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.
Completely wasted my time - and a hard pull on my credit report. I made it completely clear from the first moment on the phone that I was looking for a Home Equity Loan. They instead send me paperwork for a conventional mortgage. That was never discussed and I would have ended the call if it had been. Disgusted.
An absolute disaster. 4 1/2 months of missteps, endless time on hold, ridiculous excuses for missed deadlines and in the end lying about what caused the delays. They totally wasted 150 days of my time then sent me an e mail out of the blue, we will not do your loan as we committed.
L & S
Have been a quicken loans customer for many years. Initial experience - outstanding. Just called to have a late fee waived during COVID 19 - NOT ASKING for Forbearance and was told no - payment was one day late. Said they waived in March - Hello yes that was during the Pandemic. Some people lost their job as a result of this and we experienced an economic hardship in our family. Very disappointed that they could not help a longstanding good customer who has never missed a payment and did not ask for Forbearance. They messed up our closing documents when we refinanced last year - service has gone downhill. For a lousy $43.70, they just lost a customer. Will not use them again.
If there was a zero rating I’d give it. Not only I make more than 190k a year and have no debt this year and last, I also have excellent credit rating. Denied because of low income two years ago. I have enough money in the bank to buy the house outright. How many people can say that. Bad company. Prejudice at work.
They tried to over charge me in a time of need. They wanted $25,000 to do a loan during Covid...Shame on them
Madeline (Maddi) Cohen
Their sales person was tooooo aggressive. did not understand NO.
This was the easiest mortgage i have ever done. The quicken loan team i had was out in Michigan and they were outstanding during the hole process, it was all so easy and the whole process did not require that i had to leave my home to do anything.
Horrible experience. Very bureaucratic process. I have refinanced several properties in the past 10 years, but never had such a miserable experience as with Quicken Loans. I'm refinancing 2 properties with Quicken Loans and 65 days into it and they still have not closed. Let me preface that there are no credit issues and plenty of equity in these properties. They seems to be looking for excuses not to approve loans: A building with 8 units all covered by the same HOA insurance - Quicken Loans says the insurance is not adequate, however, 3 units just closed their refinance app 1 week before me (same HOA). Also, according to Quicken Loans I cannot even purchase my own insurance coverage. - The HOA has to buy it, so I cannot do anything about it. When I asked to speak to the underwriter to get an explanation, they said the underwriter cannot take any calls.
They will not disclose rates, yet want their customers to provide way to much information. When you tell them you are not interested a few days later they call again. Pure harassment.
They helped refinanced our home and helped me to understand the prosses better.
Excellent experience. I like the why they do their mortgages. Just right amount of paper work.
George N Atkinson III
We have refinanced at strategic times as they have good people who call when the interest is low and it will advantageous for us to move on it. The whole process is very smooth with personnel that make it easy for us.
Everything was perfect and very quick. My husband had passed and they were very helpful in helping me refinance
I would not go through quicken loan they are a bad company we was approve for a house and had the appraisal done and wanted us to fix everything and then 2 days before closing they called me up said my loan could not go through I didnt get all the information that they was wanting during the process they led us on for 4 months straight .
Too high closing costs. Always asking for more information and hard to get a hold of after you are into the process.
Application process quick and simple. I was given the names and numbers of people who would contacte.
Very easy to work with. Received quick loan approval and everything was done online
They will LIE to you to get you to apply! Anything to get you to apply, including false pretenses. I received a mailer advertising a Quicken Loans Match or Beat mortgage offer. I was closing with another mortgage company in a week, but went ahead and gave them a call. Having experienced this before, I specifically asked the Loan Officer if the offer applied to Closing Disclosures as well as Loan Estimates. The flyer in the mail did not specify. He confirmed that the offer did apply to Closing Disclosure. After this, I gave permission to pull my credit to see if they could match or beat. They could not, so I was told I qualified for $250 because they couldn't match or beat it. I was then transferred to a different department, submitted all the requested documentation after closing, and was then told that no, the closing disclosure didn't qualify. I appealed, and was told someone would 'research' the situation, after I explained what happened. I asked that, if they couldn't uphold their offer, then I'd like to have the hard credit inquiry removed. This person then went on vacation for 3 days, then called me and told me they had researched it and would not honor the match or beat offer, nor would they remove the hard check because doing so may cause the credit bureaus to revoke their ability to pull credit. When pushed, she further clarified that the only way to remove a hardcheck would be for them to report it as fraud, which she stated was not the case. Despite the false pretenses and lie I was told in order to give my assent to the check. Had they told me upfront that the offer did not apply to Closing Disclosures, LIKE I ASKED, then I would not have consented to then running my credit. I supplied email documentation of the situation as proof but was still told they would do neither of my requests but would undertake necessary internal training regarding my situation so it wouldn't happen again. This is a TERRIBLE company. Their Loan Officers will say anything to get you to apply even under false pretenses, they will not honor their word or offers, they won't fix their mistakes, and they don't care if they're wrong in the situation. Please, reader, use ANY other company but this one!
In my experience, I found Quicken to be a very negative experience. My loan was approved, appraisals done & close date for this Friday 4/17. On 4/15 I receive a call, 2 days before close, from Rich S who informs me that my loan is not going through b/c Quicken will no longer fund jumbos. This is after everything was set up for close. An incredibly bad experience badly handled by management. Lesson learned: Quicken will not honor its commitment.
The application process was easy and quick. We've had our mortgage for 4 years and have no issues.
They were extremely helpful and fast. They have the least amount of paperwork for a mortgage than I have ever seen and it is my 5th one.
Zorba da Geek
They continue to call, trying to get me to refinance even though I continue to tell them to quit calling.
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.
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..
They are very helpful personable and will help the clients thought any situation
I was very disappointed in the service. High pressure to sign the loan
Good customer service
Excellent Experience. Love they way they use automation to accommodate busy schedules.
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.
pretty good response quick and done without hassels
Very good company fair and always willing to help!
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
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
Make promises that are not true, lead you to false Hope's on obtaining a mortgage
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