Quicken Loans vs Wells Fargo

Kalicia Bateman
Kalicia Bateman | Contributor
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
#4 Quicken Loans
8.9 Overall Score
3.4
star star star star_half star_border
(240)
Wells Fargo logo
#8 Wells Fargo
6.4 Overall Score
3.8
star star star star_half star_border
(220)

Overview

Quicken Loans

Minimum Down Payment for Conventional Loan

3%

Minimum Credit Score Accepted

620

Time in Business

36 Years

Wells Fargo

3%

Undisclosed

169 Years

Ratings

Quicken Loans

Overall Score
8.9 of 10
Review Score
3.4
star star star star_half star_border
Value for Money
3.5
star star star star_half star_border
Quality of Product or Service
3.4
star star star star_half star_border
Company Trustworthiness
3.4
star star star star_half star_border
Likely to Recommend
5.9 of 10

Wells Fargo

6.4 of 10
3.8
star star star star_half star_border
3.6
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3.6
star star star star_half star_border
3.6
star star star star_half star_border
6.8 of 10

Reviews

Quicken Loans

Number of Reviews
240
Review Breakdown
3.4
star star star star_half star_border
5 star
48%
4 star
8%
3 star
8%
2 star
5%
1 star
32%

Wells Fargo

220
3.8
star star star star_half star_border
5 star
41%
4 star
28%
3 star
11%
2 star
7%
1 star
12%

Reviews for Quicken Loans

Helpful Favorable Review

star star star star_border star_border

Leticia Diaz Channahon, IL

I didn't like how my loan changed from the initial start compared to the end. I understand why it changed but I didn't like that nobody reached out to me and said hey the loan is going to change and this is why... There really wasn't a full communication between quicken loans. I had to be the one hunting after why did this change? What's taking so long? Who is this guy?

5 days ago

Helpful Critical Review

star star_border star_border star_border star_border

Rebecca Mays ,

I wasted a ton of time trying to use Quicken Loans instead of just using a local company. After wasting almost a month of going through the entire process trying to sell my home I ended up having to start the process all over and go through another company. The agent we were working with even went out on vacation during final week and left his case load with another co-worker who had no clue how to help us.

3 weeks ago

Reviews for Wells Fargo

Helpful Favorable Review

star star star star_border star_border

brandon wilkins West Valley City, UT

I had my mortgage through Wells Fargo for several years on my personal home. I closed my loan through someone else but they purchased it. I never needed too much service regarding it. They seemed to do just fine processing my monthly payments until I paid it off eventually.

2 months ago

Helpful Critical Review

star star_border star_border star_border star_border

Juha Raatikainen ,

Never again! They have the most incompetent mortgage lenders working for them. With 825 rating and existing paid home they made me jump thru hoops on simple mortgage application. It took forever to send document after document until I finally had enough. I told them not to bother, I found another lender, closed on new house 2 weeks later.

2 months ago

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. 

Top Choice

Quicken Loans Logo
Quicken Loans

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