Quicken Loans has a reputation as a heavy-hitter in the mortgage space. Quicken, which was founded in 1985, announced in Feb. 2018, that it became the nation's largest residential mortgage lender with a total loan volume of $83.4 billion. Headquartered in Detroit, Quicken Loans has provided more than two million American families with mortgages.
Quicken Loans is the largest online retail mortgage lender, according to National Mortgage News. Its parent company is Rock Holdings, Inc. Quicken provides only mortgages and loans - it doesn’t offer any banking, investment or other financial products. It does, however, offer a range of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans and jumbo loans. You can also use the company’s “YOURgage” feature to customize your loan terms.
Getting a home mortgage from Quicken isn’t a matter of driving over to a local branch. The company combines online mortgage application tracking with a legion of representatives who can guide you through your application over the phone. 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.
What Can You Do Online with Quicken Loans?
Quicken Loans has no physical branch you can visit, so the company puts a lot of effort into its online presence and features. For example, you can check out live mortgage interest rates on the Quicken Loans website.
To attract customers who like to do everything online, Quicken Loans offers Rocket Mortgage. Rocket Mortgage is an online portal from Quicken Loans that finds, imports and verifies financial information, and lets you customize your mortgage (purchase or refinance), see if you're approved and lock your rate – all without speaking to a person. It’s a quick, online-only option for the phone-phobic.
If you don’t use Rocket Mortgage you’ll be able to start your application online but will need to speak with a Quicken Loans rep over the phone to move your mortgage application forward. You can also bypass the website altogether and go straight to the phone to start your Quicken Loans mortgage process.
Whether you opt to use Rocket Mortgage or Quicken Loans’ regular application process, you can access your Quicken Loans account online through their portal, MyQL. You’ll be able to check the status of your loan online at any time, 24/7. There’s also a MyQL mobile app.
Would You Qualify for a Quicken Loans Mortgage?
If you opt to apply for a mortgage with Quicken Loans you’ll need a minimum credit score of 580 (with a down payment of at least 3.5%) to qualify for an FHA loan. This is lower than the 600 minimum that most lenders require for FHA loans. 580 is the lowest score that falls into the “fair” credit score range.
You’ll need a minimum credit score of 620 if you want a shot at getting approved for a conventional loan from Quicken Loans. The higher your credit score the higher your chances of approval. But your credit score isn’t the only important stat that Quicken Loans will consider. Your income, debt levels and down payment savings will also affect your ability to score a Quicken Loan.
Twenty percent is the norm for a down payment on a conventional loan, but you can put less money down if you’re willing to pay private mortgage insurance. If you don’t have the 20% down payment needed for a conventional mortgage without private mortgage insurance (PMI), you may be interested in Quicken Loans’ PMI Advantage option. With this option, you can get out of paying monthly private mortgage insurance by opting for a higher interest rate at closing, or by paying all your PMI in one lump sum at closing. The former option means you’ll pay more interest over the life of the loan (as with the Closing Cost Cutter, more on this later). The latter option can be advantageous if the seller of the home you’re buying is willing to pay your PMI to sweeten the deal.
Income isn’t everything in the mortgage market. Lenders prefer to look at your debt-to-income ratio, so an applicant with a high income isn’t a shoo-in if he or she carries hefty debts. Like other lenders, Quicken Loans generally accepts a maximum debt-to-income ratio of 43%. Your debt-to-income ratio is calculated by taking your monthly liabilities (e.g. car loan payments) and dividing them by your gross (pre-tax) monthly income.
