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 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. 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.
Call our recommended rep over at Quicken Loans below.
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
outstanding and knowledgeable people and great Web site!!!
I have heard nothing but good about them....I have not used them personally.
They do what they say and are helpful if needed
Change in website takes me to refince only
They are eager to please. They are always looking for ways to save me money.
I have been able to re-fin at least twice now and it was a easy process. I am able to go online to see where my money is going.
outstanding service and customer satisfaction
Mortgage was asigned quickly. Only problem was that I got a notice saying the mortgage was now held by Fanny Mae(?)
They made the process painless and walked me through every step.
Easy, responsive, great service, link to Schwab
This was the fourth time I have done a RE-Fi. I answered some questions on the initial 25 minute phone call and was approved. I emailed my 1040, Drivers license, 1099s. An appraisal was not needed. The notary came to my home for the closing. The entire Re-Fi took approximately 3.5 weeks. I still can not believe it was that simple.
Easy to work with, offered many products
What a terrible, aweful. Ridiculous, unorganized, and disjointed company> ran me around for months, not getting anything accomplished. What a joke. I had five different people calling and none were helpful. I don't understand how they manage to do any actual loans.
Very quick response to questions and no undue amount of paperwork
I feel that I was scammed by Quicken Loans. I tried to resolve it through Consumer Finance.gov and through my credit card company Capital One. I had no success. I want to warn others to be careful before handing over $500 to Quicken Loans. Think twice. Don't let them pressure you with promises that seem to good to be true. Quicken CANNOT wave a magic wand and get you Loans that all the other companies can't. Quicken Loans was apparently able to provide documents to satisfy the Consumer Finance agency and my credit card company that they were in the right when they scammed me out of a $500 deposit. Unfortunately, most of the Quicken practices that seem to me, in hindsight, highly unethical and reeking of scam, took place over the phone. Quicken quite conveniently lost all of those calls (but states "we record all of our calls"). Don't get taken by this company like I was. $500 is a lot of money to lose for most people. If you are inexperienced like I was with the mortgage/home equity/refinance process, don't hand over $500 to some fast talking Quicken representative. Remember that if it sounds too good to be true...Talk to other mortgage lenders first- talk to a lot of them. Most will give you honest answers on what you qualify for, for free. If the others can't get you a mortgage/refinance/home equity loan, don't believe for a second that handing Quicken $500 will open doors. That's nonsense. You don't have to hand over $500 to apply for refinance etc. with most companies. Quicken will tell you that your $500 is an investment that will be returned to you. They vaguely allude to being able to do things other lenders can't. Baloney. Don't get sucked in. I came out of my experience with Quicken feeling like "a fool and his money are soon parted". Best I can hope to do is help someone else not to make the same mistake, and try to turn this horrible experience into something positive for others
AVOID QUICKEN LOAN. Working with Quicken on a VA refinance loan was a terrible experience for me. I initially contacted them on or about Aug 1. On 26 Aug I sent them a letter, at their request, explaining my intentions. Based on the letter and my proof of service, they informed me that I was eligible. I proceeded, at their direction, with the actions required by the VA -appraisal, the pest inspection, well water test & treatment. All together about $1000 out of my pocket. On Dec 18, after I had done everything they asked & after Quicken had received all the necessary documents to close, they informed me that I was ineligible for the loan. Long story short, they agreed to refund the cost of the appraisal only. Meaning I wasted $600 to accomplish what they told me to accomplish. AVOID QUICKEN LOAN.
Quicken loans i have had the worst customer srrvice, 3 months and I have a 775 credit score, and have had 5 people that do not know what they are doing.......very bad customer service.
Quicken loans will LIE AND STEAL YOUR MONEY! Had a very bad loan process with them, was told everything was good to go had pre-appoval letter before i ever began finding a home. Then a little over a week before close they said no. I am out the cost of all the inspections and they charged me $500 for a appraisal I told them to not do unless it was guaranteed to close. I was charged the fee. They lied and said it would not be done until then. Everything is supposed to be recorded but was called from and I returned my calls to my contacts personal cell phone. Guess what they don't record those. So I was charged and never even received the appraisal. I am out 1200.00 for a home I wasn't able to close on. I feel robbed!
This experience with Ql was very easy and all that handled my loan process was very professional and exceptional with customer service everything was handled and it was all done in 30 days. Very happy with the experience and would do it again
We were contacted on the computer per a request for mortgage rates. We picked them with reluctance since we have had a past negative experience. We sent them all requested paperwork-as we were/are looking to build and sell a home. We thought all was ok-even had the support letter. One day the Representative calls us-everything seems ok-he said nothing. Then we receive a letter that they cannot provide service at this time. Threw us for a loop. No way to run a company-very unprofessional-could not get through to the Rep again-called and told the same as the letter. I would never Recommend them to anyone-should have listened to my instincts!!!