The Quicken Loans
All About the Quicken Loans Deposit
Have questions about the Quicken Loans good-faith deposit? We have answers!
Our amazing mortgage process is enhanced by the Quicken Loans deposit. Get started on your loan right away.
Find out more about the Quicken Loans deposit, and how it gives you one of the most streamlined loan processes available!
Part of the Quicken Loans AMAZING mortgage process involves accepting a good-faith deposit from all of our clients. This money covers the costs incurred to process your loan, including pulling your credit report, getting an appraisal, and processing the title. But don’t worry; we’ll manage all of that for you and get you to the closing table as soon as possible.
To learn more about the deposit, read our frequently asked questions below.
What is the Quicken Loans deposit used for?
- Pull your credit report – This helps us determine which mortgage programs and rates would best fit your situation.
- Order an appraisal – To find out what your home is worth, we hire an independent appraiser to give an unbiased opinion of your home’s value. If you aren’t familiar with the appraisal process, check out our Real Estate Appraisal Video Series on YouTube. (Remember, as your lender, we have no influence over the outcome of your appraisal.)
- Process your loan – Processing includes reviewing and underwriting all documentation, contacting current loan services, insurance and title companies, and covering other potential costs we may pay to outside companies.
How much is the Quicken Loans deposit?
The deposit amounts vary – anywhere from $400-$750. The actual amount can be found on your Deposit Agreement, which explains our deposit policy in detail.
You can use credit, debit and prepaid Visa® or MasterCard® gift cards for your full deposit amount. Your Home Loan Expert will take care of this for you. We don’t accept checks, money orders or cash, as they tend to add weeks of processing time. We take pride in making this a fast, easy, and most of all, AMAZING mortgage process.
When is the Quicken Loans deposit refundable?
Your deposit may or may not be refundable, depending on the status of your loan. Here are two deposit scenarios:
- When you close your loan, we credit your deposit – in full – to your closing costs. For example, if your closing costs are $2,000, and you gave us a $500 deposit, you will only need to bring $1,500 at closing. This will be reflected on your closing statement.
- If your mortgage application is denied, or if you decide not to go forward with your loan, we’ll refund your deposit minus any outside costs we’ve incurred up to that point. For example, if you gave us a $500 deposit, and we spent $300 on an appraisal and $10 on a credit report, you will be refunded the difference of $190. You’ll receive a copy of your credit report and appraisals, assuming both have been completed.
Who do I contact with questions about the Quicken Loans deposit?
Start with your Home Loan Expert. You can also call our Client Relations team at (800) 863-4332. They can answer any questions you have about the deposit.
We’ve helped more than 1 million families purchase a home or refinance their mortgage. Accepting a deposit to work on your behalf ensures a speedy and smooth process – a process that 95% of Quicken Loans clients would recommend to their friends and family.
Client satisfaction is very important to us. We do everything possible to make sure you’re happy with our process, and if you have any feedback, we want to hear it! You can contact our Client Relations team at the number above, or email us at Help@quickenloans.com. You can read real Quicken Loans Reviews by the people who know us best – our clients.