How do Quicken Loans and Wells Fargo compare?
- Consider this lender if you’re after a quick closing.
- Choose another lender if you want a HELOC.
- Choose this lender for down payments as low as 3%
- Watch out for hidden fees and scandals
- A good option for borrowers who want to automate their payments
Neither of these seems the right fit?
- Large jumbo loans available
- Flexible repayments
- Online loan support
- Fast turnaround
- Low down payment
- Use gift funds
- Easy application process
- Application deposit
- Two-step process
- Hard credit pulls
- Slow customer service
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.
Reviews for this lender are mixed, but trend toward negative. First-time homebuyers recommend Wells Fargo for its thorough guidance through the home loan process. Other borrowers praise its mortgage specialists for their professionalism and helpful advice over the phone.
Of the complaints, the most frequent was of customer service's slow response time and the excessive documents needed to assess loan applications.
As of September 2019, Trustpilot gives Wells Fargo a rating of 1.5 out of 5 stars based on 157 ratings. The Better Business Bureau doesn’t give Wells Fargo a rating, but it gets a customer score on the site of 1 out of 5 stars based on 442 reviews, and the BBB has recorded over 1,000 complaints closed in the last year alone.
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