Quicken Loans Review
Quicken Loans is the largest online lender in the US. The financial company has assisted millions of people in financing for their homes. The company has been in operation for more than three decades. On average, the company closes over a hundred billion dollars in mortgage loans every year. This shows the extent of the size and popularity of the online loan provider.
Due to its exceptional customer service, Quicken Loans has earned a Better Business Bureau (BBB) rating of A+. Let’s take a closer look at what sets Quicken Loans apart from the throngs of other financial institutions in the country.
Why Quicken Loans Is A Good Lender?
Quicken Loans: An Overview
Quicken Loans is the premier online loan provider in the country. The company offers a mortgage loan process that is customized to the needs of the individuals. Individuals can use various online tools such as MyQL to track loan information and take appropriate steps to close the loan quickly.
The Quicken Loans platform is fast, customizable, and user friendly. Individuals make use of innovative tools such as Closing Cost Cutter and PMI Advantage to make the best financial decision in obtaining the mortgage loan.
Closing Cost Cutter gives individuals the option to choose a rate that offers credit towards the closing costs. Individuals can take advantage of extremely low rates that result in minimum cost charges on the loans.
Quicken Loans also offers a unique PMI advantage that allows individuals to save cost on private mortgage insurance. Eliminating the PMI option allows individuals to own a more expensive home if they don’t have the money saved for the 20% down payment. This option also gives more cash in hand for the individuals that they can invest in renovating the house.
Another advantage of the PMI option is that it results in greater savings for the individuals. Money paid on mortgage interest can be claimed when filing the tax returns. However, any payment made for private mortgage insurance is not claimable.
In addition, individuals also take Quicken Loans to refinance the mortgage. This allows them to pay off the mortgage amount at a lower rate or even much faster to save on mortgage costs. Refinancing also allows individuals to avail the lower rates on the loans. This is the best option in case the current value of the home is greater than the loan balance. Individuals can also use the additional equity to obtain cash loans at a low rate that they can pay off with their credit card and other type of debts.
Popular refinancing loan options include FHA (Federal Housing Assistance) Loan, 15-Year Loan, 30-Year Loan, and VA (Veterans Assistance) Loan. FHA loan allows refinancing of different debts into one single loan, 15- and 30-Year Loans allows consolidation of loans with a repayment period of fifteen and thirty years respectively, while VA loans is the ideal option for military personnel and veterans to consolidate their debts.
Quicken Loans allows individuals to refinance their home loans. They can secure a lower rate on the loans through refinancing and consolidation of the debts. That being said, individuals should never make any financial decision before taking advice of an experienced financial expert.