Quicken Loans mortgage review
finder.com’s rating: 3.4 / 5.0
Get a competitive rate from a highly reviewed mortgage lender.
As the largest online mortgage provider in the US, Quicken Loans offers a wide range of mortgage options. And past customers rave about its friendly, informative mortgage experts.
|Loan types||Conventional, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA|
|Other minimum credits||
|Minimum down payment||3%|
|Origination fee||0.5% to 1.0%|
|Other fees||Quicken Loans charges a Good Faith Deposit of $400–$750 to help cover the cost of pulling your credit report, your home appraisal and additional loan processing costs. When you close your loan, Quicken Loans credits your deposit to your closing costs.|
|Available States||Available in all states|
- Wide selection of mortgages
- Online loan support
- High loan amounts
- Application deposit
- Hard credit pulls
However, some complaints point to hard credit inquiries without authorization during the application process. There’s also reports that loan advisors were aggressive when trying to close the loan.
What types of loans does Quicken Loans offer?
Quicken loans offers several different mortgage types, including:
Quicken loans offers conventional mortgages with fixed-rate terms of 15 and 30 years. It also offers 7/1 and 5/1 adjustable-rate terms. And both fixed- and adjustable-rate conventional mortgages are available with no prepayment penalties.
If you have a credit score over 700, you can apply for a jumbo loan of up to $3 million with both fixed- and adjustable-rate terms available.
This government-backed home loan offers fixed- and adjustable-rate terms of up to 30 years, down payments as low as 3.5% and requires a minimum credit score of 580 to qualify.
Available to active service members, veterans and their spouses, Quicken Loan’s VA home loans have 0% down payment options and jumbo loans of up to $1.5 million.
Homeowners in eligible rural areas can qualify for this loan with a credit score of at least 620 to purchase your home with no down payment and save on your mortgage insurance. You can use the USDA website to check if your home qualifies.
Other loan types
- Refinance. Switch your current mortgage over to Quicken Loans to get a new interest rate, lower payments or a shorter loan term.
- YOURgage. This fixed-rate loan offers terms of 8 to 20 years for more control over your repayment term. Qualifying homeowners can get a YOURgage with as little as 3% down.
Quicken Loan’s fees
Quicken Loans charges a one-time “good faith deposit” on its home loans to cover your credit report, home appraisal and underwriting costs. The exact amount of your good faith deposit is disclosed in your deposit agreement and is due at closing.
If you decide not to go ahead with your Quicken Loans mortgage, you may get a full refund, minus any costs Quicken Loans has incurred in the process of working on your loan.
To be eligible for a home loan with Quicken Loans, you’ll need a personal credit score of at least 580 for FHA loans, 620 for conventional and VA loans and 700 for jumbo loans.
You’ll also need to be ready with a down payment of at least 3% for conventional loans and a deposit between $400 and $700 to cover the good faith deposit.
Be prepared to supply:
- Your full name and personal contact information
- Your Social Security number
- Pay stubs from the past 30 days
- W2s and 1099s from the past two years
- Personal tax returns from the past two years
- Profit and loss statements if self-employed
- A list of your assets, including savings, real estate, car titles and other investment records
- A complete list of your debts, including student loans, auto loans, personal loans and credit cards
Pros and cons of Quicken Loans
- Large jumbo loans available. Find non-conforming jumbo loans up to $3 million in fixed- or adjustable-rate terms.
- Flexible repayments. Pay off your loan early without prepayment penalties.
- Online loan support. Monitor the progress of your application with MyQL and access the support seven days a week by phone and live chat.
- Fast turnaround. Most borrowers close their home loans with Quicken Loans within 30 days.
- Application deposit. You’ll need to put down a deposit to apply, and the deposit goes towards closing costs if you seal the deal on your new home loan.
- Two-step process. Unlike fully online mortgage lenders, you have to speak with a representative to get your loan details completed.
- Hard credit pulls. Some homebuyers were surprised to see a credit check show up on their credit report before they expected it or gave authorization.
How to get a home loan with Quicken Loans
A Quicken Loans team member will follow up with you by email or phone to begin the process of applying for your home loan.
What is Quicken Loans?
Based in Detroit, Quicken Loans is the country’s largest mortgage lender. It’s also one of the most highly-reviewed lenders. The lender gets an A+ rating from the BBB, and it gets 9.6/10 stars from over 14,000 customers on Trustpilot.
But in June 2019, Quicken Loans was ordered by a judge to pay a settlement of $32.5 million over allegations from the federal government that the lender knowingly submitted hundreds of FHA loans that were improperly underwritten. Quicken Loans agreed to pay the settlement, but continues to assert that the company did nothing wrong.
How is Quicken Loans related to Rocket Mortgage?
Quicken Loans owns Rocket Mortgage, a site designed to appeal to a new generation that’s comfortable with end-to-end transactions online — including applying, vetting, documentation and funding.
Think of Rocket Mortgage as an extension of Quicken’s strength in the market. Rather than speak with a representative, you enter your information into Rocket Mortgage’s site or app, and Quicken takes this info directly to the banks.
If you’re a first-time homebuyer or have a similarly uncomplicated purchase in the works, you just might be able to streamline the process with Rocket Mortgage.
Frequently asked questions about Quicken Loans
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Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
If you’re looking for a streamlined online application, and help along the way, Quicken Loans gets kudos for its customer service and quick closing process. But be ready to pay up to $700 for a deposit during the application process.