Quicken Loans vs Wells Fargo

McCall Martin
McCall Martin | Senior Editor

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. 

Quicken Loans reviews and Wells Fargo reviews from customers are both a mix of 1 and 5 stars.

Jump down to read a detailed comparison of both companies' products and services, or helpful FAQs.

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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.

Quicken Loans logo
#11 Quicken Loans
6.9 Overall Score
4.1
star star star star star_border
(609)
Wells Fargo logo
#16 Wells Fargo
6.4 Overall Score
3.9
star star star star star_border
(298)

Overview

Quicken Loans

Minimum Down Payment

3%

Minimum Credit Score

620

Government-Insured Loan Types

FHA, VA

Average Time to Closing

30–50 Days

Time in Business

39 Years

Wells Fargo

3%

620

FHA, VA

30–90 Days

172 Years

Ratings

Quicken Loans

Overall Score
6.9 of 10
Review Score
4.1
star star star star star_border
Value for Money
4.0
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Quality of Product or Service
4.0
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Company Trustworthiness
3.9
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Likely to Recommend
7.3 of 10

Wells Fargo

6.4 of 10
3.9
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3.7
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3.7
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3.6
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6.7 of 10

Pros & Cons

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

Wells Fargo

PROS

  • Low down payment requirements
  • Competitively low mortgage rates
  • Construction loan options available
  • Home equity loan options available

CONS

  • Limited information on website
  • Unknown fees

Reviews

Quicken Loans

Number of Reviews
609
Review Breakdown
4.1
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1 star
16%
2 star
3%
3 star
6%
4 star
8%
5 star
68%

Wells Fargo

298
3.9
star star star star star_border
1 star
11%
2 star
7%
3 star
13%
4 star
24%
5 star
45%

Reviews for Quicken Loans

Helpful Favorable Review

star star star star star

JUDY PARSONS

March 20th, 2023

DETAILS

Bryan and Anthony from Michigan were wonderful and so helpful through the whole progress. I was amazed at how quickly and easy to apply with Rocket Mortgage. They are skilled and very knowledgeable. They always called back on my messages with questions and concerns that I had and they addressed them. They were so professional and very friendly. I felt like I could trust them from the first phone conversation. Amazing from the beginning.

Helpful Critical Review

star star_border star_border star_border star_border

Julita Varner

November 12th, 2022

DETAILS

HORRIBLE! Quicken Loans screwed up EVERYTHING! The most egregious issue is they collected funds that were to be held in escrow for taxes but failed to pay the taxes. I found out when I received a notice of delinquency and that's when Quicken told me they reduced my closing costs and I was supposed to pay my taxes directly. They said "sorry" for NOT telling me this and for having to increase my monthly payments by $257 to make up the shortage. Fortunately, I can shift some things to make the payment but what if, like many people, I couldn't afford it? Absolutely SHAMEFUL!!!

Reviews for Wells Fargo

Helpful Favorable Review

star star star star_border star_border

C. McDaniel

February 13th, 2023

DETAILS

I had them for years u til they sold us to another company !! I didn't even know lenders did that and I felt very insulted by it ! We were never late on a payment in 20 years, so whatever reason, I did take it personally although been told not too ! Can't believe they're allowed to do this without even letting you know in advance, terrible business practice to me !

Helpful Critical Review

star star star_border star_border star_border

Amarie Rodriguez

April 12th, 2022

DETAILS

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Review Source

I banked with Wells Fargo and had a few issues with them regarding my savings account. I wasn’t happy how they handled it or the way I was spoken too as if my problem was insignificant. So I decided to go elsewhere.

The Final Word

Quicken Loans and Wells Fargo are both well-known mortgage lenders, offering similar mortgage products and services. 

Let’s take a look at some important mortgage factors to consider between both companies, to see how they line up side-by-side.

Rates and Fees
Loan Types
Approval Process
Specialized Products and Programs
Company Reputation
Customer Reviews

Rates and Fees

Both Quicken Loans and Wells Fargo provide daily-updated mortgage rates. This is a helpful feature, allowing borrowers to have some idea of what they could pay in interest on their mortgage.

However, these rates are generally the lowest available rates, which aren’t guaranteed for all borrowers. The rate you will receive on your mortgage loan will be dependent on various financial factors, such as your credit score and debt-to-income ratio (DTI). In most cases, you will need an excellent credit score (700+) and be able to make a significant down payment to secure a lower rate, if not the lowest available rate.

Loan Types

Quicken Loans and Wells Fargo both offer a variety of loan products to serve a wide range of homebuyer needs:

  Quicken Loans Wells Fargo
Loan Types Available
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • FHA Loan
  • VA Loan
  • Jumbo Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • FHA Loan
  • VA Loan
  • USDA Loan
  • Jumbo Loan
  • New Construction Loan

Wells Fargo offers a new construction loan, providing financing for new home constructions, which is not a common loan option offered by mortgage lenders.

Approval Process

Both companies have an online application process, making it quick and easy to apply for a mortgage.

Neither company discloses its closing timeline, but the industry average is 45 to 60 days.

One advantage of working with Wells Fargo is that the company has hundreds of brick-and-mortar locations across the country. Thus, if you prefer to work with a company representative face-to-face you have the opportunity to do so throughout the Wells Fargo mortgage process.

In addition, both companies have mobile apps, available for iOS and Android devices, through which you can track your applications and manage your mortgage and payments.

Specialized Products and Programs

Quicken Loans offers a variety of specialized products and programs:

  • RateShield℠ Approval — Through the RateShield Approval program, Quicken Loans will lock your rate for up to 90 days. This rate lock is available for a 30-year fixed conventional loan, an FHA loan, or a VA loan.
  • Quicken Loans Good-Faith Deposit — Make a deposit between $400 and $750 to cover all lender fees. Your deposit can be paid by credit card, debit card, or prepaid Visa or MasterCard gift card.
  • PMI Advantage Program — If you make a down payment less than 20% you will be required to pay private mortgage insurance (PMI). This can be a large additional expense, but Quicken Loans provides options to either raise your interest rate to cover the overall cost of PMI or to pay PMI as a one-time payment at closing. These options can save you from paying even more money upfront on your mortgage.

Wells Fargo also has a rate lock program: Builder Best Extended Rate Lock. This program locks your rate for up to 24 months on a variety of loan types, but is specifically designed for those taking out a new construction loan.

Company Reputation

Quicken Loans and Wells Fargo are both big names in the mortgage industry, while Wells Fargo is also a well-known banking institution.

In recent years Wells Fargo has been accused of opening fake deposit and credit accounts, in addition to wrongfully foreclosing on mortgage borrowers in order to meet excessive company sales goals. Because of this behavior, the company has been charged large federal and state fines. Wells Fargo has been working hard to recover from these setbacks and regain consumer confidence and trust.

Customer Reviews

Quicken Loans and Wells Fargo both have mixed 5-star and 1-star reviews, making it difficult to predict the quality of your experience with either lender based on past customer sentiment.

Here is a breakdown of what we know from positive and negative reviews for both companies:

  Quicken Loans Wells Fargo
Positive Reviews
  • Affordable rates
  • Efficient processing
  • Reliable customer service
  • Value for your money
  • Quality products and services
  • Reliable customer service
Negative Reviews
  • Poor communication
  • Poor organization
  • Lack of transparency
  • Lack of flexibility in loan terms
  • Poor company communication
  • Lack of transparency
  • Confusing fees

Due to mixed reviews, it is important to read both 5-star and 1-star reviews to gain a more complete picture of each company.

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, the platform through which it originates and processes home loans. QuickenLoans.com remains operational.

What credit score is needed for a Wells Fargo mortgage?

Wells Fargo mortgage underwriters typically require a credit score of 620 or higher to qualify for a home loan.

What credit score is needed for a Quicken Loans mortgage?

For a Quicken Loans conventional loan, you will need a credit score of 620 or higher.

Does Wells Fargo sell its mortgages?

Wells Fargo may sell your loan. But if the company does so, you’ll be notified and provided with additional information in advance.

Does Quicken Loans sell its mortgages?

Quicken Loans may sell your loan. However, the company takes pride in servicing the majority of loans it originates.

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