Quicken Loans Deposit Explained
Part of the Quicken Loans process includes accepting a good-faith deposit from all of our clients. Watch and learn more about our deposit from the Vice President of Mortgage Banking at Quicken Loans, Chad Weinbaum.
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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