Quicken Loans

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6.2

Overall Score

37 User Reviews

16 days 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 4.13 percent, which is competitive within the industry.

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

3.6

37 Reviews

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Sort by:
Joanna Hester
June 5th, 2018 Gilbert, AZ DETAILS
Value for your money
Quality of product or service
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

The staff are professional with their customer service.

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Mari Vazquez
April 25th, 2018 DETAILS
Value for your money
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Company trustworthiness

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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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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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
Value for your money
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Company trustworthiness

Easy to deal with and got a mortage refinanced with no problems.

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Merita Bell
February 21st, 2018 Atlanta, GA DETAILS
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

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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Company trustworthiness

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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

Great customer care service available at sll times

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David C Morrow
January 22nd, 2018 DETAILS
Value for your money
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Company trustworthiness

outstanding and knowledgeable people and great Web site!!!

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Kenneth
January 22nd, 2018 DETAILS
Value for your money
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Company trustworthiness

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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Company trustworthiness

They do what they say and are helpful if needed

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Zorba da Geek
January 15th, 2018 DETAILS
Value for your money
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Company trustworthiness

Change in website takes me to refince only

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Patti N
January 15th, 2018 DETAILS
Value for your money
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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
Value for your money
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Company trustworthiness

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
Value for your money
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Company trustworthiness

outstanding service and customer satisfaction

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Eileen Gunning
January 9th, 2018 DETAILS
Value for your money
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Company trustworthiness

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
Quality of product or service
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Company trustworthiness

They made the process painless and walked me through every step.

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Tom Doty
January 9th, 2018 DETAILS
Value for your money
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Customer service
Company trustworthiness

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

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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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Dale Jackson
July 5th, 2016 Los Angeles, CA

Quicken loans i have had the worst customer srrvice, 3 months and I have a 775 credit score, and have had 5 people that do not know what they are doing.......very bad customer service.

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Kimberly Huebner
March 14th, 2016 Saint Louis, MO

Quicken loans will LIE AND STEAL YOUR MONEY! Had a very bad loan process with them, was told everything was good to go had pre-appoval letter before i ever began finding a home. Then a little over a week before close they said no. I am out the cost of all the inspections and they charged me $500 for a appraisal I told them to not do unless it was guaranteed to close. I was charged the fee. They lied and said it would not be done until then. Everything is supposed to be recorded but was called from and I returned my calls to my contacts personal cell phone. Guess what they don't record those. So I was charged and never even received the appraisal. I am out 1200.00 for a home I wasn't able to close on. I feel robbed!

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Janice
June 22nd, 2015 Cumming, GA

This experience with Ql was very easy and all that handled my loan process was very professional and exceptional with customer service everything was handled and it was all done in 30 days. Very happy with the experience and would do it again

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Camille Noonan
June 18th, 2015

We were contacted on the computer per a request for mortgage rates. We picked them with reluctance since we have had a past negative experience. We sent them all requested paperwork-as we were/are looking to build and sell a home. We thought all was ok-even had the support letter. One day the Representative calls us-everything seems ok-he said nothing. Then we receive a letter that they cannot provide service at this time. Threw us for a loop. No way to run a company-very unprofessional-could not get through to the Rep again-called and told the same as the letter. I would never Recommend them to anyone-should have listened to my instincts!!!

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