All applications for a Quicken Loans mortgage are now processed through Rocket Mortgage. Rocket Mortgage’s loan terms and requirements are as follows:
- US citizen or permanent resident
- Credit score over 620
- Minimum down payment of 3-5%
- Debt to income ratio must be lower than 50%
- Mortgage closing costs are 2-6% of the house price.
You can expect the following financial terms as part of your Rocket Mortgage loan:
- APR: Between 6.475% and 7.186%
- Loan amount: Up to $645,000 with some exceptions, e.g., Jumbo loans
- Mortgage Types: Conventional, refinancing, FHA, USDA, VA, Jumbo, fixed rate, variable rate
APRs vary based on the type of mortgage and length of the term. If you see a rate that you like, you can lock it for 90 days to benefit from it at a later date.
Quicken Loans mortgages (via Rocket Mortgage) are available for between 8 and 30 years. Adjustable rate mortgages (ARM) are also available. These come with five years of fixed-rate payments, followed by 25 years of payments at a variable rate.
