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Quicken Loans | 2024 Review

Quicken Loans, one of the nation's largest lenders, provides a simple way to secure home loans online with great rates and flexible terms, thanks to a simple application process and expert guidance from start to finish. The lender now operates under Rocket Mortgage, which fulfills all Quicken Loan services through its popular, easy-to-use online platform.

Who is Quicken Loans Best For?

Quicken Loans is a great choice for a hassle-free, quick online loan application, with sufficient digital tools to guide you through the process.

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Quicken Loans, NMLS ID #167283

Pros and Cons

+   Simplified and expedited online application process

+   Expert phone support available

+   A+ Better Business Bureau rating

-   No face-to-face support or physical locations

-   No home equity lines of credit

What Loans Does Quicken Loans Offer?

Quicken Loans offers conventional loans fixed-rate loans and adjustable-rate loans with 8- to 10-year terms and down payments as low as 1%. Loan services include:

  • Purchase loans
  • FHA loans
  • VA loans
  • Home equity loans
  • Fixed-rate loans
  • Adjustable-rate loans
  • Jumbo loans
  • Refinance loans

How Does Quicken Loans work?

Quicken Loans allows you to adjust down payment amounts and payment frequency to customize loan terms until you’re pleased. You should aim to have a credit score above 600, and a debt-to-income ratio of less than 30-45% for mortgage loan approval. It's important to note that a certain credit score or debt-to-income ratio does not always guarantee or prevent loan approval.

Click here to view the latest Quicken Loans mortgage rates.

The Bottom Line

Easy-to-use services and a speedy process have made Quicken Loans a popular online mortgage lender. For a quick application, start-to-finish online loans, and flexible terms, check out Quicken Loans mortgage services today:

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Quicken Loans, NMLS ID #167283

Not ready to commit? Find more mortgage lenders with good loan variety, competitive rates, and great support resources available. View 2024 mortgage lender comparisons here.

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Frequently Asked Questions (FAQ)

A mortgage loan is used to purchase a home or real estate property. It involves an agreement where the borrower repays the loan, usually over 15 to 30 years, while the lender holds the property as collateral.
If you're facing challenges with your mortgage payments, there are options to explore. You can contact your lender to discuss assistance programs like forbearance and loan modification. Additionally, you can refinance for more suitable terms and potentially secure lower rates.
Selecting the right mortgage lender is crucial. To make an informed choice, shop around and compare rates and terms from different lenders. Check the lender's reputation through online reviews and organizations. Don't hesitate to ask questions about the loan process and fees, and consider getting pre-approved for added advantages.
Refinancing allows you to replace your existing mortgage with one that may have better terms, such as a lower interest rate or shorter loan term. It can help reduce monthly payments and save on interest. Leveraging home equity offers opportunities to access funds for various purposes, including home improvements, debt consolidation, or investments.