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Quicken offers a wide selection of loans for purchase or refinance with different lenders. These include conventional, FHA and VA loans. For those anxious about buying or refinancing a home, Quicken Loans makes the experience easier by helping you compare different lender options upfront. Whether you need help finding the best interest rate for yourself or selecting a lender that you trust, Quicken Loans does a great job of helping you find the best options for your needs.
Quicken Loans is a good choice for people looking to compare their options and find the best lender and terms for their needs. Studies show that consumers who compare their lenders upfront end up saving money in the long run, so using Quicken Loans could be a financially beneficial tool to use. If you’re not sure where to start in your purchase or refinance process, Quicken Loans can be a great starting point so that you can get a better idea of which lenders to consider.
Whether you are purchasing a home or refinancing your dream home, Quicken Loans has several loan options available with different lenders.
Popular purchase options include:
Adjustable-Rate Mortgage (ARM): Choose a conforming rate with as little as 5% down.
FHA Loan: Borrowers can secure a 15-,25-, or 30-year FHA loan with as little as 3.5% and a 580 FICO score with some lenders. To qualify, individuals must also have funds to cover the upfront mortgage insurance premium and a debt-to-income level lower than 50% and 2-6% for closing costs.
15-or 30-Year Fixed Loan: Some lenders require a minimum 620 credit score, 3% down payment, a debt-to-income level lower than 50% and 2-6% for closing costs.
Refinance options with lenders include:
Conventional Refinance
Cash-out Refinance
FHA Streamline
The application process for a new home loan or home refinance can be quick and easy depending on the lender you select. Interested borrowers can start the application process to see the rate and loan terms they would qualify for without having to commit to a specific lender.
Home loans can include many fees. These fees are typical for every lender, not just for lenders on the Quicken Loans website. Here are a few fees to expect from some of the lender options they offer:
Downpayment: A VA loan requires 0% down, but other loans require at least 3-3.5% down.
Appraisal and Home Inspection Costs: These are both important to have during the home buying process and will typically cost an additional $800-$1,000, depending on your area.
Closing costs: Expect to pay 2-6% of your home’s value as closing costs.
Private Mortgage Insurance (PMI): For loans with less than a 20% downpayment, borrowers will have to pay an additional .05%-1% of their home value for PMI each year.
Have questions? Email at customercare@quickencompare.com
4859 W Slauson Ave #405 Los Angeles, CA 90056
What’s The Difference Between Being Prequalified And Preapproved?
While lenders might use these terms interchangeably, they mean two different things. In a typical prequalification, a lender may or may not pull your credit to get an idea of what loans you qualify for. In a proper preapproval, a lender will pull your credit. They’ll also ask you for documentation like bank statements, pay stubs and W-2s so they know exactly what the top end of your budget would be based on an assumed interest rate.
How Long Should I Own My Home Before Refinancing?
In most cases, you'll need to be in your current home for at least a year before getting a significant financial benefit from refinancing.
How Long Does It Take to Close on a House?
The time it takes to close on a house and get your mortgage loan application approved usually runs anywhere from 30 – 50 days. Signing the paperwork on closing day can take up to an hour or more depending on whether there are any problems. A problem-free closing day, though, can last less than an hour.
4859 W Slauson Ave #405 Los Angeles, CA 90056
If you want to purchase or refinance your home with the convenience of online tech while being able to compare your lender options upfront, Quicken Loans offers both. They provide a great comparison marketplace for you to take advantage of when shopping around for lenders.
This review was completed with the use of the Quicken Loans website, as well as third-party review sites such as TrustPilot.
