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Quicken Loans

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7.9

Overall Score

LAST UPDATED: December 6th, 2022

Founded in 1985 in Detroit as Rock Financial, Quicken Loans is the largest mortgage lender in the United States1. Quicken Loans originates loans through Rocket Mortgage®, an entirely 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.

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Attention: Quicken Loans changed its name to Rocket Mortgage.

QuickenLoans.com remains operational, but you will be directed to Rocket Mortgage to apply for a home loan.

Quicken Loans provides a number of loan options that accommodate first-time and seasoned home buyers, as well as those looking to refinance. The company is known for its online loan application process, Verified Approval℠, and loan term customization through the YOURgage loan option.

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®

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The Good

  • Nationwide Service
  • Online Convenience
  • Streamlined Approval and Loan Process
  • Quicken Loans Good-Faith Deposit
  • PMI Advantage Program
  • Variety of Mortgage Loan Types
  • Financial Calculators
  • Up-to-Date Mortgage Rates
  • Mortgage Education Tools

Nationwide Service

Quicken Loans' mortgage products and services are available in all 50 states.

Online Convenience

Quicken Loans offers a convenient, online application process through Rocket Mortgage. In addition to a streamlined application process that syncs with your bank to give you the most accurate numbers, as well as a quick approval process, Rocket Mortgage offers home search service through its sister company, Rocket Homes®.

In addition, you can quickly search and be put in contact with a mortgage broker near you, if needed.

Streamlined Approval and Loan Process

Quicken Loans has a loan approval process that allows homebuyers to make an offer on a home quickly and competitively after submitting an application.

  • Prequalified Approval — Quicken Loans checks your credit. Based on that information, the company gives you and your real estate agent a prequalified approval letter showing how much you can borrow so you know how much home you can afford.
  • 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. This letter can give you a competitive edge in putting an offer on a house, since you are providing written proof that your finances are secure. If, for whatever reason, you don't close based on the company's review, Quicken Loans will pay you $1,000.
  • RateShield℠ Approval — This guarantee locks your qualifying interest rate for up to 90 days. The RateShieldSM Approval is available for a 30-year fixed-rate conventional loan, an FHA loan, or a VA loan. If rates go up, your rate stays the same. If rates go down, your rate drops. Either way, you win.

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 applicants money.

The 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.

Quicken Loans Good-Faith Deposit

Quicken Loans' mortgage process is enhanced by its deposit program. 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:

  • Pulling your credit report (to obtain a credit history from credit union sources)
  • Ordering an appraisal (hiring an independent, unbiased appraiser to determine the value of your home)
  • Processing your loan (reviewing and underwriting documentation, contacting insurance and title companies, and other potential costs to third parties)

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.

PMI Advantage Program

If you make a down payment less than 20 percent you will likely be required to pay private mortgage insurance (PMI) - a fee added to your monthly payment, potentially adding hundreds of dollars to your current payment amount. Most people can't afford to pay 20 percent down on a home purchase, so PMI is a common fee that many homeowners pay.

To help you reduce or eliminate your PMI payments, Quicken loans provides options to do so through its PMI Advantage Program. There are two options available:

  • Your interest rate will be raised slightly to cover the cost of PMI
  • Choose to pay your PMI as a one-time payment at closing

While these options don't necessarily remove your responsibility to pay PMI, they can help you reduce your monthly mortgage payment and save you money in the long run.

Variety of 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 the following loan types:

  • Fixed-Rate Mortgage Loan — The monthly payment on these loans won't change. The interest rate stays the same for the life of the loan, so the payment only changes if taxes or insurance premiums do. These loans are available in terms from 8 to 30 years through Quicken Loans' exclusive YOURgage product. The benefit of a fixed-rate loan is predictability over the long term.
  • Adjustable-Rate Mortgage (ARM) Loan — These loans offer a lower rate at the start of the term. The most popular options have either a 5-, 7-, or 10-year initial fixed-rate period. ARMs are a good option if you plan to sell your house or refinance before the initial fixed-rate period ends, although the homebuyer is qualified by considering the highest the payment could ever go, to make sure they can always afford the payment. There is also a limit to how much the interest rate can change each time it adjusts.
  • FHA Loan — The Federal Housing Administration backs loans with a down payment as low as 3.5%, and homebuyers can often roll closing costs into the loan. Borrowers who have lower credit scores or have experienced financial difficulties can often qualify for FHA-backed loans. And if you already have an FHA loan, you can refinance for a lower interest rate with FHA Streamline.
  • VA Loan — 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 an origination fee or down payment, and they often have lower interest rates. In addition to new purchase VA loans, Quicken Loans offers VA Streamline refinances and VA cash-out refinances.
  • Jumbo Loan — These products offer loans between $453,101 and $3 million, whereas conventional mortgages have a lower loan limit.

Financial Calculators

The Quicken Loans website features four helpful calculators:

  • Mortgage Calculator — Calculate monthly mortgage payments 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 — See how your loan breaks down over time and how you can save money on interest by making extra payments
  • Refinance Calculator — Calculate your 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.

Up-to-Date Mortgage Rates

The Quicken Loans website displays daily updated mortgage rates, as well as a trend graph, displaying rate trends from as little as one week up to one year.

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.

Mortgage Education Tools

Quicken Loans equips first-time homebuyers with many helpful resources, including a comprehensive homebuyer's guide and refinance guide. The homebuyer's guide takes prospective borrowers through the following steps:

  • Preparing to buy a home
  • Exploring mortgage options
  • Getting approved
  • Working with an agent
  • Finding a home
  • How to make an offer
  • Preparing to close
  • Closing on your home
  • Managing your mortgage

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The Bad

  • No USDA Loans
  • No Construction Loans
  • No Home Equity Lines of Credit (HELOCs)
  • Quicken Loans Reviews

No USDA Loans

While Quicken Loans does offer a wide variety of mortgage loan options, including government-backed FHA and VA loans, it does not offer USDA loans. 

A USDA loan is made available by the U.S. Department of Agriculture, and is a zero down payment mortgage option for those interested in purchasing a rural property. In addition, USDA loans may accept lower credit scores than conventional mortgage loans.

No Construction Loans

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.

No Home Equity Lines of Credit (HELOCs)

Quicken Loans does not offer a Home Equity Line of Credit (HELOC) option, a secured form of credit through which a lender agrees to lend a certain amount secured by a borrower's home equity. 

HELOCs can be a good way to access extra cash to make home improvements, in turn increasing the value of your home. But, this form of credit can also be hazardous, as it can be easy to access more cash than you're able to pay back at a certain time.

Quicken Loans Reviews

Quicken Loans mortgage reviews are average in comparison to other top lenders, and vary widely in star rating — approximately half of customers award the company 5 stars, while the other half awards it only 1 star.

The most common glowing Quicken Loans mortgage reviews mention affordable rates, efficiency, and great customer service. On the other hand, the most common Quicken Loans Complaints 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 company interacts with its customers.

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The Bottom Line

Quicken Loans is a widely known mortgage lender, providing a quick and easy application and approval process through its online Rocket Mortgage product. With entirely online services you may get to closing faster, but you can also speak and work with a Quicken Loans Home Loan Expert if you would prefer.

In addition to its Rocket Mortgage product, Quicken Loans offers many services and products to assist you throughout each phase of the mortgage process, such as the following:

  • YOURgage loan option — Customize your fixed loan term with the option to choose a term from 8 to 30 months.
  • Verified Approval — Part of the Rocket Mortgage® approval process that assures you have the money to buy your home by verifying your credit, income and assets. You will then be provided with a Verified Approval letter which can be shown to a home seller, giving you a competitive edge compared to other buyers because you can demonstrate that your finances are secure.
  • RateShield Approval — Part of the Rocket Mortgage® approval process that locks your qualifying interest rate up to 90 days.
  • Rocket Homes — A service provided to help you locate real-estate listings of interest near you.
    These products and services can provide you with greater peace of mind in today's competitive market.

Quicken Loans customer reviews scores are slightly above average with 3.5 out of 5 stars in all of our sentiment criteria. The majority of customers are pleased with their Quicken Loans experience, awarding the company 5 stars overall, but, on the other hand, a large portion of customers express dissatisfaction in their experience with the company.

Positive Quicken Loans reviews most often mention:

  • Reliable customer service
  • Quick and easy mortgage process
  • Competitive rates

Negative Quicken Loans reviews most often mention:

  • Poor communication
  • Lack of company transparency

We recommend taking time to read both positive and negative reviews to see if Quicken Loans would be the best choice for you.

There are lots of online lenders out there, but Quicken Loans has the online mortgage application and digital mortgage management system down to a science. And as far as user convenience goes, Quicken Loans is hard to beat with its completely-online mortgage application process.

First-time and experienced buyers alike can shop for mortgages, know their loan's status 24/7, manage their mortgage, and set their own time and place for closing from the comfort of home and the convenience of a phone or computer.

1Based on Quicken Loans data in comparison to public data records.

For J.D. Power award information, visit JDPower.com.

Quicken Loans Inc.; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Quicken Loans Inc., 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Licensed Mortgage Banker – NYS Banking Dept.; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company

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Star Rating

4.1

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592 Reviews

Review Breakdown

5 grade

68%

4 grade

7%

3 grade

6%

2 grade

3%

1 grade

16%

Sentiment Criteria

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Review Source

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Mark Strayer Wentzville, MO

Quicken delivered my approval with speedy, fast service. I was amazed at their attention to details.

22 hours ago

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Mario Martin Montgomery, TX

A few years ago I had finally decided to purchase a home. I had involved myself in extensive research for a mortgage company. After speaking with several representatives for the right mortgage company, my frustration had gotten the best of me, and heightened my anxiety level to the point that I just (nearly) gave up. It wasn't until one late night I saw a commercial about Quicken Loan and the next day I made a call, scheduled an appointment to meet with a representative the same week. Of course, there was a lot of hesitation, mainly because of my past "mortgage company" experiences, I expected more of the same. Needless-to-say my meeting with Quicken Loan was unexpectedly positive. The representative explained the process and paperwork, and I was approved with a better than reasonable rate. Not only was I able to purchase my home, my entire experience was unbelievably stress free.

8 months ago

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Claire Brown Celina, OH

They were great to work with but I didn’t like how pushy they were at the beginning of the process to get our information. We repeatedly told them we didn’t want to pull from our retirement accounts to pay for the house but they kept insisting on having that information.

8 months ago

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StacyM Albuquerque, NM

This time of working with Rocket Mortgage was a little less stellar than previous times. It was a rushed process, I was not well-informed (or rather asked) which account I wanted the payment to come from. I was not asked which credit cards I wanted to use the money to pay off. I was not happy that the checks, written to my creditors, were sent to me to distribute which meant that the amounts on the checks were no longer accurate.

10 months ago

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Wyndham Whynot Charlotte, NC

Steve M was extremely helpful and enjoyed working with him. I think the only problem we had with the whole process was the appraiser . Due to him dragging his feet for so long it put us over the 90 day mark which meant that we had to have the exterminator come back out .. They told us you never want them to come out this time of year as there will always be moisture under the home due to the air conditioner.. So going from where there was nothing wrong to moisture and carpenter bees we had to pay an extra $800.00 plus wait several weeks before they could come out. However the loan is complete and we appreciate your patience . Thank you for everything

1 year ago

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Wiley E Pipkin Meridian, MS

The refinance process went fairly quickly and smoothly. The only negative aspect of the entire evolution was related to email questions that I submitted via the refinance page. If memory is correct, i submitted 2 or 3 questions via your email link. None of the questions was ever answered.

10 months ago

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Linda Zubiate Anaheim, CA

The last time we refi'd it was so fast and simple and this time it seemed like I had to submit everything more than once and it took a long time to get closed. Although I like the online access to everything sometime you want to speak to a person but the person I was continually reffered to did not have any information for me. This time was not as easy as I expected it to be.

1 year ago

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hazey rock Tulsa, OK

From start to finish the entire experience was smooth, friendly, and accommodating. Until the loan was closed that is. I tried to call in after the loan closed with a question, and for the first time, there was no personalized service. Just a generic message that put me on hold, and after five minutes told me that call volumes were too high and I needed to call back later or leave a message. I did leave a message and no one called me back:) Would be five stars if it were not for the icing on the cake melting off.

1 year ago

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Don Manes Lynnwood, WA

My overall experience with quicken loans was positive, everyone was pleasant, and I loved the transparency via the app. I only have 2 complaints and they are minor. 1st I was sold on the idea that the closing agent would come to me only to be told after all docs were submitted that this was a service not offered in my area. My second problem was the underwriter had me resubmit docs that I’m sure were misplaced on there end. Both were minor issues and I will absolutely use quicken loans in the future. My original loan writer Erick M. was awesome to work with, friendly and patient.

1 year ago

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Raj R Schaumburg, IL

Good experience working with this company. Had no issues and customer service has always been helpful.

2 months ago

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Robert Costantino North Bergen, NJ

George was extremely helpful and always kept in contact with me no matter what time of the day and he acted like it was always a pleasure to talk to me. I wish I remembered his last name. YOU NEED TO KEEP GEORGE WITH YOUR COMPANY. Excellent Employee

1 year ago

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Joe Klinkhoff Fountain Hill, PA

It was very simple and easy to inititate. The list of TO DO was manageable and well planned out. Submission was simple. My only concern was my closing costs were supposed to be "minimal or non-existent" and I wound up paying almost 1K out of pocket. Otherwise it was an great experience

1 year ago

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c. Hayden

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..

2 years ago

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Janice Cumming, GA

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

7 years ago

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Ron Thurgood Denver, CO

I have had Quicken loans in the last two refinances I have done. The process was pretty seamless. I felt that at times I was getting to many calls about refinancing when I had just done it the previous year and felt a bit of pressure and did appreciate that.

10 months ago

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Lisa C Smyrna, DE

Overall, Quicken was a really good mortgage company. They were extremely quick with closing (about 4 weeks) and they were really good with keeping updated. My only problem was when we were purchasing our home in Delaware, we were given conflicting information regarding purchasing after retirement and it caused us to lose our dream home. In the end, it helped us to purchase in cash; now, we have no mortgage- maybe that wasn't such a bad conflict. As a warning, I'd say, "confirm in writing and we'll in advance with Quicken."

1 year ago

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dave wineland Sulphur Springs, TX

when I purchased my home, they were able to close the loan from start to finish in under a month. many places needed at least 2. there was daily follow-up and communication. since then (16 mos) they have followed-up several times regarding refinancing. i'm presently waiting an updated calculation of the numbers! I'd recommend them for purchase or refi and they are competitive with rates and products.

1 year ago

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David Simpson Grove, OK

Account service people were very helpful, saved us thousands of dollars on our house refi. Took care of everything through the mail and over the phone. Closing handled locally. Great experience.

1 year ago

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Jose Fullerton, CA

Quick and easy. Everything went smoothly and was taken through all the steps very effortlessly. Got each and every step was explained very well. Thank you hope to work with you again.

1 year ago

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L Gilbert, AZ

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.

4 years ago

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Richard Pollock Oak Park, IL

Relatively easy process and competitive rates. When I processed my last mortgage with them, the process took longer than I anticipate. The process was pretty simple and the mortgage handling once it was setup was simple.

9 months ago

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shawn richardt Hendricks, MN

personal ,very friendly, professional, just had a couple issues? Nothing major!

3 months ago

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Tyler B Palos Verdes Estates, CA

Quicken was the first mortgage company that my wife and I worked with. They paused jumbo loans for a while during the initial COVID pandemic which left us rushing to find another replacement. I wish that this didnt happen because their customer service was amazing and their online platform is definitely one of the best in the industry.

1 year ago

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Ryan Lewis Portsmouth, NH

Easy as it could be. Quick process to refinance--only delay was getting the payoff from my current lender. Recommend doing that in advance

9 months ago

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Debby Moore Smith Ashland, OR

It was very easy to apply and get approval. It took two and a half months for the appraiser to come out which delay d our closing.

11 months ago

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JARED J BUCKLEY Fort Bridger, WY

Tried refinancing though Quicken loans and stuck out due to a mayjor miscommunication. When it was all said and done though they made everything right. Would recommend them to anyone

3 years ago

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Adam B Eagle Mountain, UT

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.

4 years ago

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Kim Miller 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.

4 years ago

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Morris Porter Mount Jackson, VA

I don't like this tell us your experience. Because I can't spell. I do like that they have got a lower rate and my monthly payments are lower .

1 year ago

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ANNA MADRID Gardena, CA

The process was easy to use. I did almost decide not to refinance due to not agreeing with the rep.

1 year ago

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Sirrah Harris San Diego, CA

This company has good customer service, but I felt like the offer for a loan doesn't come as fast as it should.

10 months ago

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Keld Sperry Lehi, UT

My lender used quicken loans to view all the papers and setup of the mortgage. It was a great experience and I love the easiness of the website.

2 years ago

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William Milliken Greensboro, NC

it was a short and easy process !!!!!!!!

7 months ago

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Neil Balliett Toledo, OH

Followup is very good. Everyone was professional and helpfull.

10 months ago

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Thomas

We like them. Quicker in closing refinance loans. Need to offer no or low cost refinancing.

2 years ago

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Arjun Adhikari Coppell, TX

Heard the loan process is quick but interest rates are higher. Recommend to try.

10 months ago

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Paul Feldan

No hassles when we did a mortgage 15 yrs ago, no issues since

4 years ago

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Tony Riverton, UT

Just about the easiest way to pre-qualify for a home purchase. Fast and simple application process.

2 years ago

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michelle l pierce Gilbert, AZ

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

4 years ago

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Terry Lowe Riverside, CA

representative was very informative and through.

1 year ago

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Vincent Badala Queens, NY

It was very good service and the people were helpful

1 year ago

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Ronald Valente Cape Coral, FL

Very good company fair and always willing to help!

2 years ago

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Joe Ammons Kent, WA

Easy to work with, offered many products

5 years ago