When you’re searching for a VA mortgage, Quicken Loans presents an interesting choice with aggressive rates of interest and top-notch customer support. VA loans are a specialised sort of mortgage assured by the U.S. Division of Veterans Affairs that provides extra favorable phrases than many different varieties of loans. Solely veterans, energetic obligation service members, and their households are eligible for VA loans. Though they require a funding payment that goes on to the VA, they usually have decrease rates of interest, looser eligibility guidelines, and don’t require a down fee.
Quicken Loans created an internet mortgage software course of and adjusted our notion of . The corporate established Rocket Mortgage in 2015 and adopted it as its company identify in 2021. Rocket’s dwelling mortgage web site has earned excessive rankings for ease of use and responsive customer support. The corporate presents quite a lot of mortgage sorts, together with VA loans, jumbo loans, cash-out refinance loans, and buy loans. Though Quicken Loans has a primarily on-line presence and lacks bodily branches, the advantages of their customer support and handy mortgage software course of greater than make up for the shortage of bodily areas.
Finest for customer support
One in all biggest benefits is its customer support.
The corporate is commonly ranked in one of many high two positions for customer support satisfaction from a number of J.D. Energy surveys. Quicken claims to service 99% of its loans, which means it doesn’t cross off the customer support and administrative duties to a different lender. This permits Quicken’s prospects to take pleasure in a degree of constant service that different lenders may not have the ability to present.
Along with this, a single mortgage officer is assigned to every buyer all through the mortgage course of, which helps streamline communication and paperwork whereas offering extremely customized help.
Quicken Loans VA Loans professionals and cons
- Sturdy number of VA mortgage sorts
- Good third-party popularity
- Consumer-friendly web site and processes
- No bodily branches
- Does not provide VA renovation loans
Professionals defined
Sturdy number of VA mortgage sorts
By means of Rocket Mortgage, Quicken Loans presents all kinds of VA mortgage sorts. These embody VA buy loans, VA streamline refinance loans (also called VA Curiosity Price Discount Refinance Loans or IRRRLs), VA cash-out refinance loans, VA jumbo loans as much as $2 million and joint VA loans for married {couples} (solely supplied for IRRRLs or VA Streamlines). Between all of those mortgage sorts, practically each sort of VA mortgage is obtainable by Quicken.
Good third-party popularity
Quicken will get excessive marks for buyer satisfaction and enjoys a popularity as one of many nation’s . The Higher Enterprise Bureau (BBB) charges the corporate , the best grade it awards. Quicken has efficiently closed out over 357 client complaints on its BBB profile over the previous 12 months, and it responds to almost each evaluate posted on the BBB web site.
As well as, the corporate has had a comparatively low variety of filed with the Client Monetary Safety Bureau (CFPB) during the last yr in relation to the massive variety of loans it has processed. That is vital, because it exhibits that Quicken is doing job at managing buyer relations and resolving issues earlier than they escalate to the purpose of needing to be reported to the CFPB.
Consumer-friendly web site and processes
Quicken’s user-friendly web site supplies a simple and handy option to apply for a VA mortgage. The web site is simple to navigate, and the mortgage software course of is easy and easy. As well as, Quicken Loans presents debtors the choice of making use of on-line or by cellphone.
Cons defined
No bodily branches
Quicken Loans and Rocket Mortgage would not have any bodily branches, which means prospects should do all their loan-related actions on-line or over the cellphone. This can be a problem for patrons preferring an in-person expertise when coping with a lender.
Does not provide VA renovation loans
Right now, Quicken Loans doesn’t provide any VA renovation loans. These loans, also called VA rehab loans, are used to finance the acquisition and renovation of a house multi functional mortgage. As such, debtors who want extra funds for dwelling repairs and renovations could wish to take into account a unique lender that provides the sort of mortgage.
Quicken Loans VA Loans plans/choices
Quicken Loans presents quite a lot of VA mortgage choices and plans, together with mortgage refinancing, jumbo loans, cash-out refinance and buy loans. The next sections will present a extra in-depth have a look at every of those plans.
Mortgage refinancing
Quicken Loans presents VA mortgage refinancing for many who already personal a house and wish to get monetary savings by reducing their rate of interest or altering their mortgage time period. This is a superb choice for veterans and energetic army members who’ve constructed up fairness of their current houses or wish to make some mortgage funds extra manageable. By means of an Curiosity Price Discount Refinance Mortgage (IRRRL) or Streamline Refinance Mortgage, Quicken Loans will help you refinance your own home mortgage to a extra favorable charge with no value determinations and restricted paperwork.
Jumbo loans
Quicken Loans has been ranked among the many . The corporate supplies jumbo VA dwelling mortgage merchandise for veterans and their members of the family seeking to buy a dearer dwelling. A jumbo mortgage is a mortgage that exceeds the utmost allowable conforming mortgage restrict (which varies from county to county) as set by the Federal Housing Finance Company (FHFA).
As of 2023, Quicken’s jumbo VA loans require a minimal mortgage quantity of $726,200 and stretch to $2 million. As a result of larger mortgage quantities, Quicken’s jumbo VA loans require a minimal 640 credit score rating to qualify. For loans over $1.5 million, 10% fairness and a minimal credit score rating of 680 are required.
Money-out refinance
With a VA cash-out refinance, you’ll be able to entry your own home’s fairness for different functions, akin to debt consolidation, dwelling enhancements or training bills. Quicken Loans permits VA mortgage qualifiers with credit score scores of no less than 620 to borrow as much as 100% of their dwelling’s worth with a cash-out refinance. Those that have credit score scores between 579 and 619 could possibly borrow as much as 90% of the house’s worth. For extra data on fairness loans and refinancing, see our surveys of the and lenders.
Buy loans
Along with the three mortgage merchandise above, Quicken Loans additionally presents buy loans for veterans seeking to purchase a brand new dwelling. Quicken has usually been positioned among the many . As with all different VA mortgage, buy loans provide veterans the prospect to purchase a house with no down fee, low rates of interest and no personal mortgage insurance coverage (PMI). Quicken Loans requires a minimal credit score rating of 580 to qualify for VA buy loans.
Quicken Loans VA Loans pricing
When utilizing a VA mortgage, origination charges can’t exceed 1% of the mortgage quantity. Quicken Loans usually costs an origination payment on VA loans that skews in direction of the upper finish of that 1% restrict. Aggressive rates of interest considerably offset this payment, which eclipses the origination payment by way of the full value over time.
Along with the 1% origination payment, debtors can even count on to pay a funding payment of as much as 3.3%, which works to the Division of Veterans Affairs. The funding payment is a one-time cost and could also be included within the mortgage quantity or paid as a closing value. The payment dimension varies relying on whether or not you’ve gotten used a VA mortgage earlier than and the way a lot of a down fee was used. Most first-time VA debtors find yourself paying a 2.15% funding payment.
Quicken Loans VA Loans monetary stability
Quicken Loans is among the US’s largest and most revered lenders. With hundreds of thousands of shoppers served since its founding in 1985, Quicken Loans is a trusted accomplice for veterans and their households. The corporate has obtained sturdy credit standing scores from the highest credit standing companies akin to Moody’s, S&P and Fitch. This means Quicken Loans has a robust stability sheet and is financially sound with the power to climate financial downturns.
Quicken Loans VA Loans accessibility
Quicken’s distinctive online-only Rocket mortgage enterprise is constructed on the precept of quick access to software data and help. Clients looking for a extra standard in-person relationship with a mortgage lender could wish to take into account a financial institution, credit score union or mortgage firm with a bodily workplace.
The corporate’s on-line platform makes it simple for patrons to use for a mortgage and get pre-approved in minutes. Along with its on-line software platform, you’ll be able to converse to a devoted crew of VA mortgage consultants through cellphone or chat with a stay consultant instantly from their web site.
Contact data
To talk on the cellphone with a consultant a couple of new mortgage, you’ll be able to name (800) 251-9080 throughout the next occasions:
Monday by way of Friday from 8:00 a.m. to 10:00 p.m. ET
Saturday from 9:00 a.m. to eight:00 p.m. ET
Sunday from 10:00 a.m. to 7:00 p.m. ET
To talk on the cellphone with a consultant a couple of mortgage in course of or one which has closed, you’ll be able to name (800) 863-4332 throughout the next occasions:
Monday by way of Friday from 8:30 a.m. to 9:00 p.m. ET
Saturday from 9:00 a.m. to 4:00 p.m. ET
Quicken Loans stay chat representatives are additionally accessible on their web site throughout the next occasions:
Monday – Friday, 7:00 a.m. – 12:00 midnight ET
Saturday – Sunday, 9:00 a.m. – 12:00 midnight ET
When you favor to ship an e-mail, you are able to do so at Assist@QuickenLoans.com.
Consumer expertise
A superb consumer expertise is among the hallmarks of the Quicken Loans expertise. The corporate’s web site and app are well-designed and simple to navigate, making it easy for veterans to get the required data. Quicken Loans additionally presents quite a lot of academic assets to assist veterans higher perceive their VA mortgage choices and make knowledgeable selections. Representatives are educated and pleasant, going out of their means to make sure candidates and debtors have a terrific expertise. When all these components are put collectively, it’s simple to see why Quicken Loans is well-known for having among the best consumer experiences within the business.
Quicken Loans VA Loans buyer satisfaction
Quicken Loans has earned a robust popularity for customer support. It has sturdy rankings from the highest credit standing companies, a loyal buyer base and an A+ score with the Higher Enterprise Bureau. Moreover, it has topped a number of customer support satisfaction surveys from J.D. Energy.
It’s additionally value mentioning that the corporate has a 4.6 out of 5-star score from over 19,600 critiques on high on-line evaluate websites, indicating that prospects are overwhelmingly glad with their expertise working with Quicken Loans. As well as, the corporate has replied to the entire unfavourable buyer critiques on these websites and usually responds inside 24 hours.
Quicken Loans VA Loans FAQ
What’s the common minimal credit score rating wanted for a VA mortgage?
The minimal credit score rating for a VA mortgage is determined by the lender. Most lenders require a credit score rating of 620 or larger. Quicken Loans cites a credit score rating of 580 or larger as being necessary to qualify for its VA loans. Different {qualifications} embody the next:
Is Quicken Loans reliable?
Sure, Quicken Loans is a dependable lender. They’ve sturdy rankings from the highest credit standing companies and a very good customer support report. Moreover, the corporate has supplied hundreds of thousands of dwelling loans and has earned a robust popularity for honest and clear lending practices.
How lengthy does it take to shut on a home with Quicken Loans?
It usually takes 30-45 days to shut on a home with Quicken Loans. This timeframe can differ relying on the kind of mortgage, the borrower’s credit score rating, and the size of time it takes to assemble all obligatory documentation. If all of the paperwork is so as, Quicken Loans is usually identified to shut loans faster than the business common.
How we evaluated Quicken Loans VA Loans
We checked out quite a lot of components when evaluating Quicken Loans VA loans, together with:
- Customer support based mostly on buyer critiques and third-party evaluation
- Consumer expertise, together with buyer critiques in addition to our personal utilization of the web site and product
- Mortgage services supplied, together with credit score rating necessities and total value
- Buyer critiques, lender rankings and the corporate’s monitor report for closing and servicing loans
Abstract of Cash’s Quicken Loans VA Loans evaluate
presents a complete vary of VA mortgage services to veterans, active-duty army personnel, and their households. We discovered the corporate’s origination charges barely larger than the business common. Nevertheless, their competitively low rates of interest make them a sound choice by way of the general value. Mixed with Quicken Loans’ distinctive customer support, handy consumer expertise and excessive buyer satisfaction rankings, it stands out as among the best lenders for veterans.
