4.1
6.8
Overall Score
Founded in 1985 in Detroit as Rock Financial, Quicken Loans is the largest mortgage lender in the United States1. Quicken Loans originates loans through Rocket Mortgage®, an entirely online mortgage process, as well as Quicken Loans Mortgage Services, which partners with mortgage brokers and regional banks. Loan production is generated from web centers in Detroit, Cleveland, and Phoenix.
Attention: Quicken Loans changed its name to Rocket Mortgage.
QuickenLoans.com remains operational, but you will be directed to Rocket Mortgage to apply for a home loan.
Quicken Loans provides a number of loan options that accommodate first-time and seasoned home buyers, as well as those looking to refinance. The company is known for its online loan application process, Verified Approval℠, and loan term customization through the YOURgage loan option.
The majority of positive Quicken Loans reviews describe what a prospective borrower looks for in a lender: a quick, easy mortgage application process, fair loan terms, and competitive mortgage rates. However, make sure to browse over Quicken Loans negative reviews as well — Quicken Loans has slightly more complaints compared to other top mortgage lenders.
Overall, with a proactive Home Loan Expert, first-time buyers and experienced buyers can expect a positive consumer experience while pursuing an online mortgage with Rocket Mortgage®.
Quicken Loans' mortgage products and services are available in all 50 states.
Quicken Loans offers a convenient, online application process through Rocket Mortgage. In addition to a streamlined application process that syncs with your bank to give you the most accurate numbers, as well as a quick approval process, Rocket Mortgage offers home search service through its sister company, Rocket Homes®.
In addition, you can quickly search and be put in contact with a mortgage broker near you, if needed.
Quicken Loans has a loan approval process that allows homebuyers to make an offer on a home quickly and competitively after submitting an application.
It should be noted that Quicken Loans reserves the right to cancel the RateShield Approval offer at any time and the RateShield Approval is not a commitment to lend applicants money.
The Quicken Loans' $1,000 Verified Approval guarantee only counts if your eligibility in the program does not change and the mortgage loan doesn't close and this offer does not apply to new purchase loans submitted through a mortgage broker.
If a loan fails to close for a reason outside of the company's control or you no longer want the loan, your participation in Verified Approval is discontinued.
Quicken Loans' mortgage process is enhanced by its deposit program. The deposit amount varies between $400 and $750 and can be paid using a credit card, debit card, or prepaid Visa or MasterCard gift card and covers all lender fees associated with:
Quicken Loans is transparent about exactly where the deposit money is going, especially in an industry where some lenders have taken advantage of borrowers by overcharging for the appraisal. And when you close on your home, all of your deposit money is credited to your total closing costs.
If you make a down payment less than 20 percent you will likely be required to pay private mortgage insurance (PMI) - a fee added to your monthly payment, potentially adding hundreds of dollars to your current payment amount. Most people can't afford to pay 20 percent down on a home purchase, so PMI is a common fee that many homeowners pay.
To help you reduce or eliminate your PMI payments, Quicken loans provides options to do so through its PMI Advantage Program. There are two options available:
While these options don't necessarily remove your responsibility to pay PMI, they can help you reduce your monthly mortgage payment and save you money in the long run.
All Quicken Loans mortgages have conditions and eligibility requirements. But some borrowers may have multiple options available to them. Quicken Loans offers the following loan types:
The Quicken Loans website features four helpful calculators:
These tools are also accessible on the Rocket Mortgage app via the Apple store and Google Play. Using the app, compatible with iOS and Android devices, users can manage their mortgage and access the above tools and other resources on the go.
The Quicken Loans website displays daily updated mortgage rates, as well as a trend graph, displaying rate trends from as little as one week up to one year.
Since mortgage rates change daily and even hourly based on the market, prospective buyers can appreciate access to today's mortgage rate and APR information from Quicken Loans. Keep in mind that interest rates also vary based on each borrower's overall financial situation: FICO score, income, assets, the mortgage product type, loan-to-value ratio (LTV), and points due at closing.
Quicken Loans equips first-time homebuyers with many helpful resources, including a comprehensive homebuyer's guide and refinance guide. The homebuyer's guide takes prospective borrowers through the following steps:
While Quicken Loans does offer a wide variety of mortgage loan options, including government-backed FHA and VA loans, it does not offer USDA loans.
A USDA loan is made available by the U.S. Department of Agriculture, and is a zero down payment mortgage option for those interested in purchasing a rural property. In addition, USDA loans may accept lower credit scores than conventional mortgage loans.
While the lender does have several mortgage options, you can't get a construction loan through Rocket Mortgage, nor can you finance a mobile or manufactured home.
Quicken Loans does not offer a Home Equity Line of Credit (HELOC) option, a secured form of credit through which a lender agrees to lend a certain amount secured by a borrower's home equity.
HELOCs can be a good way to access extra cash to make home improvements, in turn increasing the value of your home. But, this form of credit can also be hazardous, as it can be easy to access more cash than you're able to pay back at a certain time.
Quicken Loans mortgage reviews are average in comparison to other top lenders, and vary widely in star rating — approximately half of customers award the company 5 stars, while the other half awards it only 1 star.
The most common glowing Quicken Loans mortgage reviews mention affordable rates, efficiency, and great customer service. On the other hand, the most common Quicken Loans Complaints are due to poor communication, organization, and transparency.
Due to the mixed reviews, make sure to read both the 1-star and 5-star Quicken Loans reviews below so that you can have a more complete picture of how the company interacts with its customers.
Quicken Loans is a widely known mortgage lender, providing a quick and easy application and approval process through its online Rocket Mortgage product. With entirely online services you may get to closing faster, but you can also speak and work with a Quicken Loans Home Loan Expert if you would prefer.
In addition to its Rocket Mortgage product, Quicken Loans offers many services and products to assist you throughout each phase of the mortgage process, such as the following:
Quicken Loans customer reviews scores are slightly above average with 3.5 out of 5 stars in all of our sentiment criteria. The majority of customers are pleased with their Quicken Loans experience, awarding the company 5 stars overall, but, on the other hand, a large portion of customers express dissatisfaction in their experience with the company.
Positive Quicken Loans reviews most often mention:
Negative Quicken Loans reviews most often mention:
We recommend taking time to read both positive and negative reviews to see if Quicken Loans would be the best choice for you.
There are lots of online lenders out there, but Quicken Loans has the online mortgage application and digital mortgage management system down to a science. And as far as user convenience goes, Quicken Loans is hard to beat with its completely-online mortgage application process.
First-time and experienced buyers alike can shop for mortgages, know their loan's status 24/7, manage their mortgage, and set their own time and place for closing from the comfort of home and the convenience of a phone or computer.
1Based on Quicken Loans data in comparison to public data records.
For J.D. Power award information, visit JDPower.com.
Quicken Loans Inc.; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Quicken Loans Inc., 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Licensed Mortgage Banker – NYS Banking Dept.; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company
Filter by:
Sort by:
Review Source
Gary Walker
2 years ago
Review Source
Dave Erickson Minneapolis, MN
2 years ago
Robert Cunnington Williamsburg, VA
3 years ago
Christina Bond Cleveland, OH
5 years ago
Doreen Schneckenburger Dexter, NY
5 years ago
JUDY PARSONS Lake Luzerne, NY
1 year ago
Althea Donna Faye Neighbors Norman, OK
1 year ago
Review Source
Deanna Greco Murphy, NC
2 years ago
Wendel Hamrick Jacksonville, AR
2 years ago
Victoria Corprew Richmond, VA
2 years ago
Review Source
Leighann Lubbock Houston, TX
2 years ago
Laura Haas Depew, NY
2 years ago
Richard Miller Harrah, OK
2 years ago
G O'Neil Staten Island, NY
2 years ago
Review Source
Becky White Ferguson Houston, TX
2 years ago
Review Source
Beverly Paul Ross Bulverde, TX
3 years ago
Janice Deignan Durham, NC
3 years ago
Review Source
six6econds Athens, AL
3 years ago
Daniel Mejia Covington, GA
3 years ago Edited September 14, 2021
Review Source
Wyndham Whynot Charlotte, NC
3 years ago
Review Source
Claire Durham, NC
3 years ago
Review Source
tracey williams Waterbury, CT
3 years ago
m j zschiedrichjr Raleigh, NC
3 years ago
Chris VonEper Aurora, IL
3 years ago
Tina Artesia, NM
3 years ago
Chris C Albuquerque, NM
3 years ago
Review Source
Deborah A Hamlin Ocala, FL
2 years ago
Review Source
R Martinez Austin, TX
2 years ago
Review Source
Natarsha Price Dallas, TX
2 years ago
Review Source
StacyM Albuquerque, NM
2 years ago
Review Source
Bill Georgi Fontana, CA
2 years ago
Review Source
Tony Martinsville, IN
2 years ago
Review Source
Aliana Medina Los Angeles, CA
2 years ago
Review Source
Sandra M. Metcalf The Villages, FL
2 years ago
kerri sherwood Maricopa, AZ
3 years ago
Review Source
Jill Camburako Lenexa, KS
3 years ago
Review Source
Linda Zubiate Anaheim, CA
3 years ago
Review Source
hazey rock Tulsa, OK
3 years ago
Review Source
brien siemantel Los Angeles, CA
3 years ago Edited September 14, 2021
Daniel Torres Tehachapi, CA
3 years ago
Review Source
Stephen G Zajac Lake Jackson, TX
3 years ago
Sandra M Brown Clifton, NJ
3 years ago
Laura Wallace Chicago, IL
3 years ago
Pearline Edgar-Burkette Ashburn, VA
3 years ago
Keith L West
3 years ago
Olivia Rosas Walnut Creek, CA
3 years ago
tooshoat7 Louisville, KY
3 years ago Edited September 14, 2021
Pamela Keenan East Syracuse, NY
3 years ago
Rosemary Cypert Sherman, TX
3 years ago Edited September 14, 2021
Paul Barth Louisville, KY
3 years ago
We're on a mission to empower consumers to make the best decisions and connect confidently with companies that deserve their business.
© 2024 BestCompany.com LLC - All rights reserved Privacy Policy | Terms | Do Not Sell My Personal Information