![]() ![]() You just won’t get to look a loan officer in the eye, as Quicken/Rocket have no in-person lending offices. Quicken Loans will let you apply and manage the loan process using the phone, email, fax, and snail mail. This speeds up the process and takes some of the administrative burden off your shoulders.īut technophobes aren’t excluded. Its back-office functionality can automatically verify much of the information you provide in your online application. Recently, Quicken transitioned all lending business to its Rocket Mortgage platform, which lets you complete a full application and close online, including e-signing your loan documents. And it’s largely maintained that lead ever since. Quicken Loans was one of the first companies to offer an online mortgage process to borrowers at the turn of the century. ![]() So you might have to look elsewhere if your credit score is low or if you’re burdened by a high debt-to-income ratio (DTI). That said, Quicken seems to prefer dealing with mainstream customers rather than those who need special help. ![]() However, if you prefer an in-person experience, this lender won’t be for you. Quicken also backs its online tools with real-live mortgage experts, ready to provide advice over the phone or by email. So, just how does Quicken keep up its stellar reputation? In short, by streamlining the mortgage application process using technology. Power’s mortgage customer survey for 13 years in a row. Case in point, Quicken and Rocket have taken the first or second spot in J.D. Quicken Loans consistently performs well for customer satisfaction scores. That way, you can see which lender is really the best deal for you when all the costs are tallied up. As with any lender, make sure you get written, formal quotes that include closing costs and fees. It’s important to note that Quicken’s advertised rates usually assume you’ll “buy down” your interest rate using discount points. Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA). Average 30-year mortgage rates at major lenders But you can use it as a tool to compare lenders side by side. Mortgage interest rates change regularly, so this table does not reflect the rates you’re likely to be offered. Quicken Loans’ mortgage rates were about average in 2021 (the most recent data available). Is Quicken the best mortgage lender for you?.Where can you get a mortgage with Quicken Loans?.Mortgage loan products at Quicken Loans.You can learn more about getting the best refinance rates for your next home loan while avoiding predatory lenders and junk fees by checking out my free Underground Mortgage Refinancing Videos. It seems to me that Quicken Loans is simply taking advantage of shortsighted homeowners with their deceptively named Rate Drop Advantage program. When you refinance when the program requires you’ll be out-of-pocket for all those same expenses plus you’re giving up the historically low mortgage rates you could be locking in today. Considering that the best refinance rates offered are less than five percent you can almost guarantee a significantly higher payment after refinancing when the program requires. It seems to me that Quicken loans is gambling that mortgage rates will be much higher in the future, a safe bet considering the Mortgage Banker Association is predicting interest rates will be over six percent soon. ![]() In short, the program will pay most of your closing costs if you take out a purchase money mortgage or refinance loan with Quicken and then refinance with them again within seven years. Here’s an article about Quicken Loan’s Rate Drop Advantage Program from the. Why you would commit to refinancing within a certain timeframe is beyond me when it comes to closing costs you always have the choice of paying now or paying much more later. You’ve probably heard of quicken loans, they’re one of the nation’s largest mortgage lenders and have been marketing a feature they call “Rate Drop Advantage.” This slight variation on the no fee refinance offers out there that covers your closing costs if you agree to refinance with Quicken Loans every seven years. ![]()
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