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The majority of the Quicken Loans reviews describe what a prospective borrower looks for in a lender: a quick, easy mortgage application process, fair loan terms, and competitive mortgage rates, especially with refinancing. Overall, with a proactive loan officer, first-time buyers and experienced buyers can expect a positive experience while pursuing an online mortgage with Rocket Mortgage.
A bit about the company's background and lending services:
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. 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 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.
Quicken Loans provides a number of loan options that accommodate the first-time homebuyer as well as the seasoned homeowner switching homes or purchasing an additional property, including
The company allows for loan term customization anywhere from 8-30 years with its signature YOURgage loan option, which isn't an option with all lenders.
Quicken Loans has a loan qualifying process that allows home buyers to make an offer quickly and competitively. The steps include:
One aspect of the loan process is the Quicken Loans good-faith deposit, which is the company's way of streamlining the loan process as soon as you begin. The deposit amount varies between $400-750 and can be paid using a credit card, debit card, or prepaid Visa or MasterCard gift card and covers all lender fees associated with:
We like that 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.
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.
Another aspect we like about the Quicken Loans website is that it displays today's mortgage rates. 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. Keep in mind that rates also vary based on each borrower's financial situation, the mortgage product type, LTV (loan-to-value ratio), insurance premiums, taxes, and points due at closing.
In general, an adjustable-rate mortgage will give you a lower rate and is a good option if you plan to sell or refinance before the end of the initial fixed-rate period.
Quicken Loans equips first-time 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.
To access account details, each Rocket Mortgage client can log in with a personalized Rocket Account (formerly MyQL account) on the Rocket Mortgage website or via the Rocket Mortgage mobile app for Apple or Android devices.
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 every mortgage type since eligibility depends on minimum credit score, DTI (debt-to-income ratio), and other financial considerations.
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.
VA Loans, of course, are dependent upon the military or veteran status of the borrower.
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.
The One Reverse Mortgage company is licensed in all 50 states and 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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Fasted mortgage I have ever obtained! The process was even faster than advertised and the fees were minimal. Anyone looking for a mortgage should look into Quicken Loans!
Quicken Loans advertises as being the fast and easy way to get a mortgage. We found that to not be the case. It was hard dealing with them in submitting paperwork and needed documents. When I just wanted to sit down face to face with someone, that wasn't an option.
The loan process was easy and efficient. They call a few times a year to bring me up to date on current loans and specials.
A few years ago while living in Las Vegas we did a home refinance through Quicken Loans and were very surprised at how easily the process went. The rate was excellent for our given situation. The customer service for our was always a pleasant experience and questions were always quickly met and the wait time of phone calls was always short. We were once 5 days late on our payment and they were really good to work with. I would highly recommend getting your home refinanced through Quicken Loans.
We did a refinance with Rocket Mortgage and Quicken Loans several years back. The process was completely online. It was simple, elegant and smooth. We locked in at a great rate and have been satisfied with the way we have been treated as customers since. They do many little things well and have created an very satisfying customer experience for us. Would recommend.
I have used Quicken Loans twice to refinance. They have the shortest time for approval I have ever had and the least amount of paperwork!
Tried refinancing though Quicken loans and stuck out due to a mayjor miscommunication. When it was all said and done though they made everything right. Would recommend them to anyone
Excellent. Always repond to concerns immediately.
Nothing they did well. They had me jump through a lot of hoops, email them a lot of documents. I was trying to refinance my house to get the payments lower because I was going to retire. My house payments were $794/mo The final deal was to borrow $75000 and get a $16000 payout, ok I didnt really need that much but that was the best they could do. My payments would be $680/mo for 15yrs. I had to go to my bank for yet another document they wanted me to send them so I asked one of the people in an office for it and told her why I needed it. She asked me if I had ever thought of them to refinance my house, I hadn't so I sat down and told her the deal Quicken loans made me and to see what the bank go do for me. She figured out that quicken was charging me $6000 just in closing costs! Regions Bank didnt charge me any closing costs and I only had to borrow $52000 bringing my house payments down to $411/mo for 15 yrs. with a cash out of $10,000. Much better, quicker and a lot less hassle. Rocket mortgage/Quicken, same company, is Not Quick, they make you jump through too many hoops, has hidden costs and a lot of hassle. They dont like taking no for an answer. He wanted me to send him the deal the bank gave me, I didnt and I will never do any business with them and I will warn my friends against them.
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.
No problems. Decent rate. Easy auto pay with choice of paperless billing or not.
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.
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.
No hassles when we did a mortgage 15 yrs ago, no issues since
If you don't use the company they need to remove or recend credit hit period
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.
Great customer care service available at sll times