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
8.3 Overall Score
3.4
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(93)
Wells Fargo logo
#3 Wells Fargo
7.3 Overall Score
3.8
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(164)

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
34 Years
167 Years

Ratings

Quicken Loans

Wells Fargo

Overall Score
Overall Score
8.3 of 10
7.3 of 10
Review Score
Review Score
3.4
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3.8
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Value for Money
Value for Money
3.6
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3.6
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Quality of Product or Service
Quality of Product or Service
3.4
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3.6
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Customer Service
Customer Service
3.4
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3.6
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Company Trustworthiness
Company Trustworthiness
3.4
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3.5
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Likely to Recommend
Likely to Recommend
5.4 of 10
6.5 of 10

Reviews

Quicken Loans

Wells Fargo

Number of Reviews
Number of Reviews
93
164
Review Breakdown
Review Breakdown
3.4
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5star
48%
4star
9%
3star
11%
2star
1%
1star
31%
3.8
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5star
38%
4star
30%
3star
12%
2star
7%
1star
13%

Reviews for Quicken Loans

Helpful Favorable Review

starstarstarstarstar
Jennifer A Wilson
September 9th, 2019 Tullahoma, TN DETAILS
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Loved quicken.. we had no issues at all, gave them everything they needed when they asked and stayed in touch with our team. Closed on time with no issue. Will use them again Creighton and the team where amazing..


Helpful Critical Review

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Reese
October 1st, 2019 Georgetown, CO DETAILS
Value for your money
starstarstarstarstar_border
Quality of product or service
starstarstarstarstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
Company trustworthiness
starstar_borderstar_borderstar_borderstar_border

We had a loan through quicken loans and had it set up on auto payment withdrawal. We decided to do a refinance through quicken loans. We closed on the refinance on September 21st. They took an auto payment withdrawal on September 27th for the closed loan. We called an we now have to wait 2-3 weeks to get the $1000 back!!!


Reviews for Wells Fargo

Helpful Favorable Review

starstarstarstarstar
kristin Gneiting
September 9th, 2019 Pleasant Grove, UT DETAILS
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Did my home loan through Wells Fargo. They didn't have a ton of hoops to jump through and it was quick and easy. They gave me a great rate and it closed on time and I was able to move into a home that I love with the great feeling that I was set for the long haul.


Helpful Critical Review

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Jeremy Arndt
January 31st, 2019 Orem, UT DETAILS
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
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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