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Quicken Loans Review

Bradley Schnitzer Bradley Schnitzer Last update:
NMLS#
3030
Min Credit Score
620
Repayment Terms
12 - 480

Quicken Loans is possibly the biggest contender in the home purchasing loans sector, certainly the biggest Federal Housing Administration-backed one. Funding an impressive amount of loans, Quicken Loans has handed out more than twice the amount of FHA loans than the runner up in second place.

Quicken Loans offers mortgage loans and refinancing for homeowners who already have a home mortgage. The company launched an online loan process, known as Rocket Mortgage, for a faster and more streamlined process than the traditional in-person method for mortgage loan application.

Quicken Loans lets you lock in your rates with term loans ranging from 8 to 30 years. You can get government-backed loans like FHA, VA, and USDA, as well as adjustable and fixed-rate purchasing loans. Quicken Loans also gives back, donating more than $150 million and 500,000 volunteer hours to various organizations in its community.

Mortgage types Purchase, Refinance, Jumbo, Fixed,

Adjustable, FHA, VA, USDA

Mortgage amount Up to $3,000,000
Repayment terms 8-30 Years
APR 2.5% – 3.708%
Minimum credit score 620
Lender type Direct Lender

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Quicken Loans Mortgage Loans: Pros

  • Rate Lock
  • Online application process
  • Good reputation for customer satisfaction
  • Pre-approval available

Quicken Loans Mortgage Loans: Cons

  • Fees could potentially be high
  • No home equity loans available
  • No physical branches available

Application Process

Quicken Loans’ claim to fame is its smooth and easy online application process. From the outset, you are given the choice of either applying online, talking to a home loan expert, or using a combination of the two. Quicken Loans has several online tools to help make the whole process smoother, including an online calculator and a financial document uploader, to mention a few.

When applying, here are the steps you’ll need to go through:

  • Begin the application online or by speaking to a home loan expert. If you don’t know which loan solution is right for you, you can ask the expert for advice and guidance.
  • Fill out the application form. This involves a few basic questions, e.g. what type of home you’re buying (for purchase loans) when you’ll be purchasing the home, and your average credit score. This will allow you to create an account with Quicken Loans.
  • Next, you’ll fill out a more detailed application form, giving more specific information about your new home and your finances. Quicken Loans offers helpful tips on a sidebar to explain the various questions being asked. This is where Quicken Loans will import your data, making the process a lot faster and easier.
  • Quicken Loans will then verify your information by looking into your bank account, reviewing tax information, and contacting insurance agencies or employers for verification.
  • Once approved, you can close on your loan whenever you want.

Because Quicken Loans imports all your finance data online, the process is a lot faster and simpler than it could be. You don’t have to fax, scan, or mail in papers. It’s also nice that Quicken Loans provides you with an online portal to check on your loan’s status, along with real-time updates so you can see how your loan application is progressing.

As with most mortgage lenders, Quicken Loans will request to do a hard pull of your credit report as well.

Terms & Requirements

Quicken Loans has fairly flexible mortgage loan requirements, asking for a FICO score of 620 and a DTI ratio of 50%. 620 is a little high for low-credit score holders, but it’s a reasonable requirement for a mortgage lender. And the 50% DTI is better than most (mortgage lenders usually allow no more than 40%). For FHA and VA loans, Quicken Loans follows the general government-mandated loan requirements.

Mortgage Requirements

  • 620 FICO for conventional loans (higher for other types of loans)
  • 50% Debt-to-income ratio (60% for VA loans)
  • Minimum 3% down payment
  • 2%-6% of purchase price in reserve for closing costs

Mortgage Terms

Quicken Loans has a wide range of term loan options, including fixed and adjustable rates for the following types of loans:

  • FHA
  • USDA
  • VA
  • Jumbo
  • Conventional loans
  • Refinancing solutions

You can get up to $3 million loans with Quicken Loans, so you really have a lot of wiggle room. In terms of rates, that will vary considerably from one homeowner to the next and will depend on factors including location, credit score, credit history, employment history, amount you are asking to take out, and value of the house you are interested in buying or refinancing. It also depends on the time of year because rates fluctuate. Quicken Loans does publish a daily mortgage rate chart of the average rates based on various factors. On the day of this writing, Quicken Loans have an APR range of 2.5%-3.708%. These aren’t the lowest rates in town, but they’re not the highest either.

One benefit of working with Quicken Loans is that it offers locked-in rates. Once you get approved for a rate, you can lock that in for up to 90 days. What’s even nicer is that at the time of signing, Quicken Loans will compare your locked-in rate with the current rates of that date and give you the lower of the two rates. That’s a good show!

Repayment Terms

Quicken Loans has one of the most flexible repayment plans in the market. Rather than being tied to a 15 or 30-year term loan, borrowers can choose anywhere from 8 to 30 years. This allows you to create a payment plan that works best with your finances.

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Privacy & Security

Quicken Loans practices industry-standard privacy and security practices, along with fair information sharing and privacy guidelines. You can opt-out of any information sharing for marketing usage, and Quicken Loans only shares information with your consent. What’s more, your data will never be sold, and you can request that your data be deleted from Quicken Loans at any time.

In terms of security, Quicken Loans uses technological and protocol safeguards to securely protect consumer data. These include but are not limited to strict password protocols, regular training, and documented compliance, authentication keys, and authorization hierarchy.

The J.D. Power U.S. Primary Mortgage Origination Satisfaction Study ranked Quicken Loans as five out of five in 2019, and the lender holds an A+ rating from the Better Business Bureau. In an industry that is plagued with less than legitimate lenders, Quicken Loans has the serious advantage of having a solid reputation.

Customer Support

Quicken Loans also is known for its great level of customer support. If you are assessing the different options available at Quicken Loans, a home loan expert will be able to advise you on your specific situation. There are also plenty of useful tools and guides as part of the platform that informs you about everything associated with getting a mortgage.

If you want to speak with the Quicken Loans support team, you are able to use live chat, email, or phone. The hours in which these options are available vary. You can use the live chat on weekdays between 7 am and midnight ET, while on weekends these hours will reduce to between 9 am and midnight.

Chat is available at the following times:

Monday – Friday, 7:00 a.m. – 12:00 midnight ET

Saturday – Sunday, 9:00 a.m. – 12:00 midnight ET

Available during the following hours:

Monday – Friday, 8:00 a.m. – 10:00 p.m. ET

Saturday, 9:00 a.m. – 8:00 p.m. ET

Sunday, 10:00 a.m. – 7:00 p.m. ET

Final Thoughts

Although Quicken Loans doesn’t offer lines of credit or home equity loans, as is the case with most nonbank lenders, it does provide a wide variety of home purchase loans and refinancing options. Quicken Loans also has some of the most flexible mortgage terms available, offering fixed and adjustable-rate mortgages, your choice of repayment terms, and locked-in rates. Friendly and knowledgeable customer service is the cherry on top of this gold-star mortgage lender.

Address

Quicken Loans

1050 Woodward Avenue

Detroit, MI 48226-1906

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Quicken Loans Disclosures and License Information: Quicken Loans is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bradley Schnitzer Bradley Schnitzer
Bradley Schnitzer is a copywriter and content writer that helps businesses gain loyal customers through informative content pieces and persuasive copy. He is passionate about personal finance and helping budding freelancers further their careers. He spends his free time reading, hitting the gym, pursuing several intellectual interests, and drinking coffee.
This review is based on the writer's personal opinion.