Published On : November 3, 2021 by: Miti Sharma/Category(s) : Banking & Finance
Quicken Loans: What Is It and How Does It Work? Quicken Loans is a private lender that allows borrowers to apply for a mortgage online or over the phone. If you’re considering applying for a mortgage, you may use the company’s website or smartphone app to submit your financial information as well as information on the house you want to buy.
Quicken Loans examines the data you supply to determine the sorts of loans you are eligible for. The organization offers a variety of loan alternatives from which you may select the finest one for you. To finish the application process, call a representative or submit information as needed and sign your loan paperwork electronically. Quicken Loans is likely to service your loan throughout its term once you’ve concluded the mortgage application or refinancing procedure. You may use your account to check your loan balance, get support from a representative, and complete your monthly mortgage payment.
Service To Clients
While Quicken Loans promotes the ease of searching for a mortgage or refinancing your home loan online, the firm also offers telephone access to lenders.
No matter where you are in the procedure, you may call and chat with a professional for assistance. The individual you speak with when you first fill out the application will be the same one you deal with throughout the process.
When you apply for a mortgage with Quicken Loans, you’ll be given a summary of the costs of purchasing a property, including closing charges and origination fees. Depending on your income and the sort of mortgage you qualify for, the lender will charge you a 0.5 percent to 1 percent origination fee.
Quicken Loans’ Smartphone App
Rocket Mortgage, offers a variety of services. To keep track of your home loan status from your smartphone, download the Rocket Mortgage mobile app for iOS or Android. You can sign into the app from your mobile device to access loan updates and speak with a representative after you’ve signed up for an account with Quicken Loans. You can use the app to make payments as well as monitor your loan amount once you’ve closed on your mortgage.
Service Provided Over The Internet
You can begin the mortgage application process with Quicken Loans online. Fill in the needed information and create an account to check on the progress of your loan. You may also interact with a representative or upload loan paperwork via the online service. You must talk with a salesperson over the phone to finish your mortgage application.
A prequalification letter may be issued to you after you apply for a loan with Quicken Loans and talk with a representative. This can help you figure out how much of a mortgage you can afford and what kinds of loans you’ll be eligible for.
A prequalification differs from a pre-approval in that it merely indicates that you’ve been pre-screened but not yet accepted for a house loan. Prequalification may be granted without the lender examining your debt-to-income ratio or credit score. With this letter in hand, however, a real estate agent or seller is more likely to take you seriously because they know you’re already working with a lender.
If interest rates seem to be lower than when you purchased your house, you may want to consider refinancing your mortgage. Quicken Loans has a variety of refinancing choices available, and you can start the process online.
You must enter personal information and specify your refinancing purpose, such as taking equity out to pay for home upgrades or decreasing your monthly mortgage payment, before you can start the process.
Your interest rate is determined by the sort of loan you qualify for as well as other financial variables. You may calculate your monthly mortgage payment with different interest rates using the Quicken Loans refinance or mortgage loan application calculator.
Current mortgage rates
|Loan option||Rate/APR||1 day rate/APR change|
|30 year fixed||3.125% / 3.402%||0% / 0%|
|15 year fixed||2.5% / 2.938%||0% / 0%|
|FHA 30 year fixed||2.75% / 3.693%||0% / 0%|
|VA 30 year fixed||2.75% / 3.178%||0% / 0%|
On October 28, 2021, at 4:17 p.m. UTC, these rates were current.
Initiate the mortgage application process online, using the Rocket Mortgage app, or by calling 1-800-769-6133 to speak with a home loan expert. Follow these steps to apply for a home loan with Quicken online:
Your credit will be checked and your documentation to confirm your income, assets, and other financial information will be requested. You may be presented with a variety of loan alternatives, each with its own set of conditions, down payment requirements, and loan amounts.
Choose the mortgage that best suits your financial needs. You may manage your mortgage using the Quicken Loans website or app once you’ve closed on your house.
Scams Regarding “Quick Loans”
Scammers may pretend as Quicken Loan providers in order to steal your personal and financial information via the internet. If you fall victim to one of these scams, your identity, as well as your bank account details and other personal information, might get stolen.
Make sure you’re on the right Quicken Loans website before entering any information. Don’t send personal information by email, and make sure everyone who calls identifies themselves before you answer any critical inquiries. If you’re not comfortable entering your information online, you may start the application process by calling a home loan agent.
Contact Quicken loans
The following times are available for a chat:
Do you require professional assistance with a new loan?
During the following hours, dial (800) 251-9080: