LendingTree vs Quicken Loans
LendingTree and Quicken Loans are both top-rated mortgage lenders. But the companies differ in a major way: LendingTree is an online mortgage marketplace, providing consumers with a platform to shop around for a mortgage, and Quicken Loans is a direct online mortgage lender.
While Quicken Loans currently has more customer reviews than LendingTree on BestCompany.com, both companies have mixed 5-star and 1-star ratings.
Jump down to read a detailed comparison of both companies or helpful FAQs.
Attention: Quicken Loans changed its name to Rocket Mortgage.
QuickenLoans.com remains operational, but you will be directed to Rocket Mortgage to view mortgage products and apply for a loan.
Overview
LendingTree
3%
Varies
FHA, VA, USDA
Varies
28 Years
Quicken Loans
3%
620
FHA, VA
30–50 Days
39 Years
Ratings
LendingTree
Quicken Loans
Pros & Cons
LendingTree
PROS
- Variety of loan options, including government-backed loans and jumbo loans
- Competitive mortgage rates
CONS
- Personal information required to view lender and loan options
Quicken Loans
PROS
- Licensed to lend in all 50 states
- Daily updated mortgage rates available on website
- Streamlined approval and loan process
- Online application and mortgage management
- Private mortgage insurance (PMI) payment options
CONS
- No USDA loans
- No home equity loan options
Reviews
LendingTree
Reviews
Quicken Loans
Reviews for LendingTree
Helpful Favorable Review
L Hill
February 24th, 2022
Chicago, IL
DETAILS
Review Source
Lending Tree was the perfect choice for us as first time home owners looking for a fixed rate that matched our credit. The process can be overwhelming and confusing but it was alot easier thanks to this lender. We had a great loan officer that took us step by step of the most are process with no stone unturned.
Helpful Critical Review
Luke Swierczynski
November 10th, 2021
Troy, MI
Edited February 2nd, 2022
Review Source
Lending Tree tries to make you believe they are a lender, but I ended up reading the fine print after I began receiving 1 million phone calls from any and all lenders about my home refinance. Come to read the fine print that states they sell your information to lenders who will be able to finance your loan. Don't give your information to a info seller like this. I still get calls to this day even though I closed my refinance over 12 months ago... 10/10 would NOT recommend entering your information on this website to avoid calls.
Reviews for Quicken Loans
Helpful Favorable Review
JUDY PARSONS
March 20th, 2023
Lake Luzerne, NY
DETAILS
Bryan and Anthony from Michigan were wonderful and so helpful through the whole progress. I was amazed at how quickly and easy to apply with Rocket Mortgage. They are skilled and very knowledgeable. They always called back on my messages with questions and concerns that I had and they addressed them. They were so professional and very friendly. I felt like I could trust them from the first phone conversation. Amazing from the beginning.
Helpful Critical Review
Julita Varner
November 12th, 2022
Sylvania, OH
DETAILS
HORRIBLE! Quicken Loans screwed up EVERYTHING! The most egregious issue is they collected funds that were to be held in escrow for taxes but failed to pay the taxes. I found out when I received a notice of delinquency and that's when Quicken told me they reduced my closing costs and I was supposed to pay my taxes directly. They said "sorry" for NOT telling me this and for having to increase my monthly payments by $257 to make up the shortage. Fortunately, I can shift some things to make the payment but what if, like many people, I couldn't afford it? Absolutely SHAMEFUL!!!
The Final Word
Both companies are convenient to work with, provide information quickly, and offer an array of traditional and government-backed mortgage products to borrowers in all 50 states. The largest differentiating factor between the companies is that LendingTree is an online mortgage marketplace, connecting borrowers with multiple lenders in its network, and Quicken Loans is a direct online mortgage lender. Thus, deciding which company is best for you will depend on your needs and borrowing preferences.
Besides this difference in lender type, here some other important factors to consider between the two companies:
Rates and Fees
Loan Types
Approval Process
Customer Reviews
Rates and Fees
Experts encourage homebuyers to shop around for a mortgage to secure the lowest rate possible, and LendingTree provides an all-in-one platform to do just that — compare lenders and offered rates.
Choosing to work with LendingTree for your mortgage needs could provide a streamlined comparison process, but it could also help you secure a much lower rate than you might find elsewhere.
As a mortgage marketplace, LendingTree puts its network of lenders in direct competition with one another, which can lead lenders to provide lower rates and terms to catch the attention of the consumer.
Quicken Loans, on the other hand, is an online direct mortgage lender, processing and originating loans in-house. Because the lender is directly funding loans, rates might be higher than with other lenders. In addition, mortgage rates fluctuate and change daily, but Quicken Loans provides up-to-date rates on its website, as well as a trend graph, displaying rate trends for specified amounts of time.
Loan Types
LendingTree and Quicken Loans offer the following loan types:
| LendingTree | Quicken Loans | |
| Available Loan Types |
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While it appears that LendingTree offers many more mortgage loan options, it is important to note that this is made possible by the fact that it connects borrowers to multiple lenders that may offer different loan types. Quicken Loans does, however, offer the typical loan types that you would see with any other online mortgage lender.
Approval Process
LendingTree may provide greater flexibility in rates and loan types, but the application and approval process will likely be faster with Quicken Loans because it's an online lender, and it’s not working with any third-party lenders.
The Quicken Loans approval process includes two steps: prequalified approval and verified approval.
- Prequalified Approval — After checking your credit, Quicken Loans will provide you with a prequalified approval letter showing how much you can borrow so you know how much house you can afford (this letter is not a pre-approval letter indicating that you have secured home financing).
- Verified Approval — A home loan expert will verify your credit, income, and assets, and provide you with a Verified Approval Letter (pre-approval letter) providing written proof that your finances are secure for a home purchase.
Quicken Loans also provides RateShield℠ Approval which will lock your rate for 90 days to guarantee you the most favorable mortgage rate.
LendingTree’s application process is quite simple, requiring you to enter some personal and financial information, but approval will be based on the lender you choose to work with. So, specialized approval processes or programs, such as a rate lock, may not be available to you.
Customer Reviews
Lending Tree reviews and Quicken Loans reviews are both a mix of 1-star and 5-star ratings.
One common LendingTree complaint is that you may get inundated with calls since your information will be shared with third parties. However, many customers speak to LendingTree's competitive rates and fast funding times.
Quicken Loans reviews frequently 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. The majority of recent reviews are positive, indicating that the customer experience with Quicken Loans has improved over the years.
Frequently Asked Questions
Is Rocket Mortgage the same as Quicken Loans?
Yes, Rocket Mortgage and Quicken Loans are the same company. Quicken Loans recently changed its name to Rocket Mortgage, but QuickenLoans.com remains operational. Before the company name change, Quicken Loans still originated and processed loans through the Rocket Mortgage platform.
How many mortgage lenders are listed on LendingTree?
LendingTree has an expansive lender network. When you apply for a mortgage with LendingTree, you will be matched with up to five lenders that match your profile.
How long does LendingTree take to process a mortgage?
Mortgage processing times will be determined by the matched lender you choose from LendingTree’s network, thus processing and closing times will vary. The industry average time to closing is 40 to 65 days.
How long does Quicken Loans take to process a mortgage?
It will take anywhere between 30 to 50 days for Quicken Loans to close on your home loan. This is faster than the industry average time of 40 to 65 days.
