How do Quicken Loans and Bank of America compare?
- Choose this lender for great customer service
- Choose another lender if you don’t want to meet with a loan officer
- A good option for borrowers looking for flexible repayment terms
- Choose this lender for low interest rates
- Watch out for bad customer reviews
- A good option for borrowers without much credit history
Neither of these seems the right fit?
- Large jumbo loans available
- Flexible repayments
- Online loan support
- Fast turnaround
- Low interest rates
- Alternative credit data
- Discounts for existing clients
- Application deposit
- Two-step process
- Hard credit pulls
- High volume of consumer complaints
- Limited coverage in the Midwest
- History of irresponsible mortgage lending
- Less personalized approach
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.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing almost 5,500 customer complaints over the last three years.
However, it falls short in the customer service department, earning slightly over a one-star rating from 405 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.4 rating based on 438 reviews as of December 2020. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received.
It’s worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.
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