Quicken Loans Home Equity Review

Rating: 8.1 / 10 (Excellent)
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Consumer Experience

Quicken Loans is the second largest retail lender in the US, and one of the country’s leaders in online mortgages. One of the financial products the company offers is a cash-out mortgage refinance. A cash-out mortgage refinance is an excellent alternative to a traditional home equity loan, or second mortgage. It works the same as a normal mortgage refinance, but along with renegotiating your mortgage for a better rate, lower monthly payment, and perhaps different term, you also remove a portion of your home equity as cash and add it to the new mortgage. The money can be used for anything. Some common uses include paying kid's tuition, making home improvements, or medical bills. 

Quicken also offers a variety of other home loan alternatives including home equity, FHA and VA loans, not to mention and reverse mortgages. 

Quicken Loans Mortgage Refinance Options

Fixed Rate Mortgages

Adjustable Rate Mortgages

Other Home Loan Products with Quicken

Refinance with HARP

Home equity loans

Debt consolidation

FHA streamline refinance

VA loans

Reverse mortgage


In order to be considered for a mortgage refinance with Quicken Loans you'll need a credit score of at least 620, a debt to income ratio of 50% or more, and at least 2 years steady employment.


The following scenario is for a house with a current market value of $300,000 and a mortgage balance (still to be paid) of $150,000. This particular house has a loan to value ratio (LTV) of 50%. In order to qualify for mortgage refinance, lenders typically want an LTV of 80% or lower, so this house is in the right place.


Rate/ APR

Closing Costs


Monthly Costs

30 Year FRM

3.99%/ 4.243%




15 Year FRM

3.625%/ 3.565%




7 Year ARM

3.75%/ 3.684%




Quicken Loans Mortgage Refinance

Quicken Loans offers a multitude of home loan options including home equity loans, reverse mortgages, FHA and VA loans. The company's cash-out mortgage refinance is definitely something to consider as well if you are thinking about a home equity loan. Instead of taking out a second mortgage, with a mortgage refinance you'll be able to still retain one monthly payment, renegotiate your rate and/or term, and get cash just as you would with a home equity loan. The company provides an easy process with mortgage calculators, online quotes, and quick turnaround times. With competitive rates and a variety of home loan programs, Quicken Loans is an good choice for mortgage refinancing shoppers.

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Scottsdale, Arizona
I have to admit, QUICKEN LOAN service on info,etc. was Outstanding. The calls weren't constant as LENDING TREE calls. QUICKEN LOAN rep was informative, pleasant, and made me feel very comfortable versus LENDING TREE . Whom after many attempts, I finally agreed to go where every rep there told me to go.(website) to ONLY be denied by letter later? Quicken Loans- provided info,Details,and showed concern on my needs and situation. I had my Birth certificate stolen years ago, until present (CREDIT RUINED) Police records lost.The rep. was patient, and understood my situation. The opposite of LENDING TREE.I gave them 4 STARS only because i decided that year not to APPLY for EQUITY LOAN thanks... Read More