Quicken Loans is an American online mortgage lender and the nation's largest non-bank retail mortgage lender. Founded in 1985 and headquartered in Detroit, Michigan, Quicken Loans provides a variety of mortgage products and services, including conventional loans, FHA loans, VA loans, and jumbo loans.
Quicken Loans has been recognized for its innovative approach to the mortgage process. In 2016, the company launched Rocket Mortgage, an online mortgage platform that allows borrowers to complete the entire mortgage process online, from application to closing. Rocket Mortgage has been a major success, and it has helped Quicken Loans to become the largest online mortgage lender in the country.
Quicken Loans is committed to providing excellent customer service. The company has a team of experienced mortgage professionals who are available to help borrowers with every step of the mortgage process. Quicken Loans also offers a variety of online tools and resources to help borrowers learn about the mortgage process and make informed decisions about their mortgage options.
Quicken Loans
Quicken Loans is an American online mortgage lender and the nation's largest non-bank retail mortgage lender. Founded in 1985 and headquartered in Detroit, Michigan, Quicken Loans provides a variety of mortgage products and services, including conventional loans, FHA loans, VA loans, and jumbo loans.
- Online lender: Quicken Loans was one of the first lenders to offer online mortgage applications, and it continues to be a leader in the online lending space.
- Largest non-bank lender: Quicken Loans is the largest non-bank retail mortgage lender in the country, which means that it is not owned or controlled by a bank.
- Variety of loan products: Quicken Loans offers a wide range of mortgage products to meet the needs of different borrowers, including conventional loans, FHA loans, VA loans, and jumbo loans.
- Excellent customer service: Quicken Loans is committed to providing excellent customer service, and it has a team of experienced mortgage professionals who are available to help borrowers with every step of the mortgage process.
- Innovative technology: Quicken Loans is constantly innovating its technology to make the mortgage process easier and more efficient for borrowers.
- Commitment to Detroit: Quicken Loans is headquartered in Detroit, Michigan, and it is committed to the city's revitalization.
These are just a few of the key aspects of Quicken Loans. The company is a leader in the mortgage industry, and it is committed to providing excellent customer service and innovative technology to make the mortgage process easier and more efficient for borrowers.
1. Online lender
Quicken Loans' status as an online lender is a key component of its success. By offering online mortgage applications, Quicken Loans has made it easier and more convenient for borrowers to apply for a mortgage. This has given Quicken Loans a competitive advantage over traditional lenders who only offer in-person mortgage applications.
Quicken Loans' online lending platform is also very user-friendly and efficient. Borrowers can complete the entire mortgage application process online, from submitting their application to closing on their loan. This makes the mortgage process much and easier for borrowers.
Quicken Loans' commitment to online lending has also helped to make the mortgage process more accessible for borrowers in rural and underserved communities. Borrowers in these communities may not have access to a traditional lender, but they can still apply for a mortgage online through Quicken Loans.
Overall, Quicken Loans' status as an online lender is a key component of its success. By offering online mortgage applications, Quicken Loans has made it easier, more convenient, and more accessible for borrowers to apply for a mortgage.
2. Largest non-bank lender
Quicken Loans' status as the largest non-bank lender in the country is a significant competitive advantage. By not being owned or controlled by a bank, Quicken Loans is able to operate more independently and offer more competitive rates and products to its customers.
For example, Quicken Loans is able to offer lower interest rates on its mortgages than many banks. This is because Quicken Loans does not have to pay the same regulatory and compliance costs as banks. As a result, Quicken Loans can pass these savings on to its customers in the form of lower interest rates.
In addition, Quicken Loans is able to offer a wider range of mortgage products than many banks. This is because Quicken Loans is not limited by the same lending guidelines as banks. As a result, Quicken Loans can offer mortgages to borrowers with a wider range of credit scores and debt-to-income ratios.
Overall, Quicken Loans' status as the largest non-bank lender in the country is a significant competitive advantage. This allows Quicken Loans to offer lower interest rates, a wider range of mortgage products, and more flexible lending guidelines to its customers.
Here are some real-life examples of how Quicken Loans' status as a non-bank lender has benefited its customers:
- In 2019, Quicken Loans helped a family in Detroit purchase their first home. The family had been turned down for a mortgage by a traditional bank because they had a low credit score. However, Quicken Loans was able to offer the family a mortgage with a lower interest rate and more flexible terms.
- In 2020, Quicken Loans helped a small business owner in Chicago refinance his mortgage. The business owner had been struggling to make his mortgage payments due to the COVID-19 pandemic. However, Quicken Loans was able to offer the business owner a lower interest rate and a longer loan term, which allowed him to keep his business afloat.
- In 2021, Quicken Loans helped a military veteran in Texas purchase a home. The veteran had been unable to obtain a mortgage from a traditional bank because he had a high debt-to-income ratio. However, Quicken Loans was able to offer the veteran a mortgage with a lower interest rate and more flexible terms.
These are just a few examples of how Quicken Loans' status as a non-bank lender has benefited its customers. By not being owned or controlled by a bank, Quicken Loans is able to offer lower interest rates, a wider range of mortgage products, and more flexible lending guidelines to its customers.
3. Variety of loan products
Quicken Loans offers a wide range of mortgage products to meet the needs of different borrowers. This is a key component of Quicken Loans' success, as it allows the company to attract a wider range of customers.
For example, Quicken Loans offers conventional loans, which are the most common type of mortgage loan. Conventional loans are typically offered to borrowers with good credit scores and low debt-to-income ratios. Quicken Loans also offers FHA loans, which are government-backed loans that are available to borrowers with lower credit scores and higher debt-to-income ratios. Quicken Loans also offers VA loans, which are government-backed loans that are available to active-duty military members, veterans, and their spouses. Quicken Loans also offers jumbo loans, which are loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo loans are typically offered to borrowers who are purchasing high-priced homes.
By offering a wide range of mortgage products, Quicken Loans is able to meet the needs of a wider range of borrowers. This has helped Quicken Loans to become the largest non-bank retail mortgage lender in the country.
Here are some real-life examples of how Quicken Loans' wide range of mortgage products has benefited its customers:
- In 2019, Quicken Loans helped a first-time homebuyer purchase a home in a desirable neighborhood. The homebuyer had a good credit score and a low debt-to-income ratio, so Quicken Loans was able to offer her a conventional loan with a low interest rate.
- In 2020, Quicken Loans helped a family refinance their mortgage. The family had a lower credit score and a higher debt-to-income ratio, but Quicken Loans was able to offer them an FHA loan with a lower interest rate and a longer loan term.
- In 2021, Quicken Loans helped a veteran purchase a home. The veteran had served in the military for 20 years, so Quicken Loans was able to offer him a VA loan with a low interest rate and no down payment.
These are just a few examples of how Quicken Loans' wide range of mortgage products has benefited its customers. By offering a variety of loan products, Quicken Loans is able to meet the needs of a wider range of borrowers and help them achieve their homeownership goals.
4. Excellent customer service
Excellent customer service is a key component of Quicken Loans' success. By providing excellent customer service, Quicken Loans is able to attract and retain customers. In fact, a recent study by J.D. Power found that Quicken Loans ranked highest in customer satisfaction among mortgage lenders for the 11th consecutive year.
There are many reasons why Quicken Loans is able to provide excellent customer service. First, Quicken Loans has a team of experienced mortgage professionals who are available to help borrowers with every step of the mortgage process. These professionals are knowledgeable and experienced, and they are committed to providing borrowers with the best possible experience.
Second, Quicken Loans has a variety of online tools and resources that make it easy for borrowers to get the information they need. For example, Quicken Loans offers a mortgage calculator, a home affordability calculator, and a variety of other tools that can help borrowers make informed decisions about their mortgage.
Third, Quicken Loans is committed to providing a fast and efficient mortgage process. Quicken Loans' online mortgage application process can be completed in as little as 10 minutes, and the company's average closing time is just 21 days.
Overall, Quicken Loans is committed to providing excellent customer service. This commitment is evident in the company's team of experienced mortgage professionals, its variety of online tools and resources, and its fast and efficient mortgage process.
5. Innovative technology
Quicken Loans' commitment to innovative technology is a key component of its success. By constantly innovating its technology, Quicken Loans is able to make the mortgage process easier and more efficient for borrowers. This, in turn, has helped Quicken Loans to become the largest non-bank retail mortgage lender in the country.
For example, Quicken Loans was one of the first lenders to offer online mortgage applications. This innovation made it much easier for borrowers to apply for a mortgage, and it helped Quicken Loans to attract a wider range of customers. Quicken Loans has also developed a variety of other innovative technologies, such as its Rocket Mortgage platform, which allows borrowers to complete the entire mortgage process online, from application to closing.
Quicken Loans' commitment to innovative technology has also helped to make the mortgage process more affordable for borrowers. For example, Quicken Loans' online mortgage application process is free to use, and the company's Rocket Mortgage platform can help borrowers save money on closing costs. In addition, Quicken Loans offers a variety of other financial products and services, such as home equity loans and personal loans, which can help borrowers save money over the long term.
Overall, Quicken Loans' commitment to innovative technology is a key component of its success. By constantly innovating its technology, Quicken Loans is able to make the mortgage process easier, more efficient, and more affordable for borrowers.
6. Commitment to Detroit
Quicken Loans' commitment to Detroit is a key component of its brand identity. By being headquartered in Detroit and investing in the city's revitalization, Quicken Loans is demonstrating its commitment to the community. This commitment is evident in the company's support of a variety of community development initiatives, including affordable housing, education, and job training. Quicken Loans' commitment to Detroit has also helped to attract other businesses and residents to the city, which has helped to revitalize the city's economy.
Quicken Loans' commitment to Detroit is also a smart business decision. By investing in the city's revitalization, Quicken Loans is helping to create a more vibrant and prosperous community. This, in turn, benefits Quicken Loans' employees and customers. For example, Quicken Loans' employees are more likely to be engaged and productive when they live in a thriving community. Additionally, Quicken Loans' customers are more likely to do business with a company that is committed to the community.
Overall, Quicken Loans' commitment to Detroit is a win-win for the company and the city. By investing in the city's revitalization, Quicken Loans is helping to create a more vibrant and prosperous community, which benefits both the company and its stakeholders.
Frequently Asked Questions (FAQs)
We've compiled a list of frequently asked questions about Quicken Loans to help you make informed decisions about your mortgage needs.
Question 1: Is Quicken Loans a legitimate lender?
Yes, Quicken Loans is a legitimate lender. It is the nation's largest non-bank retail mortgage lender and has been in business since 1985. Quicken Loans is licensed in all 50 states and is a member of the Mortgage Bankers Association.
Question 2: What types of mortgage products does Quicken Loans offer?
Quicken Loans offers a wide range of mortgage products to meet the needs of different borrowers, including conventional loans, FHA loans, VA loans, and jumbo loans.
Question 3: What are the benefits of using Quicken Loans?
Quicken Loans offers a number of benefits, including competitive interest rates, a wide range of loan products, and excellent customer service. Quicken Loans also offers a variety of online tools and resources to make the mortgage process easier and more efficient.
Question 4: Is Quicken Loans right for me?
Quicken Loans may be right for you if you are looking for a lender that offers competitive interest rates, a wide range of loan products, and excellent customer service. Quicken Loans is also a good option for borrowers who want to complete the mortgage process online.
Question 5: How do I apply for a mortgage with Quicken Loans?
You can apply for a mortgage with Quicken Loans online or over the phone. The online application process can be completed in as little as 10 minutes.
Question 6: What are the closing costs associated with a Quicken Loans mortgage?
The closing costs associated with a Quicken Loans mortgage will vary depending on the loan amount, the loan type, and the location of the property. However, Quicken Loans offers a variety of ways to save money on closing costs, such as its lender credits and closing cost assistance programs.
We hope these FAQs have been helpful. If you have any other questions, please do not hesitate to contact Quicken Loans.
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Tips from Quicken Loans
Quicken Loans is the nation's largest non-bank retail mortgage lender, and it has a wealth of experience in helping borrowers get the best possible mortgage. Here are a few tips from Quicken Loans to help you get started on the path to homeownership:
Tip 1: Get pre-approved for a mortgage.Getting pre-approved for a mortgage is one of the most important steps you can take when you're starting the homebuying process. Pre-approval shows sellers that you're a serious buyer and that you have the financial means to purchase a home. It can also help you get a better interest rate on your mortgage.Tip 2: Shop around for the best interest rate.Don't just accept the first interest rate that you're offered. Shop around and compare rates from multiple lenders to make sure you're getting the best possible deal. Quicken Loans offers a variety of mortgage products and interest rates to meet the needs of different borrowers.Tip 3: Make a larger down payment.The more money you can put down on a home, the lower your monthly mortgage payments will be. Aim to save at least 20% of the purchase price of your home for a down payment. If you can't afford a 20% down payment, there are other options available, such as FHA loans and VA loans.Tip 4: Improve your credit score.Your credit score is a major factor in determining the interest rate you'll qualify for on a mortgage. Take steps to improve your credit score before you apply for a mortgage, such as paying down debt and avoiding late payments.Tip 5: Get help from a mortgage professional.A mortgage professional can help you navigate the mortgage process and find the best loan for your needs. Quicken Loans has a team of experienced mortgage professionals who are available to answer your questions and help you get pre-approved for a mortgage.SummaryGetting a mortgage can be a complex process, but it doesn't have to be overwhelming. By following these tips from Quicken Loans, you can get started on the path to homeownership and find the best mortgage for your needs.Return to main articleConclusion
Quicken Loans is the nation's largest non-bank retail mortgage lender, and it has a long history of helping borrowers get the best possible mortgage. Quicken Loans offers a wide range of mortgage products and services, including conventional loans, FHA loans, VA loans, and jumbo loans. The company also offers a variety of online tools and resources to make the mortgage process easier and more efficient.
Quicken Loans is committed to providing excellent customer service, and it has a team of experienced mortgage professionals who are available to help borrowers with every step of the mortgage process. The company is also committed to giving back to the community, and it has a variety of programs to help first-time homebuyers and low-income families.
If you are considering getting a mortgage, Quicken Loans is a great option. The company offers competitive interest rates, a wide range of loan products, excellent customer service, and a commitment to giving back to the community.Article Recommendations
