Founded in 1985 in Detroit, Michigan, Quicken Loans is the largest online mortgage retailer and the second-largest retail lender in the United States.
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- 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.
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
- Closing Costs
- Minimum Credit Score Requirement
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.