MortgageKing^® FAQs

MortgageKing® is an online mortgage experience and one of America's largest lenders. MortgageKing® isn't a calculator; it's a way to get a mortgage. Just tell us about yourself, your home and your finances, and we'll give you real interest rates and numbers – not just our best guess. Then, MortgageKing® will guide you through the mortgage process, from getting approved to closing to managing your payments. That expert guidance is a big reason why we've won so many awards for customer satisfaction.

In July 2021, we changed our official company name from Quicken Loans to MortgageKing. We did this because MortgageKing defines what we do best – take a complicated process and make it simpler using technology.

MortgageKing® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop. If you're buying a home, here's when we recommend using MortgageKing®: You're just starting your home search, You have a home in mind and want to make an offer, You already have a signed purchase agreement. If you're refinancing, here's when you can use MortgageKing®: You need to get cash out of your home, You want to lower your monthly payment, You're interested in shortening your loan term.

You can use MortgageKing® to get a loan in all 50 states and the District of Columbia. At this time, you can't use MortgageKing® to get a loan in Puerto Rico or anywhere outside the U.S. MortgageKing® is an online lender. Because we're online, we don't have offices that are open to the public. That doesn't mean there aren't real people waiting to help you, though! Check out our Talk To Us page to find out how to get in touch.

Protecting your personal information is our top priority. We use bank-level encryption, and we're constantly monitoring our site to make sure it's secure. We won't sell your data or use it for anything other than what's stated in our Security And Privacy Policy.

You'll get our best rates by starting your application online. You can see today's rates and learn how rates are trending on our Mortgage Rates page. Going with the lowest rate might seem smart, given how much interest you pay over the life of a mortgage. But there are times when choosing the lowest rate might not make the most sense. What's more important than just the lowest interest rate is getting the right mortgage for your situation – and a lender who helps you do that.

When you apply with MortgageKing® we give you real numbers – not estimates. Of course, your numbers can (and likely will) change slightly between the time you apply and the time your loan closes. For example, we may need to change your loan amount after you find a home or after we get the appraisal report.

Our Home Loan Experts are available to answer your mortgage questions. Visit our talk to us page to get in touch, or use our live chat feature available 24/7 to speak with a representative who can help guide you through your mortgage journey.

MortgageKing® was designed to walk you through the entire mortgage process from application to closing. Our online application asks you a series of questions to evaluate your eligibility for a home loan. Then, we use the information you gave us, and information from your credit report, to provide you with mortgage recommendations and see if we can approve you. Once you're approved, MortgageKing® will provide all the tools you need to get your mortgage to closing. You can use it to communicate with us, send information and documents, and see your loan info and closing details. After closing, if MortgageKing® services your loan, you can use MortgageKing® to make payments, see past transactions, review mortgage documents, enroll in paperless statements, access your tax and insurance information, and see escrow changes.

MortgageKing® recommends loans you may be eligible for based on the information you provide. When you use MortgageKing® to buy a home, you may see mortgage recommendations for: Conventional loans, FHA loans (including FHA Streamlines), VA loans (including Interest Rate Reduction Refinance loans), and Jumbo loans. You can't use MortgageKing® to get a construction loan (i.e., a loan used to build a new home) or a home equity line of credit (HELOC). But you can use MortgageKing® to get a cash-out refinance, which gives you money you can put toward the same things as a HELOC, like paying down debt.

MortgageKing® is best for people who have a credit score of 580 or above and are ready to buy a home or refinance within the next few months. If you already have a signed purchase agreement, apply online to get started. Afterwards, one of our Home Loan Experts will give you a call so we can speed up your mortgage process. If you're self-employed, you can start your application with MortgageKing®, but you won't be able to do everything online. You'll need to connect with a Home Loan Expert along the way. If you think you'll need a co-signer to get a mortgage, we recommend calling or chatting with a Home Loan Expert before applying online.

Most people use MortgageKing® to buy or refinance: A single-family home, A second home or investment property, A condo. We don't provide mortgages for manufactured or mobile homes. We encourage you to see if you can get approved for a single-family home. We do provide mortgages for other less common property types. If you want to buy or refinance something not mentioned above, reach out to a Home Loan Expert.

There may be some situations in which you'll need to chat with a Home Loan Expert, either online or by phone, to answer some questions. Once your application is complete, we may need to call you while we're working on finalizing your loan. We'll use phone calls and emails to communicate important information about your appraisal, your closing and more.

We look for certain things when we evaluate a loan application. While the approval process is unique to each person, here are some general guidelines. Ideally, your monthly expenses shouldn't be more than 45% of what you earn each month. When you purchase or refinance a home, we need to trace your assets. We also like to see a two-year work history with proof of current, stable income. There are certain circumstances in which a credit score of 580 is enough, but typically you need a credit score of 620. Whether you're purchasing or refinancing, you'll typically need an appraisal. We work with an independent, third-party appraisal management company to order the appraisal for you.

To start applying with MortgageKing®, we recommend you have the following information on hand: A separate email address for each person that will be on the loan, Your online banking username and password, or details about how much money is in each account you want us to consider for your approval (e.g., checking and savings accounts, retirement accounts, stocks and other assets), Your income and employer information, Your Social Security number.

MortgageKing® gives you a Prequalified Approval Letter, which is an initial review of the basic financial information you shared. Similar to a preapproval letter, this provides an estimate of how much home you can afford but does not verify your financial details or credit history. After you get a Prequalified Approval Letter, the next step is to maximize your buying power with a Verified Approval Letter. We verify your income, assets and credit up front, which can help your offer stand out.

You can get approved with a credit score as low as 580, as long as you meet our other eligibility criteria. Keep in mind that the score we use might be slightly different from the one you get from your credit card company or other source. We use a FICO® Score, but educational sources might use a different credit scoring model, such as a VantageScore. We still encourage you to apply even if you think your score is slightly below 580. Our free Fresh Start program can help you boost your credit – just call (800) 769-6133.

Applying with MortgageKing® is free! There's no cost to see your mortgage recommendations or get approved. However, if you decide to move forward with your loan, there are costs involved – just like with any other lender. Things like the size and type of the loan, your credit score, and interest rates all play a role in determining how much you'll pay to borrow money. Each lender might explain costs and fees a little differently. That makes it hard to know which lender is offering the best deal. It's better to base your mortgage decision on a variety of factors – such as loan type and lender reputation – rather than just on fees.

If you want to estimate how much you'll need to bring to the closing table, it depends on whether you're buying or refinancing. If you're buying a home, plan to have at least 3% of the purchase price for a down payment and between 3% and 6% of the purchase price for closing costs. Check out our closing cost estimator to see what that could look like for you. If you're refinancing with MortgageKing, you might not need to pay out of pocket to close your loan. In many cases, we may automatically roll all your closing costs into your loan to make refinancing more affordable.

Your MortgageKing® application may have a minor effect on your credit score, lowering it by just a few points. Checking your credit is a necessary step for getting a mortgage. It allows us to show you real mortgage options and interest rates – and get you approved. You have a 45-day window in which multiple credit checks from mortgage lenders are recorded only once on your credit report. This is so you can shop around for a mortgage without your credit taking a big hit.

After you apply with MortgageKing® and get approved, MortgageKing will order an appraisal on your behalf, if it's required for your loan. By law, appraisers must be an independent third party not affiliated with you or your mortgage company. We don't have any say in the appraiser that's selected and don't own any appraisal companies. The appraisal you'll get with MortgageKing® is just like the appraisal you'd get when you apply with any other lender. A third-party appraiser will visit the home you're buying or refinancing to assess the property. From there, they'll compare your property against similar, recently sold homes in the area to come up with an opinion of value.

We service almost all our loans except for jumbo loans. For many clients, that means after you close your loan with us, you can keep using MortgageKing® to manage it. You can make payments, view your loan details, access important documents, and communicate with our servicing team all through your online account.