Quicken Loans is perhaps one of the most known in online lenders across the states, ranked third-largest home loan lender in the US. Your application will be all online with available mortgage advisors if necessary. Quicken offers fixed-rate loans between 8-30 years as well as 5/1, 7/1, and 10/1 ARMs.
Under Quicken Loan is their “Rocket Mortgage” technology which inhibits consumer self-service and allows customers to price their own loan, pick their interest rates, and understanding the trade-off to go with a higher rate/lesser points. This would allow customers to not only lock in their interest rate faster, but e-sign and create the original application without even speaking to anyone.
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Quicken Loan In-depth Analysis:
There are quite a few things I must point out with Quicken Loan’s efficiency. You’ll be instantly verified for employment and income and they tell you the loan amount you qualify for within minutes. Quicken offers fixed-rate loans between 8-30 years as well as 5/1, 7/1, and 10/1 ARMs and if you’re a first-time homebuyer, Quicken Loans is the largest and most exceptional quality-oriented FHA lender in the country with required payments as low as 3%!
| Current Mortgage Rates | |||
|---|---|---|---|
| 30-Year Fixed | 3.875% | (4.149% APR) | |
| 15-Year Fixed | 3.25% | (3.633% APR) | |
| VA 30-Year Fixed | 3.625% | (3.919% APR) | |
| VA 5/1 ARM (1/1/5) | 3.25% Future Adjustments |
(3.515% APR) | |
| 10-Year ARM | 3.75% Future Adjustments |
(4.038% APR) | |
| 5-Year ARM | 3.375% Future Adjustments |
(4.014% APR) | |
“Your interest rate is based on the level of risk that lenders predict for your loan – that’s why so many factors contribute to your individual rate. On top of that, mortgage rates change daily based on market trends.” Quicken Loan’s Rocket Mortgage document and asset retrieval capabilities exceed all expectations this day and age, and it will save you a chunk of time and hassle.
Quicken Loan Summary:
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- Account Type: Mortgage Loans; Fixed, ARMs, FHA
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Quicken/Rocket doesn’t currently offer home equity loans or home equity lines of credit.
Quicken Loan Basic Requirements:
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Conclusion:
One thing that I continually mention with loan lenders is that the larger the company doesn’t mean it’s always better, especially with Quicken Loans! Although they do offer a simultaneously convenient process, a huge chunk of your time may actually be wasted on not closing on time. Although pre-approval is one of their most advantageous of tools, you could be loping yourself into a contract, paying the $500 appraisal fee only to have your loan closed due to God-knows-what. On the bright-side, their interest is pretty attractive from the get-go, however, I really do hope that they improve on such a practice swaying towards consistency as a lender. Be sure to check out our Best Mortgage Rates for all your home-buying needs!
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