Quicken Loans Mortgage review October 2018 | finder.com

Quicken Loans mortgage review

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Get a great online rate on almost any kind of home loan with a small up-front deposit.

If you’re shopping for a home loan, understanding your mortgage options is easier said than done. You could find the world of home financing filled with complicated jargon and confusing applications.

Quicken Loans seeks to streamline and simplify the process with its online application, online resources and its access to friendly, informative mortgage experts.

As the largest online mortgage provider in the US, Quicken Loans offer a wide range of loan options including conforming, fixed and adjustable-rate terms, FHA, VA and HARP refinancing products.

Name Quicken Loans
Description Flexible options, fast approvals and support online backed by a trusted brand.
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3%
Origination fee 0.5% to 1.0%
Other fees Quicken Loans charges a one-time “good faith deposit” on its home loans covering 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.

Pros

  • Wide selection of mortgages.
  • Online loan support.
  • High loan amounts.

Cons

  • Application deposit.
  • Hard credit pulls.
The Better Business Bureau gives Quicken Loans an A+ rating, while Trustpilot awards Quicken Loans a 9.5 out of 10. 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’s also reports that loan advisors were aggressive when trying to close the loan.

Compare to other lenders

Name Product Min. down payment Loans Offered Origination fee
3.5%
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
N/A
Competitive rates and no prepayment penalties on a variety of loans.
3.5%
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
1.0% to 5.0%
A nontraditional lender offering impartial guidance on a range of loans, though with potentially high fees.
3%
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
0.5% to 1.0%
Streamline your mortgage from quote to final payment — all from your computer or phone.
3%
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.
3.5%
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Depends
Connect with vetted lenders quickly through this free online marketplace.

Compare up to 4 providers

Pros and cons

Pros

  • Simple online application. With its easy online mortgage application, the only time you’ll meet in person is the final loan sign-off.
  • Flexible terms. You get more control of your loan terms with YOURgage
  • Access MyQL. Quicken Loans offers access to MyQL — an online tool that guides borrowers through the process of closing of their homes.
  • Wide selection of mortgages. Quicken Loans offers fixed-rate, adjustable-rate, jumbo, FHA, VA and HARP loan options to its customers.
  • Maximum loans. Find non-conforming jumbo loans from $424,101 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.

Cons

  • 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 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 — from applying, to vetting and documentation, to 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. You’ll not only see rates and fees, but you can also play each against the other before you lock in a rate.

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.

How do I apply for this loan?

  • A Quicken Loans team member will follow up with you by email or phone to begin the process of applying for your home loan.

I got the loan. Now what?

  • Track your loan with MyQL. Keep tabs on upcoming payments and automate the repayment process by registering for online payment options.
  • Keep up with repayments. Understand your loan schedule to avoid missing a payment. If you run into financial difficulties and can’t make a payment, reach out to a representative as soon as possible to discuss your options.

Bottom line

Quicken Loans is a nontraditional lender with a range of home loans to select from. It offers flexible, efficient home financing online, with home loan experts ready and willing to guide you each step of the way.

If you want a mortgage outside the realm of traditional lenders and financial institutions, Quicken Loans may be able to help you.

Frequently asked questions about Quicken Loans

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