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As the largest online mortgage provider in the US, Quicken Loans offers a wide range of mortgage options. Past customers rave about the lender’s friendly, informative mortgage experts, but the large application deposit may keep some borrowers from applying.
Loan products offered | Conventional, Jumbo, FHA, VA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 580 VA: 620 |
Minimum down payment | 3% |
State availability | Available in all states |
NMLS # | 3030 |
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 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:
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.
Regardless of how you start your application, you’ll eventually need to apply through a loan officer. You can start your application on the phone or through live chat, or you can follow the steps below to start your application online:
Quicken offers the following additional mortgage products:
Quicken Loans mortgage offerings are pretty standard, with all the conventional and government-backed options you’d expect to see from a mortgage lender. But Quicken Loans is not a bank, which means it doesn’t offer home equity lines of credit (HELOCs) or loans (HEloans), forcing you to consider a full refinance to access your home’s equity.
Quicken does offer a unique program, YOURgage, that allows you to choose the term of your fixed-rate loan from eight to 29 years.
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.
Based in Detroit, Quicken Loans is the country’s largest mortgage lender. The company opened in 1985 under the name Rock Financial and has since grown steadily, even when other lenders were faltering in 2008 and 2009, because Quicken Loans refused to offer subprime loans.
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.
In August of 2020, parent company Rocket Companies debuted as a publicly traded company on the New York Stock Exchange.
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, submitting documentation and funding.
If you’re a first-time homebuyer or have a similarly uncomplicated purchase in the works, you might be able to streamline the process with Rocket Mortgage.
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
Loan type | Applications denied | Loans originated | $ Amount (originated loans) |
---|---|---|---|
Conventional | 75,542 | 397,003 | $107,651,565,000 |
FHA | 39,496 | 93,525 | $18,138,795,000 |
VA | 11,988 | 57,171 | $15,544,215,000 |
USDA (no longer offered in 2020) | 778 | 2,289 | $304,025,000 |
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
If you’re looking for a streamlined online application with quality help along the way, Quicken Loans gets kudos for its customer service and quick closing process. But be ready to pay up to $700 in application deposits and face a hard credit pull, which could lower your credit score.