The Rate Drop AdvantageSM
As of May 1, 2012, we no longer offer the Rate Drop Advantage program to new clients. If you previously qualified for the Rate Drop Advantage and want to refinance with today’s low mortgage rates, please call (800) 251-9080 to get started!
Simply close a loan, and if you refinance again for any reason in the next seven years (120 days after the close of your original loan with us), you’re covered by the Rate Drop Advantage.
The Rate Drop Advantage covers all closing costs listed below. Any additional closing costs are the responsibility of the borrower.
- Appraisal Fee
- TSI Appraisal Services
- Credit Report
- Tax Certification Fee
- Recording Fees
- Flood Life of Loan Fee
- Notary Fees
- Flood Certification Fee
- Processing Fees
- Underwriting Fees
To qualify for the Quicken Loans Rate Drop Advantage℠ you must close a mortgage loan with Quicken Loans by December 31, 2012 and have applied for your mortgage between December 21, 2010 and May 1, 2012. Then, when you refinance that loan by closing a new mortgage loan with us during the time frame that is 120 days after close to 84 months after close we will pay the closing costs listed above. Offer valid once per mortgage and with the same property address only. Offer valid on refinance mortgages only.
At the time of refinance you must qualify per full credit / underwriting guidelines. Team member loans not included. Promotion cannot be combined with any other offer.
Why Should You Choose Quicken Loans?
- Only Quicken Loans offers you the Closing Cost Cutter and PMI Buster. Find out how these great options can help guide you to the best decision to meet your financial goals.
- Our powerful online tools, like MyQL Mobile allow us to close your loan quickly. This app is exclusive to Quicken Loans clients and works with iPhone® and Android™!
- We have an A+ rating according to the Better Business Bureau.
- And we can close your loan fast. Thomas of Safety Harbor, Florida, closed his loan in just ‘twenty-one days from the day I committed to refinance.’
- Mortgage rates could change daily.
- Actual payments will vary based on your individual situation and current rates.
- Some products may not be available in all states.
- Some jumbo products may not be available to first time home buyers.
- Lending services may not be available in all areas.
- Some restrictions may apply.
- Based on the purchase/refinance of a primary residence with no cash out at closing.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
- The lock period for your rate is 45 days.
- The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
- Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 251-9080 to talk to one of our mortgage experts.