Quicken Loans | Mortgage Refinance Option

Online lender Quicken Loans has one of the most comprehensive portfolios of mortgage refinance loans in the industry, with terms ranging anywhere from 8-30 years for fixed rates, and virtually every type of government-backed loan (VA, FHA, HARP), as well as conventional and jumbo loans.

With Quicken Loans, borrowers can get cash for their home, lower their payment, pay off their mortgage faster, consolidate debt, refinance business property, or talk to a finance expert.

Homeowners interested in getting the lowest rates available might want to consider an adjustable rate mortgage (ARM). ARM rates are typically lower than fixed rates because of the risk that your rate could increase after the initial fixed-rate period is over. If you’re planning to move or refinance in the next 5 to 10 years, an ARM could be a good option for you.

If you merely want to take out as much cash as possible, a 30-year loan is probably your best bet. If you are upping your loan amount by taking cash out, the 30-year term will give you the lowest monthly payment.

Shortening your term is also a smart way to pay off your home quickly. A shorter term usually has a lower interest rate, and since there are fewer payments, borrowers will end up paying significantly less interest overall.

The type of loan you choose when refinancing will have a significant impact on your final interest rate. In general, switching to a longer-term loan will serve you the most in your monthly payments.

Several factors will affect the interest rates offered when you are looking to refinance your mortgage. In general, borrowers with higher credit scores and better credit histories will be offered lower interest rates by lenders. Steady income also makes a borrower look more attractive and helps lower their interest rates.

Similarly, the amount of equity you have in the home when you refinance will affect the interest rates you are offered, what is also called the loan-to-value ratio. The interest rate will be lower when the loan-to-value ratio is lower and when more existing debt has been paid off.

Quicken Loans has very reasonable requirements for their mortgage refinance loans, which can be accessed via their fully online application, or their available mortgage advisors.

Besides its top-of-the-line website with its wide array of educational resources, the company also gives personalized assistance through the mortgage process, as well as an online chat feature that offers immediate live support.

One downside is that Quicken Loans doesn’t consider alternative credit data, which can generally be helpful for borrowers with poor credit scores or high debt-to-income ratios. Alternative credit data is financial data that is typically sourced from alternative financial service providers such as credit performance data, employment and income data, driver’s license, and bank verification data.

On March 30, 2020, the company addressed how the coronavirus pandemic might affect the mortgage process in some areas. It stated:

"Even though shelter-in-place orders are in effect in many areas of the country, the mortgage process can still continue. Appraisers, closing agents and other people who need to enter your home can still do so under the shelter-in-place order. In some cases, we even have alternative ways to complete these parts of the process that don’t require entering the home.

We’ve made a slight adjustment to our rate lock process to accommodate shelter-in-place orders. Under normal circumstances, you’d lock your rate before underwriting begins. In areas where shelter-in-place orders are in effect, we can’t offer long rate locks because everything is changing so rapidly. If you’re in one of these areas, you’ll simply lock your rate closer to closing day."

The reputation of a business is essential. The trust and confidence of the consumer can have a profound effect on a company’s future. Every business has a product or service that they want to deliver to their consumers to meet their needs.

Generally, for financial decisions like mortgage refinance, it is a good idea to go with companies that have been around a while and have shown to be responsible, reliable, and committed to its customers.

Over the year, Quicken Loans has built a reputation as a convenient way to home financing loans and now ranks among the nation’s leading lenders.

Quicken Loans has a solid reputation within the lending industry and only one regulatory action with the National Mortgage Licensing System.

Consumer review-based website TrustPilot gives Quicken Loans an excellent 9.5 rating, and a resounding endorsement of their outstanding customer service.

The Better Business Bureau, likewise, has overwhelmingly positive reviews for Quicken Loans, as compared to other comparable lenders. However, the company has had more than 1,800 complaints lodged with the Consumer Financial Protection Bureau against them.