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Quicken Loans mortgage review

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Quicken Loans
Finder score
Minimum credit score
Conventional: 620
FHA: 580
VA: 620
Minimum down payment (Conventional)
State availability
Available in all states


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.


  • Large jumbo loans available
  • Flexible repayments
  • Online loan support
  • Fast turnaround


  • Application deposit
  • Two-step process
  • Hard credit pulls

In this guide

  • Review
  • Details
    • Features
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  • Ask a question



Loan products offered Conventional, Jumbo, FHA, VA, Refinance
Minimum credit score Conventional: 620
FHA: 580
VA: 620
Minimum down payment (Conventional) 3%
State availability Available in all states
NMLS # 3030

Our take on Quicken Loans mortgages

Quicken Loans is the largest mortgage lender in the US for a reason. Its streamlined online application with quality customer service along the way can help even borrowers with complex mortgage needs navigate the process. Quicken Loans can also offer a quick closing process to those in more competitive markets or who need to get into their new home right away.
Quicken is ideal for borrowers who are more comfortable working with a loan officer because its process requires one to apply.
But you should only apply when you’re ready. This lender charges a large application deposit that can cost as much as $750 and isn’t fully refunded unless your loan goes through and the money is applied to your closing costs.

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 deposit can range from $400 to $750 and isn’t fully refundable. The exact amount of your good faith deposit is disclosed in your deposit agreement and is due when you submit your mortgage application.
If you decide not to go ahead with your Quicken Loans mortgage or if your application is denied, you get a refund of your deposit, 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. Start your application on the phone or through live chat, or you can follow the steps below to start your application online:

  1. From the Quicken Loans website, choose Apply Now.
  2. Step through questions about the home and loan you’re looking for
  3. Answer questions about the home you want to buy and your down payment.
  4. Enter information about your financial situation and your contact details. Select Click to see your results.
  5. Your customized rates display, if available, and a loan officer will contact you shortly. If you decide not to wait, try calling 800-251-9080.

What types of mortgages can I get through Quicken Loans?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products Quicken Loans offers

Quicken offers the following additional mortgage products:

  • Refinance. Switch your current mortgage 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, 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.

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Need help? Talk to a customer specialist


Quicken Loans reviews and complaints

Quicken Loans is accredited with the Better Business Bureau (BBB) and, as of July 2022, has 2.57 stars out of 5 based on 1,747 customer reviews. On Trustpilot, the lender has 4.6 out of 5 stars with 19,448 customer reviews.
Most reviews praise the attentive, personalized service customers received from its mortgage officers. Even when dealing with multiple representatives, borrowers report a fine attention to detail. Borrowers also liked using Quicken Loan’s MyQL to track their loan’s progress.
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.

Quicken Loans pros and cons


  • 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, a judge ordered Quicken Loans to pay a settlement of $32.5 million over allegations from the federal government that the lender knowingly submitted hundreds of improperly underwritten FHA loans. 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 are based on 2019 nationwide data from the Home Mortgage Disclosure Act.

Loan typeApplications deniedLoans originated$ Amount (originated loans)
USDA (no longer offered in 2020)7782,289$304,025,000

Frequently asked questions

How long does it take to close a mortgage with Quicken Loans?
Typically, the process of closing a Quicken Loans home loan takes two to four weeks.
How do I close my loan?
When you’re ready to close your loan, schedule a meeting with your loan officer to sign off on your loan. You can meet them at your home, a café or even at work. This is the only time you’ll meet your loan officer in person.
What can I do with the MyQL tool?
Receive alerts, make online loan payments and upload and sign documents for your loan application. Access your MyQL account from your computer or download the app on your phone or tablet.

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