Part of the Quicken Loans process includes accepting a good-faith deposit from all of our clients. Deposit amounts range from $400 – $750, and the actual amount will be indicated on your Interest Rate Disclosure & Deposit Agreement. Your deposit acts as a commitment for us to do business together.

Your deposit will go toward the costs we pay to outside companies (on your behalf) while processing your loan. But don’t worry; we’ll manage all of that for you and get you to the closing table as soon as possible. The deposit allows us to give you one of the fastest, most streamlined loan processes available today.

Your deposit allows us to:

* Pull your credit report To determine which mortgage programs and rates you might qualify for, we’ll pull a credit report.

* Order a home appraisal We need to know what your home is worth, so we hire an independent appraiser to give us an unbiased opinion of your homes value. Keep in mind, as your lender we have no influence over the outcome of your appraisal. If you aren’t familiar with real estate appraisals, check out our Real Estate Appraisal Video Series on YouTube.

* Lock your interest rate You’ll work closely with your Home Loan Expert on pinpointing the best time to lock your interest rate.

* Process your loan Processing includes reviewing and underwriting all documentation through Rocket – our state-of-the-art automated loan underwriting system, contacting current loan servicers, insurance companies, and title companies, and covering other potential costs we may pay to outside companies.

We pledge to take care of your money responsibly. Your deposit may or may not be refundable, depending on the status of your loan. Here are the three deposit scenarios:

* When you close your loan with us, your deposit is fully credited to your closing costs. For example, if your closing costs total $2,000 and you gave us a $500 deposit, you’ll only owe the remaining $1,500 at closing. This will be reflected on your closing statement.

* If your mortgage application is denied for any reason, 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’ll be refunded the difference of $190. You’ll receive a copy of your credit report and appraisal, assuming both have been completed.

* If you review, agree to, and sign your loan application package, and later decide not to go forward with the loan, your application is considered withdrawn and we will retain your deposit. You’ll receive a copy of your credit report and appraisal, assuming both have been completed.

Read more about the Quicken Loans Deposit at https://www.quickenloans.com/about/quicken-loans-deposit

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Part of the Quicken Loans process includes accepting a good-faith deposit from all of our clients. Deposit amounts range from $400 – $750, and the actual amount will be indicated on your Interest Rate Disclosure & Deposit Agreement. Your deposit acts as a commitment for us to do business together.

Your deposit will go toward the costs we pay to outside companies (on your behalf) while processing your loan. But don’t worry; we’ll manage all of that for you and get you to the closing table as soon as possible. The deposit allows us to give you one of the fastest, most streamlined loan processes available today.

Your deposit allows us to:

* Pull your credit report To determine which mortgage programs and rates you might qualify for, we’ll pull a credit report.

* Order a home appraisal We need to know what your home is worth, so we hire an independent appraiser to give us an unbiased opinion of your homes value. Keep in mind, as your lender we have no influence over the outcome of your appraisal. If you aren’t familiar with real estate appraisals, check out our Real Estate Appraisal Video Series on YouTube.

* Lock your interest rate You’ll work closely with your Home Loan Expert on pinpointing the best time to lock your interest rate.

* Process your loan Processing includes reviewing and underwriting all documentation through Rocket – our state-of-the-art automated loan underwriting system, contacting current loan servicers, insurance companies, and title companies, and covering other potential costs we may pay to outside companies.

We pledge to take care of your money responsibly. Your deposit may or may not be refundable, depending on the status of your loan. Here are the three deposit scenarios:

* When you close your loan with us, your deposit is fully credited to your closing costs. For example, if your closing costs total $2,000 and you gave us a $500 deposit, you’ll only owe the remaining $1,500 at closing. This will be reflected on your closing statement.

* If your mortgage application is denied for any reason, 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’ll be refunded the difference of $190. You’ll receive a copy of your credit report and appraisal, assuming both have been completed.

* If you review, agree to, and sign your loan application package, and later decide not to go forward with the loan, your application is considered withdrawn and we will retain your deposit. You’ll receive a copy of your credit report and appraisal, assuming both have been completed.

Read more about the Quicken Loans Deposit at https://www.quickenloans.com/about/quicken-loans-deposit

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It seems like everyone is talking about appraisals today and a lot of people have questions about the whole process.

So what’s an appraisal anyway? An appraisal is what determines the fair market value of your property. The appraisal is performed by a licensed appraiser who provides a professional opinion of the value of your property based on a variety of factors. Its an important part of the mortgage process that needs to happen before the transaction can be finalized.

It’s easier to understand the whole appraisal process by breaking it down into three main parts. There’s the Real Estate Inspection. The Comparables. And The Final Report of Value.

The real estate inspection will take anywhere from 10 to 30 minutes based on the size of your home. The appraiser will record things like square footage, the dimensions of your property and the number of rooms in your home. He’ll verify his findings with information provided by third parties such as the real estate multiple listing service and county records.

The next step is for the appraiser to evaluate Comparables. Comparables are recent home sales in and around your neighborhood. Analyzing these recent past sales helps an appraiser determine the current market value of your home. And when I say recent, I’m talking 3 to 6 months. This is important because comparable sales from many years back may not reflect true home values today.

When selecting comparable properties, the appraiser is looking for some very specific things: Homes that have sold recently. Homes that have sold near where you live. And homes that are similar to yours in terms of size, age and style – ranch, colonial or tri-level , for example.

You should also know that home values from Real Estate websites do not give you accurate comparable values. The information they provide may be outdated and isn’t verified by third parties such as real estate multiple listing services. Basically, an accurate appraisal can only come from a licensed appraiser.

Here’s a question a lot of people are asking these days: Will a foreclosed house in my neighborhood affect the appraised value of my property? The answer is that it depends on the amount of foreclosed properties that have sold in your area. Like artwork, baseball cards or any other product, the value of a house is based on what people are willing to pay for it. And the bottom line is that foreclosed homes sell for less than other homes.

And the more foreclosures in your area, the more average home prices will fall.

The important thing to remember is that appraisers cant treat foreclosure sales any different than non-foreclosure sales. A sale is a sale regardless of whether a comparable property happens to be in foreclosure. But heres the good news: By keeping your property well-maintained and up-to-date, youre doing what you can to increase the appraised value of your property.

Next, an appraiser will move on to the final step: Preparing a Final Report of Value. This report will detail the appraisers analysis of the value of your property based on a combination of the inspection and the comparables. Also, if youve done home improvements and upgrades to your property, the appraiser may take these into consideration when writing his final report of value. Both you and your mortgage lender will get a copy of this report.

Sospeaking of the mortgage lender, whats our role in the whole appraisal process anyway? Heres the simple answer: Mortgage companies like Quicken Loans, by law, cannot do appraisals.

Appraisals can only be performed by a state-licensed third party. That means that by law, we have no influence on the appraised value of your property.

In fact, if an appraisal on a property comes in too low, we wont be able to write a loan on it. The bottom line is that we at Quicken Loans want what you want: A fair appraisal of your property that accurately reflects todays market conditions.

An accurate appraisal is the best way to ensure that everyones interests are protected throughout the entire home refinance or purchase process.

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Technorati Tags: appraisal inspection, home appraisal, home appraisals, Quicken Loans, real estate appraisal, real estate appraisals

Quicken Loans TV takes you through a full home appraisal inspection in this informative video – part 4 (upstairs appraisal and an overview of the steps of the appraisal process) of the Quicken Loans Appraisal series. A home appraisal is something youll need when getting a mortgage. For more information on appraisals go to https://www.quickenloans.com/mortgage-news/how-do-you-get-the-best-appraisal-and-whos-to-blame-if-it-comes-in-low-5465

Duration : 0:3:38

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Quicken Loans TV takes you through a full home appraisal inspection in this informative video – part 3 (steps of the appraisal and the front room) of the Quicken Loans Appraisal series. A home appraisal is something youll need when getting a mortgage. For more information on appraisals go to https://www.quickenloans.com/mortgage-news/how-do-you-get-the-best-appraisal-and-whos-to-blame-if-it-comes-in-low-5465

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For more information on FHA Streamline visit https://www.quickenloans.com/mortgage-options/fha-streamline

Quicken Loans now offers FHA Streamline, the easiest way to refinance your FHA loan. With FHA Streamline, you could refinance an FHA loan with no appraisal and no income/assets verification.

Refinancing an FHA Loan with FHA Streamline

FHA Streamline offers a great opportunity to anyone currently in an FHA loan. All FHA loans qualify for the program, including 30- and 15-year fixed rate FHA loans and all ARM FHA loans. FHA Streamline allows you to take advantage of lower mortgage rates by refinancing your current FHA loan into a lower fixed rate on a new FHA loan.

Lower Your Mortgage Rate on Your FHA Loan with FHA Streamline

Quicken Loans makes it simple. If todays mortgage rates are lower than your current rate, or you have an FHA ARM that may adjust upward, you can refinance your FHA loan up to the original amount of your current loan at todays lower rates. And with FHA Streamline, you could qualify for an FHA refinance with no appraisal and no income verification. Its easy, fast and designed to get you a lower payment on your FHA loan.

Get an FHA Streamline and Get a Lower Mortgage Rate Today

Lets clarify the benefits of FHA Streamline. Consider a 30-year fixed rate mortgage of $250,000. The monthly payment on this mortgage at 7% is approximately $1,663. If you could lower that interest rate to 5%, your payment would be approximately $1,342. Thats a monthly difference of $321. Over a year that would be $3,852. Over 10 years the difference is $38,520. And over the full life of your 30-year mortgage, thats a difference of $115,560. Those numbers are catching the attention of homeowners across the country!

FHA Streamline Could Put Money Back in Your Pocket

Its easy to see why the popularity of FHA Streamline is growing fast. And its a program every homeowner with an FHA loan should look into. If you have an FHA loan, Streamline could lower your rate and payment today while still giving you the security of the FHA program. Get in touch with us at (866) 457-8425 and well find out if you qualify for a quick and easy refinance to a lower rate and payment with no appraisal required.

Its the fastest, easiest way to lower your payment on your FHA loan today.

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Technorati Tags: FHA, fha loan, fha mortgage, fha refinance, fha streamline, mortgage, mortgage rates, no appraisal, Quicken Loans, real estate appraisal

Quicken Loans TV takes you through a full home appraisal inspection in this informative video – part 5 (outside, the exterior of the home and a discussion of comparables) of the Quicken Loans Appraisal series. A home appraisal is something youll need when getting a mortgage. For more information on appraisals go to https://www.quickenloans.com/mortgage-news/how-do-you-get-the-best-appraisal-and-whos-to-blame-if-it-comes-in-low-5465

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Quicken Loans TV takes you through a full home appraisal inspection in this informative video – part 6 (backyard appraisal and a conclusion of the steps of the appraisal process) of the Quicken Loans Appraisal series. A home appraisal is something youll need when getting a mortgage. For more information on appraisals go to https://www.quickenloans.com/mortgage-news/how-do-you-get-the-best-appraisal-and-whos-to-blame-if-it-comes-in-low-5465

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Quicken Loans TV takes you through a full home appraisal inspection in this informative video – part 2 (kitchen appraisal and basement appraisal) of the Quicken Loans Appraisal series. A home appraisal is something youll need when getting a mortgage. For more information on appraisals go to https://www.quickenloans.com/mortgage-news/how-do-you-get-the-best-appraisal-and-whos-to-blame-if-it-comes-in-low-5465

Duration : 0:4:11

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Quicken Loans TV takes you through a full real estate appraisal home inspection in this informative video – part 1 (steps of the appraisal and the front room appraisal) of the Quicken Loans Appraisal series. A home appraisal is something you’ll need when getting a mortgage. For more information on appraisals go to https://www.quickenloans.com/mortgage-news/how-do-you-get-the-best-appraisal-and-whos-to-blame-if-it-comes-in-low-5465

Duration : 0:5:27

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Technorati Tags: appraisal value, home appraisal, mortgage appraisal, mortgage inspection, Quicken Loans, Quicken Loans appraisal, real estate appraisal, steps in appraisal, understanding appraisals