Quicken Loans Mortgage Review 2022

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At a glance

Quicken Loans

4.4

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; investment property; flex-term
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Nationwide availability

Available in all U.S. states
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Min. credit score required

620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 580 for VA loans

Pros and cons

Pros

  • Strong customer service rating from J.D. Power
  • Convenient website and app
  • Nationwide scope and broad product offering
  • Market leader with name recognition

Cons

  • Doesn’t offer USDA loans, construction loans, HELOCs and some other products
  • No brick-and-mortar locations
  • Limited information about lender fees available online
  • Rates and APRs could be higher than national averages

Quicken Loans overview

Quicken Loans is the parent of Rocket Mortgage, the heavily advertised brand with an online loan approval and application tool. Quicken Loans offers a variety of mortgages in all 50 states. If you’re shopping for a loan, there’s a good chance Quicken’s Rocket Mortgage will be one of the bids you consider. The lender offers a selection of purchase and refinance options, including a flexible-term product, “YOURgage,” that allows borrowers to set the length of their loan from eight to 29 years, and cash-out refinancing. The lender does not offer USDA loans, construction loans, bridge loans, home equity lines of credit (HELOCs), home equity loans or interest-only loans. You can apply for a mortgage and lock in a rate with Quicken Loans completely online, as well as check the status of your application through the Rocket Mortgage app. Headquartered in Detroit, Quicken Loans was founded in 1985 by Dan Gilbert, who today serves as chairman.

Good for

Borrowers looking for convenience, a fast preapproval and an array of mortgage options

Loan types

  • Conventional
  • Jumbo
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term, cash-out and streamline refinancing
  • Investment property
  • Flex-term

Lender fees

Quicken Loans’ and Rocket Mortgage’s lender fees can include an origination fee, rate-lock fee and other closing costs. These expenses might vary by loan type, taxes and other factors.

Rates

Quicken Loans and Rocket Mortgage publish rates on their respective websites and updates them daily.

Reputation

Rocket Mortgage was ranked second by J.D. Power in mortgage origination satisfaction for 2021 and is also rated “Excellent” by Trustpilot.

Online services

Quicken Loans has been a leader in developing online lending platforms. The lender gained prominence in recent years by adopting technology that allows borrowers to apply for loans completely online through Rocket Mortgage. The lender also completed the first remote closing in Michigan, and can now do e-closings in every state. True to form, the Rocket Mortgage app allows you to e-sign your mortgage application, manage payments and access loan documents easily.

Minimum borrower requirements

Quicken Loans and Rocket Mortgage generally follow the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement. Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.

For FHA and VA loans, minimum requirements are set by the respective agencies. You can find them here:

Refinancing with Quicken Loans

Quicken Loans and Rocket Mortgage offer a variety of refinance options, including cash-out, with an online application process that has been touted as a hassle-free alternative to that of other lenders. The lender’s rate page does not clearly break out different rates for refinances compared to purchases, however. As with any lender, refinance costs can add up, so compare these to those of other lenders when shopping around.

Not sure if Quicken Loans is right for you? Consider these alternatives

Breakdown of Quicken Loans overall review score

  • Affordability: 4/5
  • Availability: 4.3/5
  • Borrower experience: 5/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Quicken Loans consumer reviews

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Written by
Jeff Ostrowski
Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Edited by
Mortgage editor