Quicken Loans Review

Quicken Loans is America’s Largest Mortgage Lender and offers a variety of different types of refinancing options.
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Quicken Loans has helped transform the conventional ways that people search for a Mortgage Lender. They can help with Refinancing an existing home or purchasing a new home. The company started as a small brick-and-mortar mortgage lender back in 1985. However, they converted into an online platform in 2000, The mortgage company gained traction among tech-friendly borrowers and their impact on the industry allowed them to become America’s largest mortgage lender.

With the introduction of Rocket Mortgage in 2016 Quicken Loans can complete the entire mortgage process for customers all online. They can help from pre-approval to locking in APR rates without having a branch office or having their customers speak with anyone over the phone. No matter what type of mortgage loan you are trying to obtain, this lender has made it all easy and fast online.


Overview of Quicken Loans Services:

Plans Available: Home Purchase, Refinance, FHA Loans, VA Loans, Jumbo Loans and more…

Pricing: Origination Fees may exist depending on the loan type/amount being borrowed

Minimum Credit Score: 620

Minimum Down Payment: 3%

Length of Contracts: 15 year and 30 year fixed mortgages are most common

National Coverage: 50 States

Service Fees: Rate Quotes are Free, but average origination fees at around 0.50%

Other Benefits:

  • Online application process
  • America’s Largest Lender

Check out This Year's Best Mortgage Lenders!

Features: What kind of Services does Quicken Loans offer?


Many Different Mortgage Products

Quicken Loans offers a variety of fixed and adjustable rate loans, mortgage refinancing options, FHA, USDA & VA loans and jumbo loans (for certain higher-priced homes). Similar to many other lenders, Quicken Loans doesn’t offer home equity loans or home equity lines of credit to anyone. Even the largest investors in the industry like Fannie Mae and Freddie Mac don’t buy home equity loan products.

Lastly, Quicken Loans does not offer Reverse Mortgages – however they do have an affiliated partner for these types of loans called One Reverse Mortgage. Reverse Mortgages are most commonly best for elderly or retired homeowners who wish to tap into their home equity in order to receive additional income.

Refinance All Online

Like many lenders, Quicken Loans is fighting to provide homeowners the best available options for refinancing their existing home. Rates are at historic lows these days so the competition is fierce. This is a good thing for Homeowners however…

One of the greatest advantages of using Quicken Loans for refinancing your home is that you can complete almost the entire process exclusively online without having to talk to Mortgage Sales People for hours on end. They also deliver the highest mortgage refinance loan volume of any lender in the country. This allows them to get even more competitive when offering customers lower rates and special deals when refinancing.

Learning how much you can save by refinancing with Quicken Loans only takes a few minutes so click here to get started. If you select certain options during the process you may be directed to use Rocket Mortgage to complete the process, but don’t be alarmed, they are the same company these days.


Great Customer Service

Even though you can complete the refinancing process online, Quicken Loans claims the majority of its clients complete the mortgage process with a banker over the phone. With over 3,000 mortgage bankers on stand by at any given time, Quicken Loans is well prepared to handle large volumes of calls with their customers – so even if you prefer to speak with a banker directly, at least you will never be on hold as long with Quicken Loans.

How to get Started:

Rocket Mortgage now acts as the online link for the paperwork stage of the process. Here are some places you can start your refinancing process online

Rocket Mortgage can actually verify your employment, income and financial assets by accessing direct-deposit information provided by over 98% of U.S. financial institutions in the country. If you do not use direct deposit however, your income and employment information can be imported for about 60% of working Americans via employers’ databases.

Things to Consider:


Origination Fees

The Quicken Loans mortgage origination fee averages about 0.50% of the overall loan amount. Government mortgages backed by the FHA, VA or USDA can be slightly higher, but Quicken Loans claims that their lender fees won’t exceed 1% of the loan amount.


Current Mortgage Rates

If you want to get an idea of Quicken Loans mortgage rates, check them here. Rates will change quite often so make sure that you also compare their rates to at least 2-3 other mortgage lenders to make sure that you get the best savings possible. Here is a list of the Best Mortgage Lenders in 2020 (link to best picks page)

When you get serious about shopping for your refinance lender, you’ll have to provide enough information to get a rate that’s tailored to your personal situation. Then, remember to make multiple lenders compete against each other for your business with them. For example, with a $300,000 mortgage, paying for an extra 2% would cost you $6,000 at closing.

The Final Call:


2020 is a GREAT YEAR to Refinance Your Home or Buy a New Home

With the current interest rates at historic lows over the past year, whether you are looking to buy your first home, or refinance your existing home, 2020 is a fantastic time to take advantage of these opportunities. If you have owned your home for more than 3 years at this point, then there is a very strong chance that Quicken Loans can offer you lower rates and payments than you are currently paying.

For first time home buyers, since borrowing money is so cheap right now, you can take advantage of lower down-payments between 3%-5% and also have a chance to qualify for other first-time-buyer discounts and special offers.

Check out other Best Mortgage Lenders here


Quicken Loans FAQ’s:

    How Long does it take for Quicken Loans to Approve a Mortgage? 

    Quicken Loans typically takes between 30-60 days to approve a mortgage loan. This can take more or less time however, based on several factors like

    • Is this a new home or the refinance of an existing home?
    • Having your financial statements preparred ahead of time

    Is Quicken Loans a good lender?

    Quicken Loans is currently rated five out of five in the 2019 J.D. Power U.S. Primary Mortgage Origination Satisfaction Study. Quicken Loans also has an A+ rating with the Better Business Bureau. Lastly, they are one of the largest mortgage lenders in the country