Founded in 1985 in Detroit as Rock Financial, Quicken Loans is the largest mortgage lender in the United States1. Quicken Loans includes Rocket Mortgage®, the fully online mortgage process, as well as Quicken Loans Mortgage Services, which partners with mortgage brokers and regional banks. Loan production is generated from web centers in Detroit, Cleveland, and Phoenix.
The majority of positive 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. However, make sure to browse over Quicken Loans negative reviews as well — Quicken Loans has slightly more complaints compared to other top mortgage lenders.
Overall, with a proactive Home Loan Expert, first-time buyers and experienced buyers can expect a positive consumer experience while pursuing an online mortgage with Rocket Mortgage®.
Quicken Loans is known for its online loan application process and its Verified ApprovalSM, which can be as strong as a cash offer.
Quicken Loans provides a number of loan options that accommodate first-time and seasoned home buyers, as well as those looking to refinance, including:
The company allows for loan term customization of anywhere from 8 – 30 years with its signature YOURgage loan option, which isn't an option with all mortgage lenders.
Quicken Loans has a loan approval process that allows homebuyers to make an offer quickly and competitively shortly after submitting an application. 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 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:
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:
The Quicken Loans website features four 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 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.
Quicken Loans equips first-time homebuyers with lots of helpful resources, including a comprehensive homebuyer's guide and refinance guide. The homebuyer's guide takes prospective borrowers through the following steps:
Perhaps most importantly, Quicken Loans provides several avenues for borrowers to get in touch with client service representatives for questions relating to the home buying process. The company offers live chat and phone support, including the option to speak to a mortgage banker 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 on the Rocket Mortgage® website or via the Rocket Mortgage® mobile app for Apple and Android devices.
It should be noted that Quicken Loans reserves the right to cancel the RateShieldSM Approval offer at any time and the RateShieldSM Approval is not a commitment to lend applicants money. The Quicken Loans' $1,000 Verified ApprovalSM 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 ApprovalSM is discontinued.
Borrowers should be aware that they won't qualify for every mortgage type since eligibility depends on minimum credit score, debt-to-income ratio (DTI), 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.
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.
Quicken Loans reviews are average and a bit all over the place. Out of all the Quicken Loans reviews it only has 5-star reviews form less than half of it's customers, but it doesn't have a majority of negative reviews either. Instead you will find a mix of people who are very satisfied with their experience as well as those who express a lot of complaints.
The most common glowing Quicken Loans reviews mention affordable rates, efficiency, and great . On the other hand, the most common 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 interacts with its customers.
Call our recommended rep over at Quicken Loans below.
Stay away from QuickenLoan becausr price gouging with over charging the closing cost without informing you in the beginning. The banker made everything looked perfect by manipulating the numbers. He rest assure all the cost after running my score and all of a sudden at the time of signature i figured that he hid $12,000.- cost. Waste of time, no integrity and misleading information. Watch out, go to other lender. This co. Is not trustworthy.
Not pushy. Take great care of Veterans and our family, and take care of a lot of fees. Great rates. They are all very courteous. Excellent communicators. They are the best and won't sell your loan to another company.
I was shopping for an opportunity to refinance...Quicken was one of the companies that I was exploring....the first conversation I had with a Senior Loan Officer who quoted me closing costs of about 4K...for me that was a competitvie number...so I gave them permission to get my credit report and begin the process...then I found the rep to be difficult to reach, hmmm, when he finally called me back this afternoon he told me that he did not good news for me, despite the reported news that Quicken was going to waive the points...he then stated to me that my closing fees would be north of 10,000! I said what? Tell me how that can be when you quoted me 4K and you're waiving the points...his response was....well we have a 1% funding fee of 1% so thats $5K and so on so forth. I said but you quoted me 4K and now you're telling me that your funding fee is $5K? How could you quote me only $4K in our original conversation....obviously he didn't have an answer and the more I pressed the less he could say. WHAT A WATE, WHAT A BAIT AND SWITCH. NEVER AGAIN QUICKEN! 03/18/2020
Worst company I ever dealt with . Stay away from them . Constantly congratulating you but approval is never forthcoming. I walked away from them on my own . Their rating is a minus 10 .
Fast refi service
So I see that mortgage rates are going down so I decided to start doing my research and determine if it makes financial sense for me. So I call Quicken Loans to start my research. I quickly get an agent on the phone. I told him that I am considering a refinance. I asked what kind of rates are available. Right away, this agent turned me off with his response. He sounded exasperated and said. You know you are lucky to get someone on the phone today. We are so busy. I am only interested in talking to people who want to submit an application. I am not going to quote rates to you. This lack of customer service and professionalism angered me so much that I simply said. Okay bye. And I hung up the phone. The nerve of this guy. Expecting me to go from....maybe I should look at this now, straight to....sign me up to refinance my mortgage without any research! Rude, curt, unprofessional! I don’t do business with this type of individual or company who tolerates that level of service.
I was very disappointed in the service. High pressure to sign the loan
They are very helpful personable and will help the clients thought any situation
pretty good, but they need to be more up front with the forms and information they need to collect all at the same time, instead of every couple days wanting something else.. It gets to the point of frustration and the thought of pulling the plug on the loan..
Excellent Experience. Love they way they use automation to accommodate busy schedules.
Good customer service
The best part of Quicken Loans is that they don't sell your loan once it is closed and they proactively reach out when there is a better rate available.
J e s
If you are expecting to have a easy process, you are wrong. My daughter has been in the process for 1+ month, they have asked for documents that are literally illegal to have banks sign and stamp bank statements etc etc. They always have some reason why the document they requested isn't good enough such as "it's not big enough, it needs to be darker, you will need to enlarge and make it darker, we need your bank to stamp and sign your bank statement, oh we dont need that anymore,!! She has JUMPED THRU FIRE HOOPS for every ridiculous document that pertains NOTHING to her APPROVED mortgage! So if you want to get a Mortgage buy a home, go through your bank!! They are absolutely asking for document that have nothing to do with your mortgage. And when you send the document they are requesting its NEVER GOOD ENOUGH!! Dont get so stressed out when getting a mortgage that you are crying daily because company's like this!!
They are the absolute worst financial institution I have ever dealt with. Disorganized, unprofessional and dishonest. They hired an appraiser for my new construction build and provided him with the initial contract price rather than the list price (with nearly 100K of upgrades). The appraiser 'fixed' the value to the inaccurate lower contract price due to this clerical error (yes, he was definitely shady and illegal) and refused to correct the error despite the builder providing more than adequate comparable properties to him. Quicken Loans refused to acknowledge that they caused this clerical error and decided to keep my $500 deposit without making any reasonable attempt to rectify the false appraisal. As such, I could not close and had to start over with another lender. I immediately filed a complaint with my respective State Office of Commerce, who is now handling the issue. I encourage everyone who is scammed by Quicken Loans to file a complaint with their state agency as their fraudulent behavior is unacceptable.
Very good company fair and always willing to help!
pretty good response quick and done without hassels
We like them. Quicker in closing refinance loans. Need to offer no or low cost refinancing.
Stop calling emailing and sending mail after you decide not to use them
At first it seemed Quicken would work out well, but when I found I could get an owner-carryback, the pressure started. Their million dollar sellers are a real pain and profit driven
Make promises that are not true, lead you to false Hope's on obtaining a mortgage
I have received, and still do hundreds of calls from this company over the last 18 months over a re-finance of my home. I passed on doing the refi; But "They" continue the calls. I have blocked about 10 ph numbers, yet they keep using a different number; I just don't answer the phone if the caller does not have caller ID. They are an absolute nuisance
They are merciless when it comes to annoying calls. They blow my work phone and my mobile phone up even though I tell them I'm not interested in refinancing. DO NOT GO ON THEIR WEBSITE and leave your email address or your phone number, they will not leave you alone, even after I've politely asked them a number of times to stop calling , however they choose to ignore my request. BTW I am a current customer of Quicken Loand
Excellent rates and customer service. They keep you appraised at each and every strp
I provided documentation to Quicken towards the beginning of my loan experience. My loan officer told me repeatedly for almost an entire month that my loan looked good and there were no issues. I paid $500 for an appraisal (after credit explanations I provided) and spent precious time and money only to be told a month later that my loan was being denied because of a late payment that I was legally not responsible for. Quicken refused to accept my documentation and further failed to do their due diligence to further prove that I was not responsible for the credit account. Instead they blamed me for them not ordering a credit supplement early in the process to make sure there was no issues with this. My loan officer went MIA through the rest of the process. At this point, I was no longer an asset to her. By the way, I am a mortgage underwriter with my company and fully know that they underwrote this incorrectly. Legally, I am NOT responsible for the payments they were questioning. Now I am out $500 which they refuse to refund or admit responsibility for not notifying me early on of any issues. Also, when I tried to dispute the decision by the representative regarding my money, she proceeded to raise her voice over mine and would not let me speak. I finally had to raise my voice, reminding her that I was speaking and I was the customer. Very poor customer service. I always thought Quicken was one of the best--now I realize they are just out to get money and are like any other company out there that is just trying to make numbers. I will never use Quicken for any reason, mortgage or otherwise, and will never recommend them to anyone.
Dealing with Quicken Loans reminds me of the expression that ". . . in the desert, the voice of God and the devil are barely indistinguishable". Their tactics are seemingly very friendly and concerned and helpful but only mask the bulldozer tactics that quickly get you to lock in a loan the for the maximum amount and highest interest rate leaving little time to really think through the process. It's a similar approach as taken by car salesman. It is only an impression of helping. I've been through the process twice and again recently after making an innocent inquiry into lowering my interest rate. This inquiry resulted in my credit score being decreased by 20 points. Then a different loan officer calls and interrogates me about my expenses and then I was sent a mortgage application which I did not initiate. I will not deal with Quicken in the future.
We called to get a quote for a home loan, the representative would not give us a quote unless we signed a contract saying we'd use them. Were not going to agree to something we cant see. Low and behold we did not use this company because they couldn't provide a quote.
Both loan officers Dylan and Gino did not know their own company guidelines and strung us along for weeks clearing stips for a loan that was never going to happen. Now we are losing our home purchase because they wasted the time that was allowed in our contract to get a mortgage commitment.
Let me tell you something quicken loan is the worst mortgage company in USA there customer service is awful ,be careful when you deal with them, there are very sneaky , run.run.run from this company
I was refinancing my existing mortgage with Quicken but experienced a 2.5 month waiting period, awful communication, constant follow up and overall awful customer service. Spoke to over 10 people in the course of 2 months. They don't have their stuff together and ended up going elsewhere. Never again.
This company is absolutely horrible! please save yourself the trouble and go somewhere else. Anywhere else. *For context, we bought our house through them one year ago and are currently in the process of refinancing* Writing everything this company has done so far would take a novel. We have been lied to, deceived, and put on the back burner. For starters, they let our initial loan's insurance lapse. They never paid it when it was supposed to be in escrow. Their excuse was that they didn't have the company's correct mailing address. On top of that, they're trying to punish us for their mistake; they're trying to fine us for lapsing. They never even brought this to our attention. If we hadn't started the refinancing process, we would have never known that this was going on. Now on to more current issues... They claim that you're supposed to close on your refinancing loan within 28 days of starting the process... We are now on day 100 and still have no hope of setting a closing date anytime soon. None of this is our fault. Everything that they have needed, we have gotten to them within minutes of them asking for it. It takes them 3 to 5 days to "review" anything when they publicly claim that it only takes one business day at most . They also waited until we were about to close to call us and tell us that our entire loan had to change because they messed up in the beginning of the whole process.. that set us back an entire month. They never get back to us, they never answer our messages and our last phone call was very unprofessional . My husband actually had to hang up on them. My parents were able to refinance through a traditional Bank 10 times faster than this company ever could. Please save yourself the trouble and go somewhere else. I would have given them zero Stars if that were an option.
For the past two weeks, we have made multiple to attempts to close our loan application with Quicken due to a handful of odd communications between AMROCK, their closing firm, and our realtors. All realtors involved suggested we switch to another lender immediately which we have been trying to do for two weeks to no avail. When you have a problem with Quicken, the person assigned to your account just gives up and sends you to a 1-800 number in Detroit. We spoke with someone who promised us it would be handled within 24-48 hrs. Two weeks later, I just received a message from someone else saying "We have been trying to reach you, if you dont get back to us tonight we will be withdrawing your account and youll have to apply again." No one contacted us and we are being threatened with the exact thing we asked them to do. This has been unprofessional and nauseating. I would NEVER trust Quicken or Rocket Mortgage to handle my child's piggy bank, let alone a mortgage. Do not work with these people as you will find yourself in big trouble if something out of the ordinary should arise.
Avoid, avoid, avoid!! This has been an absolutely awful experience. We started with a simple loan that we more than qualified for. We were doing the back and forth thing when the communication went dead. We emailed, we called, we made smoke singles, we did everything that one would do. We had been scheduled to close in four days when we received an onslaught of bs that we were supposed to complete, including paying 35k worth debt. Not a problem except for the fact that this would extend everything out even longer. So much so that the seller decided against extending it. We lost our earnest money, $3500. We posted our rental back up early breaking the lease, $2000. The cost of an appraisal $1,000, and so on. The go ole teams at Quicken Loans were more than useless in handling anything or caring for that matter. Like I said in the beginning, AVOID them!
I contacted Quicken Loans bc I was in the process of refinancing my home to get rid of my PMI payment and to hopefully lower my monthly payment. I was very hesitant and had pre judged Quicken as a greedy, monsterous loan company. I was very wrong. VERY WRONG. I worked with Christopher M and he got me all kinds of numbers and hypotheticals to help figure out what would be best for me financially. He advised me against things that he wouldn't personally do and he recommended what he would do. I was working with another lender as well and Christopher M was open, honest with me about what my most financially beneficial options were. He was incredible. Really. I felt like I was talking to a friend. No lie, no gimmick, I really felt like he was in my corner. I am pleasantly wrong from time to time and this was one of those times. I wish Christopher M the best and am keeping his email for anyone I knwo so that I can refer him and Quicken Loans.
We had a loan through quicken loans and had it set up on auto payment withdrawal. We decided to do a refinance through quicken loans. We closed on the refinance on September 21st. They took an auto payment withdrawal on September 27th for the closed loan. We called an we now have to wait 2-3 weeks to get the $1000 back!!!
Quicken Loans approved me for a home loan. I was set to close on 9/20/19. On 9/18/19 title , myself and my realtor received the clear to close and i signed and submitted my final disclosure. Title called me to arrange my closing time to sign the final paperwork. I sent in my closing cost that very day because Perch is not local. I was thrilled 2 more days and those keys are mine. The same day i received the congratulations email on my clear to close, that very evening i received a phone call from the lender [quicken loans] that they had pulled my loan out of closing due to an employment gap and that i should have never been approved to start with. Both quicken loan employees apologized and admitted to error on their end. I just could believe this was happening. Less than 2 DAYS before closing they tell me this. To make matters worse i lost so much money. $2000.00 in Ernest money, $500 deposit at quicken loans , $ 450 in home inspections. I transferred utilities, my rental is completely packed and i mailed my closing cost . I'm out thousands of dollars with no home to show for it. Naturally i took this matter up the chain speaking to a Catherine A. Where see seemed remorseful for all quicken loans has put me and my children through , but responded that shes going to do an investigation to see if i should receive my $500 back. What about the other money???? On my approval letter it states that the customer is guaranteed $1000 if they don't get to closing . When i inquired about that she placed blame on the actually broker and would not honor it before a proper investigation had been taken place. Needless to say this has been a nightmare and i would not recommend obtaining a loan through this company.
If you are not a W2 employee, avoid at all costs! If you have any complications at all becasue you own your own business, own real estate, or have anything outside of a narrow box, run away, fast and hard. I just endured a 4 month loan approval process with Quicken Loans/Rocket Mortgage. The front line person assigned to me changed several times and there was little to no consistency to the communication between the front line loan officers and the underwriters. In the end the underwriters rejected using proceeds from the sale of a (legal and from a wholly owned parcel of land) as a source of income, information they could have told me three months prior (as there was no change from that point forward). Instead, they and I wasted three months jumping through innumerable hoops, and I was required to purchase a $1000 survey of my newly built home in order to complete the title process, and immediately following my purchase of that service (they offered it to me for $1400, I found it for $1000), they told me that I was denied because they couldn't document $3600 in acceptable funds for closing (again based on information they had for the previous three months). At that moment I had approximately $620,000 in cash in my personal accounts. They have refused to refund any of the $1500 of my out of pocket expenses, which would have been mitigated had they simply communicated with me when they first had that information. It was absolutely insane. I suspect that because I had an interest rate locked at 3.25%, and rates had gone up in the ensuing 4 months, they didn't want to do the loan and found an excuse not to. Shame on you Quicken Loans. Your lack of institutional integrity will come back around, as it always does in corporate America. We've seen it over and over.
Jennifer A Wilson
Loved quicken.. we had no issues at all, gave them everything they needed when they asked and stayed in touch with our team. Closed on time with no issue. Will use them again Creighton and the team where amazing..
STAY AWAY, I would not recommend Quicken to anyone. One of the wort customer service ever. Don't be fooled by the fancy commercials. I had a mortgage with them for about 2 years now. 1 of my tax bill from the city was not delivered and was sent to them. They immediately established an escrow account and increased my monthly payment. I contacted them and try to resolve and even sent them proof of tax payment but no way. They treat you as a delinquent customer. I have my monthly payment setup a month ahead recurring and have never been late. The answer I got from their "executive team resolution" when I said I would file a complaint with the Attorney General and I might go to Court, was that they have the legal means to go to any court. This all for a $300 tax bill they received in error. I even provided them proof of payment. They reported me as late because the full payment including escrow was not received, even though my payment was on time a month ahead. My credit dropped more than 100 pts. By the way I asked for arbitration, they have none. Seems like they are working to push more and more people into delinquency to increase their write offs. This is a shame and probably illegal.
Have excellent credit rating (790) and have never missed a payment in 30 years. Tried to obtain jumbo mortgage. Underwriting made arbitrary requests for information that was not pertinent. Nearing close, did classic bait and switch. Offered $2000 lender credit as initial offer, decreased it to $1400 at time of close (figuring I wouldn’t walk away). I did walk. I refuse to support a company with borderline ethics. They also use their own title company and rates 30%higher than others Don’t believe what they quote at offer. Don’t do jumbo loans. Stay clear
Quicken (also known as rocket mortgage) originated my refinance home loan. i had no problems with quicken until now. they transferred serviceing my load to Loancare LLC. Loancare LLC charges fees for everything and the fee amounts are more than double including charging $15 to use their automated phone system here’s a sampling of ‘special request fees’: Pay by Phone $15 Automated Phone System $15 Online Payment Fee $10 Payoff Statement Fee $60 I would attach a picture of what we sent me, but I can’t embed or attach picture here a payoff statement is free for the mortgage I have with third federal. Quicken charges $25, Loancare charges $60 ! so, beware: at some point quicken will transfer your loan servicing to a firm whose business plan is to overcharge for everything (just checkout the Loancare LLC ratings) You may be happy with quicken/rocket but that won’t continue when they transfer your load to loancare llc
I contacted Quicken Loans to compare a loan package I was offered by a builder on a new purchase. The loan officer asked me a few questions and requested to run my credit. I told her that I wasn’t ready to have my credit checked. I was approved by another company and want to know if Quicken Loans was competitive. She gave me her buyer beware spill about the offer received. I explained to her that my wife is a license real estate broker, we did our homework and the companies offer was reasonable. She told me to call her back when I was serious about using Quicken Loans to buy a house. I asked her directly. “Are you telling me on this recorded line that you won’t give me the current rate because I won’t let you run my credit.” She replied with a very authoritative “YES.” If she couldn’t beat the other company’s rate, that’s fine. There is more to a loan then the rate when you must work with the Lender for 30 years. The fact that she felt bold enough to speak to me in such a matter tells me a lot about Quicken loans culture.
I have had a mortgage with Quicken for years and even did a refi at one point. They are a company that keeps track of their clients with an occasional call to see if things are well and if you want to make any changes. A few weeks ago, they called and suggested a refi to save me some money. I agreed (of course!) and we started the process. We had a few missteps this time and things almost fell through, but Quicken doesn’t give up! They assigned someone to help and we worked through it. I had my closing today. A great rate and an easy process in the end. I am happy with the final results.
Ruined my life. I was one week away from closing. They didn't realize the home was a manufactured home until 1 week before closing. This means the house i was living in was already given up. My credit took a hit for the hard inquiry, but still had to go shopping around again. I wasted countless hours gathering so many documents. For them to call me and just say Sorry we can't do the loan now. I told this company from Day 1 i was NOT sure what the home was but PER the county is was not a manufactured home anymore since it was "assess to real estate". I understand starting the loan and my uncertainty can not be held on them. BUT i called them as soon as i found out there WAS a title meaning i had been considered a manufactured home, but shouldn't be now i was told it would NOT be an issue. I stated in my call i needed to know because i don't want to spend money or make decisions on a maybe a month before they pulled it from under me. I was ASSURED everything would be fine. Now i don't have a house. Landlord has someone wanting to move into my current house. They would NOT refund me the full amount. Not to mention the grief the sellers had to go through. I WILL say some employees there had GREAT customer service, while others, i won't name, were horrible. There is so much more to be said, but SUMMARY: Wasted $600 to lose my house, hurt my credit, wasted a LOT of time. I admitted to not knowing what i was working with but gave them everything i was given. County appraiser involved and all. Very sad that big company like this can ruin someone and not bat an eye.
Quicken is too big and too many divisions that don't communicate with each other. This was supposed to be a quick process to refinance (initial refinance was through them and that was complicated and bad enough). This time it is worse. They couldn't even communicate with their different divisions with Rocket and Amrock to send the final funds to us - couldn't send a bank transfer, had to deliver via UPS then it was delivered to the wrong address. My mother is still phoning to try to sort this mess that THEY caused out because they don't have their communication systems sorted out. When it comes time to sell, and buy another house, we will not go with Quicken but someone local.
I recently refinanced my mortgage with Quicken Loans after being a customer of theirs for the past 7 years. They had stated that they would include several credit card debts with my refinance including a student loan. When I received the pay out checks to send to the creditors, two creditor's checks were not included and only a partial amount of the student loan. I also had to follow up with the loan rep regarding when my closing would take place. Finally a closing team member called me and informed me that we had to close within the next two days to keep the finance rate that was quoted initially. No earlier notice was provided. If I was to try to extend the deadline for the stated refinance rate, it would cost an additional $500. As soon as I am able to find another lender I plan to refinance again as this is not a reputable company as far as I am concerned. I wish that I had done more research on available mortgage refinances as I would have choice a different lender. Please be careful! They promise many things!
They are the used car salesmen of mortgages. If you know exactly what you are doing they might be good. If you are new to Mortgages be prepared to get MISLED, LIED TOO, AND CHARGED THE MOST AMOUNT POSSIBLE. This is a terrible company. They are popular because they spend a fortune on advertising. They will mislead you and over charge you whenever possible!
It all started great as any new relationship, proposed closing date within a month and all, it was supposed to be a simple transaction, refinancing a house with over 40% equity, excellent credit, great income.... all a sudden I start getting calls every other day about missing info, from different quicken loans reps, info that had been sent go one of them already a few days ago, I reply to each with requested info always informing that the info requested was already submitted, responses vary from different divisions to different positions and so on... I have bought 4 houses in the last 15 years, sold 1, so I am pretty familiar with the process, and I am a patient guy, but after over 2 month and no closing date on sight, quicken loans calls now seemed Scam Likely calls, I had to cancel everything, of course my credit was already ran, the 2 month lost and forget about all the time on the phone explaining my self to every new rep that called me, it is like I never had a file, that rocket account was a total joke, they added and remove information at will hence the call the next day from a new wannabe banker to harass you about the same info that was deleted, will never recommend or make business with quicken loans
Went through Greg B. Process went through very quickly and he was great to work with from start to finish. Always called at the scheduled time and followed up as promised. Great experience!!
The process with Quicken started off well but did not end on a good note. Our representative was communicative and friendly. He talked us into "re-casting" our loan which basically means you don't have to put 20% down right away to keep more of your cash liquid. Then, once the sale of our previous property went through we could put down the rest and all we had to pay was a 100$ re-cast fee. Well, imagine our surprise when we went to pay off our PMI today and was told we must make 2 mortgage payments with PMI until we are eligible to re-cast. Ahhh of course, the hidden terms no one discussed with us. We were able to put down 20% at any time but were talked into re-casting. I am disgusted with the sneaky salesmen tactics we received when procuring a loan from here - buyer beware.
I contacted Quicken via Rocket Mortgage along with a few other lenders for pre-approval. I should have known from the get-go that it would be a bad experience as it was an act of Congress to get on the phone with the loan specialist handling the pre-approval. After finally getting him on the phone and talking through the details, the rates were better than what I'd been quoted before and so I decided to move forward. From there I was handed off to a "triple crown" senior purchasing specialist, who was hiding her ineptitude behind a fancy title. Things quickly fell apart. We were approximately a month out from closing when the appraisal was ordered. We received the report toward the end of that week, which was lower than the agreed upon price. The seller decided to dispute. My POC, the purchasing specialist, advised that she had sent the dispute on to the AMC who would send to the appraiser. She then left office for 3 days. As we were approaching 2 weeks to close, I asked for updates from her backup. This person clearly had no idea what was happening with my loan. After a slew of confused emails, she confirmed that the dispute was sent and that she had RESENT it, just to be safe. Fast forward to the end of the week without any answers, and the real estate agent lets me know that the appraiser has no idea there is a dispute at all. At this point, I decide to run it up the flag pole myself. I get on the phone with the "senior research team" (which I have dubbed the 'do anything to save your business team'). Sure enough, a couple of hours later, I get a response from that team. Quicken had never passed the dispute on, in fact, it needed to be vetted by their internal team first. Obviously I had no idea that this was the case as I had been falsely assured that the dispute was handed off twice (and never told about any internal review). Since I was shaking trees, the team finally reviewed it and decided it did not warrant being passed along to the AMC. After losing an entire week, the seller agreed to drop the purchase price to the appraised value. That is done, and I am told there are a couple of outstanding items before we are clear to close. Time passes and although I ask for updates, I get vague responses hours after I submit them advising that I'll be told when we are clear to close. 2 days from closing now. I try to reach out to my POC and receive no response for hours. I reach out to Quicken via chat, and the rep advises that she will "try to put a rush on" the outstanding item - the condo review. I tell her that I am going to escalate it myself and go back to the senior research team I contacted in the first place. I reach out and explain the situation, and the do-anything-to-save-your-business guy tells me that he will have this sorted ASAP. As I wait for his response, I get a message from someone that my POC (sr. purchasing specialist) is out of office that day and she is filling me in on her behalf. I had NO IDEA she would be out of office. 2 days before closing! Now, the kicker: I get called by the bad-news guy to tell me that there is an issue in the condo review that would break a Fannie/Freddie rule unless I put another 5% (or $13k) down. This is after 5pm on Wednesday, when we are supposed to close on Friday. He tells me that I can have this gifted (I.e., ask some poor, unsuspecting family member for $13 thousand dollars) and then we will TRY to keep your closing date - but Friday is "not a slam dunk." If there was anything in this process that could have precluded Quicken from closing on the agreed upon terms, why on earth would it be the LAST ITEM completed in my loan application? Why would it not be completed BEFORE ANYTHING ELSE? Thank everything that is holy that my husband and I had the forethought to continue renting our current place through the month of June. Otherwise, we would have been forced to a) liquidate money from retirement, b) ask family for money or both in order to *hopefully* close on the home and not be homeless with a son and pets. After Quicken mishandled our loan application worse than I could have ever imagined, we found a professional, local lender who not only offered more competitive rates but was able to approve the loan with the original terms. I would warn ANYONE against contacting Rocket Mortgage/Quicken Loans. The home buying process is stressful enough. Understand that you will submit questions or concerns into the ethos and hear nothing for hours. Understand that in the absence of your main POC, the likelihood of speaking to anyone who is remotely familiar with your loan application is nil. Understand that when you are on the ropes because Quicken has fumbled something – you will be told that you can only talk to X because that person is “assigned” to this issue. Do yourself a favor and avoid a lender that will drop the ball less than 2 days before closing and turn your living situation upside down.