Quicken Loans mortgage review
finder.com’s rating: 3.4 / 5.0
Get a competitive rate from a highly reviewed mortgage lender, but be prepared for a larger application deposit than other lenders.
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|
|Minimum down payment||3%|
|State availability||Available in all states|
Quicken Loans Requirements
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:
- 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
Costs and 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.
How to apply for a mortgage with Quicken Loans
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:
- From the Quicken Loans website, choose Apply Now.
- Step through questions about the home and loan you’re looking for
- Answer questions about the home you want to buy and your down payment.
- Enter information about your financial situation and your contact details. Select Click to see your results.
- Your customized rates display, if available, and a loan officer will contact you shortly. If you decide not to wait, you can call 800-251-9080.
What types of mortgages can I get through Quicken Loans?
Other mortgage products offered by Quicken Loans
Quicken offers the following additional mortgage products:
- 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 eight to 29 years for more control over your repayment term. Qualifying homeowners can get a YOURgage with as little as 3% down.
How Quicken Loans’ mortgage products compare to other lenders
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.
Compare mortgage lendersCompare 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.
Quicken Loans reviews and complaints
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.
Pros and cons of Quicken Loans
- Large jumbo loans available. Find nonconforming jumbo loans up to $2 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.
- Award-winning customer service. This lender has won awards for being highest in customer satisfaction from J.D. Power for the last 11 years.
- 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.
What is Quicken Loans?
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 $32.5 million over allegations from the federal government that the lender knowingly submitted hundreds of FHA loans that were improperly underwritten. Quicken Loans agreed to pay the settlement but continues to assert that the company did nothing wrong.
In August of 2020, parent company Rocket Companies debuted as a publicly traded company on the New York Stock Exchange.
How is Quicken Loans related to Rocket Mortgage?
Quicken Loans owns Rocket Mortgage, a site designed to appeal to a new generation that’s comfortable with end-to-end transactions online — including applying, vetting, submitting documentation and funding.
If you’re a first-time homebuyer or have a similarly uncomplicated purchase in the works, you might be able to streamline the process with Rocket Mortgage.
Historical mortgage data for Quicken Loans
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
|Loan type||Applications denied||Loans originated||$ Amount (originated loans)|
|USDA (no longer offered in 2020)||778||2,289||$304,025,000|
Frequently asked questions
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.