They are also large enough to offer a wide variety of mortgage products. This means that they have the resources to weather any storms that come their way. This doesn't mean that they are bad, but it does mean that you should be aware of their motives.Īnother thing to consider is that Quicken Loans is a very large company. They are not a non-profit organization that is trying to help people get into homes. This means that they are in business to make money. One thing to keep in mind is that Quicken Loans is a for-profit company. There have been some complaints about the company, but overall they have a good reputation. After all, they are one of the largest mortgage lenders in the United States. Many people are wondering if Quicken Loans is a trustworthy company. Give us a call or visit our website to learn more about how Quicken Loans can help make your dream of homeownership a reality. If you have any questions along the way, our team is always here to help. On that day, you'll sign all of the necessary paperwork and officially become a homeowner! Once your loan has been funded, we'll work with you to schedule your closing date. This means that we guarantee the interest rate on your loan for a set period of time, so even if rates go up during that time, your rate will stay the same. Once you've been approved for a loan and have chosen the terms that work best for you, it's time to lock in your rate. From there, we'll work with you to get the rest of the information we need to give you a personalized rate quote. This will give us some basic information about you and your financial situation. The first step is to fill out an online application. We're here to help explain the process and answer any questions you may have. If you're in the market for a new home or are looking to refinance your current mortgage, you may be wondering how Quicken Loans works. In this article, we'll provide an overview of Quicken Loans' current mortgage rates so that you can make an informed decision about your home loan. If you're looking for a competitive mortgage rate, Quicken Loans is a great place to start. A VA loan allows you to buy a new home with no money down in most circumstances.Quicken Loans is one of the leading mortgage providers in the United States. To prove to lenders that you're a qualifying service member or surviving spouse, you will need a COE. You do not need perfect credit to secure a VA loan. A Jumbo Smart loan can be used to fund a principal residence, a second residence or an investment property. During the fixed-rate period, lower introductory rates usually equal lower monthly payments.Ī higher credit score may be required if you want a larger loan, a shorter loan term or an adjustable interest rate. Most ARMs have a lower introductory interest rate that remains constant throughout the fixed-rate period. You have the option of a 15- or 30-year term, as well as a fixed or variable interest rate.įor ARM loans, Rocket Mortgage requires a credit score of 620 or higher. Since your interest rate is set, you won't have to worry about your mortgage payment altering if interest rates rise, with the exception of any changes in taxes and insurance.įor FHA loans, Rocket Mortgage requires a credit score of at least 580 and a down payment of at least 3.5% of the new home's purchase price. Your interest rate is locked in for the duration of the loan, so you don't have to be concerned about rising rates.įor 15-year fixed loans, Rocket Mortgage requires a minimum credit score of 620 and a down payment of at least 3%. This Rocket Mortgage loan review by MoneyGeek discusses how the minimum borrowing requirements vary based on the product.įor 30-year fixed loans, Rocket Mortgage requires a minimum credit score of 620 and a down payment of at least 3%. Borrowers must also maintain a debt-to-income ratio (DTI) of less than 50%. Good credit, which means a FICO score of 620 or above, and a minimum down payment of 3% are required for Rocket Mortgage conventional loans.
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