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Quicken Loans Mortgage Review
Quicken Loans is America’s largest mortgage lender, having originated more than $320 billion in loans in 2020.
Quicken Loans Mortgage Review
Quicken Loans is America’s largest mortgage lender, having originated more than $320 billion in loans in 2020.
April 20, 2021 / Nadav Shemer
Quicken Loans Mortgage Review
Quicken Loans is America’s largest mortgage lender, having originated more than $320 billion in loans in 2020.
April 20, 2021 / Nadav Shemer
Nation’s largest mortgage lender
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At a Glance
Quicken Loans is easily the largest mortgage lender in the United States, with $320.2 billion worth of loan originations 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.
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 how soon you plan to purchase.
  • 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 pre-approval 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 pre-approval, 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.
4. It usually takes 30-50 days to have your mortgage approved. Upon close, you’ll be invited to e-sign the final documents on the website or Rocket Mortgage app.
Pros and Cons
Pros
  • 100% online application
  • Quick pre-approval and closing times
  • Flexible repayment terms (8-29 years)
Cons
  • No branches
  • Lack of support for self-employed borrowers
  • 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 biggest 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 Loans 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.
Types of Loans
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
  • USDA loans
  • HARP Refinance
  • YOURgage (customizable loan with 8-29 year repayment term. See “Rates and Terms” below for more information)
Loan Features
Quicken Loans has grown from a small, independent mortgage lender to 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 – 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.
Rates and Terms
Loan terms range from 8-30 years. Standard loans are 15-30 years, but you can pick your own loan 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 (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’s a sample of interest rates from Quicken Loans on March 22, 2021 (when the national average rate for a 30-year mortgage was 3.09% and average rate for a 15-year fixed mortgage was 2.40%).
  • 30-year fixed: 3.625% (3.891% APR)
  • 15-year fixed: 2.75% (3.193%)
  • FHA 30-year fixed: 2.75% (3.717% APR)
  • VA 30-year fixed: 2.75% (3.191% APR)
Contact Quicken Loans
Quicken Loans has an A+ rating from the Better Business Bureau and a 4.4/5 rating from 17,000+ 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 (800) 251-9080 during extended business hours. Quicken Loans also offers a full-feature Spanish version of the Rocket Mortgage platform and it has Spanish-speaking agents.
Summary
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.
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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