What Are the Points to Compare Quicken Loans vs Wells Fargo Loans?
In this post, we are going to compare and contrast the loans and other borrowing products offered by two well-known financial institutions, Wells Fargo and Quicken Loans.
Wells Fargo is an American bank that provides its customers with banking products, lending products and insurance products. Wells Fargo is a company that has branches in almost every state in the country but Hawaii, Oklahoma, Mississippi, Missouri, Kentucky, West Virginia, Vermont, New Hampshire, Maine, Massachusetts and Rhode Island. There are hundreds of branches and ATMs located in the east, west, north and south areas of the country. You can search for branches on the website with your zip code or city and state or by clicking on your state on the interactive map that is also in the website www.wellsfargo.com. Wells Fargo has been operating in the United States for many years and has managed to develop a high quality staff that is exclusively trained to provide customers with the best services.
If you want to contact their customer service line, you should dial out the number 1 877 590 7776.
Wells Fargo offers three different lines of products: products for individuals, products for small businesses and commercial products.
Among the lending products for individuals offered by Wells Fargo, we can find:
> Personal Loans and Lines of Credit : Personal loans and lines of credit are the type on loans any individual can have access to. Personal loans and lines of credit can be secured or unsecured, which means more people are eligible. These loans have low interest rates and fewer eligibility requirements. Personal loans are meant to provide customers with the extra cash they need right away. These personal lending products can give you between $3,000 and $100,000, depending on your credit eligibility. Some of these personal loans have no maintenance fees and their annual fees are sometimes as low as $25.
> Auto Loan: With the auto loan, you can have access to a new or second-hand vehicle. Wells Fargo can grant you funds that will cover for up to 90% of the vehicle value and you will then repay that money in really comfortable terms with a really good interest rate and comfortable monthly payments. You can also apply for an auto loan if you are willing to refinance your auto loan and save up some money on rates. These auto loans are not only available for cars but also for recreational vehicles, motorcycles and sports vehicles, among many others.
>Home Loans or Mortgages: Wells Fargo has great options when it comes to purchasing a new home or refinancing your current mortgage. There are special programs from the Federal Housing Authority and the Veterans Authority that have really good interest rates and excellent terms. Mortgages and home loans have more strict eligibility requirements and not so many clients can obtain them.
>Home Equity Loans and lines of credit: With the home equity products from Wells Fargo, you can take advantage of your home equity and use it as collateral to secure a loan or a line of credit with a low interest rate and low monthly payments. These home equity products can even help you improve your credit score.
>Student Loans: Wells Fargo is also one of the few banks that do not forget about students. Wells Fargo has a financial education area where graduate and post graduate students can apply for student loans, alone or with a co-applicant. The application process is really simple and students can start paying back the money once they graduate and find a job.
Quicken Loans is a financial institution with more than 30 years of experience in the market. Quicken Loans specializes in home loans, generally called mortgages.
Some of the options offered by Quicken Loans are the following ones:
> Adjustable Rate Mortgage: With this loan you will have a fixed interest rate for the first 5 to 7 years of the term of your mortgage.
>YOURgage: With this program, you can choose a term of 8 to 30 years and repay it with a fixed interest rate and low monthly payments.
>FHA Loans: With the Federal Housing Authority Loans, you can easily be eligible for a loan to purchase your first home or refinance your mortgage. This is one of the most flexible loans offered by Quicken Loans.
>30-year Fixed Mortgage: This mortgage has a fixed rate for 30 years and a really low payment for those 30 years as well. This one of the most popular loans at Quicken Loans.
>VA Loan: This loan is a program specially designed for the military and their families to purchase or refinance their own homes. These loans do not require any down payment.
>15-year Fixed Mortgage : With the 15-year Mortgage, you will enjoy a low-rate mortgage with low monthly payments during the whole term of the loan.
>Jumbo Loans: These loans can help customers obtain higher loan amounts. With the jumbo loan, customers can apply for loans of between $417,000 and $3,000,000 in terms of 15 to 30 years. Some FHA jumbo loans are also available in some states.
>FHA Streamline: The FHA Streamline program is a special program to help customers refinance their loan at really low rates and with fewer eligibility requirements.
>Reverse Mortgage: With the reverse mortgage, people who are 62 or older can get rid of their monthly mortgage payments and obtain the cash that they need.
As you can see, both companies offer a wide variety of financial products. However, we could say Wells Fargo caters for the different needs of its customers by offering personal loans, auto loans, mortgages, and many other borrowing products. In contrast, Quicken Loans only offers home loans or mortgages and it does not take into account the needs of many other customers who also need to borrow money for other purposes line paying off debts, paying for college fees, purchasing vehicles or property or even for those who want to go on holidays.