Quicken Loans Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Bankrate Score

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4.3

User reviews
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( 2144 )

4.9

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Quicken Loans, powered by its Rocket Mortgage product, is a leading online mortgage lender. They offer a broad selection of purchase and refinance loan options. Quicken Loans also offers a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 30 years. For homeowners who want to refinance, Quicken Loans has a cash-out refinance option. Reverse mortgages, for homeowners 62 years and older, are available through their affiliate company One Reverse Mortgage. Headquartered in Detroit, Quicken Loans was founded in 1985 by Dan Gilbert, who today acts as Quicken Loans’ chairman. The company gained prominence in the last few years by adopting technology that allows borrowers to apply for loans completely online through its affiliate company Rocket Mortgage. Recently, the online lender completed the first remote closing in Michigan using Remote Online Notarization (RON) and the Nexsys Clear Sign eClosing platform. Quicken Loans offers the customary menu of loan options and borrowers can apply for mortgages and lock in rates completely online. Borrowers can easily check their loan application anytime via Rocket Mortgage, the electronic application arm of Quicken Loans.

Nationwide availability

Available in all 50 states

Minimum credit score

Quicken Loan generally follows 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).

Loan types

Conventional fixed-rate mortgages, adjustable-rate (ARM) products, VA and FHA loans, jumbo mortgages, cash-out refinancing

Pros

  • Online and phone customer service available to borrowers via Rocket Mortgage, the online portal for Quicken Loans
  • Loan options include fixed-rate, adjustable-rate (ARM), VA, FHA, USDA, flexible-term and jumbo mortgages
  • Low down payment requirement (as little as 3 percent down)
  • Mortgage refinancing, including cash-out refinancing, available
  • Customer service regarding new loans is available seven days a week via phone or chat.
  • Float-down rate lock available

Cons

  • No brick-and-mortar locations
  • Doesn't offer home equity loans or home equity lines of credit (HELOCs)
  • Limited information about lender fees available online
 

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Quicken Loans overview

Minimum credit score

  • 620 for conventional and (generally) for VA loans
  • 580 for FHA loans
  • 760 for jumbo loans on purchases, 700 for refinances

Loan types

  • Conventional fixed-rate mortgages
  • Adjustable-rate (ARM) products
  • VA and FHA loans
  • Jumbo mortgages
  • Cash-out refinancing.

Lender fees

Quicken Loan fees include origination fees, rate-lock fees and closing costs. These expenses vary by loan type and taxes. According to Quicken Loan’s website, closing costs average between 2 to 6 percent of the purchase price.

Closing costs include things like title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and survey fees.

Minimum borrower requirements

Quicken Loan generally follows 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 as well as 2 to 6 percent of the purchase price in cash reserves to cover the closing costs.

For FHA, VA and USDA loans, those requirements are set by the government. You can find them here:

Other mortgage lender reviews:

Get started with Quicken Loans

Borrowers can apply online via Rocket Mortgage, a Quicken Loans affiliate company that handles online applications. There are no brick-and-mortar locations where borrowers can apply in-person. Borrowers can use Rocket Mortgage to submit required documents electronically. These documents include things such as tax returns, online bank statements and identification. You can choose to speak with a home loan expert, after filling out a few questions online.

Hours

Monday through Friday: 8 a.m. to 10 p.m. (All times Eastern) Saturday: 9 a.m. to 8 p.m. Sunday: 10 a.m. to 7 p.m. Chat hours: 7 a.m. to midnight Monday through Friday, and 9 a.m. to midnight Saturday and Sunday. (800) 251-9080

with Quicken Loans

Quicken Loans consumer rating and reviews

4.9 reviews
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99% recommended

Customer Service Rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.9
Responsiveness
4.9
0 out of 0 rates honored
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(2144 reviews)
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2027
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12

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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