Quicken Loans has been a leader in the mortgage industry for over 30 years, providing a wide range of loan options to fit different financial needs. Their popular Rocket Mortgage platform makes it easy to get prequalified quickly and manage your loan online, all while offering competitive rates and flexible terms.
With nationwide service and a streamlined process, Quicken Loans is designed to meet the needs of today’s homebuyers, whether you’re looking for a conventional loan, government-backed mortgage, or jumbo loan.
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Overview of Quicken Loans
Quicken Loans offers more than just a mortgage—they provide a fully digital experience through Rocket Mortgage, allowing you to handle everything online, from prequalification to closing. Licensed in all 50 states, they cater to a diverse set of borrowers, including first-time buyers, veterans, and those seeking refinancing options.
With an emphasis on speed and efficiency, Quicken Loans aims to simplify the home financing process, offering a range of mortgage products that can be tailored to fit your unique situation.
Quicken Loans Mortgage Application Requirements
When you’re ready to apply for a mortgage with Quicken Loans, gather the following documents before moving forward:
Income Documentation
- Salaried income individuals or wage earners: most recent pay stubs, W2 statements for the two years, personal tax returns for the past two years
- Self-employment income: 1099 statements for the past 2 years, 2 years of business tax returns, year-to-date profit and loss statement
- Child support/alimony recipients: a copy of the divorce decree or documentation that details child support and alimony payments (the documents should state that you will receive payments for at least three years after the loan closes; you should also have proof of payments for the past six months)
Debt Documentation
You may be asked to provide documentation for any debts that do not appear on your credit report. Additional information on long-term debts may also be required.
Asset Documentation
- Financial statements that go back at least 60 days
- Recent retirement account statements
- Documentation for gift funds (including a deposit slip, copy of the check and gift letter)
- Documentation for the recent sale of assets(s)
Types of Home Loans Available from Quicken Loans
Quicken Loans features an assortment of home loans to serve customers from varying financial backgrounds.
Conventional Mortgages
You can get a fixed-rate or adjustable-rate mortgage, conventional mortgage through Quicken Loans. If you select a 30-year term, you will need a 620 credit score and a 3% down payment. Fixed-rate loans come with the same interest rate for the life of the loan – variable rate loans begin with a set low rate for the first 5 years of the loan, and the rate increases after this period.
Regardless of the loan structure and term you select, you could get approved if your debt-to-income ratio doesn’t exceed 50%. It’s best to have a down payment of at least 5% to qualify for a conventional mortgage with Quicken Loans.
YOURgage®
Get the flexibility you desire for your home loan with this mortgage product. Choose from a loan term of 8 to 29 years, and enjoy a fixed interest rate for the life of the loan. Plus, there’s no mortgage insurance if you put at least 20% down. You need a FICO score of at least 620, a 3% down payment, and a DTI of 50% or lower to qualify.
FHA Home Loan
Quicken Loans offers fixed and adjustable-rate FHA loans to potential borrowers who need less stringent mortgage solutions. You could get approved with a FICO score as low as 580 and DTI that doesn’t exceed 50%. Even better, these loan products only require a 3.5% down payment and an upfront mortgage insurance payment of 1.75% of your loan amount to get the ball rolling.
Jumbo Mortgages
In the market for a big-ticket home purchase? Consider a jumbo loan if the home you’re seeking is priced at a rate that exceeds the conforming loan limit in your area. Jumbo loans come with fixed interest rates and are available on one and two-unit properties. Loans of up to $3,000,000 are available, and the minimum down payment is 20%.
VA Home Purchase
VA loans are available for qualified service members, veterans, and their spouses. These mortgages allow you to finance up to 100% of your home loan, so you won’t have to make a hefty down payment. Even better, VA loans are accompanied by minimal closing costs. You may qualify with a credit score as low as 620 and a debt-to-income ratio that doesn’t exceed 60%.
FHA Streamline Refinance
Adjust your interest rate on your home loan and keep more money in your pocket with an FHA Streamline Refinance. It’s easy to get started, and Quicken Loans requires minimal paperwork to finalize and close your new loan.
Quicken Loans Mortgage Fees and Closing Costs
When applying for a mortgage with Quicken Loans, it’s essential to understand the various fees and closing costs that come with your loan. While Quicken Loans is known for competitive rates, there are several costs to consider as you move through the process.
Origination Fees
Quicken Loans charges an origination fee to cover the processing of your mortgage application. This fee typically ranges between 0.5% and 1% of the total loan amount. For example, if you’re taking out a $300,000 mortgage, you can expect to pay between $1,500 and $3,000 in origination fees. These fees are relatively standard across the industry, but may vary depending on the loan type you select.
Closing Costs
In addition to the origination fee, closing costs typically range between 3% and 6% of the home’s purchase price. These can include:
- Appraisal fees: To determine the market value of your property.
- Title search and insurance: Ensures the property title is clear of any legal issues.
- Escrow fees: Covers the cost of managing the escrow account for taxes and insurance.
- Prepaid costs: Property taxes, homeowner’s insurance, and interest payments due at closing.
For a $300,000 home, closing costs could range from $9,000 to $18,000, depending on factors like location, loan type, and the amount of the down payment.
Variation by Loan Type
The specific loan you choose will influence how much you pay in fees and closing costs:
- Conventional loans: Typically, conventional loans come with standard closing costs, including origination and appraisal fees. Borrowers with higher credit scores and larger down payments might see lower fees.
- FHA loans: FHA loans require an upfront mortgage insurance premium (MIP) of 1.75% of the loan amount, which is added to your closing costs.
- VA loans: One major advantage of VA loans is that they often have lower closing costs and don’t require a down payment. Plus, there are no loan origination fees, which can save veterans thousands of dollars.
- Jumbo loans: Given the larger loan amounts, jumbo loans usually come with higher closing costs, often exceeding 6% of the home’s value.
Fee Waivers and Discounts
Quicken Loans may offer fee waivers or discounts for certain loan products, particularly for VA loans, where veterans can avoid several fees, including the loan origination fee. It’s also worth asking your loan officer if there are any current promotions that could help reduce your costs.
Request a Personalized Quote
To get a clearer picture of what fees and closing costs will look like for your specific loan, you can request a personalized rate quote through Quicken Loans’ online platform. This will give you a breakdown of applicable fees, estimated monthly payments, and closing costs based on your unique financial profile and home loan type.
Quicken Loans Mortgage Process
Here’s the streamlined five-step process that Rocket Mortgage by Quicken Loans uses to take you from potential customer to homeowner:
Step 1: Apply online
You can apply 24/7 from your computer, laptop, smartphone, or other mobile device. And you won’t have to second-guess your inputs – the online platform syncs with your bank account to ensure the correct numbers are used during the application review process.
Step 2: View loan options
If there’s a potential match, you will have the ability to view loan offers right away. The options are customizable and include real figures for payments and interest rates.
Step 3: Get approved
Assuming you want to move forward, you can download your prequalified approval letter directly from the online dashboard. This will help you shop with confidence, and you’ll have a powerful tool that demonstrates to sellers that you mean business.
Step 4: Close your loan
In the final steps of the loan process, you will schedule your closing and check off the final items on your to-do list. This helps ensure you get to the closing table and in your new home sooner than later.
Step 5: Manage your mortgage
Once you close on your new home, you can continue to use Rocket Mortgage to manage your loan. You can view loan details, schedule payments, and set up automatic payments from your bank account.
If you would like to learn more about the mortgage process, call 888-452-8179 to chat with a loan expert. You can also chat with an expert online 7 days a week to ask any questions you may have.
Quicken Loans Special Features
The Rocket Mortgage platform puts Quicken Loans in a league of its own. It’s accessible 24/7 and handles the entire mortgage process online. This means you can view your loan options, download your prequalified approval letter when it’s time to shop, and review any essential details online in the comfort of your own home.
Plus, the application verifies your information electronically, so you won’t have to spend hours going back and forth with your loan officer or scrambling to find documents.
You can also use Rocket Homes to help you find the perfect home for your family. This tool allows you to search for homes with ease and will match you with a reputable agent to assist you with your search. Plus, you can view neighborhood trend reports for areas you’re considering through this online tool to get an idea of local market conditions, price-trending insights, and average sale times.
Bottom Line
Quicken Loans sets itself apart with its seamless digital experience through Rocket Mortgage, making it incredibly easy to apply and get prequalified for a mortgage in minutes. Whether you’re a first-time homebuyer, looking to refinance, or in the market for a jumbo loan, Quicken Loans offers a range of loan products to fit your specific needs. Their competitive rates, transparent fees, and nationwide service make them a go-to choice for many borrowers.
One of Quicken Loans’ standout features is the speed of its process—from application to closing—thanks to their fully online platform. With 24/7 access to Rocket Mortgage, you can apply, track your loan progress, and even manage your mortgage after closing, all from your computer or mobile device.
Ready to get started? Explore your loan options and apply through Rocket Mortgage today to see how Quicken Loans can help you secure your dream home faster and easier than ever.