Quicken Loans Review

​​Quicken Loans at a Glance

 Loan typesFixed-rate, ARM variable-rate, and refinancing loans
 Loan featuresConventional, FHA, VA and USDA mortgages
 Repayment Terms   15- or 30- year fixed-rate mortgage, 5- or 7- year ARM mortgage
 Top ProFast loan approval process
 Top ConHuge variety of loans can be confusing
 Best forComparing loan options at a glance


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Quicken offers a large range of mortgage and refinancing loans, including reverse mortgages, specialist VA and USDA mortgages, refinancing options, and a unique YOURgage option. Quicken promises to use cutting-edge technology to guide borrowers to the best loan product and complete the loan approval process quickly. Quicken stands out for offering home equity loans for almost every possible scenario so that you can find a suitable home financing package speedily, whatever your needs.

  • Borrow up to $3 million
  • APR from 4.086%
  • 5- or 7- year ARM or 15- or 30- year fixed-rate loans
  • Wide range of loan options
  • Loans for specific situations like low-credit, low equity refinancing, and very large loans

Best For?

Quicken is best for almost anyone, thanks to the massive range of loan options. First time buyers will benefit from FHA mortgages with lower credit requirements along with Quicken’s extensive educational guides for new buyers. Homeowners looking for refinancing with low or no equity in their current home can find guidance from online resources and use the HARP refinancing option.

Loan Features

Quicken presents an almost bewildering array of loan features. Fortunately, there are also plenty of tables and mortgage calculators to help borrowers identify the best loan. All of Quicken’s loans permit monthly, bi-weekly, and automatic loan payments to help you keep on top of your budget. Flexible loan options include the standard 5- or 7- year ARM variable mortgage, an FHA mortgage, or streamline refinancing. The unique YOURgage mortgage allows borrowers to choose their term between 8 and 30 years with fixed rates and a minimum of 3% down payment.

Quicken’s fixed rate loans include an FHA fixed-rate loan for first-time buyers with under 20% down payments. There’s also a traditional 15- or 30- year fixed-rate loan that requires a minimum down payment of 3% and a Jumbo loan that is expressly tailored to borrowers needing loans of over $453,101 up to a maximum of $3 million. Quicken’s Jumbo, fixed-rate, and ARM loans are all available on special VA loan terms to eligible veterans too.

  • Flexible loans including 5 or 7 year ARM or refinancing
  • FHA, VA, and Jumbo loans for specific situations
  • Flexible YOURgage loan offers fixed rates with your choice of term length
  • Reverse mortgage for retirees
  • Fast online application process
  • Educational resources and calculators to help you make the best choice

The Application Process

Quicken is proud of its speedy application process. The initial online application is simple, with guided questions showing how much more you have to go. You’ll be asked about the amount you need to borrow, your home value and equity, and your current income and mortgage status. Quicken runs a quick credit check and shows you initial quotes within just a few minutes.

Once you’ve applied, you can use the online resources to decide which loan is best for you or call one of its customer support representatives to get help in making a decision. You can customize your mortgage offer online before sending Quicken your financial documents via the secure online portal. Quicken doesn’t specify what you’ll need to send, but it will likely include:

  • Proof of income such as pay stubs and tax returns
  • Proof of identity through a copy of government-issued photo ID
  • A current mortgage statement (if refinancing)

Quicken provides real-time updates about the progress of your loan so that you’ll always know how much longer you have to wait. You’re invited 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.

Pros and Cons

  • Fast application process

  • Many loan options

  • Lots of educational resources

  • No FAQ section

  • Live chat isn’t 24/7

  • Huge range of options can be confusing

Quicken stands out thanks to the sheer number of different home equity loan and refinancing products it has to offer. No matter whether you are a first-time buyer or investing in property, need a reverse mortgage after retirement, or cash-out refinancing to pay college fees, you’ll find an appropriate loan option with Quicken. Quicken’s application process is fast and almost entirely online and the many educational resources help everyone make an informed decision.

On the other hand, the range of loans on offer can just be confusing and bewildering. Although Quicken does offer many calculators and guides to help borrowers decide, many people will find it easier to call and speak to a representative. And, while Quicken does offer live chat as well as phone and email support, there’s no round the clock help and no single FAQ section.

Loan Terms – The Bare Basics

Quicken’s loans range all the way from small top-up mortgages to the maximum amount on a Jumbo loan of $3 million. Term lengths can also range from 5 to 30 years with similarly variable APR rates. Quicken doesn’t give information about exactly what fees and closing costs are payable but it’s clear that there are charges involved.

To be eligible for a Quicken loan, you’ll need:

  • A down payment of between 1% and 20%, depending on which loan you choose
  • To be a US citizen or permanent resident
  • To be over 18
  • There is no minimum credit requirement, depending on which loan product you choose
  • You can get loans on primary, secondary, or investment properties

Repayment Terms

With Quicken, you can choose between a number of 5- year or 7- year ARM mortgages, a 15- or 30- year fixed rate mortgage, or a fixed-rate mortgage with a term anywhere between 8 and 30 years.

APR rates change daily, but Quicken always shows today’s rates clearly on the site. As of this writing, APR rates on 5- and 7- year ARM mortgages are 4.499% and 4.464% respectively, and 4.086% and 4.391% on 15- and 30- year fixed-rate mortgages. Fixed-rate 30-year VA mortgages have APR rates of 4.133%.

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.


Overall, Quicken loans offers a lot of choice for home equity and refinancing loans with fast approval, low APR rates, and plenty of useful educational resources. The ability to choose between so many different loans, including those for specific needs, is valuable and so are the educational resources throughout the site.

Physical Address

Quicken Loans – Main Office
1050 Woodward Ave.
Detroit, MI 48226

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