Quicken Loans Mortgage Review

Quicken Loans Mortgage Review

Editor's Rating

Quicken's Rocket Mortgage provides a quick and convenient application process through its online tools, supported by a strong reputation for customer service.

Good for

  • Fast Approval Process
  • Convenient online mortgage experience
  • Conventional, FHA and VA Loans
  • User-friendly website with clear loan qualifications
  • Low down payments options

Bad for

  • No in-person services
  • Doesn't offer home equity loans or HELOCs
  • Doesn't offer USDA loans
  • Borrowers must pay discount points to get competitive interest rates

By clicking "See Rates", you'll be directed to our ultimate parent company, LendingTree. Based on your creditworthiness, you may be matched with up to five different lenders.

Editor's Rating

Quicken's Rocket Mortgage provides a quick and convenient application process through its online tools, supported by a strong reputation for customer service.

Good for

  • Fast Approval Process
  • Convenient online mortgage experience
  • Conventional, FHA and VA Loans
  • User-friendly website with clear loan qualifications
  • Low down payments options

Bad for

  • No in-person services
  • Doesn't offer home equity loans or HELOCs
  • Doesn't offer USDA loans
  • Borrowers must pay discount points to get competitive interest rates

About Quicken Loans

Quicken Loans

Quicken Loans was founded by Dan Gilbert in 1985, initially under the name Rock Financial. The company started as a brick-and-mortar lender with locations primarily in the Midwest. As Quicken Loans grew, it pivoted its focus to online lending and began to originate mortgages across the U.S.

See Mortgage Rate Quotes for Your Home

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By clicking "See Rates" you'll be directed to our ultimate parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

In 2015, Quicken Loans introduced Rocket Mortgage, the industry's first 100% online mortgage experience. Today, 98% of Quicken Loans’ mortgages use the online platform.

Quicken Loans surpassed Wells Fargo in 2017 to become the nation’s largest home mortgage lender. The company continues to hold the honor, originating $145 billion in mortgages in 2019.

The company also scores high marks in customer service. J.D. Power has ranked Quicken Loans highest in mortgage origination satisfaction for 11 consecutive years. The Detroit-based company employs more than 19,000 workers and produces its loans from centers located in Detroit, Cleveland, Phoenix and Charlotte, N.C.

Quicken Loans Mortgage Products

Purchase

Loan type
Terms
Requirements
Conventional loans
(non-government loans that follow Fannie Mae and Freddie Mac lending guidelines)
15- and 30-year, fixed-rate
  • minimum credit score: 620
  • debt-to-income ratio (DTI): 50% or less
  • down payment for fixed-rate options: 3%
FHA loans15- or 30-year, fixed-rate
  • minimum credit score: 580 ~
  • debt-to-income ratio (DTI): 31% or less ~
  • down payment: 3.5% ~
VA loans
  • minimum credit score: 620
  • debt-to-income ratio (DTI): 45% or less
  • down payment: 3.5%
  • VA certificate of eligibility confirming their military service
Jumbo loansfixed-rate financing up to $2 million
  • down payment: at least 20%

Quicken Loans doesn’t currently offer mortgages guaranteed by the U.S. Department of Agriculture (USDA) to low- and moderate-income borrowers in rural areas.

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Conventional loans: non-government loans that follow Fannie Mae and Freddie Mac lending guidelines

Terms:

  • 15- and 30-year, fixed-rate
  • offers YOURgage®: fixed-rate conventional loan with customizable terms ranging from 8 to 29 years

Requirements:

  • minimum credit score: 620
  • debt-to-income ratio (DTI): 50% or less
  • down payment for fixed-rate options: 3%

FHA loans

Terms:

  • 15- or 30-year, fixed-rate

Requirements:

  • minimum credit score: 580
  • debt-to-income ratio (DTI): 31% or less
  • down payment: 3.5%

VA loans

Requirements:

  • minimum credit score: 620
  • debt-to-income ratio (DTI): 45% or less
  • down payment: 3.5%
  • VA certificate of eligibility confirming their military service

Jumbo loans

Terms:

  • fixed-rate financing up to $2 million

Requirements:

  • down payment: at least 20%

Refinance

Loan type
Type
Good for
Cash-out refinance loans
  • fixed-rate
  • adjustable-rate
conventional cash-out refinances to borrowers looking to access the equity in their homes
Rate-and-term refinance loans
  • fixed-rate
  • adjustable-rate
reduced interest rate or change the term length of loan
FHA streamline refinance loans
  • fixed-rate
  • adjustable-rate
FHA borrowers without an appraisal or the full documentation that’s required on conventional refinances
VA refinance loansrefinance up to 100% of the value or up to 120% cash out isn't planned
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Cash-out refinance loans

Type:

  • fixed-rate
  • adjustable-rate

Good for:

  • conventional cash-out refinances to borrowers looking to access the equity in their homes

Rate-and-term refinance loans

Type:

  • fixed-rate
  • adjustable-rate

Good for:

  • reduced interest rate or change the term length of loan

FHA streamline refinance loans

Type:

  • fixed-rate
  • adjustable-rate

Good for:

  • FHA borrowers without an appraisal or the full documentation that’s required on conventional refinances

VA refinance loans

Type:

  • refinance up to 100% of the value or up to 120% cash out isn't planned

Special mortgage programs

Loan type
Details
YOURgage®
  • fixed-rate conventional loan
  • loan term: 8-29 years
  • Borrower requirements: minimum 620 credit score, DTI of 50% or less and a 3% down payment
PMI Advantage
  • alternative to paying monthly private mortgage insurance (PMI) to borrowers who put down less than 20% on conventional loans
  • pay PMI at closing as a one-time payment or select lender-paid PMI in exchange for a slightly higher interest rate
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Quicken Loans Mortgage Fees

Quicken Loans’ website doesn’t list the fee schedule for its loans. Typically for mortgages, though, borrowers can expect to pay between 0.5% to 1% of the loan amount in origination fees, and roughly 1% to 6% in total closing costs, depending on the loan size.

The interest rates on Quicken Loans products typically include discount points. To get the published rate, borrowers will need to pay an upfront fee at closing.

Quicken Loans Mortgage Customer Service

Quicken Loans is known for its outstanding customer service. The company has ranked highest in the J.D. Power U.S. Primary Mortgage Origination Satisfaction Study for 11 consecutive years. Additionally, Quicken Loans has ranked No. 1 in the J.D. Power U.S. Primary Mortgage Servicer Satisfaction Study for seven straight years. Quicken Loans services 99% of the mortgage loans it originates.

The company has a clear advantage over its competitors in customer service. Data from the Consumer Financial Protection Bureau (CFPB) shows that the company receives a lower rate of mortgage-related complaints than other banks and lenders, especially considering its large loan volume.

Mortgage-Related Complaints at Major Banks, 2017-2019

Company
Mortgage Originations
CFPB Complaints
Percentage of Total Originations Resulting in Complaints
2019 J.D. Power (based on 1,000-point scale)
Quicken Loans1,301,000537.04%880
JPMorgan Chase464,0002,355.51%850
Wells Fargo748,0005,434.73%837
Bank of America333,0002,465.74%843
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How to apply for a Quicken Loans mortgage

  1. Loan application. Borrowers can apply for a mortgage using Quicken Loan’s digital platform, Rocket Mortgage, or with one of the company’s Home Loan Experts via phone. Borrowers who use Rocket Mortgage will create an account and can conduct the entire loan process online. The initial process is user-friendly and can take as few as two minutes to complete.
  2. Preapproval. Quicken Loans offers two levels of preapproval as a part of their Power Buying Process. Borrowers can receive a "Prequalified Approval" almost immediately through their Rocket Mortgage account or a "Verified Approval," based on income and asset verification, which is as strong as a cash offer when looking for homes. Typically, the company issues a Verified Approval within 24 hours of receiving a borrower’s paperwork.
  3. Locking in your interest rate. Loan applicants can take advantage of Quicken Loans’ Rate Shield program, which is a mortgage rate lock for up to 90 days. If the rate is lower when the borrower submits a purchase agreement, they will receive the reduced rate. At that time, the loan rate is locked for an additional 40 to 60 days.
  4. Loan processing. Borrowers using Rocket Mortgage technology can conduct the entire process online or through the app, including receiving loan disclosures, signing documents and submitting financial information. Quicken Loans eliminates paperwork by enabling customers to import their financial data. Rocket Mortgage allows borrowers to complete much of the process without speaking to anyone. However, the company’s home loan experts are available to anyone needing support. Customers can see real-time updates as the loan progresses.
  5. Appraisal process. Quicken Loans can arrange the property appraisal through a third party.
  6. Closing. Borrowers have the convenience of scheduling their closing online and will receive all terms and paperwork ahead of time through the Rocket Mortgage platform.
  7. Loan servicing. Quicken Loans services 99% of the loans they originate, so you’ll continue to experience their excellent customer service throughout the life of the loan.
Alaya Linton

Linton is a freelance writer, speaker, financial coach, and creator of the award-winning blog, hopeandcents.com. Her own journey of overcoming financial struggles gave her a passion for teaching and encouraging others to take control of their money. Alaya’s writing and personal story have been featured in multiple publications including U.S. News & World Report, LendingTree, The Balance, and AOL Finance.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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