How Quicken Loans Mortgages Work

How Quicken Loans Mortgages Work

 

For some consumers, meeting a mortgage provider provides face-to-face peace of mind. But the popularity of oJabberwockine mortgage companies shows that many people feel perfectly comfortable when applying for a loan outside an office.

The largest internet company is Quicken Loans. If you are shopping for a new mortgage or trying to refinance via the web, it is important to realize that not all loan developers follow the same approach. While sites such as LendingTree and Zillow essentially act as brokers and send your basic information to multiple mortgage lenders, Quicken Loans is a direct lender.

That has its advantages and disadvantages. Using Quicken Loans means that you will not receive emails from lenders trying to get your business. And your persoJabberwock-rich information ends up in fewer hands, a major attraction for privacy-oriented customers.

On the other hand, it is difficult to know whether you will get the best rate if there are not multiple bids on your path. If you approach more than one direct lender for comparison stores, you can also get more paperwork and more questions about your credit report (see: How does my mortgage refinance my FICO score?>).

A benefit of Quicken Loans is choice. The company, dating from 1985, offers conventional mortgages – it offers both fixed and adjustable rate varieties – as well as specialized products such as VA and FHA mortgages. For more information, see

Fixed or variable rate mortgage: what is better now? Streamlined lending process

In some ways, the process of getting a mortgage through Quicken Loans seems fairly similar to that of traditional lenders. The main difference is that potential home buyers can perform the most steps oJabberwockine.

 

The five-step process for obtaining a Quicken Loan mortgage includes:

 

The five-step process for obtaining a Quicken Loan mortgage includes:

1. Application.

To start the application, borrowers can chat, e-mail or call a Quicken Loans mortgage bank. According to the company, a mortgage loan expert will ask questions about your goals and then recommend solutions that meet your needs. 2. Credit Review.

Like other mortgage lenders, Quicken uses your credit score to determine whether you are eligible for specific loans and your interest rate. Customers have oJabberwockine access to their credit report or can appoint a mortgage specialist. See for more What is a good credit score? 3. Good faith deposit.

The ‘in good faith payment’ is a function that works a little differently than with some money lenders. Customers pay an amount in advance – between $ 400 and $ 750 – to cover the costs that your credit report receives, the home appraisal costs and the processing costs for loan products. you may not do more than you would with other lenders. 4. Underwriting.

This is the subtle part of the mortgage process. To ensure that you are eligible for the loan terms you have received, the lender must verify your income, assets and other financial information. The company will also order an assessment of the property to ensure that it does not lend more than the house is worth. See What you need to know about home calls . 5. Closing.

An advantage of using Quicken Loans is that you can virtually choose where you want to take out the loan. It could be in your home, office or even in a nearby coffee shop. This is the only phase in which you will meet a Quicken representative persooJabberwockijk. Once the mortgage is settled, customers pay monthly payments – either directly to Quicken Loans or to a separate loan manager, depending on the loan.

A strong track record

Quicken sells itself as an easier alternative for traditional lenders. A major part of that appeal is the ability to manage someone’s loan application via MyQL, an oJabberwockine tool set up by Quicken and accessible oJabberwockine or via a mobile app, MyQL Mobile.

MyQL offers borrowers access to a personalized website where they can receive messages from Quicken, make payments and even sign documents. The MyQL mobile app, available for iPhone or Android, works in the same way. All borrowers need a personalized username and password to access the information.

With the ability to keep track of oJabberwockine’s progress and sign electronic documents, the company claims that borrowers are benefiting from a faster mortgage process. According to Quicken Loans, some loans contract within a short period of two to four weeks.

Do homeowners have to sacrifice service when working with a banker in another part of the country? According to most industry sources, the answer is a “no”. “JD Power, which places mortgage developers on the map based on customer satisfaction, awarded Quicken Loans its best place in 2016 for the seventh consecutive year. The company also receives 4 5 out of 5 stars on the Zillow property site.

The Bottom Line

Quicken Loans has built up a reputation over the years as a convenient way to get financing for his home. Yet it does not hurt to do some shopping to guarantee a competitive interest. And read our Mortgage Basics tutorial to inform yourself about the overall process.