Some people ask that what quicken loans are. In fact, Quicken Loans are not a type of loan, it is the name of a mortgage lending company. Since 2012, Quicken Loans has become the second largest overall retail lender in the US with its headquarters located in Michigan. At the same time, it is also the largest online retail mortgage lender. Nowadays, when you talk about online loans, it’s hard to avoid the topic of Quicken Loans. Therefore, Quicken Loans plays a vital part in modern loans.
Before applying for a loan online, it is essential for you to know both the positive and negative sides of the loan. And learning about how it works is also of great importance.
The loans you can get from Quicken Loans are direct ones. Unlike traditional ways, Quicken Loans depends on wholesale funding instead of your deposits. So there is no need for you to prepare a bank account with a large amount of money in it. The company estimate your financial solvency with your whole funding. Besides, you can make your choice among various mortgage loan products. You will find conventional mortgages here, including, fixed and adjustable-rate mortgages, as well as specialized products such as FHA and VA mortgages. There is every possibility that you will find the one that fit you best. It’s good enough to have these two advantages, let alone the convenience of online loans.
However, as Quicken Loans is a direct-loan company, if you don’t have several bids coming your way, you hardly know whether you’re getting the best rate or not. Therefore, you have to make efforts to make a comparison so that you can be sure that you do get the best interest rate from Quicken Loans.
Some people may be anxious about applying a loan from Quicken Laons, because they do it online instead of doing it face to face. They should take it easy, since we are in new times, we do everything in a new way.