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finder.com’s rating: 3.4 / 5.0
★★★★★
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.
Conventional: 620
FHA: 580
VA: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
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 |
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.
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 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.
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:
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, 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 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.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
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.
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 are 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 |
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.
Quicken Loans is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.