quicken mortgage loan rates

Just to give everyone an update: Quicken Loans came in at the following: Rate: 3.875% APR: 3.991% I had two other lenders that I shortlisted and neither of. Looking for today's mortgage rates? Get home loan rates, mortgage interest rates, refinancing rates, and 30 year and 15 year fixed mortgage rates. For questions, please call Quicken Loans at 866-697-3507. American Express does not control mortgage lenders' rates or fees, and this offer should not be.
quicken mortgage loan rates

Quicken mortgage loan rates -

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Current mortgage rates

According to the latest survey of the nation’s largest mortgage lenders, these are the current average rates for a 30-year, 15-year fixed mortgage and 5/1 adjustable-rate mortgage (ARM) rates among others.

ProductInterest RateAPR
30-Year Fixed Rate3.140%3.300%
30-Year FHA Rate2.660%3.530%
30-Year VA Rate2.750%2.920%
30-Year Fixed Jumbo Rate3.130%3.220%
20-Year Fixed Rate3.020%3.170%
15-Year Fixed Rate2.440%2.670%
15-Year Fixed Jumbo Rate2.430%2.500%
5/1 ARM Rate2.760%4.070%
5/1 ARM Jumbo Rate2.680%3.690%
7/1 ARM Rate2.870%3.980%
7/1 ARM Jumbo Rate2.890%3.920%
10/1 ARM Rate3.090%4.040%

Rates data as of 10/29/2021

How Coronavirus affects mortgage rates

The COVID-19 pandemic has done a number on the economy — job loss and other hardships have caused financial instability for a lot of people. Coronavirus has also had a drastic effect on mortgage rates across the country. Unlike the toll the pandemic has taken on the economy, though, the pandemic has affected interest rates in a positive way for consumers. As of early July, national mortgage rates hit a new record low, with economists speculating that 30-year rates could drop below 3% later this year.

As of July 2, multiple key mortgage rates had dropped, and the average rate for 30-year fixed mortgages was at 3.07%, down six basis points from the week prior. As rates have decreased, though, some lenders have increased credit score requirements in efforts to reduce their risk, which may make things a bit tougher for borrowers with less than excellent credit.

Experts expect the rates to continue to shift well into 2021, and they expect the best mortgage rates we’re seeing currently will increase over time as the world slowly adjusts to a new normal. The fluctuating market and potential for increased interest rates in the near future mean that you might want to take advantage of the mortgage rates today if you’ve been considering whether to invest in property. As an added bonus, more housing stock is being added as the country slowly reopens, and the new influx should slowly help to create the demand that has been missing over the last few months. In response, mortgage rates will continue to reflect economic activity.

Mortgage Rates Trends

In this graph:

On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

*3% if you qualify for its Affordable Loan Solution, but otherwise 5%.

Research Methodology

Interest.com chooses to highlight mortgage lenders that offer the best overall experience to borrowers. To determine the best mortgage lenders, we compare many factors, including APR, minimum credit scores, borrower requirements and overall availability. 

The lenders featured on our site offer competitive interest rates and a lineup of products for a diverse range of borrowers. Each one serves a variety of U.S. states with either regional or national lending capability. They’re established mortgage lenders offering sophisticated online resources and convenient customer service. 

Our goal is to provide reliable and timely information so you can make the best financial decisions for your lifestyle and wallet. We adhere to strict standards to ensure our work is always accurate, and our writers do not receive direct advertiser compensation or influence.

Interest’s guide to finding the right mortgage for you

What is a mortgage?

A mortgage is a loan given to a homebuyer in order to purchase a new home or refinance an existing home loan. Homebuyers must apply for a mortgage with a bank or government organization, and the annual percentage rate (APR) they receive depends on individual factors like their credit score. If the homebuyer can’t pay his or her mortgage before the balance is settled, the lender will repossess the home. Mortgage payments are typically due once a month over a series of years, known as the loan term, until the loan balance and accrued interest is paid in full or until the home is resold.

Types of mortgages

The three main types of mortgages are conventional, government insured and non-conforming home loans.

Conventional mortgages

Conventional mortgages include any home loan that isn’t backed by a government organization. These loans tend to require higher credit scores and larger down payments since the lender risks losing money if the buyer defaults on the loan.

  • Fixed-rate mortgageshave locked-in interest rates throughout the life of the loan. No matter how interest rates rise or drop, your interest rate will remain the same. For example, if you finance a home at an interest rate of 3.500%, but rates go up to 4.000%, your rate will remain at 3.500% interest.
  • Adjustable-rate mortgages, or ARM loans, have interest rates that can fluctuate. Typically, the interest rate will be set for a certain number of years, and begin to change once that time is up. For example, a 5/1 ARM will feature a locked-in rate for five years, with the interest rate changing every year after that.

Government-insured mortgages

The U.S. government insures certain types of mortgages to make it easier for borrowers to get approved. This means that if a borrower defaults on their loan, the government is responsible for covering the costs to the lender. The three main types of government-backed loans are FHA loans, VA loans and USDA loans.

  • FHA home loans are offered through the Federal Housing Administration, and require only 3.5% down. Aimed at assisting first-time or low-income buyers, FHA loans include a minimum credit score requirement of 580 and may require mortgage insurance.
  • USDA home loans are offered though the USDA’s Rural Development program, and provide low-interest mortgages to buyers in eligible rural and suburban areas. Borrowers can qualify for USDA loans with no down payment, though they may have to pay mortgage insurance.
  • VA home loans are secured by Veterans Affairs, and have no down payment or mortgage insurance requirement. They’re only available to veterans, active-duty military, or military spouses who are deemed eligible by the VA.

Non-conforming mortgages

Non-conforming mortgages, often called jumbo loans, don’t abide by the guidelines set by the Federal Housing Finance Agency. Because they don’t meet these guidelines, lenders can’t resell them to Freddie Mac and Fannie Mae, which are the governmental agencies that provide a secondary mortgage market for lenders. Since they can’t be resold, non-conforming mortgages are more difficult to qualify for and require higher credit and higher down payment. A major benefit of non-conforming mortgages is that you can receive a bigger loan if you’re looking a home in a high-cost area. In 2020, mortgages of more than $510,400 are considered non-conforming.

Compare Mortgage Terms

15-year fixed rate vs 30-year fixed rate mortgages

Choosing between a 15-year mortgage and a 30-year mortgage is usually a question of what loan amount you can afford. Obviously, a 15-year loan lets you pay off your loan faster at a lower interest rate. However, your monthly mortgage payment will be significantly higher. With a 30-year mortgage, you’ll pay a lot more money in the long run thanks to interest, but your monthly payments will be lower. If you can afford a 15-year mortgage, it’s usually the better option. Ask potential lenders for 15-year and 30-year quotes, compare the differences and calculate what you’ll be able to pay.

Compare the two using our 15-year vs. 30-year mortgage calculator.

5/1 ARM vs 30-year fixed rate mortgage

A 5/1 adjustable-rate mortgage has a fixed interest rate for the first five years, followed by an adjustable-rate for the remaining 25 years. That makes 5/1 mortgages a little more attractive than regular ARMs, since you know your rate won’t increase for at least five years. But it’s still risky since your rate could still skyrocket after the initial rate period ends. Of course, if you only plan to live in a home for five years or less, a 5/1 might be a good option. Meanwhile, 30-year fixed-rate mortgages won’t fluctuate at all. Bottom line, 5/1 ARMs are best suited for times when interest rates are expected to drop, or you don’t intend to stay in your home for more than five years.

10/1 ARM vs 5/1 ARM

The 10/1 adjustable-rate mortgage is just like a 5/1 ARM, but the fixed-rate extends to the first 10 years instead of five. That means your rate will fluctuate during the final 20 years of your 30-year mortgage. A 10/1 ARM is good if rates are high when you buy a home (and you expect them to go down after your fixed-rate expires), or if you know you’ll live in the home for less than 10 years. If you’re confident you’ll move in less than five years, a 5/1 ARM will usually mean a better rate in the short-term.

How does a mortgage work?

A mortgage is the binding agreement of a loan to buy a home. The mortgage is between the lender and the homeowner. In order to own the home, the borrower agrees to a monthly payment over the payment period agreed upon. Once the homeowner pays the mortgage in full the lender will grant deed or ownership. 

Your monthly mortgage payment includes a percentage of your loan principal, interest, property taxes and insurance. Keep in mind, your mortgage will include your annual percentage rate (APR) to include a full breakdown of your lender fees and other costs included in your payments. 

Most mortgage loans last between 10, 15 or 30 years and are either fixed-rate or adjustable-rate. If you choose a fixed-rate mortgage, your interest rate will stay the same throughout your loan. But if your mortgage is adjustable, your mortgage’s interest rate will depend on the market each year, meaning that your monthly payment could vary. 

The consequences of not repaying your mortgage loan can be pretty stiff. If a homeowner doesn’t make payments on their mortgage, they could face late fees or other credit penalties. The mortgage also gives the lender the right to take possession of and sell the property to someone else, and the homeowner can face other charges from the lender. All in all, mortgages are a great, affordable option for purchasing a home without the worry of paying in full upfront.

What if you want to refinance?

A refinance is a loan that pays off the existing mortgage balance, then resumes payment under the new loan amount and term. Refinancing can be a smart option for homeowners looking to lower their existing interest rate or monthly payments. It is crucial for homeowners to understand the details of their primary mortgage as well as the refinance terms, plus any associated costs or fees, to make sure the decision makes financial sense.*

* By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Compare the most recent rates in our mortgage refinance page.

How are mortgage rates determined? 

Mortgage rates are determined based on your credit score, the loan-to-value ratio of the home and the type of loan you’re applying for. In general, homebuyers with good credit scores of 740 or higher can expect lower interest rates and more options, including jumbo loans. Your rate will also be calculated based on the loan-to-value ratio, which considers the percentage of the home’s value that you’re paying through the loan. A loan-to-value ratio higher than 80% could be considered risky for lenders and lead to higher interest rates for the home buyer.

A good mortgage rate should fall within the industry benchmarks developed by Freddie Mae and Fannie Mac. However, keep in mind that these interest rates are an average based on users with high credit scores. Currently, a good interest rate will be about 3% to 3.5%, though these rates are historically low.

The Federal Reserve affects mortgage rates by raising and lowering the federal funds rate. Currently, the federal funds rate is low and the Federal Reserve has also injected more money into the MBS market, making mortgage rates lower for the average consumer.

How do I choose a mortgage lender?

As you shop for a lender, your real estate agent may have a few preferred choices, but it all comes down to what works best for you. The Federal Trade Commission (FTC) recommends getting quotes from different lenders and calling several times to get the best rates. Be sure to ask about the annual percentage rate (APR) and interest rates.

You’ll also want to keep a note of any fees required by the lender. Some common costs may include appraisal and processing fees. Be sure to ask about any fees that are unfamiliar and if they can be negotiated.
Buying a home is a big step and your mortgage lender plays an important role in the process. Don’t hesitate to read customer reviews and ask any questions that will make you feel comfortable working with them. Most importantly, read any documentation and the fine print so there aren’t any unforeseen fees or expectations. The Consumer Financial Protection Bureau has a loan estimate explainer to help you double-check all the details agreed upon between you and your lender. 

How long should my mortgage be? 

When applying for a mortgage, the type of loan will usually determine how long you’ll have your mortgage. For instance, you can choose from conventional mortgages on 15-year and 30-year terms. With a shorter term, you’ll pay a higher monthly rate, though your total interest will be lower than a 30-year loan. If you have a high monthly income as well as long-term stability for the foreseeable future, a 15-year loan would make sense to save money in the long-term. However, a 30-year term would be better for someone who needs to make lower monthly payments.

How much can I borrow? 

The amount you can borrow for your mortgage should depend on your annual income, lending terms, interest rate, and monthly debt. By good rule of thumb, you should only be spending 25% to 30% of your monthly income on housing each month.

The Federal Housing Administration and Fannie Mae set loan limits for conventional loans. By law, all mortgage loans have a maximum limit of 115% of median home prices. Currently, the loan limit for a single unit within the United States is $510,400. For high-cost areas, the limit is increased to $765,600 for a single unit.

Government-insured loans such as FHA have similar limits based on current housing prices. At the end of 2019, the FHA limit was increased to $331,760 in most parts of the country. VA loan limits were eliminated in early 2020.

What is the difference between APR and interest rate?

There’s a big difference between the annual percentage rate (APR) and the interest rate. These terms can be confusing during the home buying process, though, because both are expressed as a percentage and impact how much you’ll be paying annually on your mortgage. 

Here’s the big difference — your APR is a breakdown of everything you’re paying during the home buying process, including the interest rate and any additional fees. APRs may also include closing costs and other lender costs. APRs are usually higher than interest rates because it’s a breakdown of all fees you’ll be paying, while the interest rate is solely the overall cost of the loan you’ll pay. 

The APR is determined by the mortgage lender and includes both the interest rate and the various fees tacked on. It’s the total amount you’re paying for borrowing the money.  

On the other hand, the interest rate is the rate, without fees, that you’re being charged for the loan. The interest rate is based on factors including the loan amount you agree to pay and your credit score. Interest rates can also vary depending on the type of loan you choose and your state, along with some other factors. 

The impact of a 0.1% change in your mortgage rate

You already know that choosing the right kind of mortgage is crucial to your financial future. What may not be readily apparent, though, is how fluctuations in your rate can make a major impact. Let’s take a look at what would happen if a 30-year fixed-rate mortgage of $350,000 went up by just 0.1%.

Using a mortgage rate calculator, you can see your monthly mortgage payment would increase from $1,773 to $1,794 if your rate increased from 4.5% to 4.6%. That doesn’t seem so bad, right?

However, look at the total interest you’ll accrue and pay during the life of the 30-year mortgage. That tiny 0.1% increase in your rate is the difference between $288,422 in interest payments and $295,929. And if your fixed-rate mortgage was an ARM instead, that gap could be significantly higher — tens of thousands higher. No matter what kind of mortgage you get, or which lender you choose, finding the best possible rate is key to figuring out how much house you can afford.

Best mortgage lenders

LenderBest ForMin. Credit ScoreMin. Down PaymentStates Served
Citizens BankOnline tools6203.5%13
TD BankGovernment loans7003%19
Bank of AmericaDiscounts for existing customers6203% – 5%*50
Quicken LoansFlexible terms5803.5%50
New American FundingNo minimum payment6200%48
J.G. WentworthLow-income options5803%45
USAA MortgageCustomer service6200%50
SunTrust MortgageDiverse loan types6203%50
ChaseOnline mortgage tracking6203%40

The Final Word

The Coronavirus pandemic has caused significant reductions to mortgage rates as demand plummeted. With Americans sequestered in their homes, the market has stood still with no new properties, no new sales, and no new buyers. However, as the nation slowly begins to recover and return to work, we can expect to see new homes begin to hit the market. Unemployment remains at an all-time high, but renewed commerce should produce new buyers and continue to boost demand. As the weeks continue to pass, experts predict the market will slowly begin to rebound, and we will see mortgage rates rise in response as the country continues to recover.

State Mortgage Rates

Related Links

Angelica Leicht

Mortgage Researcher

Angelica Leicht is a writer and editor who specializes in everything mortgage-related for Interest.com. Her work has spanned topics that include lending product reviews, interest rate trends, racial biases in mortgage lending and the role of fintech in lending practices, and has appeared in publications such as Interest, The Simple Dollar, Bankrate, The Spruce, Houston Press and VeryWell, among others.

Источник: https://www.interest.com/mortgage/rates/

Is There a Difference Between Quicken Loans and Rocket Mortgage?

Understanding the distinction between Quicken Loans and Rocket Mortgage is important if you’re looking to use the company during your homebuying journey. Rocket Mortgage is the online mortgage solution offered by Quicken Loans. You can use the Rocket Mortgage website to apply for a loan, get approved, and even to make your mortgage payment after the loan closes. 

You’ll work entirely through the Rocket Mortgage platform during your transaction, but Quicken Loans is the company that actually processes and creates the loan behind the scenes.

Key Takeaways

  • Rocket Mortgage by Quicken Loans might be the right fit for you if you’re looking to secure a mortgage quickly and feel confident doing so on your own.
  • Rocket Mortgage provides less guidance than you would normally receive from personal contact with an agent.
  • Consider all your mortgage lender options before starting your homebuying journey.

Rocket vs. Quicken: The Same, But Different

Quicken Loans is the highest-volume lender in the U.S. when it comes to the total number of loans, originating over 541,000 in 2019, the most recent year for which statistics are available.

The company launched Rocket Mortgage in 2015 to serve as its “online retail lending platform,” according to CEO Bill Emerson in a press release in November 2015. Quicken Loans has continued to operate a separate company website, but consumer applications are usually routed through the Rocket Mortgage platform, which is available online or via mobile app.

You can talk to a Rocket Mortgage agent on the phone if you prefer not to apply online.

How Rocket Mortgage Works

The Rocket Mortgage application asks you a series of questions about your credit, your finances, and your potential home purchase. You’ll have to agree to a credit check and enter the passwords for your bank and other financial accounts. That allows the site to access and verify real-time financial data.

You’ll be told within minutes whether you’re approved for a loan after this information is entered and gathered, as well as the interest rate and the loan terms you’ve qualified for.

You can make your monthly mortgage payments through the Rocket Mortgage website after your loan is closed.

Benefits of the Rocket Mortgage Platform

The Rocket Mortgage platform (and the online process it offers) is one of Quicken Loans’ biggest selling points. The company says it saves users both time and money. It’s certainly quick: Rocket Mortgage says it can approve a mortgage loan in just eight minutes.

Rocket Mortgage also allows you to apply for a loan from anywhere using a computer or mobile device, and it requires no physical paperwork. The site imports your financial data, so there’s no need to fax, scan, or upload any financial documents. You can chat with your loan officer online, and e-signatures are accepted.

The company is also highly rated by past buyers. According to J.D. Power’s 2018 U.S. Primary Mortgage Origination Satisfaction Study, Quicken Loans claims the highest customer satisfaction levels in the country and had for nine straight years as of 2018.

Downsides of Rocket Mortgage

The biggest drawback of using Rocket Mortgage by Quicken Loans is that you have less guidance than you would if you were applying over the phone or in person. Yes, you have the option to chat or contact a “Home Loan Expert,” but it’s not required in most cases.

This lack of hand-holding can make the overall mortgage process seem more confusing and intimidating for first-time homebuyers. It’s also not the best option for buyers with poor credit or those who are self-employed. Rocket Mortgage requires a minimum credit score of 580, and self-employed applicants must work with an agent in order to get approved.

Rocket Mortgage Pros
  • Convenient application process

  • Fast preapproval and processing

  • High satisfaction ratings 

  • No physical paperwork required

Rocket Mortgage Cons
  • Less hands-on help than traditional methods

  • Not suited for buyers with poor credit

  • Self-employed buyers can’t complete the application online

Who Should Use Rocket Mortgage?

Rocket Mortgage was created by Quicken Loans to allow buyers to conduct the entire mortgage transaction online. You can reach out to an agent on the platform if you’re not comfortable inputting your financial data online or if you have questions. Rocket Mortgage uses bank-level encryption to protect any data transmitted on its platform so you can apply and manage your mortgage right from home.

Frequently Asked Questions (FAQs)

How do home loans work?

A home loan, also known as a mortgage, is a loan you use to purchase a home. The loan is also secured by your home, which means that if you stop paying on your loan, the lender can seize the home and sell it. There are several types of home loans, including conventional, FHA, VA, and USDA mortgages. Home loans can also have fixed rates, which have the same interest rate for the length of the loan, or variable rates, which the lender can change subject to specific limits.

How do home equity loans work?

Home equity is the difference between the balance of your mortgage and the value of your home. If you have a home valued at $200,000 and you owe $150,000 on your home, you have $50,000 in equity. You may be able to borrow against a portion of that equity, which is a home equity loan. You can use the loan proceeds for any purpose, and the loan is also secured by your home.

Источник: https://www.thebalance.com/quicken-loans-vs-rocket-mortgage-here-s-the-difference-4774714

Current Mortgage Rates for December 2021

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Current Mortgage Rates Trends

Updated October 29, 2021

  • 30-Year Fixed Rate 3.140%; APR of 3.300%.
  • 15-Year Fixed Rate 2.440%; APR of 2.670%.
  • 5/1 Adjustable-Rate Mortgage Rate 2.760%; APR of 4.070%.
Third Party Services

Quicken Loans Mortgage Review

This article includes links which we may receive compensation for if you click, at no cost to you.

Bottom Line

Quicken Loans disrupted the mortgage market in the 1990s by giving consumers a simpler way to borrow money for a home purchase or refinance. With no brick-and-mortar offices to operate, Quicken Loans can undercut rates offered by neighborhood banks and other national lenders.

Pros

  • Simple Online Process
  • Great Customer Service
  • Dedicated Loan Officer

Cons

  • No In Person Customer Service
  • No HELOC Option

Quicken Loans has transitioned from a mortgage upstart to the biggest mortgage lender in the nation.

Should you use Quicken Loans for your home purchase or refinance?

Let’s take a close look at Quicken Loans in this review to help you answer that question.

What Is Quicken?

quicken loansQuicken Loans is not a traditional bank with neighborhood branches, checking accounts, and ATM cards.

This lender provides only mortgages and home refinances, and it communicates with its customers exclusively over the phone or online.

Back in 2015, Quicken Loans launched Rocket Mortgage as an online-only portal for mortgage borrowers.

Rocket Mortgage and Quicken Loans share the same underwriting guidelines and offer the same loans.

Quicken Products

Quicken Loans disrupted the mortgage market in the 1990s by giving consumers a simpler way to borrow money for a home purchase or refinance.

With no brick-and-mortar offices to operate, Quicken could also undercut rates offered by neighborhood banks and other national lenders.

Now, Quicken Loans and its subsidiary Rocket Mortgage have become mainstream, finalizing more loans than any other lender in 2018 and 2019.

You can still complete the borrowing process over the phone through Quicken Loans, or you can use Rocket Mortgage’s all-online application process.

Both avenues give you access to a full line of mortgage loans:

  • Fixed Conventional Mortgages: These loans are not backed by the federal government and usually require a 620 or higher credit score and a debt-to-income ratio of no more than 43 percent. Quicken offers 15 and 30-year fixed-rate mortgages.
  • Adjustable-Rate Mortgages (ARM): ARMs start with a fixed rate but, after an introductory period, the interest rate begins to fluctuate with the market. Quicken has fixed introductory periods of 5, 7, or 10 years. You’d need a credit score of at least 620 to qualify.
  • Federally Subsidized Loans: Quicken Loans issues Federal Housing Authority and U.S. Department of Agriculture loans which open the door to borrowers who have credit scores as low as 580 and less money available for a down payment.
  • Quicken VA Loans: Quicken lends through the federal Department of Veterans Affairs which helps veterans become homeowners.
  • Jumbo Loans: Buyers of high value homes who need larger mortgages may need a jumbo mortgage from Quicken.
  • Quicken Loans Refinance: You can refinance your home through Quicken Loans but you can’t get a home equity line of credit or a home equity loan.
  • 1% Down: Quicken has a special loan allowing qualified buyers to pay only 1 percent down.
  • Yourgage: This program specific to Quicken lets you customize your loan’s terms between 8 and 29 years. This kind of flexibility can be hard to find elsewhere in the market.

As you go through the lending process, you will be guided by a dedicated loan officer which creates some continuity most borrowers need.

Quicken Loans Rates

Rates change daily. Check this page for the most up to date rates from Quicken Loans and other top mortgage lenders.

Be sure to use these rates as a reference point only; your rate will be determined by your creditworthiness and the kind of loan you need:

  • Credit Score: Higher scores unlock lower rates.
  • Debt-to-Income Ratio: If you don’t have much debt compared to your income, you can usually access better rates.
  • Loan Term: A 30-year fixed mortgage usually has a higher interest rate than a 15-year fixed.
  • Loan Type: An adjustable rate mortgage often starts at a lower interest rate than a fixed rate mortgage. A conventional loan will have different rates than an FHA or other subsidized loan.
  • Down Payment: Putting at least 20 percent down on your home can lead to lower rates; you’ll also avoid paying mortgage insurance (PMI).

Quicken Loans Fees

Like all lenders, Quicken Loans charges a loan origination fee and requires borrowers to pay for the home appraisal upfront.

  • Quicken Loans Origination Fees: Quicken Loans itself won’t charge more than 1 percent of the loan amount in origination fees. Some loans require only 0.5 percent of the loan amount.
  • Quicken Loans Good Faith Deposit: If you choose to work with Quicken you’ll need to pay a deposit to cover expenses such as your home’s appraisal. The appraisal tells the lender whether the house is worth the money it is lending you. If you complete the loan application process and close on your home, you should get credit for this deposit at closing.

Quicken’s fees do not include charges assessed by your lending program.

  • Federal Lending Fees: The Department of Veterans Affairs backs loans for veterans, for example, and usually charges its own origination fee. While expensive, this fee is usually a good investment for veterans since VA loans do not require down payments or PMI.
  • PMI for FHA & USDA Loans: Quicken Loans is authorized to lend through the FHA and USDA programs. These programs help people with lower credit scores and lower down payments access the housing market. However, these loans now require Private Mortgage Insurance (PMI) throughout the life of the loan. PMI usually adds $100 or so to your monthly house payment and it protects your lender in case you default on the loan.
  • PMI for Conventional Loans: Conventional loan borrowers who put less than 20 percent down will also pay PMI premiums. You can cancel PMI when your loan balance reaches 80 percent of its original amount.

Quicken Loans Mortgage Points

In many states, Quicken Loans lets borrowers buy mortgage points, or “discount points” to lower their mortgage’s interest rate which can have a long-term positive impact on keeping money in your wallet.

A mortgage point costs 1 percent of the loan’s value and can lower your interest rate by 0.25 percent.

For a $150,000 home, a point would cost $1,500. So buying two points would cost $3,000, paid to the lender at closing. In exchange, you could shave 0.5 percent from your interest rate.

If you keep the home (and its original loan) long enough, this extra $3,000 spent at closing could result in reduced interest costs over the decades.

But if you sell the home or refinance the loan within the first few years you’d likely lose money.

Most of the time you should not take money from your down payment to buy points, especially if the resulting lower down payment would require you to pay PMI premiums on the loan.

Getting Started

Getting started with your loan process, whether you plan to finalize a mortgage with Quicken or just to get an individualized quote from the lender, is seamless online or over the phone.

On Quicken Loans online site, your answers to a few simple questions will direct you to the right kind of loan. Then you’ll be prompted to enter your phone number and email address.

Quicken Loans will use your phone number and email address to get in touch with you about your borrowing needs. If you’d rather not be contacted, don’t submit this information.

On each screen, the site shows Quicken Loans’ phone number so you can call to discuss your application. Each page also includes a link to Rocket Mortgage if you’d rather start an all-online application.

Quicken Loans has some nice automated features. For example, the lender can confirm your income electronically which is much easier than uploading pay stubs or W2s.

And both methods match your application with a dedicated loan officer to guide you through each step along the way.

Once you complete your application, Quicken Loans will do a hard check of your credit and make an offer on a loan. If you decide to continue, you’ll be prompted to pay the good faith deposit discussed above in the section about fees.

At this point you’ll have access to Quicken Loans’ MyQL online dashboard to help track your progress and take the next steps.

Is Quicken Loans Safe?

You share a lot of personal information when you apply for a mortgage: your income, your Social Security number, your bank statements.

Quicken Loans pledges never to sell or share your data with anyone, and the lender is large enough to have industry-standard cybersecurity measures.

Of course, there’s no way to predict where the next data breach will strike. But this is true for any lender. Your data should be as secure with Quicken as it is with any other leading national lender.

Quicken Loans Customer Service

Quicken Loans customer service stands out in the industry by necessity. Because it has no face-to-face interaction with its customers, Quicken had little choice but to develop proactive ways to serve customers online and over the phone.

When you apply for a loan, you’ll be assigned a dedicated loan officer to guide you through the process from pre-approval to closing.

And, Quicken has developed seamless ways to share documents and sign forms electronically. Their apps are sleek and reliable, though some customers have reported difficulty changing their automatic payments via the app.

The most frequent complaints about Quicken center around its sales practices. You may get phone calls asking whether you’re ready to refinance the loan, for example.

Or, if you get a quote from Quicken but choose another lender, Quicken will continue contacting you about the loan. In these cases, you can unsubscribe from Quicken’s emails and ask to be removed from the call list.

Overall, Quicken works well when you stay on the prescribed plan. The lender has developed a safe and reliable path to finalizing a mortgage. For most customers, this level of predictability can be reassuring.

But customers who need to deviate from this pre-arranged path can encounter delays. For instance, if you decide after preauthorization to double your down payment, or to direct part of your down payment to points instead, it may take a couple of days to get back on track.

Pros & Cons of Quicken Loans

Quicken Loans has grown into a standard for mortgage origination and refinancing, but it’s not ideal for all borrowers. If one of the company’s cons aligns with one of your primary needs, you should shop elsewhere.

Pros

  • Simplicity: Quicken Loans condenses the complex process of getting a mortgage into easy-to-follow steps. You can even confirm your employment and income in real time.
  • Dedicated officer: Your assigned loan officer gives you continuity as you complete the process.
  • Competitive rates: Quicken can still beat the lowest rates of many large banks.
  • Variety of loans: Quicken has all of the major mortgage products and a way to customize your own loan term through its Yourgage plan.
  • Customer service: You can speak with, chat with, or email customer service any time over the phone or online.

Cons

  • No in-person customer service: Customers who want to have a face-to-face conversation about their mortgage needs should look for a neighborhood bank or credit union.
  • No home equity loans: You can get a cash-out refinance, but Quicken does not offer second mortgages or home equity lines of credit.
  • Somewhat absolute: Nuance doesn’t always fit into Quicken’s easy-to-follow steps. If your debt-to-income ratio or your credit score doesn’t quite match the requirements, expect a denial. Other lenders may be more likely to consider alternative forms of underwriting.

Quicken Loans FAQs

Here are some frequently asked questions about doing business with Quicken Loans:

How much does Quicken Loans charge for closing costs?

Quicken Loans itself charges no more than 1 percent of your loan as an origination fee. However, this fee will comprise only a small part of your closing costs.

Closing costs also pay for:

  • Attorney’s fees
  • Title search and transfer fees
  • Title insurance
  • Taxes and insurance.

Overall, closing costs tend to equal 3 to 5 percent of the home’s purchase price.

What does your credit score have to be for Quicken Loans?

Conventional loans with Quicken require a credit score of 620.

Subsidized loans such as FHA mortgages may require only 580.

Quicken typically requires a 43 percent maximum debt-to-income ratio.

Does Quicken Loans have hidden fees?

No, Quicken Loans tend to be transparent about what they charge. However, you may face loan-specific fees required by the government on a VA loan or another subsidized lending program accessed through Quicken.

Does Quicken Loans require a downpayment?

Down payment requirements vary from loan to loan. It is possible to pay as little as 1 percent down on a Quicken Loans mortgage. VA loans do not require money down on your mortgage.

Alternatives to Quicken Loans

Comparing mortgage rates is key to finding the right deal. If you’re considering Quicken Loans you may also want to look into a loan from:

  • Credible: Credible connects your application with several lenders to help you compare rates.
  • Chase: Chase combines key features of in-person and online access to mortgages.
  • LoanDepot: If you’re building a new home or restoring a home, LoanDepot can help.
  • SoFi: High earners who don’t have an established credit history will like SoFi’s underwriting.
  • Lending Tree: Another aggregator like Credible, LendingTree is here to help you compare loan offers from a variety of lenders.

Is Quicken Loans For You?

Quicken Loans continues to grow and become a leader in mortgage originations. If you’re shopping for a home, Quicken may already be on your short list.

Quicken Loans should be a great partner for anyone who needs an easy way to access a straightforward mortgage loan.

If you have more complex needs or you’d like a home equity line of credit or a second mortgage, you’ll need to keep shopping.

And, if you’d prefer to have a face-to-face conversation about your mortgage, look for another lender.

Источник: https://millennialmoney.com/quicken-loans-review/

Quicken Loans' lending practices may not be as exemplary as the company contends. A federal lawsuit starting in Detroit today and other legal action against the nation's largest online mortgage lender paint a decidedly less flattering picture of Quicken, reports Michael Hudson, a staff writer with the Center for Public Integrity.

Quicken founder and chairman Dan Gilbert, owner of the NBA's Cleveland Cavaliers, has sought to distance his company from the actions of notorious predatory lenders such as Ameriquest and Countrywide. Quicken has also capitalized on that image, touting its high ranking in consumer surveys, top grade from the Better Business Bureau and repeated listing by Fortune as one of the "100 Best Companies to Work For." Yet allegations by former employees and customers bear a disturbing resemblance to the reckless, often illegal lending that marked the years leading up the housing crash. Hudson writes:

They accuse the company of using high-pressure salesmanship to target elderly and vulnerable homeowners, as well as misleading borrowers about their loans, and falsifying property appraisals and other information to push through bad deals....

A group of ex-employees, meanwhile, have gone to federal court to accuse Quicken of abusing workers and customers alike. In court papers, former salespeople claim Quicken executives managed by bullying and intimidation, pressuring them to falsify borrowers' incomes on loan applications and to push overpriced deals on desperate or unwary homeowners.

In the Michigan suit, former employees are seeking overtime pay they say Quicken owes them. Documents in the case also claim that the company encouraged some borrowers to overstate their income. [Note: Business software maker Intuit (INTU) bought Quicken, then called Rock Financial, from Gilbert in 1999. He and other investors repurchased the company from Intuit in 2002. Quicken is today privately held, while Intuit continues to market Quicken personal finance tools.]

Mortgage monsters
As Hudson recently documented in his book, The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis, aggressive sales tactics were a hallmark of the abusive lending that led to the housing crash. Quicken uses similar methods, said a former loan salesman at the company in a sworn statement. He claimed managers pressured salespeople to boost their commissions by "locking the customer into a higher interest rate, even if they qualified for a lower rate, and rolling hidden fees into the loan."

Another feature of the subprime bubble was lenders' widespread use of adjustable rate mortgages, often pressed on financially gullible borrowers who were unaware of the risks. Gilbert has stated that Quicken avoided riskier lending, telling The Plain Dealer in 2009 that "We never did these kinds of loans that really started this mess, the subprime loans."

But at least one court ruling and litigation by homeowners against Quicken cast doubt on whether the company has been as responsible in its lending as Gilbert maintains. Last year, a West Virginia court found Quicken guilty of fraud for misleading a mortgage borrower, gouging her on fees and wrongly inflating the value of her home. Hudson notes that the judge overseeing the case described the company's conduct in the case as "unconscionable."

ARMs self-destruct
Meanwhile, multiple borrower lawsuits against the company center on its issuance of ARMs. One Ohio County, W.Va., resident, Janyce Duncan, filed a complaint after Quicken in 2005 put her into a $109,000 interest-only loan and a $27,000 home equity credit line. (On its Web site, Quicken says it doesn't currently offer interest-only products because of "market conditions.") The company and a third-party appraisal firm inflated the value of her house by nearly $40,000, she alleged. Duncan's lawyer said she later tried to sell the home, but failed because the property's value was worth less than what she owed on her loans.

Another borrower accused Quicken of not explaining the terms of a balloon loan, which she couldn't afford. Although the homeowner claimed to have expressed concern about the cost of the mortgage, a Quicken loan officer allegedly told her that "the affordability of the monthly payment was not an important consideration" because the company could refinance the loan in a few months at a lower interest rate. As in the Duncan case, the company was also accused of arranging a bogus appraisal on her home, overstating its worth by more than $135,000.

A former Quicken loan consultant supports the sense that such borrowers were ill-served, claiming that supervisors pressured her to sell ARMs to customers who would have been better off using another product. Hudson says:

She recalled selling a loan to a customer who had cancer and needed cash to pay medical bills: "I could have offered him a home equity line of credit to pay these bills but, instead, I sold him an interest-only ARM that re-financed his entire mortgage. This was not the best Quicken loan product for him, but this was the one that made the company the most money."
Quicken: Overtime case a "farce"
In a statement, Quicken vice president of communications Paula Silver said the overtime suit kicking off in Michigan this week has "no merit." She added:
This lawsuit was initiated by an out-of-state law firm from Minnesota which has filed hundreds of these suits threatening they will convince a court to rely on a 1930s wage law intended to protect blue-collar factory workers, to also apply to highly compensated white-collar professionals in an effort to coerce settlements from job-producing companies....

Detroiters and the rest of the country will see through this farce during this case. We look forward to righting this wrong.

In a voicemail, Silver further sought to discredit Hudson's story by dismissing the Center for Public Integrity as a "not very credible source." (Without turning this into a pissing contest, it's worth noting that Hudson, a former WSJ reporter who has covered the lending industry for nearly two decades, is a decorated investigative journalist. His credentials are impeccable, and within media circles the CPI is highly respected as a nonpartisan source of investigative reportage.)

The bigger issue is whether Quicken deserves its sterling reputation, or whether this standing masks questionable activities by the company. The West Virginia suits are several years old -- it's possible the company has since cleaned up its act. But the company's blanket dismissal of the CPI story doesn't exactly suggest a company pushing to confront internal problems or improve its lending standards. Rather, Quicken has said such allegations are isolated and sought to pin the blame on rogue employees.

As Hudson notes, it's fair to say that Quicken is no Ameriquest, Countrywide or FAMCO. Complaints against Quicken are far less numerous than they were against these other players, firms that helped write the book on predatory lending. But neither does its conduct seem as irreproachable as the company contends.

Thumbnail from Flickr user Joka2000; image from Wikimedia Commons, CC 2.5

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Источник: https://www.cbsnews.com/news/mortgage-mess-why-quicken-loans-may-not-be-as-squeaky-clean-as-it-claims/

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If you’re looking to buy a home, or refinance an existing home loan you already have, you will undoubtedly come across Quicken Loans during your search.

They are at times the largest mortgage lender in the United States (when only counting retail loan originations), recently overtaking San Francisco, CA-based bank Wells Fargo thanks to the success of their Rocket Mortgage technology.

Wells Fargo has since taken back their crown, but the two will yo-yo in the rankings between #1 and #2 unless Quicken really breaks out and leaves them behind.

Let’s learn more about Quicken Loans to determine if they’re a good choice for your mortgage needs.

How Quicken Loans Got Started: A Little History

  • Company was founded in 1985 by Dan Gilbert, originally called Rock Financial
  • Later went public and sold to Intuit in 1999 and renamed Quicken Loans
  • Bought back by Gilbert and investors in 2002 and taken private
  • Has closed over half a trillion dollars in mortgages since 2013

Back in 1985, Dan Gilbert started Rock Financial, which would later be known as Quicken Loans. Just three years later, he took the company public with the help of Bear Stearns and Prudential Securities.

Initially, the lender was branch-based like a depository bank, but Gilbert quickly embraced technology with the launch of online lender Rockloans.com in January 1999 (that website still exists but offers personal loans).

At the end of 1999, Intuit Inc., the company behind TurboTax and QuickBooks, acquired Rock Financial and renamed it Quicken Loans.

That’s where the Quicken name comes from, and why you might be confused as to why it sounds oddly familiar to the ubiquitous accounting software product.

Anyway, just three short years later, Gilbert and a team of investors purchased Quicken Loans back from Intuit and took it private in the process.

They are no longer publicly traded on the stock market, though there are rumors of a Quicken Loans IPO in the works.

Quicken has grown rapidly ever since, even avoiding a collapse during the Great Recession due to their “refusal to originate sub-prime mortgages.”

In August 2010, they moved their company headquarters to Detroit, Michigan, where they’ve been ever since.

That same year they won their first J.D. Power award for customer satisfaction in mortgage origination.

And since then, they’ve snagged 17 total J. D. Power awards – a whopping 11 for mortgage origination (2010-2020) and six for mortgage servicing (2014-2019), easily beating out all other mortgage lenders.

Today, the company has some 17,000 employees spread out across Detroit, Cleveland, Phoenix, San Diego, and Charlotte, North Carolina.

Quicken Loans Calls Itself America’s Largest Mortgage Lender

  • They originated the most home loans via the retail channel in the fourth quarter of 2017
  • Finally surpassing Wells Fargo for loan volume over an entire quarter
  • Quicken is a nonbank direct-to-consumer lender with no physical branches
  • They also run a wholesale mortgage division called QLMS

In the fourth quarter of 2017, Quicken Loans hailed itself the nation’s largest residential mortgage lender, beating out roughly 30,000 other commercial banks, savings and loans, mortgage bankers, credit unions, and mortgage brokers.

While they didn’t surpass Wells Fargo for the entire year, they narrowly beat them for the quarter with $25 billion in total volume versus $23 billion for Wells Fargo.

However, that didn’t include the correspondent lending channel, for which Wells originated an additional $30 billion.

In reality, their $83 billion in home loans in 2018 was well short of the $177 billion originated by Wells Fargo.

And while they blew away prior years with $145 billion in total loan volume for 2019, it still paled in comparison to Wells’ $204 billion.

Still, it represented a 75% year-over-year increase, which was well above their old record of $96 billion originated back in 2016.

To their credit, they originate a greater number of home loans, it’s just that the loan amounts are smaller vs. Wells Fargo, and thus volume is lower.

As noted, much of that success can be attributed to its Rocket Mortgage technology, which allows borrowers to complete much of the loan process from their smartphones or computers, without ever speaking to a human.

That initiative was launched in November 2015, with a controversial Super Bowl ad to follow that subsequent January.

To give you some perspective regarding their stellar growth, Quicken only originated $30 billion back in 2011, which at the time was a company record.

Aside from calling themselves the largest mortgage lender in the country, they are also say they’re the nation’s largest FHA loan lender, and a “premier Veteran Affairs (VA) lender.”

Quicken is a direct lender, meaning they underwrite and close loans with their own funds, and work directly with the consumer.

They are also a non-bank, which means they don’t offer checking or savings accounts to customers like Wells Fargo or Chase to lend against.

And while Quicken Loans is not a mortgage broker, they do run a large wholesale division that connect brokers to borrowers via its Quicken Loans Mortgage Services (QLMS) unit.

In other words, you could be sold a Quicken Loans mortgage by a mortgage broker, perhaps without even knowing it.

What Types of Mortgages Does Quicken Loans Offer?

Quicken Loans options

While noting that they offer “diverse loan options,” Quicken Loans says it specializes in “plain vanilla mortgages,” which are generally defined as easy-to-close home loans.

That means average to excellent credit scores, W-2 borrowers with steady employment history, and no major red flags.

This isn’t to say they won’t fund loans for self-employed borrowers or those with a checkered past, but they specialize in the former.

They offer all types of home loans, including conventional (non-government), along with FHA loans, VA loans, and USDA loans.

Quicken also offers jumbo loans that exceed the conforming loan limit, with down payments as low as 10%.

Veterans may qualify for a $0 down VA loan

They offer all types of financing on primary residences, second homes, and investment properties, on properties up to 40 acres.

With regard to transaction type, you can take out a purchase loan, a rate and term refinance, or a cash out refinance to pay off things like student loans or credit card debt.

They also have some less conventional stuff like their YOURgage that sets you pick the length of your mortgage term.

So ultimately, no matter what type of mortgage you’re looking for, Quicken Loans should have available options.

Applying for a Mortgage with Quicken Loans

Quicken Loans process

One of the nice things about Quicken Loans is the convenience of applying for a mortgage.

They allow you to apply online or via smartphone, or you can answer some questions and have a Home Loan Expert contact you.

You can also apply online and work with a human, and use their chat feature to talk to someone in real-time.

Those who are savvy can do nearly everything online, including importing financial documents to speed up the process.

Once you fill out the loan application, you can see several loan options and choose the one that’s right for you.

If you are purchasing a home can take advantage of the company’s RateShield Approval, which locks your interest rate for up to 90 days.

If rates go up during that time, your rate doesn’t, but if rates fall during that period, your rate goes down too.

You also get a RateShield Approval Letter that can be shared with real estate agents to show them you mean business if home buying in a competitive market.

It’s based on verified credit, income and asset information collected from you upfront, so it’s a legit pre-approval letter.

Quicken Loans also offers the MyQL Mobile app (now known as the Rocket Mortgage app), which allows you to apply for a mortgage, see customized loan solutions, upload documents, e-sign on your phone, message the company, and even make mortgage payments.

Tip: Quicken Loans is also the home loan provider of Schwab Bank, so if you apply via Schwab, you’ll deal with Quicken. They offer anywhere from .25% to .75% in interest rate discounts for those with qualifying assets ($250k to $5M+) at Schwab.

What Does Your Credit Score Have to Be for Quicken Loans?

  • Minimum credit score for conventional financing is 620
  • Lowest FICO score for FHA financing is 580
  • USDA loans require a 640+ FICO score
  • VA loans require a score of 620 and higher

It depends on the type of home loan in question, but they’re fairly conservative relative to other mortgage companies. Remember, they like to originate vanilla loans.

When it comes to conventional loans, those backed by Fannie Mae or Freddie Mac, you need a 620 FICO score. That’s the industry minimum, so no surprise there.

For FHA loans, you need a minimum 580 FICO score, which is well above the 500 floor. But the FHA requires a score of 580 and higher for their signature 3.5% down loan program.

While the USDA doesn’t set a minimum credit score requirement, Quicken Loans requires at least a 640 FICO score.

Similarly, the VA doesn’t impose a minimum credit score, but Quicken requires a median score of 620+.

Quicken Loans Mortgage Rates

  • They advertise their interest rates directly on their website
  • Rates are updated daily and you don’t need to be registered to view them
  • Quicken’s rates appear to be competitive but consider loan assumptions
  • Such as lender fees and max LTV ratios for advertised rates

Now let’s talk mortgage rates, which are always an important factor when comparing mortgage lenders.

Fortunately, Quicken openly advertises their mortgage rates on their website. The page where their rates are found is updated daily.

They list a conventional 30-year fixed, an FHA 30-year fixed, VA 30-year fixed, 15-year fixed, and 5/1 ARM.

While their rates appear to be low and competitive, it’s important to take a look at the rate assumptions, which mostly call for a loan-to-value ratio (LTV) of less than 75% and require nearly two mortgage points be paid.

In other words, pay attention to more than just the interest rate – look at the APR of the loan, which will likely be significantly higher.

And be sure to see how much Quicken Loans charges for closing costs.

All that said, it’s hard to know how competitive their loan rates are if you don’t pay a ton of points at closing, or if you have a much higher LTV ratio.

So be sure to compare Quicken to other lenders, considering both the rate and closing costs.

Quicken Loans Deposit

  • Quicken collects a deposit when you apply for a mortgage
  • It covers items they order such as credit report and appraisal
  • Deposit is applied to closing costs when your loan closes
  • If loan is declined or you don’t proceed, deposit can be partially refunded

When you apply for a mortgage with Quicken Loans, they ask for a deposit to cover certain costs like the credit report they pull, the home appraisal they order, and other loan processing costs.

They say this deposit ranges from $400 to $750, but the exact amount can be found on your Deposit Agreement.

You can pay for this deposit with a credit card, debit card, or prepaid credit Visa or MasterCard gift card. No cash, checks, or money orders are allowed.

If they close your loan, the deposit amount will be fully credited to closing costs, such as the appraisal or toward lender fees.

Assuming Quicken doesn’t close your loan, either because your loan was declined or you decide not to move forward, they will refund the deposit less any outside costs they incurred.

So if the appraisal was ordered and it was $300, and the credit report was $20, and you paid $500 upfront, they’d return $180 to you.

Not all mortgage lenders require a deposit, but it’s fairly common in the industry.

Should I Use Quicken Loans to Get a Mortgage?

  • Quicken is the largest home loan lender and top in customer satisfaction
  • But some consumers may be more interested in the lowest rate and fees
  • One advantage to Quicken is its Rocket Mortgage technology that makes the loan process easier for most
  • They also service 99% of the loans they close

Now the million-dollar question: is Quicken Loans the right mortgage lender for you?

Well, that all depends on what matters most to you. While they are the nation’s largest lender, and top in satisfaction per J.D. Power, that doesn’t necessarily mean they are the best fit for everyone.

For one, you could argue that Quicken Loans offers a name brand mortgage, which generally comes with higher costs. Whether true or not depends on if you compare loan rates and costs to other lenders.

Ultimately, mortgages are pretty commoditized, meaning they don’t really differ from one loan to the next.

One benefit to using Quicken is the fact that they service their own loans (99% of them), as opposed to selling them off to other companies you may not recognize.

Additionally, you can take advantage of the Rocket Mortgage technology during the entire loan process to quickly see application status on a real-time basis.

Lastly, 96% of clients say they would recommend Quicken Loans per closed customer surveys, so they appear to make most people happy.

Of course, you should always compare multiple lenders, banks, credit unions, and mortgage brokers to ensure you’ve done your diligence.

Data reveals that those who take the time to obtain several mortgage quotes have the ability to save thousands on their home loan.

(top photo: Live DETgames)

Источник: https://www.thetruthaboutmortgage.com/quicken-loans-review/
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John Gallagher and JC Reindl, Detroit Free Press 

Detroit-based mortgage giant Quicken Loans on pace to set home loan record


Mortgage giant Quicken Loans, one of Detroit's biggest employers, says that 2019 will go down as the best year in its history quicken mortgage loan rates overall volume of home loans.

Driven by lower interest rates that pushed more consumers to refinance their mortgages, Quicken Loans is on pace to originate more than $140 billion in mortgages for the year. That result would shatter the company's previous volume record of $96 billion set in 2016. 

“It absolutely will be a record," Bob Walters, Quicken's president and chief operating officer, said Tuesday in a phone interview. "And it’s finishing strong. Usually this time of year there is a natural slowdown … but this year, we really aren’t seeing that."

A healthy Quicken Loans is ordinarily good news for Detroit. Quicken Loans is the biggest revenue generator in the business empire of Dan Gilbert, and since the firm moved its headquarters to Detroit from Livonia in 2010, profits from and investments by Gilbert's enterprises have helped to speed Detroit's revitalization — especially downtown.

Since late 2017, Quicken Loans has been ranked by industry publications as the nation's No. 1 direct-to-consumer mortgage lender, ahead of Wells Fargo and Bank of America. 

More: How Dan Gilbert has made Quicken Loans thrive in mortgage industry

However, in the highly fragmented mortgage industry, where consumers can visit some 30,000 bank branches and credit unions for a home loan, Quicken commanded a market share of just 5.7% in the third quarter, according to Inside Mortgage Finance.

Walters said Quicken's market share could rise to about 7%.

Like mortgage lenders across the country, Quicken benefited from the surge in refinancing activity that kicked off in late winter and early spring once rates began falling.

The fixed rate on a 30-year mortgage was 4.4% in March, sliding down to 3.5% in September, according to data from Freddie Mac. The rate was about 3.7% last week. 

With its online-only business model, Quicken Loans has traditionally performed well when consumers are doing a large amount of refinancing.

The Mortgage Bankers Association expects mortgage refinancing originations to total about $796 billion this year, a 70% increase from 2018. And the share of refinancing activity rose to 38% of all originations compared to 28% last year.

Quicken Loans does not disclose the amount of refinancing business it does in comparison to home purchase mortgages.

"I will say that with interest rates falling, refinance has skewed higher than in the past," Walters said, "but we don’t give out the exact numbers."

This year's refinancing surge was a surprise for some mortgage lenders such as Wells Fargo, which scrambled to hire this year after having cut hundreds of jobs last year in expectation of a mortgage business slowdown, according to Reuters. 

Even though Quicken Loans never did any mass layoffs, Walters said the firm still needed to hire a lot more people this year and that its employee count is up about 3,500 people year-over-year. The majority of those new hires happened in Detroit, he said.

"It’s been a huge influx and obviously great for us and great for the city," he said.

Walters said that Quicken's total headcount is only slightly higher than when it hit its previous mortgage volume record three years ago. Quicken says it employs about 18,000 nationwide, more than 15,000 in Detroit.

“We’re able to process and close more loans per person," Walters said. "So that’s why we’re able to do $140 (billion), $145 billion with a relatively similar number of people as we had a couple years back.”

Yet the excitement of a phenomenal year has been tempered by concerns for Quicken's founder and chairman Gilbert, 57, who suffered a stroke during Memorial Day weekend. Gilbert has made no public appearances since then and has yet to return to his regular day-to-day work routines.

"He’s improving all the time," Walters said about Gilbert's recovery. "He’s focusing on himself at this point."

Founded in 1985, Quicken Loans is classified as a nonbank mortgage lender because it doesn't function as a traditional bank that takes deposits and offers checking accounts.

Among the 25 largest originators, nonbanks now do about 51% of all mortgages, up from 10% in 2009, according to the Financial Stability Oversight Council.

Contact JC Reindlat 313-222-6631 or [email protected] Follow him on Twitter@jcreindl. Read more on business and sign up for our business newsletter.

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Источник: https://www.freep.com/story/money/business/2019/12/11/detroit-quicken-loans-sets-mortgage-volume-record/2633361001/
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Current mortgage rates

According to the latest survey of the nation’s largest mortgage lenders, these are the current average rates for a 30-year, 15-year fixed mortgage and 5/1 adjustable-rate mortgage (ARM) rates among others.

ProductInterest RateAPR
30-Year Fixed Rate3.140%3.300%
30-Year FHA Rate2.660%3.530%
30-Year VA Rate2.750%2.920%
30-Year Fixed Jumbo Rate3.130%3.220%
20-Year Fixed Rate3.020%3.170%
15-Year Fixed Rate2.440%2.670%
15-Year Fixed Jumbo Rate2.430%2.500%
5/1 ARM Rate2.760%4.070%
5/1 ARM Jumbo Rate2.680%3.690%
7/1 ARM Rate2.870%3.980%
7/1 ARM Jumbo Rate2.890%3.920%
10/1 ARM Rate3.090%4.040%

Rates data as of 10/29/2021

How Coronavirus affects mortgage rates

The COVID-19 pandemic has done a number on the economy — job loss and other hardships have caused financial instability for a lot of people. Coronavirus has also had a drastic effect on mortgage rates across the country. Unlike the toll the pandemic has taken on the economy, though, the pandemic has affected interest rates in a positive way for consumers. As of early July, national mortgage rates hit a new record low, with economists speculating that 30-year rates could drop below 3% later this year.

As of July 2, multiple key mortgage rates had dropped, and the average rate for 30-year fixed mortgages was at 3.07%, down six basis points from the week prior. As rates have decreased, though, some lenders have increased credit score requirements in efforts to reduce their risk, which may make things a bit tougher for borrowers with less than excellent credit.

Experts expect the rates to continue to shift well into 2021, and they expect the best mortgage rates we’re seeing currently will increase over time as the world slowly adjusts to a new normal. The fluctuating market and potential for increased interest rates in the near future mean that you might want to take advantage of the mortgage rates today if you’ve been considering whether to invest in property. As an added bonus, more housing stock is being added as the country slowly reopens, and the new influx should slowly help to create the demand that has been missing over the last few months. In response, mortgage rates will continue to reflect economic activity.

Mortgage Rates Trends

In this graph:

Onthe APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

*3% if you qualify for its Affordable Loan Solution, but otherwise 5%.

Research Methodology

Interest.com chooses to highlight mortgage lenders that offer the best overall experience to borrowers. To determine the best mortgage lenders, we compare many factors, including APR, minimum credit scores, borrower requirements and overall availability. 

The lenders featured on our site offer competitive interest rates and a lineup of products for a diverse range of borrowers. Each one serves a variety of U.S. states with either regional or national lending capability. They’re established mortgage lenders offering sophisticated online resources and convenient customer service. 

Our goal is to provide reliable and timely information so you can make the best financial decisions for your lifestyle and wallet. We adhere to strict standards to ensure our work is always accurate, and our writers do not receive direct advertiser compensation or influence.

Interest’s guide to finding the right mortgage for you

What is a mortgage?

A mortgage is a loan given to a homebuyer in order to purchase a new home potomac edison pay bill online refinance an existing home loan. Homebuyers must apply for a mortgage with a bank or government organization, and the annual percentage rate (APR) they receive depends on individual factors like their credit score. If the homebuyer can’t pay his or her travelers express pay before the balance is settled, the lender will repossess the home. Mortgage payments are typically due once a month over a series of years, known as the loan term, until the loan balance and accrued interest is paid in full or until the home is resold.

Types of mortgages

The three main types of mortgages are conventional, government insured and non-conforming home loans.

Conventional mortgages

Conventional mortgages include any home loan that isn’t backed by a government organization. These loans tend to require higher credit scores and larger down payments since the lender risks losing money if the buyer defaults on the loan.

  • Fixed-rate mortgageshave locked-in interest rates throughout the life of the loan. No matter how interest rates rise or drop, your interest rate will remain the same. For example, if you finance a home at an interest rate of 3.500%, but rates go up to 4.000%, your rate will remain at 3.500% interest.
  • Adjustable-rate mortgages, or ARM loans, have interest rates that can fluctuate. Typically, the interest rate will be set for a certain number of years, and begin to change once that time is up. Www prudential com online retirement com example, a 5/1 ARM will feature a locked-in rate for five years, with the interest rate changing every year after that.

Government-insured mortgages

The U.S. government insures certain types of mortgages to make it easier for borrowers to get approved. This means that if a borrower defaults on their loan, the government is responsible for covering the costs to the lender. The three main types of government-backed loans are FHA loans, VA loans and USDA loans.

  • FHA home loans are offered through the Federal Housing Administration, and require only 3.5% down. Aimed at assisting first-time or low-income buyers, FHA loans include a minimum credit score requirement of 580 and may require mortgage insurance.
  • USDA home loans are offered though the USDA’s Rural Development program, and provide low-interest mortgages to buyers in eligible rural and suburban areas. Borrowers can qualify for USDA loans with no down payment, though they may have to pay mortgage insurance.
  • VA home loans are secured by Veterans Affairs, and have no down payment or mortgage insurance requirement. They’re only available to veterans, active-duty military, or military spouses who are deemed eligible by the VA.

Non-conforming mortgages

Non-conforming mortgages, often called jumbo loans, don’t abide by the guidelines set by the Federal Housing Finance Agency. Because they don’t meet these guidelines, lenders can’t resell them to Freddie Mac and Fannie Mae, which are the governmental agencies that provide a secondary mortgage market for lenders. Since they can’t be resold, non-conforming mortgages are more difficult to qualify for and require higher credit and higher down payment. A major benefit of non-conforming mortgages is that you jpmorgan chase bank checking account receive a bigger loan if you’re looking a home in a high-cost area. In 2020, mortgages of more than $510,400 are considered non-conforming.

Compare Mortgage Terms

15-year fixed rate vs 30-year fixed rate mortgages

Choosing between a 15-year mortgage and a 30-year mortgage is usually a question of what loan amount you can afford. Obviously, a 15-year loan lets you pay off your loan faster at a lower interest rate. However, your monthly mortgage payment will be significantly higher. With a 30-year mortgage, you’ll pay a lot more money in the long run thanks to interest, but your monthly payments will be lower. If you can afford a 15-year mortgage, it’s usually the better option. Ask potential lenders for 15-year and 30-year quotes, compare the differences and calculate what you’ll be able to pay.

Compare the two using our 15-year vs. 30-year mortgage calculator.

5/1 ARM vs 30-year fixed rate mortgage

A 5/1 adjustable-rate mortgage has a fixed interest rate for the first five years, followed by an adjustable-rate for the remaining 25 years. That makes 5/1 mortgages a little more attractive than regular ARMs, since you know your rate won’t increase for at least five years. But it’s still risky since your rate could still skyrocket after the initial rate period ends. Of course, if you only plan to live in a home for five years or less, a 5/1 might be a good option. Meanwhile, 30-year fixed-rate mortgages won’t fluctuate at all. Bottom line, 5/1 ARMs are best suited for times when interest rates are expected to drop, or you don’t intend to stay in your home for more than five years.

10/1 ARM vs 5/1 ARM

The 10/1 adjustable-rate mortgage is just like a 5/1 ARM, but the fixed-rate extends to the first 10 years instead of five. That means your rate will fluctuate during the final 20 years of your 30-year mortgage. A 10/1 ARM is good if rates are high when you buy a home (and you expect them to go down after your fixed-rate expires), or if you know you’ll live in the home for less than 10 years. If you’re confident you’ll move in less than five years, a 5/1 ARM will usually mean a better rate in the short-term.

How does a mortgage work?

A mortgage is the binding agreement of a loan to buy a home. The mortgage is between the lender and the homeowner. In order to own the home, the borrower agrees to a monthly payment over the payment period agreed upon. Once the homeowner pays the mortgage in full the lender will grant deed or ownership. 

Your monthly mortgage payment includes a percentage of your loan principal, interest, property taxes and insurance. Keep in mind, your mortgage will include your annual percentage rate (APR) to include a full breakdown of your lender fees and other costs included in your payments. 

Most mortgage loans last between 10, 15 or 30 years and are either fixed-rate or adjustable-rate. If you choose a fixed-rate mortgage, your interest rate will stay the same throughout your loan. But if your mortgage is adjustable, your mortgage’s interest rate will depend on quicken mortgage loan rates market each year, meaning that your monthly payment could vary. 

The consequences of not repaying your mortgage loan can be pretty stiff. If a homeowner doesn’t make payments on their mortgage, they could face late fees or other credit penalties. The mortgage also gives the lender the right to take possession of and sell the property to someone else, and the homeowner can face other charges from the lender. All in all, mortgages are a great, affordable option for purchasing a home without the worry of paying in full upfront.

What if you want to refinance?

A refinance is a loan that pays off the existing mortgage balance, then resumes payment under the new loan amount and term. Refinancing can be a smart option for homeowners looking to lower their existing interest rate or monthly payments. It is crucial for homeowners to understand the details of their primary mortgage as well as the refinance terms, plus any associated costs or fees, to make sure the decision makes financial sense.*

* By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Compare the most recent rates in our mortgage refinance page.

How are mortgage rates determined? 

Mortgage rates are determined based on your credit score, the loan-to-value ratio of the home and the type of loan you’re applying for. In general, homebuyers with good credit scores of 740 or higher can expect lower interest rates and more options, including jumbo loans. Your rate will also be calculated based on the loan-to-value ratio, which considers the percentage of the home’s value that you’re paying through the loan. A loan-to-value ratio higher than 80% could be considered risky for lenders and lead to higher interest rates for the home buyer.

A good mortgage rate should fall within the industry benchmarks developed by Freddie Mae and Fannie Mac. However, keep in mind that these interest rates are an average based on users with high credit scores. Currently, a good interest rate will be about 3% to 3.5%, though these rates are historically low.

The Federal Reserve affects mortgage rates by raising and lowering the federal funds rate. Currently, the federal funds rate is low and the Federal Reserve has also injected more money into the MBS market, making mortgage rates lower for the average consumer.

How do I choose a mortgage lender?

As you shop for a lender, your real estate agent may have a few preferred choices, but it all comes down to what works best for you. The Federal Trade Commission (FTC) recommends getting quotes from different lenders and calling several times to get the best rates. Be sure to ask about the annual percentage rate (APR) and interest rates.

You’ll also want to keep a note of any fees required by the lender. Some common costs may include appraisal and processing fees. Be sure to ask about any fees that are unfamiliar and if they can be negotiated.
Buying a home is a big step and your mortgage lender plays an important role in the process. Don’t hesitate to read customer reviews and ask any questions that will make you feel comfortable working with them. Most importantly, read any documentation and the fine print so there aren’t any unforeseen fees or expectations. The Consumer Financial Protection Bureau has a loan estimate explainer to help you double-check all the details agreed upon between you and your lender. 

How long should my mortgage be? 

When applying for a mortgage, the type of loan will usually determine how long you’ll have your mortgage. For instance, you can choose from conventional mortgages on 15-year and 30-year terms. With a shorter term, you’ll pay a higher monthly rate, though your total interest will be lower than a 30-year loan. If you have a high monthly income as well as long-term stability for the foreseeable future, a 15-year loan would make sense to save money in the long-term. However, a 30-year term would be better for someone who needs to make lower monthly payments.

How much can I borrow? 

The amount you can borrow for your mortgage should depend on your annual income, lending terms, interest rate, and monthly debt. By good rule of thumb, you should only be spending 25% to 30% of your monthly income on housing each month.

The Federal Housing Administration and Fannie Mae set loan limits for conventional loans. By law, all mortgage loans have a maximum limit of 115% of median home prices. Currently, the loan limit for a single unit within the United States is $510,400. For high-cost areas, the limit is increased to $765,600 for a single unit.

Government-insured loans such as FHA have similar limits based on current housing prices. At the end of 2019, the FHA limit was increased to $331,760 in most parts of the country. VA loan limits were eliminated in early 2020.

What is the difference between APR and interest rate?

There’s a big difference between the annual percentage rate (APR) and the interest rate. These terms can be confusing during the home buying western state bank near me, though, because both are expressed as a percentage and impact how much you’ll be paying annually on your mortgage. 

Here’s the big difference — your APR is a breakdown of everything you’re paying during the home buying process, including the interest rate and any additional fees. APRs may also include closing costs and other lender costs. APRs are usually higher than interest rates because it’s a breakdown of all fees you’ll be paying, while the interest rate is solely the overall cost of the loan you’ll pay. 

The APR is determined by the mortgage lender and includes both the interest rate and the various fees tacked on. It’s the total amount you’re paying for borrowing the money.  

On the other hand, the interest rate is the rate, without fees, that you’re being charged for the loan. The interest rate is based on factors including the loan amount you agree to pay and your credit score. Interest rates can also vary depending on the type of loan you choose and your state, along with some other factors. 

The impact of a 0.1% change in your mortgage rate

You already know that choosing the right kind of mortgage is crucial to your financial future. What may not be readily apparent, though, is how fluctuations in your rate can make a major impact. Let’s take a look at what would happen if a 30-year fixed-rate mortgage of $350,000 went up by just 0.1%.

Using a mortgage rate calculator, you can see your monthly mortgage payment would increase from $1,773 to $1,794 if your rate increased from 4.5% to 4.6%. That doesn’t seem so bad, right?

However, look at the total interest you’ll accrue and pay during the life of the 30-year mortgage. That tiny 0.1% increase in your rate is the difference between $288,422 in interest payments and $295,929. And if your fixed-rate mortgage was an ARM instead, that gap could be significantly higher — tens of thousands higher. No matter what kind of mortgage you get, or which lender you choose, finding the best possible rate is key to figuring out how much house you can afford.

Best mortgage lenders

LenderBest ForMin. Credit ScoreMin. Down PaymentStates Served
Citizens BankOnline tools6203.5%13
TD BankGovernment loans7003%19
Bank of AmericaDiscounts for existing customers6203% – 5%*50
Quicken LoansFlexible terms5803.5%50
New American FundingNo minimum payment6200%48
J.G. WentworthLow-income options5803%45
USAA MortgageCustomer service6200%50
SunTrust MortgageDiverse loan types6203%50
ChaseOnline mortgage tracking6203%40

The Final Word

The Coronavirus pandemic has caused significant reductions to mortgage rates as demand plummeted. With Americans sequestered in their homes, the market has stood still with no new properties, no new sales, and no new buyers. However, as the nation slowly begins to recover and return to work, we can expect to see new homes begin to quicken mortgage loan rates the market. Unemployment remains at an all-time high, but renewed commerce should produce new buyers and continue to boost demand. As the weeks continue to pass, experts predict the market will slowly begin to rebound, and we will see mortgage rates rise in response as the country continues to recover.

State Mortgage Rates

Related Links

Angelica Leicht

Mortgage Researcher

Angelica Leicht is a writer and editor who specializes in everything mortgage-related for Interest.com. Her work has spanned topics that include lending product reviews, interest rate trends, racial biases in mortgage lending and the role of fintech in lending practices, and has appeared in publications such as Interest, The Simple Dollar, Bankrate, The Spruce, Houston Press and VeryWell, among others.

Источник: https://www.interest.com/mortgage/rates/
  USA TODAY

DETROIT -- Nerf gunfights and costume contests are generally not encouraged inside major mortgage banking companies. But at Quicken Loans' headquarters in downtown Detroit, high jinks and horseplay figure prominently in a corporate culture that is upending the industry's more buttoned-down players.

The latest statistics show the value of the firm's mortgage loans soaring to $70 billion last year from $12 billion in 2008. Quicken, which operates online with no brick-and-mortar storefronts, now ranks as the nation's third-largest residential mortgage lender, closing in on No. 2 JP Morgan Chase, based on 2012 fourth-quarter figures. In a highly fragmented industry, Quicken now writes nearly 5% of all residential mortgages in the U.S., and is still growing.

Record-low interest rates have helped, spurring a refinancing boom that has boosted profits. And despite a few charges of overly aggressive sales techniques and some questionable loans, analysts credit Quicken with prospering today because it mostly stayed away from the worst sort of mortgage practices that punctuated the nation's housing meltdown.

Perhaps most important to Quicken's growth was its ability to grab market share from lenders badly bruised by the 2007-08 housing market collapse.

"Dan Gilbert has been smartly seeing an opportunity and filling a void left in the industry," Paul Moulo, managing editor at Inside Mortgage Finance Publications, said last week. "While they were napping, so to speak, Quicken ate their lunch."

The benefits of this meteoric rise flow not just to billionaire founder and chairman Dan Gilbert and his partners in the privately held Quicken, but also to Quicken's headquarters in the city of Detroit. With Quicken the flagship of Gilbert's is grated parmesan cheese bad for you, sports, casino and real estate empire, profits from mortgage lending underwrite his investments downtown, where he owns 17 buildings and controls others through leases, as well as his purchase this month of Greektown Casino-Hotel.

Gilbert's vision for a downtown revival featuring Parisian-like sidewalk cafés and other amenities would be unimaginable without profits from Quicken's 10,000 employees and their mortgage expertise. Gilbert's aides estimate his downtown investments exceed $100 million and likely will grow.

Relaxed environment

Gilbert, 51, received a real estate license and law degree early in life, but he was always more interested in running his own company. He started Rock Mortgage in 1985 with his brother and a friend.

By 1993, when now-CEO Bill Emerson joined as a loan officer, Rock was still a traditional paper-based lender in suburban Bingham Farms. Employees wore suits and ties.

It was a different environment and business model than today's Quicken, which sprawls through several of Gilbert's buildings downtown. The atmosphere is high-energy, the dress is casual and the decor colorful as youthful mortgage bankers compete on loan volume quicken mortgage loan rates mini-basketball hoops.

The company's loan process has been paperless for years. The transition began in early 1998, when Gilbert wrote a memo urging staff to explore an online format. The company eventually closed its 30 or so storefronts.

In May of that year, Gilbert took Rock public. Software maker Intuit bought the company in 1999 for more than $500 million and changed its name to Quicken Loans to match its popular software product. The two firms never quite meshed, and Gilbert and his partners bought it back in 2002 as a private company for a fraction of the earlier sale price, retaining the Quicken brand on a perpetual lease.

By going all-online, Quicken could digitally track every step — from taking the initial call from a potential customer to ordering closing documents. Quicken shrunk the mortgage approval time down to about 30 days from three to six months — a major selling point for marketing and advertising. Today at Quicken's headquarters, teams of data analysts sit in "mission control," tracking thousands of loan applications on banks of oversized computer screens.

"The only way that works is with technology," Emerson said. "The only way that works is if you've got a paperless system, so you can literally have 25 people touching the same loan at the same time doing different functions."

'Engineered to amaze'

When the national housing market collapsed, Gilbert, Emerson and other Quicken executives decided to ramp up efforts to grab mortgage lending market share. They launched the "Engineered to Amaze" marketing campaign and started hiring at a time when competitors were still laying off.

"(Other) lenders had pulled back," said Kenneth Fears, senior economist with the National Association of Realtors. "They weren't expecting this boom — they weren't expecting rates to go lower, so they were trying to cut costs. Well, they cut a lot of staff. And these aren't the kind of (employees) you can pull off the street and train right away."

Moulo, the managing editor at the financial services publication, recalled his own visit to Quicken's website earlier this year when he considered refinancing a home loan. He filled out the online questionnaire, and — bang! — his phone rang about 15 seconds later. It was a Quicken salesperson. "That's how aggressive they are," he said.

Shayla Miller, 24, an elementary school teacher from Bartlesville, Okla., turned to Quicken when she and her husband bought their first house. Miller's parents had used Quicken earlier and referred her. "I like that they were available all the time to me," she recalled last week. "I can always call after 5 (p.m.). I can always call on Saturday."

It took 27 days from her and her husband's offer on the house to closing on the mortgage, she said.

Such feedback from consumers has helped Quicken win the coveted J.D. Power award for quality three years running.

Pressure and rewards

For employees who adapt to Quicken's high-energy culture, where the mantra is "Every client, every time, no exceptions, no excuses," rewards can be high. Quicken is routinely atop local and national Best Places to Work lists.

For those who don't thrive, work can seem a high-pressure chamber where leaders extol workers to sell, sell, sell.

In recent years, some former employees filed lawsuits seeking unpaid overtime. The claims turn on a facet of federal law requiring overtime for salespeople but not "mortgage bankers" who function as broader financial advisers, as Quicken defines its sales staff.

In early 2011, a federal jury found in Quicken's favor. CEO Emerson felt so vindicated, he framed and mounted a blowup of the case document on his office wall.

Quicken also has been accused occasionally of engaging in overly aggressive and improper sales tactics. That includes a lawsuit in West Virginia brought by Lourie Brown, a nurse who made just more than $14 an hour. She said she was sold a 30-year, $144,800 adjustable rate mortgage in 2006 with a $107,000 balloon payment. Brown defaulted on the loan less than a year later.

The total amount due on the 30-year loan would have been $550,000, despite her house's fair market value determined by the court to be about $46,000, according to court records and attorneys involved with the case.

A state circuit court found Quicken committed fraud and violated various provisions of the state's Consumer Credit and Protection Act and awarded nearly $2.8 million in punitive damages and attorney fees. In late 2012, the West Virginia Supreme Court largely upheld the decision but sent the case back to the lower circuit court for it to explain how it arrived at the award and the amount. The case remains in the lower court awaiting further action.

In a statement Friday, Quicken said, "We fully expect the circuit court's continued review of the case to find that the irrational award to this plaintiff is out of line with any near reasonable review of the facts and the law surrounding this case."

Despite such incidents, several industry analysts contacted by the Free Press said Quicken largely steered clear of the types of business practices that contributed to the subprime loan market meltdown that drove some banks and other lenders out of business. "They were smart enough in their previous lives to stay out of hard-core subprime," Moulo said. "So that allowed them quicken mortgage loan rates live to play another day."

Emerson said last week that Quicken has never written inappropriate loans: "Our industry forgot what responsible lending was, and fortunately for us, we didn't," he said. "A good chunk of the reason we're still here is that we didn't do that stuff."

Building for the future

The looming question for Quicken: What quicken mortgage loan rates as historically low interest rates inch up? That could curtail the refinancing boom, a major part of Quicken's current business success.

Emerson said Quicken has enough partnerships and strategies to generate strong revenue. Among other steps, Quicken has partnered for the past 18 months with investment firm Charles Schwab to offer cross-branded mortgages.

Quicken also has started servicing mortgages, handling the payments and paperwork during the life of the loan for fees. In late March, Quicken purchased about $34 billion in mortgage servicing rights from Ally Bank. The purchase will boost Quicken's servicing portfolio to about $120 billion, Emerson said. The pool of loans can be mined for refinancing opportunities.

Shah Tehrany, managing director with Franklin First Financial, a mortgage company based in Melville, N.Y., said he believes Quicken will continue to thrive even as the market pivots.

"Dan Gilbert is a smart guy," he said. "It will be interesting to see how he maneuvers the company if the industry shifts, but I think they'll do just fine. They have a good brand, and they're spending money in the right spots."

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Источник: https://www.usatoday.com/story/money/business/2013/04/28/fun-hard-work-equal-success-for-quicken-loans/2117955/

Current Mortgage Rates for December 2021

related category image

Current Mortgage Rates Trends

Updated October 29, 2021

  • 30-Year Fixed Rate 3.140%; APR of 3.300%.
  • 15-Year Fixed Rate 2.440%; APR of 2.670%.
  • 5/1 Adjustable-Rate Mortgage Rate 2.760%; APR of 4.070%.
Third Party Services

Is There a Difference Between Quicken Loans and Rocket Mortgage?

Understanding the distinction between Quicken Loans and Rocket Mortgage is important if you’re looking to use the company during your homebuying journey. Rocket Mortgage is the online mortgage solution offered by Quicken Loans. You can use the Rocket Mortgage website to apply for a loan, get approved, and even to make your mortgage payment after the loan closes. 

You’ll work entirely through the Rocket Mortgage platform during your transaction, but Quicken Loans is the company that actually processes and creates the loan behind the scenes.

Key Takeaways

  • Rocket Mortgage by Quicken Loans might be the right fit for you if you’re looking to secure a mortgage quickly and feel confident doing so on your own.
  • Rocket Mortgage provides less guidance than you would normally receive from personal contact with an agent.
  • Consider all your mortgage lender options before starting your homebuying journey.

Rocket vs. Quicken: The Same, But Different

Quicken Loans is the highest-volume lender in the U.S. when it comes to the total number of loans, originating over 541,000 in 2019, the most recent year for which statistics are available.

The company launched Rocket Mortgage in 2015 to serve as its “online retail lending platform,” according to CEO Bill Emerson quicken mortgage loan rates a press release in November 2015. Quicken Loans has continued to operate a separate company website, but consumer applications are usually routed through the Rocket Mortgage platform, which is available online or via mobile app.

You can talk to a Rocket Mortgage agent on the phone if you prefer not to apply online.

How Rocket Mortgage Works

The Rocket Mortgage application asks you a series of questions about your credit, your finances, and your potential home purchase. You’ll have to agree to a credit check and enter the passwords for your bank and other financial accounts. That allows the site to access and verify real-time financial data.

You’ll be told within minutes whether you’re quicken mortgage loan rates for a loan after this information is entered and gathered, as well as the interest rate and the loan terms you’ve qualified for.

You can make your monthly mortgage payments through the Rocket Mortgage website after your loan is closed.

Benefits of the Rocket Mortgage Platform

The Rocket Mortgage platform (and the online process it offers) is one of Quicken Loans’ biggest selling points. The company says it saves users both time and money. It’s certainly quick: Rocket Mortgage says it can approve a mortgage loan in just eight minutes.

Rocket Mortgage also allows you to apply for a loan from anywhere using a computer or mobile device, and it requires no physical paperwork. The site imports your financial data, so there’s no need to fax, scan, or upload any financial documents. You can chat with your loan officer online, and e-signatures are accepted.

The company is also highly rated by past buyers. According to J.D. Power’s 2018 U.S. Primary Mortgage Origination Satisfaction Study, Quicken Loans claims the highest customer satisfaction levels in the country and had for nine straight years as of 2018.

Downsides of Rocket Mortgage

The biggest drawback of using Rocket Mortgage by Quicken Loans is that you have less guidance than you would if you were applying over the phone or in person. Yes, you have the option to chat or contact a “Home Loan Expert,” but quicken mortgage loan rates not required in most cases.

This lack of hand-holding can make the overall mortgage process seem more confusing and intimidating for first-time homebuyers. It’s also not the best option for buyers with poor credit or those who are self-employed. Rocket Mortgage requires a minimum credit score of 580, and self-employed applicants must work with an agent in order to get approved.

Rocket Mortgage Pros
  • Convenient application process

  • Fast preapproval and processing

  • High satisfaction ratings 

  • No physical paperwork required

Rocket Mortgage Cons
  • Less hands-on help than traditional methods

  • Not suited for buyers with poor credit

  • Self-employed buyers can’t complete the application online

Who Should Use Rocket Mortgage?

Rocket Mortgage was created by Quicken Loans to allow buyers to conduct the entire mortgage transaction online. You can reach out to an agent on the platform if you’re not comfortable inputting your financial data online or if you have questions. Rocket Mortgage uses bank-level encryption to protect any data transmitted on its platform so you can apply and manage your mortgage right from home.

Frequently Asked Questions (FAQs)

How do home loans work?

A home loan, also known as a mortgage, is a loan you use to purchase a home. The loan is also secured by your home, which means that if you stop paying on your loan, the lender can seize the home and sell it. There are several types of home loans, including conventional, FHA, VA, and USDA mortgages. Home loans can also have fixed rates, which have the same interest rate for the length of the loan, or variable rates, which the lender can change subject to specific limits.

How do home equity loans work?

Home equity is the difference between the balance of your mortgage and the value of your home. If you have a home valued at $200,000 and you owe $150,000 on your home, you have $50,000 in equity. You may be able to borrow against a portion of that equity, which is a home equity loan. You can use the loan proceeds for any purpose, and the loan is also secured by your home.

Источник: https://www.thebalance.com/quicken-loans-vs-rocket-mortgage-here-s-the-difference-4774714

Quicken mortgage loan rates -

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Quicken Loans Mortgage Review

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Bottom Line

Quicken Loans disrupted the mortgage market in the 1990s by giving consumers a simpler way to borrow money for a home purchase or refinance. With no brick-and-mortar offices to operate, Quicken Loans can undercut rates offered by neighborhood banks and other national lenders.

Pros

  • Simple Online Process
  • Great Customer Service
  • Dedicated Loan Officer

Cons

  • No In Person Customer Service
  • No HELOC Option

Quicken Loans has transitioned from a mortgage upstart to the biggest mortgage lender in the nation.

Should you use Quicken Loans for your home purchase or refinance?

Let’s take a close look at Quicken Loans in this review to help you answer that question.

What Is Quicken?

quicken loansQuicken Loans is not a traditional bank with neighborhood branches, checking accounts, and ATM cards.

This lender provides only mortgages and home refinances, and it communicates with its customers exclusively over the phone or online.

Back in 2015, Quicken Loans launched Rocket Mortgage as an online-only portal for mortgage borrowers.

Rocket Mortgage and Quicken Loans share the same underwriting guidelines and offer the same loans.

Quicken Products

Quicken Loans disrupted the mortgage market in the 1990s by giving consumers a simpler way to borrow money for a home purchase or refinance.

With no brick-and-mortar offices to operate, Quicken could also undercut rates offered by neighborhood banks and other national lenders.

Now, Quicken Loans and its subsidiary Rocket Mortgage have become mainstream, finalizing more loans than any other lender in 2018 and 2019.

You can still complete the borrowing process over the phone through Quicken Loans, or you can use Rocket Mortgage’s all-online application process.

Both avenues give you access to a full line of mortgage loans:

  • Fixed Conventional Mortgages: These loans are not backed by the federal government and usually require a 620 or higher credit score and a debt-to-income ratio of no more than 43 percent. Quicken offers 15 and 30-year fixed-rate mortgages.
  • Adjustable-Rate Mortgages (ARM): ARMs start with a fixed rate but, after an introductory period, the interest rate begins to fluctuate with the market. Quicken has fixed introductory periods of 5, 7, or 10 years. You’d need a credit score of at least 620 to qualify.
  • Federally Subsidized Loans: Quicken Loans issues Federal Housing Authority and U.S. Department of Agriculture loans which open the door to borrowers who have credit scores as low as 580 and less money available for a down payment.
  • Quicken VA Loans: Quicken lends through the federal Department of Veterans Affairs which helps veterans become homeowners.
  • Jumbo Loans: Buyers of high value homes who need larger mortgages may need a jumbo mortgage from Quicken.
  • Quicken Loans Refinance: You can refinance your home through Quicken Loans but you can’t get a home equity line of credit or a home equity loan.
  • 1% Down: Quicken has a special loan allowing qualified buyers to pay only 1 percent down.
  • Yourgage: This program specific to Quicken lets you customize your loan’s terms between 8 and 29 years. This kind of flexibility can be hard to find elsewhere in the market.

As you go through the lending process, you will be guided by a dedicated loan officer which creates some continuity most borrowers need.

Quicken Loans Rates

Rates change daily. Check this page for the most up to date rates from Quicken Loans and other top mortgage lenders.

Be sure to use these rates as a reference point only; your rate will be determined by your creditworthiness and the kind of loan you need:

  • Credit Score: Higher scores unlock lower rates.
  • Debt-to-Income Ratio: If you don’t have much debt compared to your income, you can usually access better rates.
  • Loan Term: A 30-year fixed mortgage usually has a higher interest rate than a 15-year fixed.
  • Loan Type: An adjustable rate mortgage often starts at a lower interest rate than a fixed rate mortgage. A conventional loan will have different rates than an FHA or other subsidized loan.
  • Down Payment: Putting at least 20 percent down on your home can lead to lower rates; you’ll also avoid paying mortgage insurance (PMI).

Quicken Loans Fees

Like all lenders, Quicken Loans charges a loan origination fee and requires borrowers to pay for the home appraisal upfront.

  • Quicken Loans Origination Fees: Quicken Loans itself won’t charge more than 1 percent of the loan amount in origination fees. Some loans require only 0.5 percent of the loan amount.
  • Quicken Loans Good Faith Deposit: If you choose to work with Quicken you’ll need to pay a deposit to cover expenses such as your home’s appraisal. The appraisal tells the lender whether the house is worth the money it is lending you. If you complete the loan application process and close on your home, you should get credit for this deposit at closing.

Quicken’s fees do not include charges assessed by your lending program.

  • Federal Lending Fees: The Department of Veterans Affairs backs loans for veterans, for example, and usually charges its own origination fee. While expensive, this fee is usually a good investment for veterans since VA loans do not require down payments or PMI.
  • PMI for FHA & USDA Loans: Quicken Loans is authorized to lend through the FHA and USDA programs. These programs help people with lower credit scores and lower down payments access the housing market. However, these loans now require Private Mortgage Insurance (PMI) throughout the life of the loan. PMI usually adds $100 or so to your monthly house payment and it protects your lender in case you default on the loan.
  • PMI for Conventional Loans: Conventional loan borrowers who put less than 20 percent down will also pay PMI premiums. You can cancel PMI when your loan balance reaches 80 percent of its original amount.

Quicken Loans Mortgage Points

In many states, Quicken Loans lets borrowers buy mortgage points, or “discount points” to lower their mortgage’s interest rate which can have a long-term positive impact on keeping money in your wallet.

A mortgage point costs 1 percent of the loan’s value and can lower your interest rate by 0.25 percent.

For a $150,000 home, a point would cost $1,500. So buying two points would cost $3,000, paid to the lender at closing. In exchange, you could shave 0.5 percent from your interest rate.

If you keep the home (and its original loan) long enough, this extra $3,000 spent at closing could result in reduced interest costs over the decades.

But if you sell the home or refinance the loan within the first few years you’d likely lose money.

Most of the time you should not take money from your down payment to buy points, especially if the resulting lower down payment would require you to pay PMI premiums on the loan.

Getting Started

Getting started with your loan process, whether you plan to finalize a mortgage with Quicken or just to get an individualized quote from the lender, is seamless online or over the phone.

On Quicken Loans online site, your answers to a few simple questions will direct you to the right kind of loan. Then you’ll be prompted to enter your phone number and email address.

Quicken Loans will use your phone number and email address to get in touch with you about your borrowing needs. If you’d rather not be contacted, don’t submit this information.

On each screen, the site shows Quicken Loans’ phone number so you can call to discuss your application. Each page also includes a link to Rocket Mortgage if you’d rather start an all-online application.

Quicken Loans has some nice automated features. For example, the lender can confirm your income electronically which is much easier than uploading pay stubs or W2s.

And both methods match your application with a dedicated loan officer to guide you through each step along the way.

Once you complete your application, Quicken Loans will do a hard check of your credit and make an offer on a loan. If you decide to continue, you’ll be prompted to pay the good faith deposit discussed above in the section about fees.

At this point you’ll have access to Quicken Loans’ MyQL online dashboard to help track your progress and take the next steps.

Is Quicken Loans Safe?

You share a lot of personal information when you apply for a mortgage: your income, your Social Security number, your bank statements.

Quicken Loans pledges never to sell or share your data with anyone, and the lender is large enough to have industry-standard cybersecurity measures.

Of course, there’s no way to predict where the next data breach will strike. But this is true for any lender. Your data should be as secure with Quicken as it is with any other leading national lender.

Quicken Loans Customer Service

Quicken Loans customer service stands out in the industry by necessity. Because it has no face-to-face interaction with its customers, Quicken had little choice but to develop proactive ways to serve customers online and over the phone.

When you apply for a loan, you’ll be assigned a dedicated loan officer to guide you through the process from pre-approval to closing.

And, Quicken has developed seamless ways to share documents and sign forms electronically. Their apps are sleek and reliable, though some customers have reported difficulty changing their automatic payments via the app.

The most frequent complaints about Quicken center around its sales practices. You may get phone calls asking whether you’re ready to refinance the loan, for example.

Or, if you get a quote from Quicken but choose another lender, Quicken will continue contacting you about the loan. In these cases, you can unsubscribe from Quicken’s emails and ask to be removed from the call list.

Overall, Quicken works well when you stay on the prescribed plan. The lender has developed a safe and reliable path to finalizing a mortgage. For most customers, this level of predictability can be reassuring.

But customers who need to deviate from this pre-arranged path can encounter delays. For instance, if you decide after preauthorization to double your down payment, or to direct part of your down payment to points instead, it may take a couple of days to get back on track.

Pros & Cons of Quicken Loans

Quicken Loans has grown into a standard for mortgage origination and refinancing, but it’s not ideal for all borrowers. If one of the company’s cons aligns with one of your primary needs, you should shop elsewhere.

Pros

  • Simplicity: Quicken Loans condenses the complex process of getting a mortgage into easy-to-follow steps. You can even confirm your employment and income in real time.
  • Dedicated officer: Your assigned loan officer gives you continuity as you complete the process.
  • Competitive rates: Quicken can still beat the lowest rates of many large banks.
  • Variety of loans: Quicken has all of the major mortgage products and a way to customize your own loan term through its Yourgage plan.
  • Customer service: You can speak with, chat with, or email customer service any time over the phone or online.

Cons

  • No in-person customer service: Customers who want to have a face-to-face conversation about their mortgage needs should look for a neighborhood bank or credit union.
  • No home equity loans: You can get a cash-out refinance, but Quicken does not offer second mortgages or home equity lines of credit.
  • Somewhat absolute: Nuance doesn’t always fit into Quicken’s easy-to-follow steps. If your debt-to-income ratio or your credit score doesn’t quite match the requirements, expect a denial. Other lenders may be more likely to consider alternative forms of underwriting.

Quicken Loans FAQs

Here are some frequently asked questions about doing business with Quicken Loans:

How much does Quicken Loans charge for closing costs?

Quicken Loans itself charges no more than 1 percent of your loan as an origination fee. However, this fee will comprise only a small part of your closing costs.

Closing costs also pay for:

  • Attorney’s fees
  • Title search and transfer fees
  • Title insurance
  • Taxes and insurance.

Overall, closing costs tend to equal 3 to 5 percent of the home’s purchase price.

What does your credit score have to be for Quicken Loans?

Conventional loans with Quicken require a credit score of 620.

Subsidized loans such as FHA mortgages may require only 580.

Quicken typically requires a 43 percent maximum debt-to-income ratio.

Does Quicken Loans have hidden fees?

No, Quicken Loans tend to be transparent about what they charge. However, you may face loan-specific fees required by the government on a VA loan or another subsidized lending program accessed through Quicken.

Does Quicken Loans require a downpayment?

Down payment requirements vary from loan to loan. It is possible to pay as little as 1 percent down on a Quicken Loans mortgage. VA loans do not require money down on your mortgage.

Alternatives to Quicken Loans

Comparing mortgage rates is key to finding the right deal. If you’re considering Quicken Loans you may also want to look into a loan from:

  • Credible: Credible connects your application with several lenders to help you compare rates.
  • Chase: Chase combines key features of in-person and online access to mortgages.
  • LoanDepot: If you’re building a new home or restoring a home, LoanDepot can help.
  • SoFi: High earners who don’t have an established credit history will like SoFi’s underwriting.
  • Lending Tree: Another aggregator like Credible, LendingTree is here to help you compare loan offers from a variety of lenders.

Is Quicken Loans For You?

Quicken Loans continues to grow and become a leader in mortgage originations. If you’re shopping for a home, Quicken may already be on your short list.

Quicken Loans should be a great partner for anyone who needs an easy way to access a straightforward mortgage loan.

If you have more complex needs or you’d like a home equity line of credit or a second mortgage, you’ll need to keep shopping.

And, if you’d prefer to have a face-to-face conversation about your mortgage, look for another lender.

Источник: https://millennialmoney.com/quicken-loans-review/
Interest.com is an independent publisher and advertising-supported comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Interest.com.com does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. The products and offers that appear on this site are from companies from which Interest.com.com receives compensation. This compensation may impact how, where and in what order products or offers appear on this site. Interest.com.com does not include the entire universe of available financial products or credit offers.
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Current mortgage rates

According to the latest survey of the nation’s largest mortgage lenders, these are the current average rates for a 30-year, 15-year fixed mortgage and 5/1 adjustable-rate mortgage (ARM) rates among others.

ProductInterest RateAPR
30-Year Fixed Rate3.140%3.300%
30-Year FHA Rate2.660%3.530%
30-Year VA Rate2.750%2.920%
30-Year Fixed Jumbo Rate3.130%3.220%
20-Year Fixed Rate3.020%3.170%
15-Year Fixed Rate2.440%2.670%
15-Year Fixed Jumbo Rate2.430%2.500%
5/1 ARM Rate2.760%4.070%
5/1 ARM Jumbo Rate2.680%3.690%
7/1 ARM Rate2.870%3.980%
7/1 ARM Jumbo Rate2.890%3.920%
10/1 ARM Rate3.090%4.040%

Rates data as of 10/29/2021

How Coronavirus affects mortgage rates

The COVID-19 pandemic has done a number on the economy — job loss and other hardships have caused financial instability for a lot of people. Coronavirus has also had a drastic effect on mortgage rates across the country. Unlike the toll the pandemic has taken on the economy, though, the pandemic has affected interest rates in a positive way for consumers. As of early July, national mortgage rates hit a new record low, with economists speculating that 30-year rates could drop below 3% later this year.

As of July 2, multiple key mortgage rates had dropped, and the average rate for 30-year fixed mortgages was at 3.07%, down six basis points from the week prior. As rates have decreased, though, some lenders have increased credit score requirements in efforts to reduce their risk, which may make things a bit tougher for borrowers with less than excellent credit.

Experts expect the rates to continue to shift well into 2021, and they expect the best mortgage rates we’re seeing currently will increase over time as the world slowly adjusts to a new normal. The fluctuating market and potential for increased interest rates in the near future mean that you might want to take advantage of the mortgage rates today if you’ve been considering whether to invest in property. As an added bonus, more housing stock is being added as the country slowly reopens, and the new influx should slowly help to create the demand that has been missing over the last few months. In response, mortgage rates will continue to reflect economic activity.

Mortgage Rates Trends

In this graph:

On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

*3% if you qualify for its Affordable Loan Solution, but otherwise 5%.

Research Methodology

Interest.com chooses to highlight mortgage lenders that offer the best overall experience to borrowers. To determine the best mortgage lenders, we compare many factors, including APR, minimum credit scores, borrower requirements and overall availability. 

The lenders featured on our site offer competitive interest rates and a lineup of products for a diverse range of borrowers. Each one serves a variety of U.S. states with either regional or national lending capability. They’re established mortgage lenders offering sophisticated online resources and convenient customer service. 

Our goal is to provide reliable and timely information so you can make the best financial decisions for your lifestyle and wallet. We adhere to strict standards to ensure our work is always accurate, and our writers do not receive direct advertiser compensation or influence.

Interest’s guide to finding the right mortgage for you

What is a mortgage?

A mortgage is a loan given to a homebuyer in order to purchase a new home or refinance an existing home loan. Homebuyers must apply for a mortgage with a bank or government organization, and the annual percentage rate (APR) they receive depends on individual factors like their credit score. If the homebuyer can’t pay his or her mortgage before the balance is settled, the lender will repossess the home. Mortgage payments are typically due once a month over a series of years, known as the loan term, until the loan balance and accrued interest is paid in full or until the home is resold.

Types of mortgages

The three main types of mortgages are conventional, government insured and non-conforming home loans.

Conventional mortgages

Conventional mortgages include any home loan that isn’t backed by a government organization. These loans tend to require higher credit scores and larger down payments since the lender risks losing money if the buyer defaults on the loan.

  • Fixed-rate mortgageshave locked-in interest rates throughout the life of the loan. No matter how interest rates rise or drop, your interest rate will remain the same. For example, if you finance a home at an interest rate of 3.500%, but rates go up to 4.000%, your rate will remain at 3.500% interest.
  • Adjustable-rate mortgages, or ARM loans, have interest rates that can fluctuate. Typically, the interest rate will be set for a certain number of years, and begin to change once that time is up. For example, a 5/1 ARM will feature a locked-in rate for five years, with the interest rate changing every year after that.

Government-insured mortgages

The U.S. government insures certain types of mortgages to make it easier for borrowers to get approved. This means that if a borrower defaults on their loan, the government is responsible for covering the costs to the lender. The three main types of government-backed loans are FHA loans, VA loans and USDA loans.

  • FHA home loans are offered through the Federal Housing Administration, and require only 3.5% down. Aimed at assisting first-time or low-income buyers, FHA loans include a minimum credit score requirement of 580 and may require mortgage insurance.
  • USDA home loans are offered though the USDA’s Rural Development program, and provide low-interest mortgages to buyers in eligible rural and suburban areas. Borrowers can qualify for USDA loans with no down payment, though they may have to pay mortgage insurance.
  • VA home loans are secured by Veterans Affairs, and have no down payment or mortgage insurance requirement. They’re only available to veterans, active-duty military, or military spouses who are deemed eligible by the VA.

Non-conforming mortgages

Non-conforming mortgages, often called jumbo loans, don’t abide by the guidelines set by the Federal Housing Finance Agency. Because they don’t meet these guidelines, lenders can’t resell them to Freddie Mac and Fannie Mae, which are the governmental agencies that provide a secondary mortgage market for lenders. Since they can’t be resold, non-conforming mortgages are more difficult to qualify for and require higher credit and higher down payment. A major benefit of non-conforming mortgages is that you can receive a bigger loan if you’re looking a home in a high-cost area. In 2020, mortgages of more than $510,400 are considered non-conforming.

Compare Mortgage Terms

15-year fixed rate vs 30-year fixed rate mortgages

Choosing between a 15-year mortgage and a 30-year mortgage is usually a question of what loan amount you can afford. Obviously, a 15-year loan lets you pay off your loan faster at a lower interest rate. However, your monthly mortgage payment will be significantly higher. With a 30-year mortgage, you’ll pay a lot more money in the long run thanks to interest, but your monthly payments will be lower. If you can afford a 15-year mortgage, it’s usually the better option. Ask potential lenders for 15-year and 30-year quotes, compare the differences and calculate what you’ll be able to pay.

Compare the two using our 15-year vs. 30-year mortgage calculator.

5/1 ARM vs 30-year fixed rate mortgage

A 5/1 adjustable-rate mortgage has a fixed interest rate for the first five years, followed by an adjustable-rate for the remaining 25 years. That makes 5/1 mortgages a little more attractive than regular ARMs, since you know your rate won’t increase for at least five years. But it’s still risky since your rate could still skyrocket after the initial rate period ends. Of course, if you only plan to live in a home for five years or less, a 5/1 might be a good option. Meanwhile, 30-year fixed-rate mortgages won’t fluctuate at all. Bottom line, 5/1 ARMs are best suited for times when interest rates are expected to drop, or you don’t intend to stay in your home for more than five years.

10/1 ARM vs 5/1 ARM

The 10/1 adjustable-rate mortgage is just like a 5/1 ARM, but the fixed-rate extends to the first 10 years instead of five. That means your rate will fluctuate during the final 20 years of your 30-year mortgage. A 10/1 ARM is good if rates are high when you buy a home (and you expect them to go down after your fixed-rate expires), or if you know you’ll live in the home for less than 10 years. If you’re confident you’ll move in less than five years, a 5/1 ARM will usually mean a better rate in the short-term.

How does a mortgage work?

A mortgage is the binding agreement of a loan to buy a home. The mortgage is between the lender and the homeowner. In order to own the home, the borrower agrees to a monthly payment over the payment period agreed upon. Once the homeowner pays the mortgage in full the lender will grant deed or ownership. 

Your monthly mortgage payment includes a percentage of your loan principal, interest, property taxes and insurance. Keep in mind, your mortgage will include your annual percentage rate (APR) to include a full breakdown of your lender fees and other costs included in your payments. 

Most mortgage loans last between 10, 15 or 30 years and are either fixed-rate or adjustable-rate. If you choose a fixed-rate mortgage, your interest rate will stay the same throughout your loan. But if your mortgage is adjustable, your mortgage’s interest rate will depend on the market each year, meaning that your monthly payment could vary. 

The consequences of not repaying your mortgage loan can be pretty stiff. If a homeowner doesn’t make payments on their mortgage, they could face late fees or other credit penalties. The mortgage also gives the lender the right to take possession of and sell the property to someone else, and the homeowner can face other charges from the lender. All in all, mortgages are a great, affordable option for purchasing a home without the worry of paying in full upfront.

What if you want to refinance?

A refinance is a loan that pays off the existing mortgage balance, then resumes payment under the new loan amount and term. Refinancing can be a smart option for homeowners looking to lower their existing interest rate or monthly payments. It is crucial for homeowners to understand the details of their primary mortgage as well as the refinance terms, plus any associated costs or fees, to make sure the decision makes financial sense.*

* By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Compare the most recent rates in our mortgage refinance page.

How are mortgage rates determined? 

Mortgage rates are determined based on your credit score, the loan-to-value ratio of the home and the type of loan you’re applying for. In general, homebuyers with good credit scores of 740 or higher can expect lower interest rates and more options, including jumbo loans. Your rate will also be calculated based on the loan-to-value ratio, which considers the percentage of the home’s value that you’re paying through the loan. A loan-to-value ratio higher than 80% could be considered risky for lenders and lead to higher interest rates for the home buyer.

A good mortgage rate should fall within the industry benchmarks developed by Freddie Mae and Fannie Mac. However, keep in mind that these interest rates are an average based on users with high credit scores. Currently, a good interest rate will be about 3% to 3.5%, though these rates are historically low.

The Federal Reserve affects mortgage rates by raising and lowering the federal funds rate. Currently, the federal funds rate is low and the Federal Reserve has also injected more money into the MBS market, making mortgage rates lower for the average consumer.

How do I choose a mortgage lender?

As you shop for a lender, your real estate agent may have a few preferred choices, but it all comes down to what works best for you. The Federal Trade Commission (FTC) recommends getting quotes from different lenders and calling several times to get the best rates. Be sure to ask about the annual percentage rate (APR) and interest rates.

You’ll also want to keep a note of any fees required by the lender. Some common costs may include appraisal and processing fees. Be sure to ask about any fees that are unfamiliar and if they can be negotiated.
Buying a home is a big step and your mortgage lender plays an important role in the process. Don’t hesitate to read customer reviews and ask any questions that will make you feel comfortable working with them. Most importantly, read any documentation and the fine print so there aren’t any unforeseen fees or expectations. The Consumer Financial Protection Bureau has a loan estimate explainer to help you double-check all the details agreed upon between you and your lender. 

How long should my mortgage be? 

When applying for a mortgage, the type of loan will usually determine how long you’ll have your mortgage. For instance, you can choose from conventional mortgages on 15-year and 30-year terms. With a shorter term, you’ll pay a higher monthly rate, though your total interest will be lower than a 30-year loan. If you have a high monthly income as well as long-term stability for the foreseeable future, a 15-year loan would make sense to save money in the long-term. However, a 30-year term would be better for someone who needs to make lower monthly payments.

How much can I borrow? 

The amount you can borrow for your mortgage should depend on your annual income, lending terms, interest rate, and monthly debt. By good rule of thumb, you should only be spending 25% to 30% of your monthly income on housing each month.

The Federal Housing Administration and Fannie Mae set loan limits for conventional loans. By law, all mortgage loans have a maximum limit of 115% of median home prices. Currently, the loan limit for a single unit within the United States is $510,400. For high-cost areas, the limit is increased to $765,600 for a single unit.

Government-insured loans such as FHA have similar limits based on current housing prices. At the end of 2019, the FHA limit was increased to $331,760 in most parts of the country. VA loan limits were eliminated in early 2020.

What is the difference between APR and interest rate?

There’s a big difference between the annual percentage rate (APR) and the interest rate. These terms can be confusing during the home buying process, though, because both are expressed as a percentage and impact how much you’ll be paying annually on your mortgage. 

Here’s the big difference — your APR is a breakdown of everything you’re paying during the home buying process, including the interest rate and any additional fees. APRs may also include closing costs and other lender costs. APRs are usually higher than interest rates because it’s a breakdown of all fees you’ll be paying, while the interest rate is solely the overall cost of the loan you’ll pay. 

The APR is determined by the mortgage lender and includes both the interest rate and the various fees tacked on. It’s the total amount you’re paying for borrowing the money.  

On the other hand, the interest rate is the rate, without fees, that you’re being charged for the loan. The interest rate is based on factors including the loan amount you agree to pay and your credit score. Interest rates can also vary depending on the type of loan you choose and your state, along with some other factors. 

The impact of a 0.1% change in your mortgage rate

You already know that choosing the right kind of mortgage is crucial to your financial future. What may not be readily apparent, though, is how fluctuations in your rate can make a major impact. Let’s take a look at what would happen if a 30-year fixed-rate mortgage of $350,000 went up by just 0.1%.

Using a mortgage rate calculator, you can see your monthly mortgage payment would increase from $1,773 to $1,794 if your rate increased from 4.5% to 4.6%. That doesn’t seem so bad, right?

However, look at the total interest you’ll accrue and pay during the life of the 30-year mortgage. That tiny 0.1% increase in your rate is the difference between $288,422 in interest payments and $295,929. And if your fixed-rate mortgage was an ARM instead, that gap could be significantly higher — tens of thousands higher. No matter what kind of mortgage you get, or which lender you choose, finding the best possible rate is key to figuring out how much house you can afford.

Best mortgage lenders

LenderBest ForMin. Credit ScoreMin. Down PaymentStates Served
Citizens BankOnline tools6203.5%13
TD BankGovernment loans7003%19
Bank of AmericaDiscounts for existing customers6203% – 5%*50
Quicken LoansFlexible terms5803.5%50
New American FundingNo minimum payment6200%48
J.G. WentworthLow-income options5803%45
USAA MortgageCustomer service6200%50
SunTrust MortgageDiverse loan types6203%50
ChaseOnline mortgage tracking6203%40

The Final Word

The Coronavirus pandemic has caused significant reductions to mortgage rates as demand plummeted. With Americans sequestered in their homes, the market has stood still with no new properties, no new sales, and no new buyers. However, as the nation slowly begins to recover and return to work, we can expect to see new homes begin to hit the market. Unemployment remains at an all-time high, but renewed commerce should produce new buyers and continue to boost demand. As the weeks continue to pass, experts predict the market will slowly begin to rebound, and we will see mortgage rates rise in response as the country continues to recover.

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Angelica Leicht

Mortgage Researcher

Angelica Leicht is a writer and editor who specializes in everything mortgage-related for Interest.com. Her work has spanned topics that include lending product reviews, interest rate trends, racial biases in mortgage lending and the role of fintech in lending practices, and has appeared in publications such as Interest, The Simple Dollar, Bankrate, The Spruce, Houston Press and VeryWell, among others.

Источник: https://www.interest.com/mortgage/rates/

Exclusive: Quicken may quit U.S. home-loan program in dispute over bad mortgages

NEW YORK (Reuters) - Quicken Loans, the third biggest mortgage lender in the U.S., is considering backing away from a government program that provided critical support to the housing market during the financial crisis, the latest in an exodus of big lenders from the program.

The departure of the biggest lenders from the U.S. Federal Housing Administration program, which helps first-time homebuyers, could translate into big losses for taxpayers during the next housing downturn, analysts said. Officials at the FHA said they are not alarmed by that risk.

Quicken along with JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co - all of the top four mortgage lenders in the United States – are tussling with the FHA over how the agency deals with loans that sour.

The three major banks, not satisfied with the way the FHA resolved their complaints, have scaled back their lending through the program. Now Quicken, the largest FHA lender, is looking at bowing out as well, company founder and Chairman Dan Gilbert told Reuters. It is also considering cutting the risk it takes in the program, he said.

Quicken accounted for almost 6 percent of the FHA’s loan volume in the first half of 2015, or about $6 billion of loans, according to trade publication Inside Mortgage Finance.

The FHA is arguing with lenders over when it is entitled to back out of the insurance that its program provides. When a borrower gets an FHA loan, the agency essentially guarantees the mortgage against default, and promises to pay the lender if the homeowner reneges on his or her obligations.

Unlike most other government home-loan programs, borrowers who get FHA loans can make a down payment equal to as little as 3.5 percent of the home purchase price, which makes the mortgages appealing to first-time buyers who may struggle to pull together big upfront payments. Because borrowers are paying for mortgage insurance, they pay higher interest rates on their loans.

The FHA pays out on all default claims almost immediately, and only reviews them later to make sure it got complete and accurate information about borrowers when it first guaranteed the mortgages. If it finds that it did not, it will demand that the lender reimburse it for the insurance payout, the way a life insurer might sue to recover funds paid out on a policy purchased by a smoker who failed to disclose his habit on his application and died of lung cancer.

Lenders including Quicken say the FHA demands repayments for even the most minor of mistakes that a bank may make when extending a loan, to force them to bear the agency’s losses, making the government’s insurance an illusion.

When Wells Fargo and Bank of America balked at the FHA’s strict interpretation of the rules, the Department of Justice sued them. The government has settled with Bank of America and JPMorgan Chase over their FHA obligations, but not with Wells Fargo or Quicken.

Quicken, feeling like it was being strong-armed into settling, sued the Department of Justice April 17 before the government sued it six days later. Current fights over the FHA could have a big effect over how the agency weathers the next housing crisis. The smaller lenders that now make up most of the FHA’s client base may struggle to stay solvent whenever the next housing downturn comes, meaning when the agency tries to push loans back to them, they may not have the resources to repay the government.

About 80 percent of the loans in the FHA program are made by lenders who are not banks, most of which are relatively small. That figure compares with about 50 percent at the height of the crisis.

“It could potentially be an issue in the next downturn,” said Tom Lawler, an economist who warned of an impending housing bubble in 2006 when he worked at Fannie Mae. But with mortgage credit quality improving now, “you shouldn’t lose sleep over it today,” he said.

BETTER THAN FREDDIE

During the last crisis, the FHA performed better than Fannie Mae and Freddie Mac, which together needed $188 billion of support, but it still needed help — $1.7 billion from the U.S. Treasury.

The FHA acknowledges that having more thinly capitalized lenders may be an issue in the next crisis. Ed Golding, principal deputy assistant secretary at the Department of Housing and Urban Development, which oversees the FHA program, said that the FHA is charging enough for its insurance to absorb future losses. During the financial crisis, the FHA played a critical role in keeping mortgage credit flowing, guaranteeing more than a third of home purchase loans being made in some years after the housing market crash. That figure fell to 19 percent in 2014.

The FHA and lenders are fighting over how serious the underwriting errors are in loans that go bad. Quicken said in its lawsuit that the FHA’s parent agency, the Department of Housing and Urban Development, as well as the Department of Justice, both sought penalties from the lender for overstating a borrower’s income by just $17, or for lending $26 too much on a $99,500 loan.

“Characterizing such ‘transgressions’ as false claims upon which any damages should be owed ... is inconsistent with common sense, basic principles of fairness, and the FHA’s prior practices and procedures,” Quicken said in its lawsuit.

The DOJ lawsuit says that the lender submitted hundreds of loans for FHA insurance that it knew did not meet the agency’s standards, and Quicken’s problems were more serious than simple typos. It accused Quicken of having a “culture that elevated profits over compliance.”

A Justice Department spokeswoman would not address the Quicken lawsuit, but said via email that “the conduct that the government has pursued reflects clear, systematic, and knowing violations of meaningful and substantive FHA requirements.

Источник: https://www.reuters.com/article/us-quicken-mortgages/exclusive-quicken-may-quit-u-s-home-loan-program-in-dispute-over-bad-mortgages-idUSKBN0TL0CA20151202

Quicken Loans IPO would richly value Detroit company — if it happens


An initial public offering of Quicken Loans Inc., the largest mortgage lender in the United States, could value the Detroit-based company in the tens of billions of dollars, according to experts and a published report — if the company pushes ahead with the transaction.

The possibility comes just a year after billionaire Dan Gilbert, the company's founder and owner, was hospitalized from a stroke. The private company could turn public as early as next month, says a CNBC report citing sources, and possibly be one of the largest IPOs so far this year.

The company "is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities," a representative for Quicken and its Rocket Mortgage brand said in a statement.

"Given our continued growth, market leadership and strong financial performance, we are frequent targets of rumor and speculation. If, and when, there is news to report, it will come directly from us." The News could not independently confirm CNBC's report.

The mortgage lender is reported to have filed a prospectus confidentially, CNBC said, and could make the prospectus public as early as next month. The valuation remains undecided, but could rank among the nation's richest so far.

Gilbert, 58, required rehabilitation following the ischemic stroke in May 2019. The news shocked the business and political leadership of Metro Detroit, a group that had grown accustomed to Gilbert's aggressive acquisition and rehabilitation of iconic downtown properties.

"When you have a stroke, here's the problem with it: Everything is hard. Everything," Gilbert told Crain's Detroit Business in February. "Like you wake up, getting out of bed is hard, going to the bathroom is hard, sitting down eating at a table is hard. You name it. You don't get a break. You're like trapped in your own body."

Quicken closed $145 billion in loans last year. It also posted a record $52 billion loan volume in the first quarter, and results were pending strong in April and May, despite a sharp economic downturn spurred by the novel coronavirus pandemic, executives told The Detroit News last month.

For a capital-intensive industry like mortgage lending, a public offering can pay off handsomely for shareholders and allow a company like Quicken to grow its business more broadly than it has in the past, said Rick Sharga, a mortgage industry veteran and CEO of California-based CJ Patrick Co., a real-estate consulting firm.

“Having access to capital markets is a competitive advantage in many cases,” Sharga said, noting that most of Quicken’s competition comes from the banking sector.

There may be no better time in the mortgage industry for an IPO. Mortgage rates hit another record average low Thursday of 2.97%, according to Mortgage News Daily, which is leading refinance activity to run “red hot,” Sharga said. And low rates could stay that way for a while with Federal Reserve Chairman Jerome Powell on Wednesday saying benchmark interest rates aren’t expected to increase until 2023.

“At first blush you might say because of the pandemic it would be a bad time to do something like this,” Sharga said. “Strictly speaking from a mortgage perspective, the market is right.”

An IPO from Quicken would spotlight Detroit's successes as a growing technology hub after weathering its 2013 bankruptcy, said Erik Gordon, a professor at the University of Michigan's Ross Business School 

"It'll also put a spotlight on the fact that Quicken is here," he said. "People in other parts of the country think of Detroit as cars, cars, cars. Well, surprise: The biggest mortgage lender is here."

Public offerings did slow in March as COVID-19 sent stocks into bear markets. This year, 76 companies including Warner Music Group, ZoomInfo and Vroom have gone public for a total market capitalization of $22 billion, according to the Nasdaq's economic research.

Such unpredictability in the market could spell trouble for four out of five companies, Gordon said. But "Quicken is in that select group of companies that can go public, even during these volatile times, because it's not a company that is based on a wish and a hope."

And it's not a perennial money-loser, such as public companies like Uber Inc. and Lyft Inc.: "Quicken is a real company," he said. "In fact, it's the biggest and best of its kind. If you buy the stock, it could go down, but at least it's a company that knows how to make money."

At the age of 22, Gilbert founded Quicken's predecessor 35 years ago. He sold the company to Canadian financial software firm Intuit Inc. for $532 million in 1999. Just three years later, though, Gilbert bought it back for $64 million.

In 2010, the company announced it would move its headquarters to Detroit's downtown One Campus Martius building from Livonia. The Quicken family of companies since has been a major driver of the city's economic rival, investing billions in purchasing and rehabilitating more than 100 buildings mostly downtown. They include the tower rising on the former plot of the J.L. Hudson's department store and an innovation center for the University of Michigan on top of Wayne County's "failed jail" site.

Altogether, the Gilbert-owned companies are Detroit's largest employer with more than 18,000 workers. And more are expected to come, as Quicken shared plans last month to hire more than 1,500 people in the coming weeks.

Gilbert, following a stint at a rehab center in Chicago, has returned to work. In his first public speech since his stroke in February, he approached the podium in a wheelchair but championed a bright future for the city.

"Whatever happened in the last 10 years," Gilbert said, "we're going to double down in the next 10 years."

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Источник: https://www.detroitnews.com/story/business/2020/06/11/quicken-loans-planning-initial-public-offering/5345949002/

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