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Quicken Loans Mortgage Refinance

in Mortgage Refinance from Quicken Loans · NMLS ID #3030

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Quicken Loans Mortgage Refinance

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in Mortgage Refinance from Quicken Loans · NMLS ID #3030

SuperMoney Net Recommendation Score +78%

SUPERMONEY NET RECOMMENDATION SCORE

+78%

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Highlights
Highlights
Community Rating Strongly recommended
Loan Amount $25,000 - $3,000,000
Loan Term (Years) 8 - 30 years
Number of Reviews 9

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.
  • Mortgage programs available. Quicken Loans Mortgage Refinance refinances FHA, HARP, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Property type. Offers refinancing for both single and multi-family homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with Quicken Loans Mortgage Refinance.
  • Interest Rate 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 poor 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
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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

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%
Credit Score Range 620 -
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
  • Military Dependent
  • Non-Military
  • Veterans
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
Loan Term 8 - 30 years
Loan Amount $25,000 - $3,000,000
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

Quicken Loans Mortgage Refinance Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

+78%

-100% 0% +100%
No one recommends Everyone recommends

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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