![]() Quicken will give you a credit toward your closing cost if you opt for a higher interest rate when you get a mortgage. When you close your loan, Quicken Loans credits your deposit to your closing costs. Quicken Loans charges a “good faith deposit” of $400 to $750 to help cover the cost of pulling your credit report, your home appraisal and additional loan processing costs.Government mortgages backed by the FHA, VA, or the USDA may be slightly higher, but Quicken Loans says its lender fee won’t exceed one percent of the loan amount. The mortgage origination fee averages about 0.5 percent of the loan amount.FHA loan borrowers must put down at least 3.5 percent, and VA and USDA loans don’t require a down payment at all-although VA loans do charge a one-time funding fee. With a conventional loan, including a YOURgage, borrowers can put as little as three percent down.FHA loans are available to borrowers with a credit score of at least 580. Quicken Loans has a minimum FICO credit score of 620 for its conventional, VA, and USDA loans.from 2013 to 2018, making it the U.S.’s largest overall retail lender in 2018. This option has been wildly popular with prospective homebuyers in today’s volatile rate environment, the company said.The company closed more than $400 billion in mortgages across the U.S. If rates have fallen by the time the purchase agreement is signed, the buyer will receive the lower rates. A buyer will have the ability to lock in current rates for up to 90 days while home shopping, providing a hedge against rising rates. With RateShield, American homebuyers get access to a powerful two-way benefit, the company said. Interest rate increases can cause your home purchase budget to change from day to day. For the past four years, Rocket Mortgage said, its clients have used RateShield to gain confidence and stability while shopping for a home. The combination of Rate Drop Advantage and Rocket Mortgage’s existing RateShield program provides home buyers benefits in the short- and long-term, the company said. We are constantly listening to our clients, implementing their feedback and developing programs that meet and exceed their needs.” “Innovation comes in many different forms - Rocket Mortgage is known for both our revolutionary technology and the creativity we bring to help meet the needs of our clients, like Rate Drop Advantage, RateShield, and our Verified Approval. “Rocket Mortgage is committed to creating more ways to make the financing process easier and more affordable for homebuyers and maintain the excitement that should come along with this huge milestone in their life,” said Rocket Mortgage CEO Bob Walters. Rocket said this will inspire confidence in a rising rate environment by allowing borrowers to know that when rates eventually fall in the next three years, they can easily and affordably refinance. Through Rate Drop Advantage, when clients refinance within the allotted time frame, Rocket Mortgage will waive the fees for appraisal, credit report pulls, processing, underwriting, and several other costs, for an average savings of approximately $2,000. America’s largest mortgage lender, Rocket Mortgage, is going to put a smile on a lot of borrowers’ faces with the announcement of its Rate Drop Advantage - an exclusive program that it says will bring confidence to homebuyers by covering a significant portion of closing costs of a refinance transaction if interest rates drop and they refinance within three years of purchasing a home.
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