About us

Pertaining to mortgages and their risk based pricing factors, the loan purpose factor is sub-categorized by purchase, Rate & term refinance and cash-out refinance.

Lenders assess that a purchase loan contains the least amount of risk and thus 'price' purchase loans most favorably (i.e. no interest rate increase or a risk-based pricing improvement in the order of .25%).

Rate & term refinances are priced similar to purchase loans, with no interest rate increase. Cash received by the borrower at closing may not exceed $2000 to maintain rate & term status. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.

Cash-out refinances are deemed to have a higher risk factor than either rate & term refinances or purchases due to the increase in loan amount relative to the value of the property. Risk-based pricing typically mandates a .25% to .5% increase in interest rate if a borrower needs to pull equity out of the subject property.

Quicken Loans service is tops in the industry. No other mortgage company comes close - 94% customer satisfaction to be exact. Our complete dedication to providing outstanding service is why 9 out of 10 of our clients recommend us to friends as their mortgage company. When we say "every client, every time, no exceptions, no excuses" we mean it!

And our customer service is just part of the puzzle. Well, it's actually a big part. See, at Quicken Loans, we actually combine industry-leading and award-winning technology with customer service to give you the absolute best of both worlds. After you are matched to the perfect loan for your situation, you can sign documents online and even monitor the progress of your loan 24/7. And anytime you have a question or need assistance, your Quicken Loans Home Loan Expert is available with answers. For closing, we come to you. Anywhere. In all 50 states. Your house? The local coffee shop? Even a major highway exit! Just let us know where and we'll meet you.