Quicken Loans overview
Quicken Loans is the parent of Rocket Mortgage, the heavily advertised brand with an online loan approval and application tool. It is the largest mortgage lender in the U.S. by a wide margin, originating more than 1 million loans worth more than $300 billion in 2020. The lender is retiring the Quicken Loans name on July 31, 2021, fully embracing Rocket Mortgage as its corporate moniker at that time.
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; cash-out refinancing; and reverse mortgages for homeowners 62 years and older. 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.
Borrowers looking for convenience, a fast preapproval and an array of mortgage options
- Rate-and-term and cash-out refinancing
- Reverse mortgages
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.
Quicken Loans publishes rates on its website and updates them daily.
According to J.D. Power, as of 2020, Rocket Mortgage by Quicken Loans has ranked highest in mortgage origination satisfaction for 11 consecutive years, and Quicken Loans has ranked highest in mortgage servicing for seven. Quicken Loans is also rated “Excellent” by Trustpilot and has an A+ grade from the Better Business Bureau.
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 eClosings 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
Rocket Mortgage by Quicken Loans 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.
For FHA and VA loans, minimum requirements are set by the respective agencies. You can find them here:
Refinancing with Quicken Loans
Rocket Mortgage by Quicken Loans offers a variety of refinance options, including cash-out, and its online application process has been touted as a hassle-free alternative to that of other lenders. The Quicken Loans rate page does not clearly break out different rates for refinances compared to purchases, however. As with any lender, refinance costs with Quicken Loans can add up, so compare these to those of other lenders when shopping around.
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Breakdown of Quicken Loans overall review score
- Affordability: 14.75/15
- Availability: 12/15
- Borrower experience: 15/15
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.