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
3.7
star star star star_half star_border
(330)
Wells Fargo logo
#10 Wells Fargo
6.0 Overall Score
3.8
star star star star star_border
(236)

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
3.7
star star star star_half star_border
Value for Money
3.7
star star star star_half star_border
Quality of Product or Service
3.7
star star star star_half star_border
Company Trustworthiness
3.6
star star star star_half star_border
Likely to Recommend
6.5 of 10

Wells Fargo

6.0 of 10
3.8
star star star star star_border
3.6
star star star star_half star_border
3.6
star star star star_half star_border
3.6
star star star star_half star_border
6.6 of 10

Reviews

Quicken Loans

Number of Reviews
330
Review Breakdown
3.7
star star star star_half star_border
5 star
57%
4 star
7%
3 star
7%
2 star
4%
1 star
25%

Wells Fargo

236
3.8
star star star star star_border
5 star
41%
4 star
27%
3 star
12%
2 star
7%
1 star
13%

Reviews for Quicken Loans

Helpful Favorable Review

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Review Source

star star star star star

tracey williams Waterbury, CT

I was pleasantly surprised how well it went after reading other reviews. Everything went smoothly and fairly quickly. From initial phone call from Joe L, right to the end I never had any problems. If I had any questions or neded help with a request , I would call Joe and he usually always answered his phone. If he was not available to take the call he always called right back. Anyone else I had to speak with was always very pleasant and helpful.

6 days ago

Helpful Critical Review

star star_border star_border star_border star_border

Kenneth R Garrett, IN

Went to get a VA loan asked what the minimum credit score was 580. Got my credit pulled then was told that there would be a 5 % down and that to do no down my credit score would have to be 660. Also they sold my information

1 week ago

Reviews for Wells Fargo

Helpful Favorable Review

check_circle

Review Source

star star star star star

James Moss Pella, IA

Wells Fargo bought my mortgage and has always been honest with me. I was going to refinance with Rocket Mortgage, and they said I could as it would make financial sense, but later told me no. I checked with Wells Fargo as I was waiting to go with Rocket Mortage and Wells Fargo said no that could not help. Not a problem but, with Rockit Mortgage I got another hit on my credit report.

1 month ago

Helpful Critical Review

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Review Source

star star star_border star_border star_border

Basil48 Ocean Isle Beach, NC

Wells has numerous offices and personnel handling their accounts. When used on an investment property in MD we had difficulties either refinancing or getting straight answers on questions. They tried to link in and/or have you obtain other services, such as credit cards, stock management, etc. Often personnel you had been dealing with where not available.

1 month 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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