LendingTree vs Quicken Loans

Kalicia Bateman
Kalicia Bateman | Contributor

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.

report_problem

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.

LendingTree logo verified_user
#29 LendingTree
5.6 Overall Score
3.9
star star star star star_border
(39)
Quicken Loans logo verified_user
#4 Quicken Loans
8.3 Overall Score
4.1
star star star star star_border
(584)

Overview

LendingTree

Minimum Down Payment

3%

Minimum Credit Score

Varies

Government-Insured Loan Types

FHA, VA, USDA

Average Time to Closing

Varies

Time in Business

26 Years

Quicken Loans

3%

620

FHA, VA

30–50 Days

37 Years

Ratings

LendingTree

Overall Score
5.6 of 10
Review Score
3.9
star star star star star_border
Value for Money
4.3
star star star star star_half
Quality of Product or Service
4.3
star star star star star_half
Company Trustworthiness
4.2
star star star star star_border
Likely to Recommend
8.3 of 10

Quicken Loans

8.3 of 10
4.1
star star star star star_border
4.0
star star star star star_border
4.0
star star star star star_border
3.9
star star star star star_border
7.2 of 10

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

Number of Reviews
39
Review Breakdown
3.9
star star star star star_border
5 star
59%
4 star
10%
3 star
10%
2 star
5%
1 star
15%

Quicken Loans

584
4.1
star star star star star_border
5 star
67%
4 star
7%
3 star
6%
2 star
3%
1 star
16%

Reviews for LendingTree

Helpful Favorable Review

star star star star star

L Hill

February 24th, 2022

DETAILS

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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

star star_border star_border star_border star_border

Luke Swierczynski

November 10th, 2021

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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

star star star star star

Wendel Hamrick

September 7th, 2022

DETAILS

Our experience with Rocket was more than anticipated. Everything they said they could and would do went as expected. Communication with all departments was superb especially in a time that customer service is mediocre at best. They were all friendly and informative. Very timely and efficient in all phases. I would definitely Recommend Rocket Mortgage and hope to use them in the future.

Helpful Critical Review

star star_border star_border star_border star_border

Danielle Lessard, Ph.D.

September 27th, 2022

Worst experience buying a home. My file was switched between three mortgage bankers and all gave me completely different stories and rates. Prices changed weekly all the way to closing. The bankers did not know what they were doing and each time my file was moved I had to explain to them what was going on with my file the last I knew. I had to provide them with everything but a dna sample. One day everything was good and the next they couldn't do the deal. I was on pins and needles for over 45 days. I will never ever use this company again and I dont recommend anyone else use them either.

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
  • Conventional Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • FHA Loan
  • VA Loan
  • USDA Loan
  • Jumbo Loan
  • Home Refinance Loan
  • Reverse Mortgage Loan
  • Home Equity Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • FHA Loan
  • VA Loan
  • Jumbo Loan

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.

Top Choice

Quicken Loans Logo
Quicken Loans

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.

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