Quicken Loans Review

ByAshley EnerizJul.15, 2021
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In a Nutshell

Having helped over 2 million families finance their homes, Quicken Loans is America’s largest mortgage lender. Quicken has a brick and mortgage stability with all of the online perks — 98% of the lender’s home loans are originated 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.


  • Ranked #1 in customer satisfaction by J.D Power
  • A range of terms and loan types
  • Easy online application process


  • No HELOCs or home equity loans
  • 620 minimum credit score for most loans

Quicken Loans at a Glance 

Direct lender or marketplace?


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

View Rates


Quicken offers a 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).

For those anxious about buying or refinancing a home, Quicken Loans makes the experience easier and customized to your needs. Quicken has loans to suit all kinds of specific situations, such as low credit, low-equity refinancing, and very large loan amounts. 

Borrowers can quickly see how much of a home loan they qualify for before they start the search, or if they feel uncomfortable online, they can also connect with a Home Loan expert on the phone. 

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

Suitable For?

Quicken Loans is a good choice for many borrowers, including those securing a conventional home loan and those using VA or FHA loans to fund their purchase. Along with traditional loans, Quicken Loans also has a mortgage program called YOURgage which offers borrowers fixed rates between 8and 29 years. 

Types of Loans/Products

Whether you are purchasing a home or refinancing your dream home, Quicken Loans has several loan options available. 

Popular purchase options include:

  • Adjustable-Rate Mortgage (ARM): Choose a conforming rate with as little as 5% down. 
  • FHA Loan: Borrowers can secure a 15-,25-, or 30-year FHA loan with as little as 3.5% and a 580 FICO score. To qualify, individuals must also have funds to cover the upfront mortgage insurance premium and a debt-to-income level lower than 50% and 2-6% for closing costs. 
  • 15-or 30-Year Fixed Loan: Both loans require a minimum 620 credit score, 3% down payment, a debt-to-income level lower than 50% and 2-6% for closing costs. 
  • YOURgage: YOURgage is available for any buyer who meets the financial requirements. This customized loan requires a minimum 620 credit score, 3% down payment, a debt-to-income level lower than 50% and 2-6% for closing costs. 
  • Jumbo Loan: For home loans from $548,250 to $2,000,000, borrowers can opt for a jumbo loan. To qualify, borrowers must put at least 20% down. 
  • VA Loans: This is a no-down-payment loan for qualified veterans, service members and their spouses. The minimum FICO score to qualify is 620 and a debt-to-income level lower than 60%. 

Refinance options include:

  • Conventional Refinance
  • Cashout Refinance
  • FHA Streamline: If you already have an FHA loan and want to refinance, Quicken Loans makes the process easy to lock-in a better rate.

The Application Process

The application process for a new home loan or home refinance is quick and easy. Interested borrowers can start the application process to see the rate and loan terms they would qualify for without having to commit if they change their mind. 

Here’s what to expect from the application process:

  • Enter basic info: Share with Quicken Loans your desired loan type, home type, credit profile, zip code, home or refinance financial information, personal information and job and home history. 
  • Expect a soft credit pull: After you enter all of your information, Quicken Loans will do a soft credit pull to show you what type of rates and loans you prequalify for. 
  • Choose your loan: If you are ready to choose your purchase or refinance loan, you will then be able to upload all of your financial documents and work with an underwriter to complete the loan. You will also be able to contact the individual working on your loan via phone or email if you have any questions. 

Rates and Fees

Home loans can include many fees. These fees are typical for every lender, not just for Quicken Loans. Here are a few fees to expect:

  • Downpayment: A VA loan requires 0% down, but other loans require at least 3-3.5% down. 
  • Appraisal and Home Inspection Costs: These are both important to have during the home buying process and will typically cost an additional $800-$1,000, depending on your area. 
  • Closing costs: Expect to pay 2-6% of your home’s value as closing costs. 
  • Private Mortgage Insurance (PMI): For loans with less than a 20% downpayment, borrowers will have to pay an additional .05%-1% of their home value for PMI each year. 

View Rates

Help & Support

Quicken Loans contact page offers many options to get in touch with customer service, including Spanish-speaking support and out of country support. The two most popular forms of support include:

Online Chat available:

  • Monday – Friday, 7:00 AM – 12:00 midnight ET
  • Saturday – Sunday, 9:00 AM– 12:00 midnight ET

Call 1-(800) 251-9080 during the following hours:

  • Monday – Friday, 8:00 AM – 10:00 PM ET
  • Saturday, 9:00 AM – 8:00 PM ET
  • Sunday, 10:00 AM– 7:00 PMET


What’s The Difference Between Being Prequalified And Preapproved?

While lenders might use these terms interchangeably, they mean two different things. In a typical prequalification, a lender may or may not pull your credit to get an idea of what loans you qualify for. In a proper pre approval, a lender will pull your credit. They’ll also ask you for documentation like bank statements, pay stubs and W-2s so they know exactly what the top end of your budget would be based on an assumed interest rate. 

How Long Should I Own My Home Before Refinancing?

In most cases, you'll need to be in your current home for at least a year before getting a significant financial benefit from refinancing.

How Long Does It Take to Close on a House?

The time it takes to close on a house, and get your mortgage loan application approved, usually runs anywhere from 30 – 50 days. Signing the paperwork on closing day can take up to an hour or more depending on whether there are any problems. A problem-free closing day, though, can last less than an hour.


Quicken Loans has several offices in popular cities, including:


1050 Woodward Ave., 

Detroit, MI 48226


1 North Central Avenue,

 Phoenix, AZ 85004 


100 Public Square, 

Cleveland, OH 44113-2208 


6135 Park South Drive Suite 200,

 Charlotte, NC 28210

View Rates


If you want to purchase or refinance your home with the convenience of online tech while still having easy access to a real human, Quicken Loans offers both. They will hold your hand through the process and are upfront about fees and rates every step of the way. 


This review was completed with the use of Quicken Loans website, as well as third-party review sites such as TrustPilot. 

Industry: Mortgage
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