1. Quicken Loans vs Wells Fargo

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
#3 Quicken Loans
9.5 Overall Score
3.2
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(165)
Wells Fargo logo
#8 Wells Fargo
7.1 Overall Score
3.8
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(196)

Overview

Quicken Loans

Wells Fargo

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
9.5 of 10
7.1 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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3.6
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Quality of Product or Service
Quality of Product or Service
3.3
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3.6
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Customer Service
Customer Service
3.2
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3.6
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Company Trustworthiness
Company Trustworthiness
3.2
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3.5
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Likely to Recommend
Likely to Recommend
5.4 of 10
6.7 of 10

Reviews

Quicken Loans

Wells Fargo

Number of Reviews
Number of Reviews
165
196
Review Breakdown
Review Breakdown
3.2
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5 star
43%
4 star
8%
3 star
7%
2 star
5%
1 star
36%
3.8
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5 star
40%
4 star
30%
3 star
11%
2 star
8%
1 star
12%

Reviews for Quicken Loans

Helpful Favorable Review

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Andrew Hyde

October 29th, 2020 , DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

I have used Quicken for several loans and refinances over the last few years. They have the easiest home buying process in the business. They are willing to do what it takes to make sure that you know your business is valuable to them.


Helpful Critical Review

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Kevin Hendry

October 29th, 2020 Fort Lauderdale, FL 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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started process in Jan 2019 ,after 6 months ,multiple repeat upload of requested documents ,they continued to drag their feet, lost 500 dollars on appraisal fees , worst experience I have ever had!! Steer away from this company ,


Reviews for Wells Fargo

Helpful Favorable Review

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Andrew Hyde

October 29th, 2020 , DETAILS arrow_drop_down
Value for your money
starstarstar_borderstar_borderstar_border
Quality of product or service
starstarstar_borderstar_borderstar_border
Customer service
starstarstar_borderstar_borderstar_border
Company trustworthiness
starstar_borderstar_borderstar_borderstar_border

I have only used Wells Fargo for one mortgage. They were unwilling to help me in a desperate time when I was laid off. I attempted to restructure my loan to prevent getting behind on payment until I could find work again. They would not even consider helping me until I was at least 6 months behind on payments. Then, the only help they offered was bankruptcy or turning over my home, both of which would have damaged my credit for years.


Helpful Critical Review

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Cat

October 29th, 2020 Sussex, WI DETAILS arrow_drop_down
Value for your money
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Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
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Company trustworthiness
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I feel I was not treated well and that caused us to lose our house shortly after they bought out our mortgage, even though we had not missed a payment in 25+ years to the previous lending co. They did not foreclose but threatened it and we were forced into a short sale, leaving the home without many of our precious belongings.


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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