The loan terms will also specify a maximum interest rate that your loan cannot exceed.įederal Housing Administration (FHA) loan: This government-insured loan may be a good option if you have limited income and funds for a down payment, and/or a lower credit score. If you have an ARM your loan terms will specify how many times the rate can change between your introductory period and the end of your loan. The amount by which the interest rate fluctuates each time it adjusts is generally dependent on a benchmark rate. Following the introductory period the rate is adjustable throughout the loan term and can fluctuate up or down. At Quicken, its ARMs have an introductory period that can be five, seven or 10 years where the interest rate is fixed. The steady monthly payments with a fixed-rate mortgage may make it easier to budget.Īdjustable-rate mortgage (ARM): Also known as an ARM, this mortgage option from Quicken Loans generally has a lower interest rate when compared to fixed-rate mortgages with the same term - at least at first. The fixed-rate mortgage is a dependable home loan option. Fixed-rate mortgages are available in 15-year and 30-year terms with Quicken Loans. With Quicken, customers have quite a few options:įixed-rate mortgage: Your interest rate and monthly payments will stay the same for the entire life of this loan. You can talk through your mortgage options over the phone with Quicken Loans, but it helps to have done some research into your mortgage choices before you have your initial phone call with a lender. Once you’ve decided to dip your toe into the mortgage market you’ll need to decide what type of mortgage to get. What Kind of Mortgage Can I Get with Quicken Loans? Hate talking on the phone? You may be better off using Rocket Mortgage, an online-only portal from Quicken Loans that lets you complete your entire mortgage application on the web, without speaking to a loan officer. The company combines online mortgage application tracking with a legion of representatives who can guide you through your application over the phone. Getting a home mortgage from Quicken isn’t a matter of driving over to a local branch. You can also use the company’s “YOURgage” feature to customize your loan terms. It does, however, offer a range of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans and jumbo loans. Quicken provides only mortgages and loans - it doesn’t offer any banking, investment or other financial products. Its parent company is Rock Holdings, Inc. Quicken Loans is the largest online retail mortgage lender, according to National Mortgage News. Headquartered in Detroit, Quicken Loans has provided more than two million American families with mortgages. 2018, that it became the nation's largest residential mortgage lender with a total loan volume of $83.4 billion. Quicken, which was founded in 1985, announced in Feb. Quicken Loans has a reputation as a heavy-hitter in the mortgage space.
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