
  • No-Closing-Costs Option
  • Instant Online Preapproval
APR Starting at 3.062%
(Verified 08/04/2023)
Loan Term 8 - 30 years
Loan Amount $25,000 - $3
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • USDA
  • VA
  • Jumbo

Quicken Loans Mortgage Refinance Community Reviews


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This product is strongly recommended by SuperMoney users with a score of +93, equating to 4.9 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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