When it comes to home equity loans, there are plenty of options to consider. While many people think of traditional home equity loans and lines of credit, Quicken Loans provides an alternative solution that delivers the same results. With competitive terms and a straightforward process, Quicken Loans’ Cash-Out Refinance loans are the closest option to a standard HELOC loan.
Streamlined Application Process
One of the standout features of Quicken Loans is its admirably straightforward and user-friendly application process. The company’s website is transparent about the time it takes to secure a loan, with pre-approval taking just eight minutes. Thanks to its merger with Rocket Mortgage, Quicken Loans can offer a fully online application and approval process, resulting in a swift experience for borrowers. However, it’s important to note that pre-approval is just the beginning. The process of closing a home loan can take up to 60 days, with an average of around 47 days.
You can easily start the application process on Quicken Loans’ website, providing the necessary information to estimate the loan amount, rates, and other crucial aspects. Afterward, a customer service representative will contact you to discuss and tailor a loan that suits your needs. Alternatively, if you prefer to skip the initial chat, you can use one of the five available calculators to obtain a realistic estimate of your loan terms.
Transparent Terms and Fees
While terms and fees may vary based on individual circumstances, you can gain a clear understanding of them by speaking with a Quicken Loans representative. You can also check the current interest rates on their website, which currently start at 2.63% for a fixed 15-year loan.
While Quicken Loans is not as transparent about its fees and closing costs as some other lenders, new customers can expect them to be comparable to industry standards. When tapping into your home’s equity, be prepared to pay origination fees ranging from 0.5% to 1% of the loan amount. Closing costs can vary significantly, typically amounting to 1% to 6% of the total loan amount.
Meeting Eligibility Requirements
Quicken Loans’ eligibility requirements align with those of other lenders. To apply for a cash-out refinance loan, you should have a minimum credit score of 580, a debt-to-income ratio between 31% and 50% (depending on the loan), and substantial equity in your home.
Final Thoughts on Quicken Loans
Although Quicken Loans doesn’t offer HELOC loans, they provide a range of other loan types that may suit your needs. If you’re looking to tap into your home’s equity, any of their Cash-Out Refinance loans could be the right choice, offering competitive rates and a straightforward application process.
Furthermore, Quicken Loans boasts a team of polite and knowledgeable customer representatives who can guide you in finding the best loan to achieve your goals. If you’re unsure whether Quicken Loans is the right provider for you, don’t hesitate to give them a call!
- Excellent customer support
- Fully online mortgage approval and management
- No hidden fees
- Many calculators available
For more information on home equity loans and other financial topics, visit ATICE.INFO.