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Quicken Loans

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Quicken Loans

Quicken Loans streamlines the home-buying process with online mortgage management

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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. 

The Good

  • Buying Process
  • Competitive Interest Rates
  • Mortgage Loan Types
  • Mortgage Calculators
  • Customer Service and Education

Buying Process 

Quicken Loans has a loan qualifying process that allows home buyers to make an offer quickly and competitively. The steps include:  

  1. Prequalified Approval: Quicken Loans checks your credit. Based on that info, the company gives you and your real estate agent a Prequalified Approval Letter (or pre-approval letter) showing how much you can borrow so you know how much home you can afford. 
  2. Verified Approval: A home loan expert checks your credit report history, verifies income and assets, and grants you a Verified Approval Letter within 24 hours of receiving all the required documents. If you don’t close based on the company’s review that you can close on a new home, Quicken Loans will pay you $1,000! 
  3. RateShield Approval: This guarantee locks your qualifying interest rate for up to 90 days. The RateShield Approval is available for a 30-year fixed-rateconventional loan, FHA loan, or VA loan. If rates go up, your rate stays the same. If rates go down, your rate drops.  

Competitive Interest Rates 

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. 

Mortgage Loan Types 

All Quicken Loans mortgages have conditions and eligibility requirements. But some borrowers may have multiple options available to them. Quicken Loans offers: 

  • Fixed-Rate Mortgage Loans: Also known as conventional loans, the monthly payment on these loans won't change. The interest rate stays same for the life of the loan so the payment only changes if taxes or insurance premiums do. 30- or 15- year fixed-rates are available. 
  • Adjustable Rate Mortgage Loans: Referred to as ARMs, these loans offer low rates. The 5-year ARM is popular with a 30 year mortgage with initial fixed-rate period of 5 years. ARMs are a good option if you plan to sell your house or refinance before the initial fixed-rate period ends. 
  • FHA Loans: The Federal Housing Administration offers loans with a down payment as low as 3.5% and can often roll closing costs into the loan. Borrowers who have gone bankrupt in the past or experienced other financial difficulties can often qualify for FHA loans.  
  • VA Loans: VA stands for the Department of Veterans Affairs. Veterans, service members, and spouses can qualify for VA loans with a lower credit score and more debt compared to that of conventional loans. Most don’t require a down payment, either, and often have lower interest rates.  
  • USDA Loans: U.S. Department of Agriculture backs home purchases in qualifying rural areas with 0% down. 
  • HARP Loans: The Home Affordable Refinance Program helps you refinance if you have low or no equity in your house. 
  • Jumbo Loans: These loans offer low interest rates for loans between $453,101 and $3 Million. 
  • Reverse Mortgage: Offered through One Reverse Mortgage, homeowners 62 and older can retire with a growing line of credit and money they can use for anything. A reverse mortgage pays off your existing mortgage and you can receive the money in the form of a lump sum, monthly payments, a line of credit, or a combination of all three. The homeowner is still responsible to pay taxes and insurance premiums. 

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. 

Mortgage Calculators 

Quicken Loans' website features 4 helpful calculators: 

  • Mortgage calculator: calculate monthly mortgage payment on the calculator based on today’s rates 
  • Affordability calculator: calculate how much home you can afford based on your income and debt 
  • Amortization calculator: shows how loan breaks down over time and how to save money on interest by making extra payments 
  • Refinance calculator: calculate new monthly mortgage payment if you refinance 

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.

Customer Service and Education  

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:  

  1. Preparing to buy a home
  2. Exploring mortgage options
  3. Getting approved
  4. Working with an agent
  5. Finding a home
  6. How to make an offer
  7. Preparing to close
  8. Closing on your home
  9. Managing your mortgage  

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.  

The Bad

  • Offer Conditions
  • Eligibility Requirements
  • Reverse Mortgage Availability 

Offer Conditions 

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. 

Eligibility Requirements 

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.  

Reverse Mortgage Availability 

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. 

The Bottom Line

The majority of our Quicken Loans reviews describe the company as having excellent customer service throughout the mortgage process as well as low fees for refinancing. Plus, the Verified Approval guarantee and RateShield Approval provide peace of mind in today's competitive market.

As far as user convenience goes, Quicken Loans is hard to beat with its completely-online loan application process. You can shop mortgages, know your loan's status 24/7, manage your mortgage, and set your own time and place for closing from the comfort of your home and the convenience of your phone. 

Borrowers who prefer to meet with a loan officer face to face should probably choose a different mortgage lender. But if an online experience appeals to you, Quicken Loans might be the best company to save you time and energy. 

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User Reviews

3.9

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61 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Al H.
January 3rd, 2019 Vienna, VA DETAILS
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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

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edward reese
December 6th, 2018 Hyattsville, MD DETAILS
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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.

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Harold L Glade
December 5th, 2018 American Fork, UT DETAILS
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This really was as easy as advertised. Not sure why everyone else makes it so complicated.

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Wendy Glade
December 4th, 2018 American Fork, UT DETAILS
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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.

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Kathie Bowman
November 16th, 2018 Lakeside, CA DETAILS
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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

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Adam B
November 5th, 2018 Eagle Mountain, UT DETAILS
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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.

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Michael
October 29th, 2018 Calabasas, CA DETAILS
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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.

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Lisa Hanson
October 29th, 2018 Calabasas, CA DETAILS
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No problems. Decent rate. Easy auto pay with choice of paperless billing or not.

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Kat
September 19th, 2018 Gilbert, AZ

Best mortgage process, technology and team HANDS DOWN

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Kimberly Maddock
September 17th, 2018 Pleasant Grove, UT

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.

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Celia
September 13th, 2018 Waipahu, HI

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.

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Tevita
September 11th, 2018 Salt Lake City, UT

Quick and easy streamlined process without the hassles of going into a bank to sign papers.

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Kim Miller
August 29th, 2018 Lindon, UT

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.

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Spencer Schuenman
August 29th, 2018 Pleasant Grove, UT DETAILS
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I have been very pleased with the service and ease of the online website associated with Quicken.

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Thomas Hullinger
August 23rd, 2018 Pleasant Grove, UT

I have used Quicken Loans in the past and I am very impressed with their internet applications and easy to use application and approval.

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Bella Houtz
August 21st, 2018 South Jordan, UT

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.

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Hunter
August 21st, 2018 South Jordan, UT

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!

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James B nelson
July 23rd, 2018 Las Vegas, NV

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.

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L
July 6th, 2018 Gilbert, AZ DETAILS
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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.

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Jim Stewart
July 6th, 2018 Queen Creek, AZ

Efficient and professional throughout the finance process.

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Julie Martinez
July 6th, 2018 Mesa, AZ

Quicken Loans did a re-fi for our loan and they were very efficient and their fees were low.

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michelle l pierce
June 26th, 2018 Gilbert, AZ

Fast service, But all transactions on the phone or computer , make it a little unpersonal

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Alicia Holman
June 25th, 2018 Gilbert, AZ

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.

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Taylor Siren
June 25th, 2018 Gilbert, AZ

Quicken Loans allows easy access to loans that are a breeze to pay off over time due to their low rate.

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Joanna Hester
June 5th, 2018 Gilbert, AZ DETAILS
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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!

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Michelle Devlin
June 4th, 2018 Portland, TN DETAILS
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Quick and easyprocess, great service reps who communicate clearly and in a timely fashion.

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John C.
May 25th, 2018 Riverton, UT DETAILS
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Excellent customer service, love how everything is digital and they are always so professional.

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Lynda Daluz
May 25th, 2018 Madison, WI DETAILS
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Great customer service working with them now to obtain a home loan excellent people

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william f mullen
May 23rd, 2018 Scottsdale, AZ DETAILS
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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.

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Positive news.
May 2nd, 2018 Fremont, CA DETAILS
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The staff are professional with their customer service.

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Mari Vazquez
April 25th, 2018 DETAILS
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They told me I was prequalified for a 1500 loan and the. Told me at most 200

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Bob
April 25th, 2018 DETAILS
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They have good products. Customer service is very good. Follow up is very good.

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Karin Bauer
April 13th, 2018 Levittown, PA DETAILS
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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.

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Alene ford
February 21st, 2018 Irving, TX DETAILS
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Don't feel I got the value of my home, for the amount of cash I received on a reverse mortgage

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FlorenceBarrett
February 21st, 2018 Zeeland, MI DETAILS
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Easy to deal with and got a mortage refinanced with no problems.

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Merita Bell
February 21st, 2018 Atlanta, GA DETAILS
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They are the best,they made it possible for me to keep my home.

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Sheryl Imperi
February 12th, 2018 Willis, MI DETAILS
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If you don't use the company they need to remove or recend credit hit period

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Paul Feldan
February 12th, 2018 DETAILS
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No hassles when we did a mortgage 15 yrs ago, no issues since

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Michael C Finlay
January 26th, 2018 DETAILS
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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

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Gary Williams
January 26th, 2018 DETAILS
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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.

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