Quicken Loans at a Glance
Updated: December 2021
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.
|What is the difference between Rocket Mortgage and Quicken Loans?||Quicken Loans introduced Rocket Mortgage as a new service for its quick-closing “online mortgage application” and officially changed its name to Rocket Mortgage in 2015. While it mostly operates under that name now, Quicken Loans is still in full operation.|
|What is Quicken Loans known for?||Quicken Loans revolutionized the home mortgage industry with their simple online application process. They were able to take lending from a complex and confusing process to something anyone could figure out in under 10 minutes.|
|Is Quicken Loans a predatory lender?||No. In fact, J.D. Power has named Quicken Loans the #1 lender in the U.S. for customer satisfaction in 2020. They have retained this title for 11 years consecutively. They have also received a high customer satisfaction rate on BestCompany.com, with 4 out of 5 stars.|
|Does Quicken Loans sell their loans?||Quicken Loans finishes with 99% of the clients they start with. This means it is likely you will get to stay with them throughout your full mortgage plan.|
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Do Customers Like Quicken Loans?
Quicken Loans has earned 4 out of 5 stars with almost 500 reviews on BestCompany.com. They have obtained this high rating through their streamlined loan process, responsive customer service, flexible financing options, and convenient online dashboard.
Speedy Approval Rates
Quicken Loans makes the application process easy. After you apply on their site, they analyze your credit score and give you a prequalified approval. After all your info is received, they can give you a Verified Approval Letter within 24 hours.
Great Customer Service
Their communication throughout the process is highly acclaimed by customers. You’ll be connected with a Home Loan Expert to help you through every step of the transaction.
Convenient Mobile App
The Rocket Mortgages app (from Quicken Loans) itself has a remarkable 4.9 out of 5 stars on the App Store. It helps you easily apply for a loan as well as make mortgage payments, view payment information, and message their Home Loan Experts at any time.
Positive Quicken Loans Reviews
- Ease of Mortgage Process
- Excellent Loan Officers
Quicken Loan Types
Quicken Loans has retained its spot as the top lender and mortgage broker in the US because of the convenience and variety of services it offers. They provide options for borrowers with a variety of credit scores.
A borrower looking for a traditional home loan can feel secure using Quicken as their lender. For a conventional loan, they generally require a credit score of at least 620. The interest rate on their loans is updated in real-time to stay up-to-date with the market. Obtaining a mortgage loan is easy with Quicken because of their intuitive online application. The monthly payment process is also streamlined through their app. For those looking for lower rates or down payments, a Quicken Home Loan Expert can help them explore other loan options or learn about private mortgage insurance.
Refinancing through Quicken is a great option for those looking to lower the monthly payment of their mortgage. If your credit score, home value, or mortgage rates have improved since you bought your home, you should explore getting a refinance loan. Quicken provides a refinance calculator to discover how much you could save, or you could talk to a home loan expert to understand more about your home's mortgage.
The Department of Veteran Affairs backs VA loans to make them more affordable for veterans, service members, and their spouses. This loan option has similar credit requirements to a conventional loan, but more benefits. To qualify, you'll need a Certificate of Eligibility from the VA, a minimum credit score of 620, a debt-to-income ratio no higher than 60%, and money to pay the VA's funding fee. Quicken is an experienced lender in this category, with rates typical to the market.
Home Equity Loan
For those who already own a portion of their home, but are worried about their personal finance, a home equity loancan be a way to receive a construction loan for home improvements. The lender can provide a loan equal to the equity the borrower owns on their home. While this loan can provide low interest rates home improvement projects, it could be risky for some because it uses the home as collateral.
Quicken loans does not offer a reverse mortgage.
Quicken Loans Mortgage Rates & Fees
Quicken Loans continually keeps its mortgage rates and fees up-to-date. On their website, you’ll find graphs that display trends from one week to a year.
As of Dec 10, 2021, their rates were as follows:
- 30-year Fixed: 3.375% / 3.605%
- 15-Year Fixed: 2.5% / 3.012%
- VA 30-Year Fixed: 2.875% / 3.318%
- VA Loan 15-year Fixed: 2.625% / 3.94%
These were the VA and conventional loan rates at this time. A VA mortgage is a specialized loan for veterans (other loanrates depend on a variety of factors). Our tracking from month to month shows they upkeep a current interest rates. As the market fluctuates, Quicken Loans moves an interest rates up or down in real time.
Your interest rate rate will be determined by your loan type. You can quickly get a preapproval to discover your interest rate. You will be able to quickly find the best loan option for you.
Quicken Loans Mortgage Requirements
Home Mortgage Requirements
To qualify for a conventional mortgage, Quicken Loans requires:
- A minimum 3% down payment.
- A minimum FICO*(kind of credit score) score of 620.
- A debt-to-income ratio of no more than 50%. Find your DTI by adding up your monthly debt payments and dividing it by your total income before taxes.
- Money to cover closing costs, which are about 2% - 6% of the purchase price.
FHA Mortgage Requirements
These loans are different from conventional loans because they are insured by the Federal Housing Administration. This makes it easier for customers to qualify and lowers the interest rates of lenders.
To qualify for a conventional mortgage, Quicken Loans requires:
- A minimum 3.5% down payment.
- A minimum FICO Score of 580.
- No more than a 50% debt-to-income ratio.
- Enough cash to cover the mortgage insurance premium upfront. This usually amounts to about 1.75% of your loan.
- Enough money for closing costs, which range from 2% - 6% of the purchase price.
Quicken Loans Customer Service
Quicken Loans is praised by customers for their responsive customer service — you will be connected with a Home Loan Officer to help you through the entire mortgage process.
Throughout the mortgage process, you’ll be able to easily contact them with any issues. This can be done over phone or the app, where they provide a way to directly message agents at Quicken Loans.
We highly recommend Quicken Loans to anybody looking for an easy, comfortable, and affordable way to start their mortgage process.
Quicken Loans has earned its place among the top mortgage lenders for one reason: Customers love their easy online interface, excellent customer service, financial plan options, and transparent mortgage rates.