Quicken Loans

• Nationwide Service
• Online Convenience
• Streamlined Approval and Loan Process
• Quicken Loans Good-Faith Deposit
• PMI Advantage Program
• Variety of Mortgage Loan Types
• Financial Calculators
• Up-to-Date Mortgage Rates
• Mortgage Education Tools

Nationwide Service

Quicken Loans' mortgage products and services are available in all 50 states.

Online Convenience

Quicken Loans offers a convenient, online application process through Rocket Mortgage. In addition to a streamlined application process that syncs with your bank to give you the most accurate numbers, as well as a quick approval process, Rocket Mortgage offers home search service through its sister company, Rocket Homes®.

In addition, you can quickly search and be put in contact with a mortgage broker near you, if needed.

Streamlined Approval and Loan Process

Quicken Loans has a loan approval process that allows homebuyers to make an offer on a home quickly and competitively after submitting an application.

• Prequalified Approval — Quicken Loans checks your credit. Based on that information, the company gives you and your real estate agent a prequalified approval letter showing how much you can borrow so you know how much home you can afford.
• Verified Approval —  A Home Loan Expert checks your credit report history, verifies income and assets, and grants you a Verified Approval Letter within 24 hours of receiving all the required documents. This letter can give you a competitive edge in putting an offer on a house, since you are providing written proof that your finances are secure. If, for whatever reason, you don't close based on the company's review, Quicken Loans will pay you $1,000.
• RateShield℠ Approval — This guarantee locks your qualifying interest rate for up to 90 days. The RateShieldSM Approval is available for a 30-year fixed-rate conventional loan, an FHA loan, or a VA loan. If rates go up, your rate stays the same. If rates go down, your rate drops. Either way, you win.

It should be noted that Quicken Loans reserves the right to cancel the RateShield Approval offer at any time and the RateShield Approval is not a commitment to lend applicants money.

The Quicken Loans' $1,000 Verified Approval guarantee only counts if your eligibility in the program does not change and the mortgage loan doesn't close and this offer does not apply to new purchase loans submitted through a mortgage broker.

If a loan fails to close for a reason outside of the company's control or you no longer want the loan, your participation in Verified Approval is discontinued.

Quicken Loans Good-Faith Deposit

Quicken Loans' mortgage process is enhanced by its deposit program. The deposit amount varies between $400 and $750 and can be paid using a credit card, debit card, or prepaid Visa or MasterCard gift card and covers all lender fees associated with:

• Pulling your credit report (to obtain a credit history from credit union sources)
• Ordering an appraisal (hiring an independent, unbiased appraiser to determine the value of your home)
• Processing your loan (reviewing and underwriting documentation, contacting insurance and title companies, and other potential costs to third parties)

Quicken Loans is transparent about exactly where the deposit money is going, especially in an industry where some lenders have taken advantage of borrowers by overcharging for the appraisal. And when you close on your home, all of your deposit money is credited to your total closing costs.

PMI Advantage Program

If you make a down payment less than 20 percent you will likely be required to pay private mortgage insurance (PMI) - a fee added to your monthly payment, potentially adding hundreds of dollars to your current payment amount. Most people can't afford to pay 20 percent down on a home purchase, so PMI is a common fee that many homeowners pay.

To help you reduce or eliminate your PMI payments, Quicken loans provides options to do so through its PMI Advantage Program. There are two options available:

• Your interest rate will be raised slightly to cover the cost of PMI
• Choose to pay your PMI as a one-time payment at closing

While these options don't necessarily remove your responsibility to pay PMI, they can help you reduce your monthly mortgage payment and save you money in the long run.

Variety of Mortgage Loan Types

All Quicken Loans mortgages have conditions and eligibility requirements. But some borrowers may have multiple options available to them. Quicken Loans offers the following loan types:

• Fixed-Rate Mortgage Loan — The monthly payment on these loans won't change. The interest rate stays the same for the life of the loan, so the payment only changes if taxes or insurance premiums do. These loans are available in terms from 8 to 30 years through Quicken Loans' exclusive YOURgage product. The benefit of a fixed-rate loan is predictability over the long term.
• Adjustable-Rate Mortgage (ARM) Loan — These loans offer a lower rate at the start of the term. The most popular options have either a 5-, 7-, or 10-year initial fixed-rate period. ARMs are a good option if you plan to sell your house or refinance before the initial fixed-rate period ends, although the homebuyer is qualified by considering the highest the payment could ever go, to make sure they can always afford the payment. There is also a limit to how much the interest rate can change each time it adjusts.
• FHA Loan — The Federal Housing Administration backs loans with a down payment as low as 3.5%, and homebuyers can often roll closing costs into the loan. Borrowers who have lower credit scores or have experienced financial difficulties can often qualify for FHA-backed loans. And if you already have an FHA loan, you can refinance for a lower interest rate with FHA Streamline.
• VA Loan — VA stands for the Department of Veterans Affairs. Veterans, service members, and spouses can qualify for VA loans with a lower credit score and more debt compared to that of conventional loans. Most don't require an origination fee or down payment, and they often have lower interest rates. In addition to new purchase VA loans, Quicken Loans offers VA Streamline refinances and VA cash-out refinances.
• Jumbo Loan — These products offer loans between $453,101 and $3 million, whereas conventional mortgages have a lower loan limit.

Financial Calculators

The Quicken Loans website features four helpful calculators:

• Mortgage Calculator — Calculate monthly mortgage payments on the calculator based on today's rates
• Affordability Calculator — Calculate how much home you can afford based on your income and debt
• Amortization Calculator — See how your loan breaks down over time and how you can save money on interest by making extra payments
• Refinance Calculator — Calculate your new monthly mortgage payment if you refinance

These tools are also accessible on the Rocket Mortgage app via the Apple store and Google Play. Using the app, compatible with iOS and Android devices, users can manage their mortgage and access the above tools and other resources on the go.

Up-to-Date Mortgage Rates

The Quicken Loans website displays daily updated mortgage rates, as well as a trend graph, displaying rate trends from as little as one week up to one year.

Since mortgage rates change daily and even hourly based on the market, prospective buyers can appreciate access to today's mortgage rate and APR information from Quicken Loans. Keep in mind that interest rates also vary based on each borrower's overall financial situation: FICO score, income, assets, the mortgage product type, loan-to-value ratio (LTV), and points due at closing.

Mortgage Education Tools

Quicken Loans equips first-time homebuyers with many helpful resources, including a comprehensive homebuyer's guide and refinance guide. The homebuyer's guide takes prospective borrowers through the following steps:

• Preparing to buy a home
• Exploring mortgage options
• Getting approved
• Working with an agent
• Finding a home
• How to make an offer
• Preparing to close
• Closing on your home
• Managing your mortgage

• No USDA Loans
• No Construction Loans
• No Home Equity Lines of Credit (HELOCs)
• Quicken Loans Reviews

No USDA Loans

While Quicken Loans does offer a wide variety of mortgage loan options, including government-backed FHA and VA loans, it does not offer USDA loans. 

A USDA loan is made available by the U.S. Department of Agriculture, and is a zero down payment mortgage option for those interested in purchasing a rural property. In addition, USDA loans may accept lower credit scores than conventional mortgage loans.

No Construction Loans

While the lender does have several mortgage options, you can't get a construction loan through Rocket Mortgage, nor can you finance a mobile or manufactured home.

No Home Equity Lines of Credit (HELOCs)

Quicken Loans does not offer a Home Equity Line of Credit (HELOC) option, a secured form of credit through which a lender agrees to lend a certain amount secured by a borrower's home equity. 

HELOCs can be a good way to access extra cash to make home improvements, in turn increasing the value of your home. But, this form of credit can also be hazardous, as it can be easy to access more cash than you're able to pay back at a certain time.

Quicken Loans Reviews

Quicken Loans mortgage reviews are average in comparison to other top lenders, and vary widely in star rating — approximately half of customers award the company 5 stars, while the other half awards it only 1 star.

The most common glowing Quicken Loans mortgage reviews mention affordable rates, efficiency, and great customer service. On the other hand, the most common Quicken Loans Complaints are due to poor communication, organization, and transparency.

Due to the mixed reviews, make sure to read both the 1-star and 5-star Quicken Loans reviews below so that you can have a more complete picture of how the company interacts with its customers.