Quicken Mortgage® YOURgage®
A Quicken Mortgage® YOURgage® offers fixed rates with the option to pick any term from 8 to 29 years.
Who YOURgage® Loans Are Best For
People who want a flexible loan length and an interest rate that never changes over the entire life of the loan. Read more about other benefits below.
How YOURgage® Loans Work
You’ll choose a loan term from 8 to 29 years. This will give you some control over what your monthly payments.
Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over time. You may see the amount of tax and insurance change.
You may have to pay for mortgage insurance if you have a down payment of less than 20% of your homes price.
What You’ll Need To Qualify For A YOURgage® Loan
- A minimum 3% down payment.
- A minimum FICO® Score of 620.
- A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- Money to cover closing costs, which are about 2%-6% of the purchase price.
Take the first step toward the right Quicken Mortgage®.
Quicken Mortgage® YOURgage® Loan Benefits
- You can customize the length of the loan, potentially saving on your monthly payments.
- You may be able to avoid mortgage insurance with a down payment of 20% or higher.
- Your interest rate is fixed for the life of the loan, so you don’t have to worry about your rate rising.
- You can buy your primary home with as little as 3% down and can typically refinance up to 97% of your home’s value.
Mortgage Insurance Requirements
You’ll have to pay primary mortgage insurance (PMI) if you have a down payment less than 20%.
- This typically costs between 0.5% and 1% of your loan amount per year, spread over 12 payments.
- Once you reach 20% equity in your home, you may be able to request to cancel PMI.
- PMI is often cancelled automatically once you reach 22% equity.
- You have the option to apply for lender-paid mortgage insurance (LPMI). With LPMI, the lender pays the full premium for the mortgage insurance policy up front. In exchange, you take a slightly higher interest rate.
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Recommended Next Steps
Find The Answers You Need
Visit our Learning Center, where we break down the mortgage process so it’s easier to understand.
Calculate What You Can Afford
Get an estimate on how much home you can afford, the down payment you’ll need and what your monthly payment could be.
Lock Your Rate
With Rocket Mortgage® by Quicken Loans®, start your mortgage application right away by answering just a few basic questions about your goals.