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Founded in 1985 in Detroit as Rock Financial, Quicken Loans is the largest online mortgage lender in the United States. The Quicken Loans family of partner companies includes Quicken Loans Mortgage Services, Rocket Mortgage, Rocket Homes, and One Reverse Mortgage. Loan production is generated from web centers in Detroit, Cleveland, and Phoenix.
Quicken Loans is known for its online loan application process in addition to pre-approval letters and other documentation in the home buying process. It works with community banks, credit unions, and brokers to provide mortgages while handling the entire loan process.
Rocket Homes launched a new website in September 2018 that aids consumers in searching for homes, connecting with real estate agents, and obtaining mortgage approval.
Quicken Loans provides a number of loan options that accommodate the first-time homebuyer as well as the seasoned homeowner, including fixed-rate mortgages, FHA loans, adjustable-rate mortgages (ARMs), Jumbo loans, and VA loans. The company allows for loan term customization anywhere from 8-30 years with its signature YOURgage loan option.
Quicken Loans has a loan qualifying process that allows home buyers to make an offer quickly and competitively. The steps include:
As of October 2018, 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 4.75 percent. This is competitive within the industry in the current housing climate.
All Quicken Loans mortgages have conditions and eligibility requirements. But some borrowers may have multiple options available to them. Quicken Loans offers:
In addition, Quicken Loans offers a "YOURgage" option in the form of flexible, custom loan terms between 8-30 years depending on the time frame you want.
Quicken Loans' website features 4 helpful calculators:
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.
Quicken Loans equips home buyers with lots of helpful resources, including a comprehensive home buyer's guide and refinance guide. The home buyers guide takes prospective borrowers through the following steps:
Perhaps most importantly, Quicken Loans provides several avenues for borrowers to get in touch with Customer Service representatives for questions relating to the home buying process. The company offers live chat and phone support, including the option to speak to an agent in Spanish. Bilingual resources indicate that a company is prepared to serve a diverse customer base.
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 the buyer money. 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.
Presumably, if interest rates were to dramatically plummet or skyrocket, the company would adjust its approval offers. All interest rates are based on the rates published on FreddieMac.com.
Borrowers should be aware that they won't qualify for each mortgage type.
Eligibility for the USDA loan, for example, requires a credit score of at least 620, a debt-to-income ratio of 50% or lower, and a household income that doesn't exceed 115% of the area median family income.
HARP loan eligibility requires a good history of keeping up with mortgage payments and the loan must be owned or backed by Freddie Mac. The loan must have closed on or before May 31, 2009, so homes bought in more recent years won't qualify.
The One Reverse Mortgage company is licensed in all 50 states but currently operates in 47 of those. Residents in Rhode Island, West Virginia, and Vermont cannot pursue a reverse mortgage through Quicken Loans.
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I have a high credit score and sufficient income, as they also confirmed in the beginning of the refi process. It took them 45 days to send me from one department/process to another, different people responsible for that process and so on. It boiled down to providing just two more documents, me paying off the car loan and my credit card. I did them both and send them the documents. They kept saying we need a document saying you have paid your balance on your credit card. I sent them 3 documents instead of one. Their intelligent underwriter department could not read or understand two simple bank documents saying I paid off, and neither the amount withdrawn from my checking to that CC bank. The last person in charge of the process was a complete idiot who did not know the process, and was constantly out of the office just giving lip service. I only found ONE person who was genuine, and that was Bob G who really tried to help the situation at times. Finally I got sick of them after 45 days of run around and went to a local bank. Main Street Bank in Fairfax, VA approved me in 3 days from the time I provided them basic documents and I was at the settlement 10 days later!! QL offers people good teaser rates to get you to sign up with them. They have NO intention of providing you a loan with that rate. This is all part of the show that would gather more applicants, so they can CLAIM that they have the highest number of loans/applicants in the country. Highest number of applicant to fill their quotas ??? Save yourself, find a better bank, possibly a local bank or other, and save yourself aggravation of dealing with incompetents and showmen !!! Al H., in Virginia
Best experience I've had with multiple lenders. Quick easy and they worked with me the entire way making the process easy! The loan products were simple and convenient and ultimately saved me a lot of money with my refinance.
This really was as easy as advertised. Not sure why everyone else makes it so complicated.
We have had our home loan with Quicken Loans for many years. They were great to work with when we refinanced. Having auto payments makes it easy to keep up with payments.
I was approved for a home loan through Quicken Loans. I sent my information in online and got a call right away and the gentlemen explained everything I needed to know and more. very helpfully
Did a recent refinance and the customer service rep was very helpful and informative. They kept me well informed through the process and were easy to get in touch with when I had questions.
Current home loan is with Quicken. Have been a customer for years. Great rate, easy paperwork process at origination. Great online tools to manage the account.
No problems. Decent rate. Easy auto pay with choice of paperless billing or not.
Best mortgage process, technology and team HANDS DOWN
My husband and I decided to go with Quicken Loans to help us refinance our home. Their customer service and support helped us figure out the numbers for our refinance and we were able to save thousands of dollars over the life of our loan.
Didn't really have a good experience with them with our mortgage. Its a good company but the interest rate was a little higher than where we are now.
Quick and easy streamlined process without the hassles of going into a bank to sign papers.
We recently used quicken loans for a jumbo home loan. Because it was a jumbo loan it took a long time to approve but they were great to work with and in the end it was worth it.
I have been very pleased with the service and ease of the online website associated with Quicken.
I have used Quicken Loans in the past and I am very impressed with their internet applications and easy to use application and approval.
I tried to use Quicken loans. It’s a good place to find your credit history and the basics on home loans. I only used to these guys for one of my mortgage loans and I will not use them in the future I like to have a local person sitting in front of me answering questions.
When I made an appointment with Quicken loans they had me in and out the door in 20 minutes with all my loans done and ready to go for school what a great effective company!
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.
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.
Efficient and professional throughout the finance process.
Quicken Loans did a re-fi for our loan and they were very efficient and their fees were low.
Fast service, But all transactions on the phone or computer , make it a little unpersonal
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.
Quicken Loans allows easy access to loans that are a breeze to pay off over time due to their low rate.
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!
Quick and easyprocess, great service reps who communicate clearly and in a timely fashion.
Excellent customer service, love how everything is digital and they are always so professional.
Great customer service working with them now to obtain a home loan excellent people
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.
The staff are professional with their customer service.
They told me I was prequalified for a 1500 loan and the. Told me at most 200
They have good products. Customer service is very good. Follow up is very good.
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.
Don't feel I got the value of my home, for the amount of cash I received on a reverse mortgage
Easy to deal with and got a mortage refinanced with no problems.
They are the best,they made it possible for me to keep my home.
If you don't use the company they need to remove or recend credit hit period
No hassles when we did a mortgage 15 yrs ago, no issues since
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
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.