Everything You Need to Know About Quicken Loan Mortgages
Table of Contents
- Our Review of Quicken Loan Mortgages
- Quicken Loan’s Mortgage Process
- Quicken Loan’s Pros & Cons
- What States Does Quicken Loan Offer Mortgage Services?
- Quicken Loan’s Available Mortgage Types & Programs
- Quicken Loan’s Mortgage Fees & Rates
- Quicken Loan’s Customer Service
- Quicken Loan’s Borrower Qualifications & Requirements
- Quicken Loan’s Online Reputation
Quicken Loans is one of the country’s best-known mortgage providers. This Detroit-based lender originally started offering mortgages via traditional channels, but quickly moved to an online platform that streamlines the entire application process. You can access both conventional home loans and refinancing loans via the Quicken Loans platform.
With over 30 years of experience in the industry, and a strong customer service record, it’s easy to see why this online lender is one of the most popular options on the market.
Our Review of Quicken Loan Mortgages
Quicken Loans is known for its easy-to-use online mortgage application. However, the company still uses an extensive network of ‘bankers’ that you can reach via phone. In many cases, you will need to speak to one of these specialists to get your loan approved.
If you want a completely online experience, you can use Quicken Loans’ subsidiary, Rocket Mortgage. This is a new Quicken brand that has grown rapidly in recent years, but it still provides fewer loans than Quicken Loans.
Still, there’s no doubting that this is one of the most accessible and best mortgage platforms in the country. You can also access pre-approvals and other useful tools that help you to improve your chances of purchasing your next home.
In this Quicken Loans review, we’ll be taking an in-depth look at the various components that make this mortgage lender such an influential player in the home loans industry.
Quicken Loan’s Mortgage Process
The Quicken Loans mortgage process is one of its primary selling points. Users have the choice between applying online or calling a banker via the Quicken Loans telephone number. Both options provide seamless application features that make it easy to get financing for your next home.
To apply for a loan, head to the Quicken Loans website and begin filling out the company’s online application. Eventually, you will be asked to choose between calling Quicken Loans or heading to their partner company, Rocket Mortgage, to complete an online application.
Quicken Loans claims that the vast majority of its clients still use its hotline for over-the-phone loan applications. Still, Rocket Mortgage’s online application is the perfect solution if you don’t feel like speaking to someone as part of the process.
Rocket Mortgage is able to obtain most of your financial details by liaising with leading financial institutions, which means you probably won’t have to waste time collecting documents and submitting them to the lender. This saves you considerable time and streamlines the process.
Quicken Loan’s Pros & Cons
Now that you know plenty about Quicken Loans and the company’s mortgage process, it’s essential to take a closer look at the pros and cons of this unique platform.
What States Does Quicken Loan Offer Mortgage Services?
If you’re shopping around for mortgages, you’ll find that many mortgage providers do not operate in all 50 states. This is typically due to different mortgage licensing requirements in different areas of the country.
Fortunately, Quicken Loans offers mortgage products to clients in all 50 states. This means that no matter where you live in the U.S., you’ll be able to use the Quicken Loans website to apply for your next mortgage.
Quicken Loan’s Available Mortgage Types & Programs
Quicken Loans offers mortgages and mortgage refinancing. If you’re seeking a mortgage via this lender, you’ll benefit from a broad range of lending products. The company offers both fixed-rate and variable loans, as well as 15-year and 30-year terms.
For those who need non-traditional mortgages, you can access FHA loans, VA loans, and USDA loans. Jumbo loans are also an option at Quicken Loans.
Unfortunately, unlike other lenders in this space, you won’t be able to access HELOCs or other home equity loans via Quicken Loans.Have a house to sell before moving? Read our guide here. (November 25, 2020)
Quicken Loan’s Mortgage Fees & Rates
Quicken Loans’ rates will vary significantly depending on your financial background and the type of loan you’re applying for. Some loan products at Quicken Loans have rates as low as 3.375%, but many will be higher than this.
Additionally, you will need to pay an origination fee on your loan, and this will also vary depending on the loan you apply for. In most cases, the origination fee is around .5%. While this can vary, Quicken Loans does state that it never charges more than 1% for origination fees.
Quicken Loan’s Customer Service
It’s preferable to work with lenders that offer extensive customer service options. You should be able to get in touch with your lender immediately if you have questions or if you’re experiencing problems.
Fortunately, Quicken Loans offers support via telephone and a live chat portal. You can contact the company’s team between 7:00 AM and 12:00 AM on weekdays. On weekends, hours are reduced.
Quicken Loan’s Borrower Qualifications & Requirements
If you want to apply for a loan from Quicken, you will need a FICO score of 620 or higher. If you are applying for an FHA loan, the threshold is lowered to 580. Unfortunately, this is not a lender that is willing to accept non-traditional credit histories. Thus, you will need a solid credit background to apply.
The amount of money required for a down payment will depend on the mortgage product you’re interested in. For example, government-backed loans, such as FHA loans, require much lower down payments than traditional mortgages.
Quicken Loan’s Online Reputation
A lender that is unreliable or has poor customer service can make your life extremely stressful. For this reason, it’s always important to gauge a lender’s online reputation before you apply for a loan or enter into a contract. To determine if Quicken Loans has a strong online reputation, we took a look at some of the world’s leading consumer watchdog groups to check for recurring complaints.
Quicken Loans has managed to achieve the Better Business Bureau’s highest consumer rating — an A+. This means that one of the leading consumer watchdog groups considers this lending platform to be an extremely credible source for mortgages.
More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!
About the Author: Kris Lippi is the owner of ISoldMyHouse.com, the broker of Get LISTED Realty and an official member of the Forbes Real Estate Council. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, Fox News, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.