Quicken Loans

Home Purchase Loans

Whether you are purchasing your first home, your next home, or an investment property, Quicken Loans will give you the best mortgage options out there. Applicants start by filling out a simple questionnaire that will help Quicken Loans guide you to potential options. Once Quicken Loans has your data, it will give you different loan options with the pros and cons of each laid out, including interest rates and down payments.

Quicken Loans offers a robust selection of home loans, including adjustable-rate loans, 30 and 15 year fixed loans, FHA, VA, and USDA loans, and more.

If you aren’t sure which option is the best for you, they have handy charts and educational material explaining the different types of loans and which one would make sense for you. The charts use your data based on the qualification process, loan flexibility, rate security, and low down payment.

HARP Refinance Substitute Options

Quicken Loans has a reputation for helping homeowners who are underwater on their mortgage.

During the real estate crash in the late 2000s, the government offered HARP refinance options for those who owed more money on their home than how much it was worth. While the government is no longer offering this help, some homeowners need help restructuring their loans.

Quicken Loans can help these homeowners find refinancing options if they are underwater by offering restructured loans, short sales, and more.

Reverse Mortgage

Quicken Loans also offers reverse mortgages to qualifying applicants.

Reverse mortgages are a unique tool to help retirees fund their retirement, allowing them to borrow against the equity paid into their homes.

This option is for homeowners who owe less than the value of their home and need cash, and they must be 62 or older to qualify.

Ease of Use

Quicken Loans makes the mortgage loan application process easy and straightforward. Applicants fill out questionnaires that can speed up the approval process since many documents are auto-filled with the data.

The Quicken Loans online portal also enables customers to fill out other forms, such as the closing paperwork, which can expedite the entire closing process. The portal provides real-time updates if you are in the middle of the loan process and you would like to check the status of your application.

Additionally, you can opt in to receive email or text updates letting you know the current stage of the loan process.

Price and Tools

The average price to use Quicken Loans as your mortgage lender ranges between $400 and $750. The fees cover the cost of pulling your credit report, processing your application, generating the proper documentation, and more. However, this money is considered a good faith deposit, and Quicken Loans applies it to your closing costs when you close on your mortgage.

If you end up staying with Quicken Loans as your mortgage lender throughout the entire loan process, you essentially aren’t paying any fees; the money you payrolls over to your closing fees which can save you money in the end.

Quicken Loans wants you to get the best deal, and it provides different calculators for you to use to build a range of plausible mortgage scenarios.

These calculators include a mortgage calculator, affordability calculator, refinance calculator, and amortization calculator. The amortization calculator is a great way to understand the power of compound interest because it shows how much money you can save by paying more than the minimum payment.

Should I consider Embrace?

Quicken Loans is a powerful and reputable mortgage lending site which offers many benefits to their customers.

Whether you are purchasing a home for the first time or retiring and want the cash flow provided by a reverse mortgage, Quicken Loans is undoubtedly worth checking out.