Quicken Loans Mortgage Review
Quicken Loans Mortgage Review
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
Bad for
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.
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
Bad for
About 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
{"formType":"purchase","customEventLabel":"","buttonDisclaimer":" ","style":"dropshadow"}
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 |
|
| FHA loans | 15- or 30-year, fixed-rate |
|
| VA loans |
| |
| Jumbo loans | fixed-rate financing up to $2 million |
|
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.
{"alignsHorizontal":[],"alignsVertical":[],"columnWidths":["30%","35%","35%"],"data":[["Loan type","Terms","Requirements"],["\u003Cstrong\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Conventional loans\" href=\"https:\/\/www.valuepenguin.com\/mortgages\/fha-vs-conventional-loans\"\u003EConventional loans\u003C\/a\u003E\u003C\/span\u003E\u003C\/strong\u003E\u003Cbr\u003E(non-government loans that follow Fannie Mae and Freddie Mac lending guidelines)","15- and 30-year, fixed-rate","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n minimum credit score: 620\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n debt-to-income ratio (DTI): 50% or less\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n down payment for fixed-rate options: 3%\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],["\u003Cstrong\u003EFHA loans\u003C\/strong\u003E","15- or 30-year, fixed-rate","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n minimum credit score: 580 ~\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n debt-to-income ratio (DTI): 31% or less ~\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n down payment: 3.5% ~\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],["\u003Cstrong\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"VA loans\" href=\"https:\/\/www.valuepenguin.com\/mortgages\/current-va-loan-rates\"\u003EVA loans\u003C\/a\u003E\u003C\/span\u003E\u003C\/strong\u003E","","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n minimum credit score: 620\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n debt-to-income ratio (DTI): 45% or less\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n down payment: 3.5%\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n VA certificate of eligibility confirming their military service\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],["\u003Cstrong\u003EJumbo loans\u003C\/strong\u003E","fixed-rate financing up to $2 million","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n down payment: at least 20%\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"]],"footnote":"Quicken Loans doesn\u2019t currently offer mortgages guaranteed by the U.S. Department of Agriculture (USDA) to low- and moderate-income borrowers in rural areas.","hasMarginBottom":true,"isExpandable":false,"isSortable":false,"maxWidth":"1215","showSearch":false,"sortColumnIndex":0,"sortDirection":"asc"}
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%
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 |
| conventional cash-out refinances to borrowers looking to access the equity in their homes |
| Rate-and-term refinance loans |
| reduced interest rate or change the term length of loan |
| FHA streamline refinance loans |
| FHA borrowers without an appraisal or the full documentation that’s required on conventional refinances |
| VA refinance loans | refinance up to 100% of the value or up to 120% cash out isn't planned |
{"alignsHorizontal":[],"alignsVertical":[],"columnWidths":["30%","35%","35%"],"data":[["Loan type","Type","Good for"],["\u003Cstrong\u003ECash-out refinance loans\u003C\/strong\u003E","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n fixed-rate\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n adjustable-rate\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","conventional cash-out refinances to borrowers looking to access the equity in their homes"],["\u003Cstrong\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Rate-and-term refinance loans\" href=\"https:\/\/www.valuepenguin.com\/loans\/refinancing-a-loan-what-it-means\"\u003ERate-and-term refinance loans\u003C\/a\u003E\u003C\/span\u003E\u003C\/strong\u003E","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n fixed-rate\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n adjustable-rate\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","reduced interest rate or change the term length of loan"],["\u003Cstrong\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"FHA streamline refinance loans\" href=\"https:\/\/www.valuepenguin.com\/mortgages\/benefits-of-a-streamline-refinance\"\u003EFHA streamline refinance loans\u003C\/a\u003E\u003C\/span\u003E\u003C\/strong\u003E","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n fixed-rate\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n adjustable-rate\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","FHA borrowers without an appraisal or the full documentation that\u2019s required on conventional refinances"],["\u003Cstrong\u003EVA refinance loans\u003C\/strong\u003E","refinance up to 100% of the value or up to 120% cash out isn't planned",""]],"footnote":"","hasMarginBottom":true,"isExpandable":true,"isSortable":false,"maxWidth":"1215","showSearch":false,"sortColumnIndex":0,"sortDirection":"asc"}
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
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® |
|
| PMI Advantage |
|
{"alignsHorizontal":[],"alignsVertical":[],"columnWidths":[],"data":[["Loan type","Details"],["\u003Cstrong\u003EYOURgage\u00ae\u003C\/strong\u003E","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n fixed-rate conventional loan\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n loan term: 8-29 years\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Borrower requirements: minimum 620 credit score, DTI of 50% or less and a 3% down payment\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],["\u003Cstrong\u003EPMI Advantage\u003C\/strong\u003E","\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n alternative to paying monthly \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"private mortgage insurance (PMI)\" href=\"https:\/\/www.valuepenguin.com\/mortgages\/how-much-is-pmi\"\u003Eprivate mortgage insurance (PMI)\u003C\/a\u003E\u003C\/span\u003E to borrowers who put down less than 20% on conventional loans\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n pay PMI at closing as a one-time payment or select lender-paid PMI in exchange for a slightly higher interest rate\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"]],"footnote":"","hasMarginBottom":true,"isExpandable":true,"isSortable":false,"maxWidth":"1215","showSearch":false,"sortColumnIndex":0,"sortDirection":"asc"}
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 Loans | 1,301,000 | 537 | .04% | 880 |
| JPMorgan Chase | 464,000 | 2,355 | .51% | 850 |
| Wells Fargo | 748,000 | 5,434 | .73% | 837 |
| Bank of America | 333,000 | 2,465 | .74% | 843 |
{"alignsHorizontal":["left","right","right","right","right"],"alignsVertical":[],"columnWidths":[],"data":[["Company","Mortgage Originations","CFPB Complaints","Percentage of Total Originations Resulting in Complaints","2019 J.D. Power (based on 1,000-point scale)"],["Quicken Loans","1,301,000","537",".04%","880"],["JPMorgan Chase","464,000","2,355",".51%","850"],["Wells Fargo","748,000","5,434",".73%","837"],["Bank of America","333,000","2,465",".74%","843"]],"footnote":"","hasMarginBottom":true,"isExpandable":true,"isSortable":false,"maxWidth":"1215","showSearch":false,"sortColumnIndex":0,"sortDirection":"asc"}
How to apply for a Quicken Loans mortgage
- 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.
- 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.
- 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.
- 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.
- Appraisal process. Quicken Loans can arrange the property appraisal through a third party.
- 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.
- 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.
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.