Quicken Loans is an industry leader in purchase mortgages and refinancing. Although it does not offer home equity loans or lines of credit, it does offer a cash-out refi option as part of its refinancing products.
A cash-out refinance is taking out a new mortgage on your home to replace the previous one, while at the same time getting a better rate and receiving some of the equity back as cash. This differs from home equity loans and HELOCs which are essentially a second loan on your home.
Cash-back refis are available for several loan products:
- FHA loans can refinance up to 80% of the home’s value
- 30-year fixed-rate loans
- Adjustable rate mortgages (ARMs)
- VA loans that allows borrowers to refinance up to 100% of the home’s value
Quicken Loans, along with its online portal Rocket Mortgage, offer resources and tools for borrowers to understand the ins and outs of the refinance process and determine the best possible loan for their needs.
Customer support is Quicken Loan’s forte, having been named highest in customer satisfaction for mortgage servicing for seven consecutive years. Mortgage experts can guide borrowers through the process of accessing their home equity to achieve their financial goals.
- Lower the interest rate from your current mortgage
- Receive cash for home improvements, college tuition, or paying off debt
- FHA, 30-year fixed-rate, ARMs, and VA loans options available
- 24/7 access to your loan through the Rocket Mortgage app