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. 

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 verified_user
#4 Quicken Loans
8.3 Overall Score
4.1
star star star star star_border
(584)
Wells Fargo logo
#11 Wells Fargo
7.3 Overall Score
3.9
star star star star star_border
(290)

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

37 Years

Wells Fargo

3%

620

FHA, VA

30–90 Days

170 Years

Ratings

Quicken Loans

Overall Score
8.3 of 10
Review Score
4.1
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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
7.2 of 10

Wells Fargo

7.3 of 10
3.9
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3.7
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3.8
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3.6
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6.8 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
584
Review Breakdown
4.1
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5 star
67%
4 star
7%
3 star
6%
2 star
3%
1 star
16%

Wells Fargo

290
3.9
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5 star
45%
4 star
24%
3 star
13%
2 star
8%
1 star
11%

Reviews for Quicken Loans

Helpful Favorable Review

star star star star star

Wendel Hamrick

September 7th, 2022

DETAILS

Our experience with Rocket was more than anticipated. Everything they said they could and would do went as expected. Communication with all departments was superb especially in a time that customer service is mediocre at best. They were all friendly and informative. Very timely and efficient in all phases. I would definitely Recommend Rocket Mortgage and hope to use them in the future.

Helpful Critical Review

star star_border star_border star_border star_border

Danielle Lessard, Ph.D.

September 27th, 2022

Worst experience buying a home. My file was switched between three mortgage bankers and all gave me completely different stories and rates. Prices changed weekly all the way to closing. The bankers did not know what they were doing and each time my file was moved I had to explain to them what was going on with my file the last I knew. I had to provide them with everything but a dna sample. One day everything was good and the next they couldn't do the deal. I was on pins and needles for over 45 days. I will never ever use this company again and I dont recommend anyone else use them either.

Reviews for Wells Fargo

Helpful Favorable Review

star star star star star

Shelton Germaine

September 15th, 2022

DETAILS

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Review Source

I currently using Wells Fargo for my home loan. They have taken care of me now for 16 years, twice they have allowed me to do a refinance for a significantly lower rate, without closing cost, fees or anything. Both times, it was painless

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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