LoanDepot vs. Quicken Loans: Which is better? | finder.com

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LoanDepot vs. Quicken Loans mortgages

Compare the loan programs, fees and credit requirements of these two direct lenders

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Fact checked

How do LoanDepot and Quicken Loans compare?

LoanDepot logo
Quicken Loans logo
  • Choose this lender for helpful, professional loan officers
  • Watch out for high origination fees
  • A good option for borrowers who plan to pay off their loan early
  • Choose this lender for great customer service
  • Choose another lender if you don’t want to meet with a loan officer
  • A good option for borrowers looking for flexible repayment terms

Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Available in all states

Available in all states

Pros

  • No steering policy
  • High loan limits
  • Accepted loan-to-value ratios
  • No prepayment fee
  • Large jumbo loans available
  • Flexible repayments
  • Online loan support
  • Fast turnaround

Cons

  • High origination fees
  • Application deposit
  • Two-step process
  • Hard credit pulls

Customer reviews

LoanDepot has a strong online presence. As of November 2020, the Better Business Bureau gives LoanDepot an A+ rating after having closed 653 complaints over the past three years. The lender earns 3.82 out of 5 stars based on almost 1,400 customer reviews. On Trustpilot, LoanDepot receives 3.8 out of 5 stars based on 3,037 reviews. Many borrowers speak highly of its loan officers, saying customer service is quick and professional. Of the complaints, the most frequent is about LoanDepot’s high origination fee, which can be as high as 5% of your loan’s total value. Many competitors offer origination fees of 0.5% to 1% of your loan amount.
Quicken Loans is accredited with the Better Business Bureau (BBB) and as of November 2020 has 3.67 stars out of 5 based on 1,930 customer reviews. On Trustpilot, the lender has 4.4 out of 5 stars with 16,814 customer reviews. Most reviews praise the attentive, personalized service they receive from its mortgage officers. Even when dealing with multiple representatives, borrowers report a keen attention to detail. Borrowers liked using Quicken Loan’s MyQL to track the progress of their loan. However, some complaints point to hard credit inquiries without authorization during the application process. There are also reports that loan advisors were aggressive when trying to close the loan.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Better.com
(NMLS #330511)
Better.com
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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