The process of refinancing a home loan can be intimidating and complicated, but with the right lender it doesn’t have to be. Quicken Loans is one such lender that offers competitive mortgage refinance rates and an easy online application process. This review will discuss the features of Quicken Loan’s mortgage refinance program in order to help potential borrowers decide if this is the best option for them.
Quicken Loans has been providing residential mortgages since 1985 and is currently America’s largest mortgage lender according to Inside Mortgage Finance magazine. With over 30 years of experience, their expertise in the industry makes them a reliable choice when considering refinancing options. It also provides customers with peace of mind knowing they are dealing with an established company who understands the complexities involved in securing financing for a home purchase or refinance.
In addition to offering some of the most competitive interest rates on home loans, Quicken Loans also offers support services like dedicated customer service teams which provide assistance throughout the whole loan approval process. These helpful resources make it easier for customers to navigate any issues that may arise during their loan application journey. Through its comprehensive services, Quicken Loans strives to give each borrower a tailored solution tailored to meet their unique needs while making sure they receive all available benefits from their new loan agreement.
Overview Of Quicken Loans
Quicken Loans is an online mortgage loan provider. Founded in 1985 as Rock Financial, the company became known as Quicken Loans in 1999 and now operates nationwide. It offers fixed-rate loans, adjustable-rate mortgages (ARMs), refinancing options, jumbo mortgages, home equity lines of credit, and reverse mortgages for borrowers who are 62 or older. The company also provides free tools to help customers compare rates and get prequalified.
Quicken Loans’ customer service team is available 24/7 to answer questions and discuss different loan types with potential clients. Customers can choose from a variety of payment options, including direct deposit, paper check, wire transfer, automatic payments from their bank account or debit card transfers. In addition to offering competitive interest rates on its products, Quicken Loans also has some of the lowest closing costs in the industry.
Features And Benefits Of Refinancing With Quicken Loans
Quicken Loans provides competitive mortgage refinance rates that can help homeowners save money and pay off their loan faster. The company also offers a range of features to simplify the refinancing process, including an online application system, automated underwriting decisions, and a streamlined closing process. Additionally, Quicken Loans offers low fees with no lender origination charges or prepayment penalties on most loans. These features make it easy for borrowers to get the best rate possible when they refinance their home loan.
A key benefit of working with Quicken Loans is its commitment to customer service excellence. The company’s team of experienced loan officers provide personalized assistance throughout the entire loan process and are available seven days a week by phone or email. They strive to answer questions quickly and thoroughly so that customers have all the information they need to make informed decisions about their financial future.
Eligibility Requirements For A Mortgage Refinance Loan
When considering a mortgage refinance loan, it is important to understand eligibility requirements. Generally, lenders require that borrowers have an excellent credit score and sufficient equity in their home – meaning that the current appraised value of the property should exceed any outstanding mortgages or liens against the property. Additionally, some lenders may also consider factors such as income verification and debt-to-income ratio when assessing a borrower’s application for refinancing.
In addition to meeting basic criteria, applicants must be able to demonstrate stability in employment and residence over the past two years. Lenders are likely to deny applications from those who frequently switch jobs or move residences within this timeframe. Furthermore, there may be restrictions based on age; most lenders only provide loans up to certain limits depending on the applicant’s age at time of closing. It is advised that potential applicants research all available options before selecting a lender.
Process For Applying To Quicken Loans
Applying for a loan through Quicken Loans is a straightforward process. Prospective borrowers can apply online, by phone or in person at one of the many locations across the country. The online application will require information about income and expenses as well as other financial details including credit score. Once all required documents have been submitted, it typically takes 3-4 weeks to receive an approval decision from Quicken Loans.
The lender offers both fixed rate and adjustable rate mortgage (ARM) products with terms ranging up to 30 years. It also provides refinancing options such as cash out refinance and debt consolidation loans which allow customers to reduce their interest rates or pay off high-interest debts. In addition, Quicken Loans has programs designed specifically for veterans and first time homebuyers that offer discounted interest rates and flexible repayment structures.
Advantages Of Using Quicken Loans
Quicken Loans offers a comprehensive suite of mortgage refinancing products. With competitive rates and flexible terms, borrowers have the ability to lower their monthly payment or shorten their loan term. Additionally, Quicken Loans provides access to an online tool that allows customers to compare rates across different lenders quickly and easily. Customers can also take advantage of personalized guidance from licensed loan officers who provide tailored advice on the best options for each individual’s situation.
Furthermore, Quicken Loans is known for its customer service excellence with 24/7 support through email, phone, chat or text message. The company’s streamlined process makes it easy to complete applications while reducing paperwork and closing times. Borrowers are also provided with regular updates throughout the application process so they know exactly how much time remains before closing day arrives. Overall, Quicken Loans offers many advantages for those looking to refinance their home loans at attractive interest rates and terms.
Customer Reviews And Ratings
Quicken Loans is one of the most popular mortgage refinance companies in the United States, and it enjoys a high customer satisfaction rate. Reviews from customers are generally positive, citing several advantages offered by Quicken Loans:
- Quick processing times: Customers report that their applications were processed quickly and efficiently.
- Comprehensive explanation: The company’s representatives provide detailed explanations of loan terms to ensure customers understand what they’re signing up for.
- Competitive rates: Quicken Loans offers competitive interest rates compared to other lenders on the market.
Customers also appreciate the convenience of applying online; this makes it easier for them to compare different lenders and find the best deal available. In addition, reviews note that any inquiries or issues with their loans can be resolved with minimal effort thanks to helpful customer service agents. Overall, customers have reported being satisfied with their experience when working with Quicken Loans.
Conclusion
Quicken Loans has a wide selection of mortgage refinance options available for homeowners. These loans can help reduce interest rates, provide access to equity capital, and lower monthly payments on mortgages. Eligibility requirements are specific to each loan type and applicants must pass several criteria before receiving approval. The application process is straightforward and the company provides an online portal that walks customers through the steps in order to make it as easy as possible. Additionally, Quicken Loans offers competitive rates and excellent customer service which have been highlighted positively in customer reviews.
Quicken Loans is an ideal choice for those looking to refinance their home loan due to its comprehensive features, attractive rates, and efficient application process. It also provides excellent customer support throughout the entire process which ensures a smooth experience from start to finish. Furthermore, the positive feedback from past customers indicates that they are committed to providing quality services with satisfaction guaranteed. For these reasons, Quicken Loans should be strongly considered when considering refinancing one’s home loan.