Quicken Loans

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6.7

Overall Score

44 User Reviews

a month ago

Quicken Loans

Quicken Loans requires its borrowers to have a credit score of at least 620

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Founded in 1985 in Detroit, Michigan, Quicken Loans is the largest online mortgage retailer and the second-largest retail lender in the United States.

The Good

  • Competitive Interest Rates
  • Frequent Communication with Customers
  • Mobile App

Competitive Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Quicken Loans, the interest rate comes out to be 4.56 percent.

Frequent Communication with Customers

Quicken Loans understands that the home loan process can be confusing for some borrowers. Because of this, the company frequently communicates with its customers and provides them with updates about the status of their loan to ensure that they aren't left in the dark.

Mobile App

Quicken Loans offers a mobile app that is compatible with iOS and Android devices. Using this app, borrowers can manage their mortgage and access tools and resources on the go using their smartphone or tablet. Check Rates

The Bad

  • Closing Costs
  • Minimum Credit Score Requirement

Closing Costs

Quicken Loans charges closing costs of $2,500 to $5,000, which is slightly above average when compared to closing costs charged by other top home loan companies.

Minimum Credit Score Requirement

Quicken Loans has put a minimum credit score requirement of 620 in place for its borrowers, making it difficult for consumers with subpar credit to qualify for a loan.

The Bottom Line

Quicken Loans provides competitive interest rates, frequent customer communication, and a mobile app. However, the company charges relatively high closing costs and has a credit score requirement in place.

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User Reviews

3.7

44 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

Sort by:
James B nelson
July 23rd, 2018 Las Vegas, NV

I reached out to use them for my new mortgage. i thought their pricing was not the best. They wouldn't work with me at first because of an explainable issue from years ago, but they had their policy that they wouldn't work with me. Then when they were willing to work with me, their rate wasn't the best.

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L
July 6th, 2018 Gilbert, AZ DETAILS
Value for your money
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Company trustworthiness

We have always had a great experience with Quicken. They are quick and offer great rates on home loans. I have done at least 3 home loans or re-fi loans with them and they have been super fast and accurate.

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Jim Stewart
July 6th, 2018 Queen Creek, AZ

Efficient and professional throughout the finance process.

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Julie Martinez
July 6th, 2018 Mesa, AZ

Quicken Loans did a re-fi for our loan and they were very efficient and their fees were low.

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michelle l pierce
June 26th, 2018 Gilbert, AZ

Fast service, But all transactions on the phone or computer , make it a little unpersonal

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Alicia Holman
June 25th, 2018 Gilbert, AZ

Depending on the initial loan officer, the experience can be different. There are too many hands in one transaction and it gets confusing for the buyer. If the loan officer isn't on the ball, then the buyer doesn't understand who is their contact person.

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Taylor Siren
June 25th, 2018 Gilbert, AZ

Quicken Loans allows easy access to loans that are a breeze to pay off over time due to their low rate.

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Joanna Hester
June 5th, 2018 Gilbert, AZ DETAILS
Value for your money
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Loved how everything could be done over the phone! Saved me so much time and energy. Had a great mortgage adviser who answered all my questions and led me through the entire process. Will definitely use again!

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Michelle Devlin
June 4th, 2018 Portland, TN DETAILS
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Quick and easyprocess, great service reps who communicate clearly and in a timely fashion.

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John C.
May 25th, 2018 Riverton, UT DETAILS
Value for your money
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Excellent customer service, love how everything is digital and they are always so professional.

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Lynda Daluz
May 25th, 2018 Madison, WI DETAILS
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Great customer service working with them now to obtain a home loan excellent people

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william f mullen
May 23rd, 2018 Scottsdale, AZ DETAILS
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They are very deceitful company.They use Metro-West appraisals for your house.I looked into Metro-West appraisals,and they have horrible reviews.Everybody says they under appraise homes,then Quicken loans changes the whole contract.I have ex. credit(770 morgage rates8)I cancelled,because the appraisal came in approx.$50,000 below what is selling.I got another appraisal(that I pd. for)and it came in $48,000 more than Metro-West appraisal.There is something going on with both companies.

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Positive news.
May 2nd, 2018 Fremont, CA DETAILS
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The staff are professional with their customer service.

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Mari Vazquez
April 25th, 2018 DETAILS
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They told me I was prequalified for a 1500 loan and the. Told me at most 200

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Bob
April 25th, 2018 DETAILS
Value for your money
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They have good products. Customer service is very good. Follow up is very good.

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Karin Bauer
April 13th, 2018 Levittown, PA DETAILS
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They are a predatory lender! They will overappraise your house to approve a refinance you really can not afford, or to avoid a short sale. They will talk you into rolling your debts into a refinance which will end up costing more in the long run.

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Alene ford
February 21st, 2018 Irving, TX DETAILS
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Don't feel I got the value of my home, for the amount of cash I received on a reverse mortgage

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FlorenceBarrett
February 21st, 2018 Zeeland, MI DETAILS
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Easy to deal with and got a mortage refinanced with no problems.

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Merita Bell
February 21st, 2018 Atlanta, GA DETAILS
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They are the best,they made it possible for me to keep my home.

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Sheryl Imperi
February 12th, 2018 Willis, MI DETAILS
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If you don't use the company they need to remove or recend credit hit period

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Paul Feldan
February 12th, 2018 DETAILS
Value for your money
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No hassles when we did a mortgage 15 yrs ago, no issues since

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Michael C Finlay
January 26th, 2018 DETAILS
Value for your money
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Company trustworthiness

They have always had our best interest in mind, when they could do a better rate on a existing loan they contacted us with the offers

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Gary Williams
January 26th, 2018 DETAILS
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Quick and easy. We knew what we were looking for and their explanations were clear and good. Their online site kept us informed and made the process much easier than others.

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Joselito Rodriguez
January 22nd, 2018 DETAILS
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Great customer care service available at sll times

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David C Morrow
January 22nd, 2018 DETAILS
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outstanding and knowledgeable people and great Web site!!!

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Kenneth
January 22nd, 2018 DETAILS
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I have heard nothing but good about them....I have not used them personally.

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Cathy
January 15th, 2018 DETAILS
Value for your money
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They do what they say and are helpful if needed

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Zorba da Geek
January 15th, 2018 DETAILS
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Change in website takes me to refince only

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Patti N
January 15th, 2018 DETAILS
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They are eager to please. They are always looking for ways to save me money.

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Sylvia Horner
January 15th, 2018 DETAILS
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I have been able to re-fin at least twice now and it was a easy process. I am able to go online to see where my money is going.

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adrian irish
January 9th, 2018 DETAILS
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outstanding service and customer satisfaction

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Eileen Gunning
January 9th, 2018 DETAILS
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Mortgage was asigned quickly. Only problem was that I got a notice saying the mortgage was now held by Fanny Mae(?)

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Michael Jucius
January 9th, 2018 DETAILS
Value for your money
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They made the process painless and walked me through every step.

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Tom Doty
January 9th, 2018 DETAILS
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Easy, responsive, great service, link to Schwab

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Michael Henley
September 20th, 2017 San Jose, CA

This was the fourth time I have done a RE-Fi. I answered some questions on the initial 25 minute phone call and was approved. I emailed my 1040, Drivers license, 1099s. An appraisal was not needed. The notary came to my home for the closing. The entire Re-Fi took approximately 3.5 weeks. I still can not believe it was that simple.

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Joe Ammons
September 14th, 2017 Kent, WA

Easy to work with, offered many products

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Mitchell Tolbert
September 12th, 2017 Manor, TX

What a terrible, aweful. Ridiculous, unorganized, and disjointed company> ran me around for months, not getting anything accomplished. What a joke. I had five different people calling and none were helpful. I don't understand how they manage to do any actual loans.

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David Blakey
August 14th, 2017 Carlsbad, CA

Very quick response to questions and no undue amount of paperwork

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Sandra
June 2nd, 2017

I feel that I was scammed by Quicken Loans. I tried to resolve it through Consumer Finance.gov and through my credit card company Capital One. I had no success. I want to warn others to be careful before handing over $500 to Quicken Loans. Think twice. Don't let them pressure you with promises that seem to good to be true. Quicken CANNOT wave a magic wand and get you Loans that all the other companies can't.  Quicken Loans was apparently able to provide documents to satisfy the Consumer Finance agency and my credit card company that they were in the right when they scammed me out of a $500 deposit. Unfortunately, most of the Quicken practices that seem to me, in hindsight, highly unethical and reeking of scam, took place over the phone. Quicken quite conveniently lost all of those calls (but states "we record all of our calls"). Don't get taken by this company like I was. $500 is a lot of money to lose for most people. If you are inexperienced like I was with the mortgage/home equity/refinance process, don't hand over $500 to some fast talking Quicken representative. Remember that if it sounds too good to be true...Talk to other mortgage lenders first- talk to a lot of them. Most will give you honest answers on what you qualify for, for free. If the others can't get you a mortgage/refinance/home equity loan, don't believe for a second that handing Quicken $500 will open doors. That's nonsense. You don't have to hand over $500 to apply for refinance etc. with most companies. Quicken will tell you that your $500 is an investment that will be returned to you. They vaguely allude to being able to do things other lenders can't. Baloney. Don't get sucked in. I came out of my experience with Quicken feeling like "a fool and his money are soon parted". Best I can hope to do is help someone else not to make the same mistake, and try to turn this horrible experience into something positive for others

Helpful?
Kevin
December 29th, 2016 Hilo, HI

AVOID QUICKEN LOAN. Working with Quicken on a VA refinance loan was a terrible experience for me. I initially contacted them on or about Aug 1. On 26 Aug I sent them a letter, at their request, explaining my intentions. Based on the letter and my proof of service, they informed me that I was eligible. I proceeded, at their direction, with the actions required by the VA -appraisal, the pest inspection, well water test & treatment. All together about $1000 out of my pocket. On Dec 18, after I had done everything they asked & after Quicken had received all the necessary documents to close, they informed me that I was ineligible for the loan. Long story short, they agreed to refund the cost of the appraisal only. Meaning I wasted $600 to accomplish what they told me to accomplish. AVOID QUICKEN LOAN.

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