Quicken Loans Improves Online Mortgage Process With Relaunch Of Website

Livonia, Mich. – Aug. 26, 2004 – Quicken Loans, the leading online mortgage lender and the 17th largest retail mortgage lender in the country, has relaunched its award winning Web site, giving consumers more tools and greater functionality to explore their mortgage options and apply for a loan online. New tools in the Quicken Loans Power Buyer Home Purchase Center teach consumers how to negotiate with a seller, make the right offer and find the mortgage that best fits their personal situation. Consumers can read an assortment of helpful articles, download a free homebuyer’s guide and access a variety of mortgage calculators.

“Quicken Loans’ interactive Mortgage Payment Quote calculator, for example, allows buyers to compare mortgage payments on several different loan programs based upon the value of the home they expect to purchase and their down payment amount,” said Bryan Stapp, Vice President of Marketing at Quicken Loans. “We’re very excited about the new tools at QuickenLoans.com and we’re raising awareness with new television and radio advertising campaigns that coincide with the relaunch.”

Quicken Loans has updated EquityOnline!, its industry leading online home equity line of credit program by raising the amount of equity homeowners can draw upon to $250,000. Clients can apply for their loan online and a proprietary online underwriting system allows EquityOnline! users to get approved and schedule their closing within 10 minutes or less.

Quicken Loans also has implemented Macromedia’s Flash technology on its updated Web site to provide consumers with more detailed loan information during the online application process. For example, consumers who want to learn about an interest-only loan can view a visual presentation that explains the advantages of interest-only loans by comparing the monthly mortgage payment on this type of loan to the payment on a traditional 30-year fixed rate mortgage. Consumers are able to see how they can lower their monthly mortgage payment, how much their payment reduction will add up to over time, and they can even apply for a loan while watching the Flash presentation.

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