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Quicken Loans

8.1

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Quick Look at Quicken Loans

  • Largest Lender in the U.S.
  • Mortgage Tech Leader
  • Wide Variety of Mortgage Types

With web centers in Detroit, Cleveland, and Phoenix, Quicken Loans serves the entire nation through its innovative online mortgage application platform. The company’s online strategy has been so successful that Quicken Loans rapidly became the nation’s largest mortgage lender.

Do Customers Like Quicken Loans?

Quicken Loans reviews are mixed — 48% of all customer reviews are 5-star reviews and 32% are 1-star reviews. These ‘all-or-nothing’ review results are common with larger companies, as there are often too many customers for the number of employees to help them.

The company has received a 3.4 out of 5 star rating from its past customers. Because of the mixed reviews, we’ll take a look at both the negatives and the positives of the Quicken Loans customer experience.

Positive Quicken Loans Reviews

When it comes to positive customer reviews, the satisfied customer mostly focused on: * Ease of Mortgage Process * Excellent Loan Officers

Negative Quicken Loans Reviews

Many of the negative customer reviews have to do with the time it takes to get approved. Other negative aspects of the company as reported by customers are: * Difficulty Connecting to Service Reps * High Cost * Bad Business Practices

Rates & Fees

Quicken Loans’ origination fee is about 1%, which is slightly higher than normal. Some mortgage lenders ask a flat fee, instead of a percentage, lowering the overall fee for high loan amounts.

Additionally, NerdWallet reports that even though Quicken Loans’ fees are slightly higher than normal, they don’t necessarily offset those high fees with lower mortgage rates. Essentially, you’re not exactly getting a better deal by spending more here.

As such, we’ve given Quicken Loans a ‘Below Average’ rating for fees, while maintaining a ‘Average’ rating for mortgage rates.

Mortgage Requirements

Quicken Loans requires a 3% down payment on its mortgages and at least a 620 credit score for borrowers to qualify.

Customer Service

The company’s customer service might be one of its spottier qualities. While the Quicken Loans online application process, Verified Approval℠, definitely makes the entire process easier on the user, it can be difficult for customers to get a hold of an actual employee.

Our Recommendation

Quicken Loans has a great amount of experience in the mortgage industry and leads the industry as the largest lender in the nation. Unfortunately, the company has struggled with negative customer reviews, mainly due to customer service issues.

Though the company has dedicated a lot of time and money to creating a helpful online application process, customers are still left wanting lower fees and a quicker process.

We recommend Quicken Loans to customers who’ve already looked into the top 5 mortgage lenders and would rather have the added security of an experienced lender.

How We Rank

We employ a qualified mortgage expert to rank and review mortgage lenders.

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