Frequently Asked Questions

What are the steps to make this site work for me?
While our site is designed to be used in a variety of ways, many people like to start with our mortgage calculators. Our calculators will help you find the loan that fits you best. You could also compare our home loan options or check mortgage rates. When you’re ready, you can: Our loan consultations are completely free of charge with no obligation.
Who can answer questions not addressed here?
There are tons of ways to talk to someone at Quicken Loans! If you’re not sure where to start, try our Client Relations team: Apart from the site, you can also find someone to help you here:
What types of mortgage loans are available through this site?
For a full description of the types of loans we offer, visit our mortgage options page. From a general perspective, we offer the following popular loan options for both purchase and refinances:
  • 30, 25, 20, 15 & 10-year fixed-rate mortgages
  • Adjustable Rate Mortgages (ARMs)
  • FHA Loans
  • VA Loans
What is the difference between a mortgage broker and a direct lender?
Quicken Loans has been a direct lender for over 30 years and is proud to be America’s #1 Online Lender. When you work with a direct lender, you interact with the same people from the same company throughout the entire process – from application to close – ensuring the attention to detail you deserve. A direct lender approves the loan, and can generally offer lower rates/costs and a quicker process. That’s not always the case with a mortgage broker. A mortgage broker is a middleman that brings you to the lender who approves the loan, which can result in a higher cost for you.
What is the difference between interest rate & APR?
Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees. (Your actual fees may not include all of the items above.) While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different mortgage lenders.
How current are the rates on this site?
Rates on this site are updated each business day, and often several times a day. Consumers that have loan shopped extensively have told us that we offer some of the most competitive rates around – both on and off the web. Because rates vary by person and situation, some assumptions are made when we show you rates. If you’re wondering how we come up with our rates, check below the rates on the page to see how a specific loan works. For a completely customized mortgage rate and loan, contact a Home Loan Expert directly to be sure you qualify.
Why are your rates different from those in the newspaper?
  • If you compare our loan rates to those in newspapers and other print publications, please bear in mind that the rates in those publications may have been reported one or more days ago (sometimes a week ago with a Sunday paper), and may no longer be available.
  • Rates on this site are updated each business day, and often several times a day. Consumers that have loan shopped extensively have told us that we offer some of the most competitive rates around – both on and off the web.
  • When using our mortgage rates page or our mortgage calculators, we try to customize the loan to your specifications. For how we get those particular rates, check below the options for details.
How is my information used to come up with loan options?
  • When using our mortgage rates page or our mortgage calculators, we try to customize the loan to what you are looking for – a new home, a lower rate, cash from your home, etc.
  • Our site will return up to 6 loan options that fit your specifications. If you don’t see what you’re looking for, call us. We’ll custom fit a loan just for you.
  • Since we don’t know everything about you, it’s always best to speak with a Home Loan Expert about your particular situation to make sure you qualify.
How important is the loan to value ratio?
The loan-to-value ratio or “LTV” shows how much equity you have in your home. Equity is the difference between how much your home is worth and how much you owe on it. For instance, if your home is worth $200,000 and you owe $130,000 on your mortgage, you have $70,000 worth of equity in your home. To calculate your LTV, divide your current loan amount by your home’s value. In our example, your LTV would be 65%. In the world of lending, higher loan-to-value (or lower equity) means there is a greater risk the borrower may default on the loan. Therefore, LTV is important in determining qualification for home loans and rates. In general, the lower your LTV, the lower your rate.
What are “pre-payment penalties” and why would I have to pay them?
A pre-payment penalty is a fee charged to the borrower for paying off their mortgage early. A pre-payment penalty is usually attached to a loan in exchange for a slightly lower rate. Pre-payment penalties benefit lenders by discouraging refinancing if rates fall. In theory, this guarantees a higher rate of return on the money lent. Pre-payment penalties are typically a percentage of the outstanding balance at the time of the pre-payment, or sometimes a specified number of months of interest. However, loans differ on how they structure the pre-payment penalties. We recommend you think twice before agreeing to a pre-payment penalty. No matter how enticing that lower rate, in the long run, you’ll probably be better off paying the higher rate. Why? Because statistics show it’s likely you’ll be refinancing or moving long before you’ve paid off your mortgage. At Quicken Loans, we never, ever, have pre-payment penalties. It’s our policy!
Where can I find more information about the Quicken Loans deposit policy?
For a full breakdown of the Quicken Loans deposit policy, please visit the Quicken Loans deposit policy page. 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.
Are the pre-qualification and preapproval services free?
There is no charge for getting pre-qualified or preapproved. You’re not under any obligation to use this site to apply for a loan, even if you use it to review interest rates and terms for a variety of loans, or use it to get preapproved or pre-qualify for a loan.
Can I get a loan if I live outside the United States?
Yes, as long as certain criteria are met. Typically, you must be a U.S. citizen with established credit and income history. We can occasionally assist borrowers who are not U.S. citizens if the home being financed is a primary residence. Additionally, the property must be located in the 50 United States or the District of Columbia. As always, every situation is unique, so contact a Home Loan Expert to be sure you qualify.
How do I stop receiving Quicken Loans promotional e-mails?
While we do need some personal information to close your mortgage, Quicken Loans does not share your personal information with outside companies for their promotional use. If you don’t want to receive any further information from Quicken Loans, simply notify us when you register. Or you may call toll-free (800) 863-4332, send an e-mail to or click here to change your privacy preferences.