Quicken Loans is easily the largest mortgage lender in the United States, originating 541,000 loans in 2019, 60% ahead of its nearest competitor. It covers all 50 states and all the most common types of mortgage products. The best way to apply to Quicken Loans is through its online lending platform, Rocket Mortgage. However, if you’re not comfortable entering your financial data online, you can also request a phone call with a Quicken Loans agent.
As mentioned, the best way to apply to Quicken Loans is through Rocket Mortgage, its dedicated online platform. You can do this on a computer 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 how soon you plan to purchase.
- Enter your estimated credit score.
- Provide contact details and create a contact for your account.
- Within a few seconds of completing the form, you’ll receive an email with a link to the next step.
2.Get pre-approved – 10-20 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.
4. Upon close, you’ll be invited to e-sign the final documents on the website or Quicken Loans mortgage app.
- 100% online application
- Quick pre-approval and closing times
- Millions of satisfied borrowers
- No branches
- Lack of support for self-employed borrowers
- Shares your data across Quicken services
There’s a reason Quicken Loans has risen to become the largest mortgage lender in the United States, bigger even than the big 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 pre-approve and close loans quicker than the traditional banks.
Depending on your perspective, the Quicken advantage (fast online applications) is also a disadvantage (no physical branches). 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.
Quicken Loans specializes in both purchase loans and refinance 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 about an even volume of refinance and purchase loans.
Loans are split into the following categories.
- Conventional loans
- Jumbo loans
- FHA loans
- VA loans
Quicken Loans has grown from a small independent mortgage lender to a giant of the industry offering a range of products and services.
- Rocket Mortgage – the online mortgage platform described in this review.
- Rocket Homes Real Estate – a separate platform that helps you search properties and matches you with local real estate agents.
- Rocket Loans – a separate online lending platform offering personal loans from $2,000 to $45,000.
- Personalized financial recommendations for product offerings from Quicken Loans and partners.
- Access to customized tools and articles from across Quicken Loans and partner sites.
If you have excellent credit, then there are lenders 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. Loan terms range from 15-30 years.
Here’s a sample of interest rates from Quicken Loans from December 2020 (when the average interest rate in the U.S. was 2.71% for a 30-year fixed-rate mortgage and 2.26% for a 15-year fixed mortgage rate).
- 30-year fixed: 3.500% (3.743% APR)
- 15-year fixed: 2.375% (2.898%)
- VA 30-year fixed: 2.25% (2.628% APR)
- FHA 30-year fixed: 2.25% (3.471% APR)
Quicken Loans has an A+ rating from the Better Business Bureau and a 4.4/5 rating from around 17,000 Trustpilot reviews. The best way to apply to Quicken Loans is through its Rocket Mortgage online platform. However, if you prefer to speak with someone, you can request a call through the chat function on the Quicken Loans website or call (888) 452-8179 during extended business hours. Quicken Loans also offers a full-feature Spanish version of the Rocket Mortgage platform and it has Spanish-speaking agents.
The numbers really do speak for themselves. Other mortgage lenders might offer better rates or different features to Quicken Loans, but nobody can compete with this service 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.