Quicken Loans vs Wells Fargo

Quicken Loans and Wells Fargo are both big-name mortgage lenders equipped to finance most new home purchases and perform home refinance services. Both lenders utilize the convenience of online access for borrower applications, document retrieval, and loan payments. However, Quicken Loans mortgage lending is exclusively online, and Wells Fargo has over 5,000 brick-and-mortar bank locations at which borrowers can meet with a loan officer face-to-face. 
Quicken Loans logo verified_user
#2 Quicken Loans
9.1 Overall Score
3.2
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(124)
Wells Fargo logo
#4 Wells Fargo
8.2 Overall Score
3.8
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(177)

Overview

Quicken Loans

Wells Fargo

Coverage
Coverage
50
50
Minimum Down Payment For Conventional Loan
Minimum Down Payment For Conventional Loan
3%
3%
Minimum Credit Score Accepted
Minimum Credit Score Accepted
620
Undisclosed
Time In Business
Time In Business
35 Years
168 Years

Ratings

Quicken Loans

Wells Fargo

Overall Score
Overall Score
9.1 of 10
8.2 of 10
Review Score
Review Score
3.2
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3.8
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Value for Money
Value for Money
3.4
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3.5
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Quality of Product or Service
Quality of Product or Service
3.3
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3.5
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Customer Service
Customer Service
3.3
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3.6
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Company Trustworthiness
Company Trustworthiness
3.3
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3.5
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Likely to Recommend
Likely to Recommend
5.5 of 10
6.5 of 10

Reviews

Quicken Loans

Wells Fargo

Number of Reviews
Number of Reviews
124
177
Review Breakdown
Review Breakdown
3.2
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5 star
44%
4 star
9%
3 star
9%
2 star
4%
1 star
34%
3.8
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5 star
38%
4 star
31%
3 star
11%
2 star
7%
1 star
13%

Reviews for Quicken Loans

Helpful Favorable Review

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Gregory Talley

March 24th, 2020 Chesapeake, VA DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Not pushy. Take great care of Veterans and our family, and take care of a lot of fees. Great rates. They are all very courteous. Excellent communicators. They are the best and won't sell your loan to another company.


Helpful Critical Review

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Gita

March 26th, 2020 Los Angeles, CA DETAILS arrow_drop_down
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
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Company trustworthiness
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Stay away from QuickenLoan becausr price gouging with over charging the closing cost without informing you in the beginning. The banker made everything looked perfect by manipulating the numbers. He rest assure all the cost after running my score and all of a sudden at the time of signature i figured that he hid $12,000.- cost. Waste of time, no integrity and misleading information. Watch out, go to other lender. This co. Is not trustworthy.


Reviews for Wells Fargo

Helpful Favorable Review

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Victoria L Moorman

March 30th, 2020 Indianapolis, IN DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

I love the customer service. The willingness to Provide you with all the tools you need to live And remain in your home, during difficult times. And happy with you when you sore again, and prosper. I love Wells Fargo Home Mortgage. Thanks


Helpful Critical Review

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Jeremy Arndt

January 31st, 2019 Orem, UT DETAILS arrow_drop_down
Value for your money
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Quality of product or service
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Customer service
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Company trustworthiness
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I did a home loan with Wells Fargo a few years ago and everything they "said" was not represented correctly. I'm not even sure how they did what they did, but buried in the new loan was a bunch of hidden fees and things nobody in their right mind would want. My bad for not having a lawyer present to read the documents with me, but my goodness. What is this world coming to if you cannot trust a company to be ethical? I know I wasn't the only person Wells Fargo scammed out of money, but it felt really personal.


The Final Word

One important distinction: if you're building, Quicken Loans is not an option. Wells Fargo offers new construction loans while Quicken Loans does not. Furthermore, Wells Fargo's Builder Best Extended Rate Lock program locks down a range of interest rates for up to 24 months, protecting you with a grace period during the construction process should rates skyrocket. If you want to switch to Quicken Loans after your build, you can refinance your construction loan into a standard mortgage later. 

What sets Quicken Loans apart? It offers loan customization via YOURgage loans anywhere from 8-30 year terms. 

Customer reviews illustrate that the quality of the mortgage borrowing experience is similar with both lenders. To decide which is best for you, it comes down to your preference between remote communication and face-to-face meetings with a loan officer. Regardless, it's a good idea to see what rates you qualify for with both lenders. 

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