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Quicken Loans

Quicken Loans
Overall Satisfaction Rating 3.17/5
  • 5 stars
    657
  • 4 stars
    597
  • 3 stars
    520
  • 2 stars
    218
  • 1 stars
    329
Based on 2,321 ratings submitted in the last year
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    Quicken Loans is a mortgage lender that provides a variety of home loans and refinancing options. Quicken Loans has an online application process and provides services in all 50 states. It services 99% of the mortgages that you can apply for on its website.

    BOTTOM LINE

    Quicken Loans is a nationwide online mortgage lender. Fill out a simple online application to view your loan options without affecting your credit score.

    PROS

    • View loans without affecting credit
    • Locked interest rate for 90 days
    • Easy online application

    CONS

    • Mortgage processing not faster online
    • No in-person services

    Top Quicken Loans Reviews

    Rated with 5 stars
    Verified Reviewer

    Citibank sold my HELOC, with no advanced notice, to a company I was not comfortable with. Initially, I was just going to do a refi on my HELOC, but thanks to Abe **, the Quicken Loans guy I first interacted with, he gave me so much information. Professional, smart, and helpful. I'm very happy. I feel safe now and secure for my future.

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    Rated with 5 stars
    Verified Reviewer

    We refinanced a $145,000 remaining on our old mortgage to a VA 30 year refinance with Quicken/Rocket. They communicated crystal clear and came through with what they said they could do. I read a lot of negative reviews but that was not my experience. Overall 5 stars were well earned.

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        Are you this business?

        What is Quicken Loans?

        Quicken Loans offers mortgage loans, home refinance loans and personal loans, including:

        • Adjustable-rate loans
        • Fixed-rate loans
        • FHA loans
        • VA loans
        • USDA loans
        • Jumbo loans

        You can apply for a mortgage and make payments on your existing loans through the Quicken Loans Rocket Mortgage app. The company also offers reverse mortgages and refinancing services. Customers who want to lower their mortgage payments, get cash from their home, purchase their first home or invest in real estate can find helpful services from Quicken Loans.

        Quicken Loans has a general credit score requirement of 620, but people with credit scores as low as 580 might be able to find loan options through the site. However, a firm credit score requirement exists for these three loan types:

        • Conventional loans: 620
        • VA loans: 620
        • USDA loans: 640

        Quicken Loans services

        Quicken Loans’ refinancing options include equity cash-out, refinancing at a lower interest rate or shortening your mortgage term. You can also refinance an investment property with Quicken Loans.

        You can choose a custom term with a fixed rate that fits your needs with Quicken Loans’ “YOURgage” feature. Quicken Loans’ mortgages include adjustable and fixed-rate loans.

        Apply online for Quicken Loans’ personal loans through its Rocket Loans division to receive preapproved offers within seconds of entering your financial information. The money is transferred to your account once you choose and finalize a loan.

        Quicken Loans FAQ

        What does your credit score need to be for Quicken Loans?
        Quicken Loans might be able to find loan solutions for customers with credit scores as low as 580.
        Does Quicken Loans do personal loans?
        Quicken Loans offers personal loans for vehicle purchases, medical bills, small businesses, home improvement, debt consolidation and other reasons.
        What kind of loans does Quicken Loans offer?
        Quicken Loans offers mortgages, reverse mortgages, refinancing, home loans and personal loans. Most types of mortgages are available through Quicken Loans, and it offers a customizable term option.
        How much does Quicken Loans charge for closing costs?
        Quicken Loans’ closing costs depend on the loan type, purchase amount and tax laws in your area. Expect to pay 3% to 6% of the purchase price.

        Is Quicken Loans good?

        Quicken Loans offers a completely online loan application process, which is convenient for consumers who don’t have time to visit a bank or financial institution. Quicken Loans has many loan options and is a viable choice for those searching specifically for an online lending service.

        Quicken Loans Reviews

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        Page 1 Reviews 1 - 10
        Rated with 4 stars
        Verified Reviewer
        Original review: March 2, 2020

        When I was looking for a refinance on my current mortgage it was important to me to find a company that I could work with exclusively online. I wanted to be able to upload my documents and have a process where I could check in daily to see when the mortgage would be ready to close. I did the initial request online and a broker called me right away. I went through the initial approval over the phone. I then set up an online account that provided a dashboard to list all the needed documents. I knew exactly what the company needed and when it was received and approved by logging in to the dashboard. I was able to communicate with a customer service representative through the dashboard as well. It still took 30-45 days to close the loan but I knew where I stood at step of the process.

        If the company needed something from me, I received an email requesting that I go to the dashboard. When it was time to close the loan the company sent an attorney to my home that was able to walk me through the documents as well as notarize my signature. The money was transferred to my account when the documents were filed. I would recommend this company. The customer service was good and efficient. The online process worked well. The one downside that I don't like is the sales after the process. I don't like getting the phone calls trying to get me to refinance my loan at every rate change. To me that is the company looking to have me spend money on closing a loan that I don't need.

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        Rated with 5 stars
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        Verified Reviewer
        Original review: Sept. 17, 2019

        We close on our loan with Quicken Loans back in August of 2014. We had to jump through a bunch of Hoops like everyone is saying but I would have rather have jump through the Hoops that we did than to be denied the loan like many other places did. The reason you're jumping through the Hoops is because you aren't great candidate for the loan that's why other places are possibly denying is alone but Quicken Loans goes out on a limb and allows you to work through those who plays like we had a judgment that was holding us back but they allowed us to just get approval of satisfaction instead of actually having to wait through it to go through court and being documented through courts as long as we have the satisfaction note from the attorney our loan was approved. It was a pain getting it but it was all worth it.

        So here we are 5 years later and work a month behind on our payments. And no matter what we do we can't seem to catch up because we could getting hit with different expenses. I just wanted to give a review for our account resolution specialist Ashley **. We didn't get a chance to talk we only use the chat online, but I was really pleased with how punctual she was with everything and she was just overall really sweet. It's kind of hard to feel that through texting but she made it possible. And I just wanted to give a big thanks for sending the $100 gift card for us to grab some quick meals while our kiddos are going through the tough time that they are.

        She had asked me why we were behind on payments, as we are in the middle of a loan modification, and I told her both of our children had gotten sick. One has ITP and the other one has Chiari malformation and it's just been a struggle with everything being back and forth to work and she so kindly sent over a gift card for $100 for us to help us out with food. So not only were we behind on payments but she also helped us out by sending us $100 gift card and I am truly grateful. I'm glad I went out on a limb and took a chance with Quicken Loans because it has been all worth it. Even jumping through the hoops.

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        21 people found this review helpful

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          Are you this business?
          Rated with 5 stars
          Verified Reviewer
          Original review: June 4, 2019

          I like doing business with them. Just from the start of processing they help me a lot from getting information and during start of the loan they assist me to get loan from the bank and for the mortgage that I can afford to pay that it will not going to break my leg to pay the monthly mortgage. That it will just get into my wallet that I still able to live my life. They will keep me posted every updated that they have with the load that I am doing with them until I finally gotten and paid my mortgage.

          They have all the expert that will going to help you doing the process until to the last payment to make more worth payable to the client and that will not going to hold back to the expenses. They keep doing the follow - up to make more correspond to the business and give the property to make it worth to have. It is clear and be more worth using them.

          They make sure that I will be happy working with them and give their best to give me the information that I needed with the property that I am working with them to make it clear and that I will not going to have any problem in the future regarding with the property. It was excellent and makes me more reliable and good experience doing business to them. It makes me more going to use this business for the future. They will going to make great process and program to make things work in both sides to make the payment more easier and not so much hard for both parties.

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          17 people found this review helpful
          Rated with 5 stars
          Verified Reviewer
          Original review: June 3, 2019

          It is just a stressful time buying a new house but Quicken did everything they could on their part to make it seamless. The rate quote was easy and quick. Helpful and friendly guy helped me during the initial stages and amount of paperwork to fill out was reasonable. All the information was given to me up front so there were no surprises on the cost or rate when we officially closed.

          I locked in a good rate and after that started using the Quicken website to upload documents. The website was easy and someone from Quicken was always calling to see if I needed anything or let me know how the documents I uploaded looked. I really couldn't have planned it any better myself. I also like the website Quicken has to upload all your documents. It told me exactly what I needed to do and what my next steps were. If I wasn't sure about something they were always there to help me. Usually calling me before I had time to call them.

          Everything truly went well. They were quick and thorough on getting me a rate quote and the paperwork required was what you would expect. Since then everything has been great. But their 15 year rates weren't quoted as competitive as their 30 year. For most this isn't a big deal but for previous homeowners who don't want to go backwards on their mortgage this is a big deal.

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          3 people found this review helpful
          Rated with 5 stars
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          Verified Reviewer
          Original review: April 26, 2019

          Before I give my review, I have to make a disclaimer. I recently closed on my house (4/16/19), but while I was going through this process, I stayed on these review sites looking at user reviews. There was so much negativity concerning QL, that I was scared to death. I thought about leaving and was regretting my choice of Loan Company. I was waiting for the call that I have been denied, since a lot of reviews talk about last minute denials. I was stressed. I say that to say this: YOUR experience and situation is unique to you. Yes, it is nice to try and gain knowledge, but don’t be discouraged by what you read on these sites. I experienced hardly anything that I read from past reviewers. Every situation is different so what you read may not fit you. Please keep that in mind.

          With that said, my experience was easy and fast. From the time I applied online, I got a call from Brandon and right there, he was in my corner. He was not pushy or did I feel like a number. Of course his job to get paid; what’s wrong with that? However, he was not overbearing or anything. He explained to me the process and from there, it was just a matter of getting pre-qualified. That took all of five minutes.

          From there, it was just the normal procedure of pre-approval, getting paperwork, underwriting, etc. Yes, they ask for a lot of paperwork and there were times when I questioned why you needed that. But I gave them what they wanted IN A TIMELY MANNER. When I got my disclosures, Brandon explained to me line by line what each one meant. He explained fees, points, choices of interest rates, everything. Again, I had did research so I wanted to see if what he said matched up to what I learned. It did. At no time I felt I was being taken advantage of.

          This company believes in communication, sometimes to a fault, but that is ok. My questions were answered swiftly and accurately. When I had a concern, they were there. At no time I felt alone and that was important to me a first time home buyer. When I ask a question and we finished talking, they always said “you are welcome”. This triggered an email stating that you have a message. That part was a bit too nice because you think there is something important in your account, but again, that is my thing. Too much is better than not enough.

          When it came time to close, I have my closing docs a week before closing. This allowed me to schedule a time with my lawyer that worked best for both of us. We signed three days early and come that Tuesday, QL had funded the loan before I even had my keys to the house and was registered in Deeds. QL was awesome. Again, this is my experience. My experience was stressful, but looking back, it was super smooth. Everyone was friendly and knowledgeable. I am a fan of QL and will sing their praises everywhere I go. Thank you QL!

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          62 people found this review helpful
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          Rated with 1 star
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          Verified Reviewer
          Original review: March 27, 2020

          I had a great experience when I first refinanced my loan through QL. I have recently wanting to refinance again due to decrease in rates. I've already locked in with another lender but wanted to give business to QL, however the service was trash. They never called me back and it's been about a month now. Made a quote again yesterday on 3/26 and when I got the call from them today and have told them that if they can't beat the rate that I got through another lender, they literally started giving attitude and just hung up. Don't ever do that again and this will be my last business with QL.

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          Rated with 1 star
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          Verified Reviewer
          Original review: March 27, 2020

          I am a senior disabled widow. I have not owned property since 2007. I sold our retirement home at the beach after my husband of 35 years died. I met a nice man two years later and have lived with him now for 12 years. I started wanting to own my own home again about a year ago. I hadn't needed any credit, neither did my fiance, because we have everything that we want or need.

          I receive my Social Security and a survivor benefit from Social Security from my husband. I looked up loans for low to moderate income, senior, disabled and found the USDA GUARANTEED HOME LOAN. I looked for rural property in my home state of PA and called the USDA office in Harrisburg PA. I didn't know that there were two kinds. They sent me an application, and I looked on the list of lenders that they use. Quicken Loans was on there so I called them. We pulled my credit score and the man in the credit dept told me what I needed to do to bring up my score for the USDA.

          I did what I needed to do and then applied, thinking I was applying for the USDA GUARANTEED home loan for those who can't get a conventional loan. Lower income. I was approved, then the guy at Quicken called me back and said, "No, that is a mistake, you cant get a loan." "What??? You approved me up to 80k? You pre-qualified me." First before that I applied for around $125k, that was approved. Then they changed it to 80k, then he said, "No, you can't get that either(??!)." Then they called back and said they looked at an old credit score and raised my pre-qualification to $139. I went out of state and looked at a home I had been watching. I made an offer. It was accepted. I had to come up with 10k in Closing for FHA. I had to get a gift letter from my companion, he was going to sell this house and move up with me.

          I did all I needed to do. I paid the $1000.00 good faith, the $295 for the inspection. I was jumping through all the hoops with bank statements and the sellers fixed things after the inspection, offered money towards closing. We are 3 weeks away from closing, saving up so that I won't even need the gift, they call me and say that the taxes went up so they can't approve my loan, my income to debt ratio is too high now!! This isn't the USDA Loan either, the one I wanted. They said that has stricter guidelines! I thought it was to help people?? I called Washington to speak to be the head of the program. He told me there's two programs. One uses bank financing, the other you apply directly to the State where you want to buy.

          No one ever even told me that. Quicken Loans told me it was easier to go FHA. THE USDA loan for low to moderate income is what I started a year ago but didn't apply because no one knows anything about it. The loan that I was approved of right up to today and was snatched away, well the Quicken Loan rep asked if I had a co signer, I said yes my fiance, he had a shoulder replacement from an accident at work so he's on disability right now then he is going to retire in a year, they won't accept disability income!!

          Do not count on getting a loan through Quicken Loans when they tell you you are approved unless you are rich. I don't understand how the company that did the title search came up with the higher taxes after the appraisal, I was purchasing it for $132k it appraised for$134, so that made the taxes or projected taxes go from $90 month to $120 a month and changed my debt to income ratio?? So now I'm not approved. 3 weeks from closing. And the poor sellers too, planning on moving closer to their grandchildren. I love that house.

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          Rated with 1 star
          Verified Reviewer
          Original review: March 26, 2020

          During this period of time this company is not offering real solution for people affected by the virus. Forbearance is not a solution. Clients end up paying everything back (LUMPSUM) when the period is over. Modification, bad idea. they will change your rate plus all the feesss. They need to pause your mortgage like others are doing. On top off this they are lobing to get money borrow from the government so they don't have to paid their obligations. Shame on you Quicken Loans.

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          Rated with 1 star
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          Verified Reviewer
          Original review: March 26, 2020

          They indicated after initially reviewing my information they could refinance my VA loan with a cash out option, took my good faith deposit, had me pay for a pest inspection, I sent tons of documentation, loan officer did not work on my loan for two weeks. Claimed he could not get VA approval. After finding out about this myself I made one phone call. It was taken care of, after the appraisal, when I talked to the so called workout specialist, once he told me he had submitted loan to the underwriter, next he told me he had not gotten the appraisal, that was done two weeks before, two months after all the jerking around they inform me they could not do loan due to debt to income, they are lost in space, a real waste of time and effort, do yourself a favor. Go elsewhere. Wasted a lot of time and money here, they keep you in the dark, nothing quick here.

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          Rated with 1 star
          Verified Reviewer
          Original review: March 23, 2020

          After investing hours of my time preparing, asking questions, supplying documentation, and receiving a pre-approval document with a GUARANTEE, they notified me that the loan promise was no longer valid.

          5 people found this review helpful

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            Quicken Loans Company Information

            Company Name:
            Quicken Loans
            Country:
            United States
            Website:
            www.quickenloans.com

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