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Quicken Loans Review
Quicken Loans is America’s largest mortgage lender, having originated more than $320 billion in loans in 2020.
Quicken Loans Review
Quicken Loans is America’s largest mortgage lender, having originated more than $320 billion in loans in 2020.
November 15, 2021 / Nadav Shemer
Quicken Loans Review
Quicken Loans is America’s largest mortgage lender, having originated more than $320 billion in loans in 2020.
November 15, 2021 / Nadav Shemer
America’s Largest Mortgage Lender
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At a Glance

Quicken Loans is easily the largest mortgage lender in the United States, having originated $320.2 billion worth of loans in 2020. It serves all 50 states and offers all the most common types of mortgage products. The most popular way of applying to Quicken Loans is through its online lending platform, Rocket Mortgage. If you’re not comfortable entering your financial data online, you can also request a phone call with a Quicken Loans agent.

Key Figures

Loan types: Purchase, Refinance

Loan products: Conventional, Jumbo, FHA, VA, USDA

APRs start from: 2.920%

Minimum credit score: 580-620

Repayment terms: 8-30 years

Pros

  • 100% online application
  • Quick preapproval and closing times
  • Flexible repayment terms

Cons

  • No branches
  • Your data may be shared across Quicken partners

There’s a reason Quicken Loans has risen to become the largest mortgage lender in the United States, bigger even than the major banks. Its Rocket Mortgage application process is quick, seamless, and entirely digital. Quicken Loans has refined online mortgages down to only the most necessary steps, enabling it to preapprove and close loans quicker than the major banks. It offers borrowers a great deal of customization too, including the ability to repay a mortgage in as little as eight years.

Depending on your perspective, the Quicken Loans advantage (fast online applications) is also a disadvantage (no physical branches). Another thing that may concern some people is the fact that Quicken Loans shares user data with sister services – meaning you may get offers for personal loans and other financial products.

How It Works

As mentioned, the best way to apply to Quicken Loans is through Rocket Mortgage, its dedicated online platform. Rocket Mortgage by Quicken Loans can be accessed on a desktop or mobile device.

Here are the steps:

1. Fill out a short initial form – 5 minutes.

  • Select from purchase or refinance.
  • Select the type of home (e.g. single family, multi family, condominium), property use (e.g. primary residence, investment property), and where you are in the purchase/refinance process.
  • Enter your estimated credit score.
  • Provide contact details and create a contact for your account.

2. Within a few seconds of completing the form, you’ll receive an email with a link to the next step or be told to wait for a Quicken Loans expert to call you. Either way, the next stage is the preapproval process, which can take up to 30 minutes.

  • Provide information about your current home.
  • Provide information about your future home (if purchasing).
  • Provide personal information (e.g. employment, income).
  • See your pre-approved offers.

3. Following preapproval, you will see a checklist of all the documentation you must provide to get formally approved. Documents can be uploaded online or through the Rocket Mortgage app.

The other thing worth noting is that while the Rocket Mortgage online platform is great for most people, it doesn’t cater 100% to self-employed borrowers. If you’re self-employed, then you will probably have to speak to a Quicken Loans agent to complete an application.

4. It usually takes 30-50 days to have your mortgage approved, sooner if refinancing. You can login to Quicken’s 24/7 online mortgage portal at any time to check the status of your mortgage. Upon close, you’ll be invited to e-sign the final documents on the website or Rocket Mortgage app.

Types of Loans

An interesting fact about Quicken Loans is that it processes about three times more refinance loans than purchase loans, in contrast to other major lenders who typically process an equal volume of refinance and purchase loans.

Purchase options include:

  • Conventional Loan. Conforming loan with as little as 3% down payment (with monthly private mortgage insurance requirement until you hit 20% equity)
  • Jumbo Loan. Loan from conforming limit ($548,250 in most zip codes) for up to $2 million, with minimum credit score requirement of 680.
  • FHA Loan . Government-backed loan with 3.5% down payment, with minimum credit score requirement of 580.
  • VA Loan. For qualifying service people and veterans, with minimum credit score of 620 and zero down payment requirement.
  • USDA Loan. For people in qualifying rural areas, with a minimum credit score of 620 and zero down payment requirement.

Refinance options include:

  • Conventional Rate-and-Term Refinance. For refinancing up to conforming limit ($548,250 in most zip codes in 2021); maximum CLTV is 97%.
  • Cash-Out Refinance. Alternative refinance that lets you cash out the difference between the new loan amount and what you owe on the home.
  • FHA Refinance. Various FHA-backed refinancing options, including streamlined and cash-out refinancing. May include no income verification, and no home appraisal requirement.
  • VA Refinance . Various VA-backed refinancing options, including streamlined Interest Rate Reduction Refinance Loan (IRRRL) and VA cash-out refinance. If you currently have a VA loan, you can refinance up to 100% of your home’s value to get cash out.

Loan Features

Quicken Loans has grown from a small, independent mortgage lender into a giant of the industry offering a range of products and services.

These include:

  • Rocket Mortgage. The online mortgage platform described in this review.
  • Rocket Homes Real Estate. Separate platform that helps you search properties and matches you with local real estate agents.
  • Rocket Loans. Separate online lending platform offering personal loans from $2,000 to $45,000.
  • Additional products. Personalized financial recommendations for product offerings from Quicken Loans and partners.
  • Self-help. Access to customized tools and articles from across Quicken Loans and partner sites.

Rates and Terms

Standard loans have repayment terms of 15 to 30 years, but borrowers taking out a fixed-rate conventional loan can pick any repayment term between 8-29 years with YOURgage, a customizable loan tool. To qualify for YOURgage, you’ll need a minimum 3% down payment, minimum credit score of 620, debt-to-income ratio of no more than 50%, and money to cover closing costs worth between 2%-6% of the purchase price).

If you have excellent credit, then there are numerous lenders out there that offer better rates than Quicken Loans. But if you just have above-average credit, then there’s a good chance you’ll find a competitive loan at Quicken Loans.

Here are sample purchase/refinance rates for borrowers with excellent credit:

  • 30-year fixed: 3.125% (3.371% APR)
  • 15-year fixed: 2.500% (2.920% APR)
  • FHA 30-year fixed: 2.625% (3.574% APR)
  • VA 30-year fixed: 2.625% (3.050% APR)

*Last updated November 8, 2021

Summary

The numbers really do speak for themselves. Other mortgage lenders might offer better rates or different features to Quicken Loans, but nobody can claim to beat Quicken when it comes to a simple, stress-free, and streamlined mortgage application process. The words ‘quick’ in Quicken Loans and ‘rocket’ in Rocket Mortgage really do hit the nail on the head: this is the quickest online mortgage platform out there.

Contact Quicken Loans

Quicken Loans has an A+ rating from the Better Business Bureau and a 4.5-star rating from 18,000+ Trustpilot reviews. The best way to apply to Quicken Loans is through its Rocket Mortgage online platform. If you prefer to speak with someone, you can request a call through the chat function on the Quicken Loans website or call the main switchboard during extended business hours. Quicken Loans also offers a full-feature Spanish version of the Rocket Mortgage platform and it has Spanish-speaking agents.

HQ: One Campus Martius, Detroit, Michigan, U.S.

Get started now, visit Quicken Loans
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for bestonlinemortgageloan.com. He enjoys writing about the latest innovations in financial services and products.
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