Quicken Loans is an American mortgage company that has a strong history of customer satisfaction. In fact, it has ranked as one of the top lenders for customer satisfaction for 11 consecutive years. In addition, it has an A+ rating with the Better Business Bureau. The BBB evaluates businesses based on trustworthiness, honesty in advertising, and transparency in business practices. In addition, the BBB assesses the lender's response to customer complaints.
YOURgage is a unique mortgage refinancing product offered by Quicken Loans. It gives clients the flexibility of setting their loan term and interest rate, rather than having to adjust them every few years. This type of loan is ideal for those who want to lock in a low rate for a long period of time but can't afford a 15-year mortgage. With YOURgage, clients can set the length of the loan, from eight to thirty years.
The YOURgage mortgage program is a government-insured loan with flexible terms that can be customized to the borrower's needs. This type of loan offers low down payment requirements and is suitable for borrowers with low credit scores. Unlike traditional loans, this type of loan requires only a 3.5% down payment.
The YOURgage mortgage is available for both refinancing and purchasing a new home. Clients can choose from a loan term between eight and 29 years, and may pay as little as 3% or as much as 20% down. However, they must have a credit score of 620 to qualify for the loan. Also, borrowers must have a low debt-to-income ratio (DTI) to qualify.
In addition to its YOURgage loan program, Quicken Loans also offers adjustable rate mortgages. While adjustable rate mortgages are rare, they still account for approximately four percent of mortgage loans nationwide. Unlike many other mortgage refinancing options, the YOURgage mortgage program lets you choose the term of your loan.
If you're looking to buy a home, your next step should be to get a loan. You should work with an experienced lender who will help you make the right decision for your needs. You should be aware of the different types of mortgage loans and what they entail. You should also be aware of the different kinds of repayment options.
Requirements to apply
If you're interested in a Quicken Loan, you'll need to provide some personal information about yourself and your income. This can be done online. You'll be matched with a Home Loan Expert who will walk you through the process. Quicken Loans will also pull your credit report and provide you with a loan estimate. If you qualify, Quicken Loans will send you a prequalification letter.
To qualify for a Quicken Loans mortgage, you'll need a personal credit score of at least 580. You'll also need to pay a minimum of 3.5% of the loan amount. While your credit score is an important factor in approval, you'll also need to consider your income and debt levels. For example, if you're self-employed, you'll need to provide a profit and loss statement, as well as a list of your assets and debts.
Obtaining a preapproval letter is a good way to show sellers that you're serious about buying a home. It also demonstrates your loan eligibility to real estate agents. Many real estate agents will refuse to accept an offer that doesn't include a preapproval letter.
When you apply for a mortgage, Quicken will ask for a “good faith deposit” from you. This money covers costs such as a credit report and home appraisal. The deposit can range from $400 to $750. While the deposit isn't fully refundable, it will be credited against the total closing costs.
Making a large down payment for a quicken loan can be risky for several reasons. First, it drains other accounts, which can cause problems in the future. Second, it ties up cash in your home, which puts you at risk of debt. Third, it doesn't always lead to the money-saving benefits you hope for. These savings are often long-term and will not be realized immediately.