How do Quicken Loans and Rocket Mortgage compare?
- Consider this lender if you’re after a quick closing.
- Choose another lender if you want a HELOC.
- Consider this lender for its competitive rates.
- Choose another lender if you need a home equity loan or HELOC.
Neither of these seems the right fit?
- Large jumbo loans available
- Flexible repayments
- Online loan support
- Fast turnaround
- Fast service
- More flexibility
- Prepayment is OK
- Complete your application online
- Application deposit
- Two-step process
- Hard credit pulls
- Application fee
- Some loans aren’t available
- No physical locations
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.
Rocket Mortgage, previously known as Quicken Loans, also gets pretty high marks from customers. As of December 2021, the company earns a 4.48 out of a 5-star rating on Zillow from over 7,880 reviewers.
Satisfied customers mention helpful, attentive and personalized service from loan officers, along with lower-than-expected interest rates and fees. Borrowers also liked Rocket Mortgage’s MyQL to track their loan’s progress.
However, some customers were surprised about unauthorized credit inquiries, and others say that loan advisors were pushy when trying to close a loan. While Rocket Mortgage appears to offer good service, it has fairly numerous complaints on the Better Business Bureau website.
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