A leader in the home lending industry, Quicken Loans has made a name for themselves after the introduction of Rocket Mortgage. The strives to provide purchase and refinance options, as well as focus on speed and convenience.
However, they must sacrifice lower rates and savings to do so. Even without physical locations, the online retail mortgage lender continues to hold its high position due to customer satisfaction and volume.
Quicken Loans: In A Nutshell
- A wide range of mortgage products for buying and refinancing.
- Ranked highest, or tied for first, for overall customer satisfaction by J.D. Power nine years in a row.
- The biggest FHA lender in the United States.
- Great for first-time homebuyers.
Quicken Loans Mortgage Options
Quicken Loans offers a variety of options to choose from when you’re looking for a mortgage such as: fixed-rate mortgage, adjustable-rate mortgage (ARM), Federal Housing Administration (FHA) loan, Veteran Affairs (VA) loan, YOURgage, jumbo loans and reverse mortgages.
| Mortgage Option | Easier Qualification | Loan Flexibility |
Rate Security |
Lower Equity or Money Down |
| 30-Year Fixed | X | |||
| 15-Year Fixed | X | |||
| ARM | X | |||
| FHA | X | X | X | X |
| FHA Streamline | X | X | X | X |
| VA | X | X | X | X |
| YOURgage | X | X | ||
| Jumbo | X | |||
| Reverse | X | X | X |
30-year fixed mortgage. Monthly payments spread out over 30 years with a stable fixed rate. Payments are lower compared to shorter-term loans.
15-year fixed mortgage. Monthly payments spread out over 15 years. Pay less interest because you’ll pay off your loan faster.
Adjustable-rate mortgage. Get a low fixed interest rate and lower monthly payments for the introductory period, which can vary: 1, 5, 7, or 10 years.
FHA loan. For lower credit scores, you may qualify for an FHA loan with a down payment as low as 3.5%.
FHA streamline. Have the option to refinance your existing FHA loan for a lower interest rate. It’s quick and easy, with only a few documents required.
VA loan. For qualified veterans, service members, and their spouses. Refinance up to 100% of your loan and pay less at closing.
YOURgage. Choose a custom term, from 8 to 29 years, with a fixed interest rate that fits your financial goals.
Jumbo loan. Save with a small interest rate when you need a big loan: $453,100 to $3,000,000.
Reverse mortgage. For homeowners over the age of 62 who want to use the equity in their home to meet their financial goals.
Additionally, if you need to see how much it would cost you, Quicken Loans has an online calculator you can use to calculate your total costs.
Quicken Loans Mortgage Portal
Quicken Loans makes the whole mortgage borrowing process simple due to their user-friendly online tools. For example, their MyQL mortgage portal is where you will be able to review your home loans and make payments.
Other brick and mortar lenders now provide web portals for their products, but Quicken Loans solely relies on this system. For this reason alone, this makes Quicken Loans’ site very well-maintained and constantly improving to make sure their users get the best experience.
High-Quality Service
One of the best things about Quicken Loans is their outstanding customer satisfaction. They have even taken the highest score in J.D. Power’s 2018 survey of mortgage services over more established lenders. Here are some statistics that compares Quicken Loans to some other big lenders:
| Lender | Originations | CFPB complaints |
Rate | J.D. Power 2018 Rating |
| Quicken Loans | 1,406,001 | 1,207 | 0.09% | 857 |
| Chase | 948,000 | 14,778 | 1.56% | 787 |
| Wells Fargo | 2,155,222 | 25,182 | 1.17% | 757 |
| Bank of America | 1,172,113 | 28,187 | 2.40% | 756 |
Quicken Loans Drawbacks
Quicken Loans does not offer home equity loans or home equity lines of credit (HELOCs). Cash out refinancing is the closest option they offer. However, if you’re committed to getting a home equity loan, then you might want to search elsewhere.
Keep in mind that Quicken Loans only offers phone and online services. If you prefer the face to face interaction, you will most likely like a place that offers physical locations. Also, Quicken Loans only offers mortgage lending, so you can’t bundle your mortgage with other financial accounts.
Quicken Loans Application Process
Applying for a mortgage with Quicken Loans is quick and easy online or over the phone. The Quicken Loans online application portal is branded as Rocket Mortgage. It finds, imports, and verifies financial information and lets you customize your mortgage as well as lock your rate without having to talk face to face with anyone.
If you decide to do this process over the phone or through the portal, Quicken Loans will match you with a Home Loan Expert who will guide and support you throughout the process. Once you submit your application, they will do a credit check and give you an estimate.
To continue, you must submit a sizable down payment which will cover the cost of processing your loan, including the credit pull, appraisal, and title work. According to Quicken Loans, the deposit ranges between $400 to $750.
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Bottom Line
Quicken Loans is a great way to mortgage or refinance your home lending transactions. It’s quick and convenient, so if you’re looking to do this from the comfort of your home, then definitely check this service out.
Although they don’t offer the best savings and interest rates, they still lead the industry in customer satisfaction. Check out our Bank Bonuses, Saving Rates and Credit Card Bonuses!
