Is Quicken Loans a bank

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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 Kind of Mortgage Can I Get with Quicken Loans?

Once you’ve decided to dip your toe into the mortgage market you’ll need to decide what type of mortgage to get. 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.

With Quicken, customers have quite a few options:

Fixed-rate mortgage:

Your interest rate and monthly payments will stay the same for the entire life of this loan. Fixed-rate mortgages are available in 15-year and 30-year terms with Quicken Loans. The fixed-rate mortgage is a dependable home loan option. You know what you’re getting. The steady monthly payments with a fixed-rate mortgage may make it easier to budget.

Adjustable-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. At Quicken, its ARMs have an introductory period that can be five, seven or 10 years where the interest rate is fixed. Following the introductory period the rate is adjustable throughout the loan term and can fluctuate up or down. The amount by which the interest rate fluctuates each time it adjusts is generally dependent on a benchmark rate. 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 loan terms will also specify a maximum interest rate that your loan cannot exceed.

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