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
#2 Quicken Loans
8.4 Overall Score
3.2
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(144)
Wells Fargo logo
#4 Wells Fargo
7.0 Overall Score
3.7
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(181)

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
8.4 of 10
7.0 of 10
Review Score
Review Score
3.2
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3.7
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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
3.2
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3.5
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Company Trustworthiness
Company Trustworthiness
3.2
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3.4
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Likely to Recommend
Likely to Recommend
5.3 of 10
6.5 of 10

Reviews

Quicken Loans

Wells Fargo

Number of Reviews
Number of Reviews
144
181
Review Breakdown
Review Breakdown
3.2
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5 star
43%
4 star
8%
3 star
8%
2 star
4%
1 star
37%
3.7
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5 star
37%
4 star
31%
3 star
11%
2 star
8%
1 star
13%

Reviews for Quicken Loans

Helpful Favorable Review

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c. Hayden

July 12th, 2020 DETAILS arrow_drop_down
Value for your money
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Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

This was the easiest mortgage i have ever done. The quicken loan team i had was out in Michigan and they were outstanding during the hole process, it was all so easy and the whole process did not require that i had to leave my home to do anything.


Helpful Critical Review

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Arben Gjeka

July 12th, 2020 Chicago, IL DETAILS arrow_drop_down
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
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Customer service
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Company trustworthiness
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This is the worst company to do business with e going back-and-forth with all kinds of conditions at the end when time came to close they said everything is fine but all of a sudden they said then your income for the last three months of this year does not match the income for the first three months of the prior year waste of time and patience


Reviews for Wells Fargo

Helpful Favorable Review

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Hunter Scott

July 12th, 2020 DETAILS arrow_drop_down
Value for your money
starstarstarstar_borderstar_border
Quality of product or service
starstarstarstarstar_border
Customer service
starstarstarstar_borderstar_border
Company trustworthiness
starstarstarstarstar_border

Recasting Mortgage. Had to wait a long time (60+ minutes) on hold, due to Covid. Once answered, the person was knowledgeable. Got the information requested. Received packet in mail in a short time. All going well.


Helpful Critical Review

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Cat

July 12th, 2020 Sussex, WI 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 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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Quicken Loans
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