Quicken Loans Review

ByNadav ShemerNov. 19, 2020

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In a Nutshell

Quicken Loans is America’s largest mortgage lender, having closed nearly $145 billion in mortgages in 2019. According to Quicken, 98% of all home loans originated go through its Rocket Mortgage digital platform. With Rocket Mortgage by Quicken Loans, you can start your mortgage application and lock in a rate just by answering a few basic questions about your goals.

pros

  • Wide range of loan options
  • ‘YOURgage’ program with flexible loan terms
  • Ranked #1 in customer satisfaction by J.D Power

cons

  • Not necessarily the lowest rates
  • Lack of attention you otherwise get with small lenders
  • No home equity loans

Quicken Loans at a Glance 


Direct lender or marketplace?

Direct

Loan types: Purchase, refinance
Featured Loan:     Conventional, jumbo, FHA, VA
Repayment terms: 

8-30 years, 5/1 or 7/1 ARM

Minimum Down Payment: 3% for conventional
Minimum Credit Score:     620+ for most loans
Suitable for:  Flexible borrowing options and repayment terms


Overview

Quicken offers a very wide selection of loans for purchase or refinance. These include conventional, FHA and VA loans, as well as its unique YOURgage flexible loan option (more on that below). It has loans to suit all kinds of specific situations, such as low credit, low-equity refinancing, and very large loan amounts. With such a wide range of loan options, it can be difficult to find a suitable loan for your needs. However, Quicken has it all sorted out: its cutting-edge Rocket Mortgage technology helps guide you to the right loan product and complete the loan approval process quickly. 


For 11 years in a row, Quicken Loans has been ranked #1 in customer satsifaction by J.D Power.

Suitable For?

Given the wide range of loan options, it’s fair to say Quicken Loans is suitable for a wide range of borrowers. In particular, it’s great for anyone wanting to customize their loan. That’s thanks to the YOURgage loan program, which lets you choose a loan term from 8-29 years, giving you full control over the size of your monthly payments. 

Types of Loans/Products

Quicken offers a range of conventional and government-backed loans. With many of these loan types, it offers a choice between fixed or adjustable rates and traditional (15-30-year) or flexible (8-29-year) repayment terms. Quicken offers loans on primary, secondary, and investment properties.

Here’s the full breakdown of purchase options:

  • Conforming loans, with minimum 20% down payment without private mortgage insurance or minimum 3% down payment with PMI.

  • Jumbo loan, with loan amounts as high as $3 million.

  • FHA and VA loans according to the usual rules.

  • YOURgage program, with flexible repayment terms and fixed rate.

  • And here are the refinance options:
  • Conventional refinance Cash-out refinance
  • FHA streamline refinance

The Application Process

Quicken is proud of its proprietary application process, and rightly so, given how simple and quick it is to use. While traditional lenders hit you with one application all at once, Quicken breaks the process down into bite-sized steps, making it easier to find the loan you need.

Here are the steps:

1. Short application form, with basic questions about things like your loan amount, current income, and home value/equity (if refinancing).

2. Quicken runs a quick soft credit check and shows you a bunch of loan options with pre-qualified rates. 

3. Next comes time to decide which loan you want. Each option is accompanied by a detailed explanation to help you figure out which loan works for you. You can also customize your mortgage offer using the YOURgage tool.

4. The final step to a formal application is to upload all your financial documents via the secure online portal. At the very least, Quicken will ask for proof of income, proof of identity, and a current mortgage statement (if refinancing).

5. Quicken provides real-time updates about the progress of your loan so that you’ll always know how much longer you have to wait. It will invite you to schedule the closing date of your loan online and choose when and where to close. Quicken can send you all the paperwork online, too.

Rates and Terms

With Quicken, you can choose between a 15-year or 30-year fixed rate mortgage, 5/1 or 7/1 ARM mortgages, or a fixed-rate mortgage with a term anywhere from 8-30 years. APR rates change daily, but Quicken always shows today’s rates clearly on the site. For today's rates, visit the Quicken Loans site.

Help & Support

Quicken offers customer support via phone, live chat, and email, which is refreshing, but none of those are manned 24/7. They are open longer than regular working hours, with live chat available until midnight on weekdays and 8pm on weekends, while telephone support in English and Spanish can be accessed until 10pm on weekdays and shorter hours on the weekends. Quicken also offers a series of articles and videos to help explain the mortgage process to you.

Summary

Overall, Quicken Loans offers a lot of choice for purchase and refinancing loans with fast approval, competitive APR rates, and plenty of useful educational resources. The ability to get online and quickly choose between so many different loans, including those for specific needs, is where Quicken really shines.

FAQ

What’s the difference between Quicken Loans and Rocket Mortgage? Quicken Loans is the name of the lender. Rocket Mortgage is Quicken’s digital lending platform, providing a fast, secure, and 100% online way to apply for a mortgage.

How does Quicken shorten the application process? When you apply, you upload all the documents you have at your disposal via Quicken’s secure system. Quicken will reach out to third parties like your employer and insurance agent for the rest. 

Does Quicken take loans offline? If you wish to apply offline, you can fill out the initial application form on the Quicken website and ask for a home loan professional to call you to complete the process. You can also call Quicken directly to speak to a loan agent.

Physical Address

Quicken Loans – Main Office

1050 Woodward Ave.

Detroit, MI 48226

Quicken Loans Quicken Loans Visit Quicken Loans


Quicken Loans customer testimonials

ExcellentReviews 16,831
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
86%
Great
8%
Average
2%
Poor
1%
Bad
3%
  • author
    RICHARD SMITH
    2 hours ago
    Our 3rd experience with Quicken

    Our 3rd experience with Quicken. Like the others, this one worthy of 5 stars. New regulations and Covid had an impact in the process taking a little longer this time (understandably). Nevertheless, we never felt that we weren't moving forward. A team effort steered us along and we felt sincerity and security with all who helped. At the end, Cass offered meaningful suggestions and impactful follow-up to get us across the finish line. Fun ride. Thank you. Highlight of 2020.

    ...

  • author
    Nick
    4 hours ago
    Service was quick and great.

    Service was quick and great.

    ...

  • author
    T. Crawley
    5 hours ago
    This was a very smooth process…

    This was a very smooth process especially during a pandemic.

    ...

  • author
    John Hancock
    5 hours ago
    Short and simple.

    Short and simple...It was painless, quick, and easy. I will highly recommend Quicken Loans to my friends. The agent(s) were knowledgeable, patient and friendly.

    ...

  • author
    David J. Melochick
    a day ago
    A very good experience our only delays…

    A very good experience our only delays were because of the large volume or loans that were being processed at the time that we applied. We were concerned about holding the rate quoted and were reassured that it had been locked in. Other than there was a period of no communication and we initiated contact to ascertain the overall status. Overall very pleased.

    ...

Quicken Loans