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Quicken Loans Review

Sunday, September 19th

2021 Mortgage Refinance Company Reviews

Quicken Loans Review 4.5 Star Rating

Quicken Loans

4.5 Star Rating

Cutting-edge technology from a mortgage refinancing lender that's been around for nearly four decades? Quicken Loans delivers. This company is the ideal mix of tried-and-true with all-things-modern, so no matter what style makes you most comfortable, you'll find it here.

No Personal Information Required

We love that there's absolutely no personal information required to see what rates you might get on your mortgage refi through Quicken Loans. Just go to the tab at the top of the site that says Mortgage Rates and click on the first link in the dropdown. Voila!

Helpful Knowledge Resource

Be sure to check out Quicken Loans' refinance guide if you need to do some learning before you jump into the process. It covers some of the reasons that you might consider a refi, what you need to evaluate about your situation (your credit score, how much your home is worth, and so on), and includes a calculator to see what your new monthly payments might be at today's rates.

Multiple Ways To Apply

You've got multiple ways to apply for your mortgage refinancing with Quicken Loans. If you want 100% online, you'll use their Rocket Mortgage service. Otherwise, you can start the process online and then speak with one of their home loan experts, or you can go directly to a representative. The choice is yours. (Side note: Quicken Loans' Rocket application was the only one we found that actually let us opt out of having our data shared with affiliates. Love that!)

Lightning-fast Verification

If you go the online route, be prepared for your refinancing to be done in record time. NerdWallet, the NYT, and TechCrunch all praise the Rocket service for its lightning-fast verification of income and assets, which not only saves you time and hassle but also gives you a conditional approval for your loan in just a few minutes.

Best Mortgage Refinance

Schedule Your Closing

One big perk of choosing Quicken Loans for your refi is the ability to schedule your closing for the time and place you prefer. We know from personal experience how exasperating it can be to wait until the last minute to find out when and where a closing will happen, having to rearrange schedules and drive halfway across the county at a moment's notice. You won't get that here!

Quicken Services 99% Of The Loans They Close

Also, this company services 99% of the loans they close. Unlike many mortgage brokers who use wholesale lenders to close your mortgage refinancing - and who ultimately sell off your loan to one of the bigger banks - Quicken Loans takes most of their customers from start to finish.

Very Positive Reputation

Quicken Loans enjoys a very positive reputation within the industry. Not only are they "A+" rated and accredited by the BBB, they also earned the J.D. Power awards for customer satisfaction for both origination (the application process) and servicing (everything that comes after your mortgage loan is funded) - for 7-10 consecutive years!

No FHA, VA, Or Jumbo Loans Online

In fact, the only downside we could find with Quicken Loans is that they don't refinance FHA, VA or jumbo loans through their Rocket service. Fortunately, that's not a problem for the vast majority of homeowners looking for a refi today - and you may be able to access those loan types through their non-online platform. We encourage you to reach out to their customer service team if this applies to you.

Great Choice

There are very few companies that make the mortgage refinancing process as customer-friendly as Quicken Loans. For great service before AND after closing, look no further than this service for your refi needs.

Where is the Best Place to Refinance Your Mortgage?

While it might be tempting to go with a local mortgage broker or even your community bank, you're not likely to get the lowest rates or ideal terms that way. Why? They usually work with their preferred partners instead of negotiating or "comparison shopping" to get you the best deal. You're paying for convenience and familiarity, but that's it. Fortunately, there are many reputable online lenders that make it quick and easy to get low rates and great terms, all from your laptop or even your mobile phone!

With interest rates at historic lows, it's worth your while to consider mortgage refinancing. Whether you want to shave years off your current mortgage and lower your interest rate or get cash out from your established equity, there's no better time than now. Using an online lender lets you compare rates, complete the application, and finish the entire process without ever leaving home: some services send a mobile notary to you for the final steps of signing the paperwork! Otherwise, you can often choose a local title company if you prefer to go the more traditional route.

The Best Mortgage Refinance Companies Compare Mortgage Refinance Companies Compare Mortgage Refinance Company Reviews What are the best Mortgage Refinance Companies Best Mortgage Refinance Company Reviews

Mortgage Refinance Company FAQ

When you refinance your mortgage, you essentially take out a new loan on your current home. Your new lender pays off your balance with your previous lender, and you start a new mortgage. It sounds complicated, but the average homeowner refinances their mortgage every four years!
A refinance could be a great opportunity under several conditions. These include a significant reduction in your interest rate, minimizing risk by changing from an adjustable rate mortgage (ARM) to a fixed rate loan, or reducing the length of your mortgage (e.g from a 30-year fixed to a 15-year fixed).
There are three situations where it probably doesn't make sense to refinance. If you've had your current mortgage for a long time, most of your payments are now going towards the principal instead of interest; a refinance will put you back to paying more towards interest and cost you more money. Or, if your current mortgage has a prepayment penalty and the lender isn't willing to waive it, you could spend more in fees than you'll save by refinancing. Finally, if you're planning to move in the near future, you might not recoup the closing costs you'll pay to refinance before it comes time to sell your home.
A cash-out refinance lets you borrow against the equity you have built up in your home. Some people do a cash-out refinance to consolidate debts at a lower interest rate, to pay for college, or to remodel their home.
Absolutely. There are some highly-rated lenders whose primary focus is online home loans, both first mortgages and refinancing. Because these lenders often have less overhead than a local mortgage broker or bank, you may get lower interest rates and be able to negotiate on some of the fees to get the best possible terms.
You'll want to run the numbers to see if it makes sense for you. Will you be in the home long enough to recoup what you've paid in points to spend less on interest? Will it make a big enough difference in your monthly payments? Do you have the cash on hand or will you have to roll the cost of the points into the mortgage itself? The decision is ultimately yours, but do the math to see if it's a good option first.
Remember all of the paperwork it took when you got your current mortgage? Expect a refinance to be very similar. You'll have to provide proof of income and homeowner's insurance coverage, bank statements, and so forth. Your home will probably need a new appraisal, and you might have to dig up your documents from the first closing, like the property survey. The process will involve a hard pull on your credit, so don't be alarmed if you see your score dip temporarily.
That depends on how quickly you provide the required documentation, how fast your lender processes it, and several other factors. You can expect an estimated time to close ranging from 30-60 days.
Compare the Best Reviews

Continued from above...

Not all online mortgage refinancing providers work the same. While some operate more like a regular bank, funding your loan themselves, others act as a referral service so that you can compare rates and offers from multiple lenders at once. Whichever site you choose, don't be afraid to take the quote you receive and ask other lenders to compete for your business! Some of the fees charged in the refi process are negotiable, so why not see who can give you the absolute best loan terms?

As you start the process of refinancing your mortgage, keep in mind the following criteria for each lender or service you're considering:

  • Reputation. What do other homeowners say about the company and the process of refinancing a mortgage? Is the service rated and accredited by the Better Business Bureau?
  • Ease of Use. Does the site make it easy to apply, to get information about refinancing in general, and ultimately to close on your refi? Will you get multiple quotes from different lenders that you'll have to vet on your own? Is it difficult to get help if you have a question?
  • Transparency. How much can you find out without having to give your personal information? Does the service give you ample details upfront about their rates, terms and fees?

TopConsumerReviews.com has reviewed and ranked the best services for mortgage refinancing available today. We hope this information saves you money by helping you find the best rates and terms when you refinance your mortgage!

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