Quicken Loans is certainly one of America’s greatest mortgage lenders, and it stands out for having distinctive buyer satisfaction scores.
A part of the explanation debtors love Quicken is for its industry-leading on-line assets. These useful instruments make the mortgage course of really feel extra accessible for a lot of house patrons.
Quicken additionally owns the Rocket Mortgage model, which we reviewed individually.
Until you strongly desire a person-to-person interplay over web sites and telephones, you may probably need Quicken in your shortlist of lenders.
Simply be sure you examine charges from a number of totally different lenders earlier than shopping for, so that you may be assured you are getting the very best deal in your mortgage.
Editor’s be aware: As of July 31, 2021, Quicken Loans has merged beneath the Rocket Mortgage model title. For essentially the most up-to-date info on this firm, see our Rocket Mortgage review. This text will stay on the location for archival functions.
Quicken Loans mortgage charges
Quicken mortgage charges had been somewhat decrease than common in 2020 (the latest knowledge out there).
Mortgage rates of interest change commonly, so this desk doesn’t replicate the charges you’re prone to be provided. However you should utilize it as a software to check lenders facet by facet.
Common mortgage charges at main lenders
|Quicken Loans||Wells Fargo||Freedom Mortgage||US Financial institution|
|Common 30-12 months Curiosity Fee, 20201||3.20%||3.62%||2.92%||3.61%|
|Median Complete Mortgage Prices, 2020||$4,610||$3,370||$3,340||$3,500|
|Median Origination Charge, 2020||$2,950||$1,280||$0||$1,170|
It’s necessary to notice that Quicken’s marketed charges normally assume you’ll “purchase down” your rate of interest utilizing low cost factors.
As with every lender, be sure you get written, formal quotes which embody closing prices and costs. That method, you’ll be able to see which lender is de facto the very best deal for you when all the prices are tallied up.
Common fee and charge knowledge are sourced from public data required by the Home Mortgage Disclosure Act (HMDA).
Quicken Loans refinance charges
Quicken Loans refinance charges are on par with its house buy charges. So you should utilize the comparability desk above as a information should you’re seeking to refinance right into a decrease fee with Quicken.
Notice that Quicken can also be a top-rated firm for buyer satisfaction and plenty of love its digital Rocket Mortgage platform. So should you’re hoping for a streamlined refinancing course of, this lender is likely to be price a more in-depth look.
Quicken Loans mortgage assessment for 2021
Quicken constantly tops buyer satisfaction charts, has an A+ score from the Better Business Bureau, and claims 96% of its prospects say they’d advocate it to others.
It’s additionally taken house the highest buyer satisfaction rating in J.D. Energy’s mortgage customer survey for 11 years in a row.
So, simply how does Quicken sustain its stellar popularity? In brief, by streamlining the mortgage software course of utilizing expertise.
Quicken additionally backs its on-line instruments with real-live mortgage consultants, prepared to offer recommendation over the cellphone or by e mail. Nevertheless, should you desire an in-person expertise, this lender received’t be for you. It doesn’t do face-to-face conferences.
Quicken additionally appears to desire coping with mainstream prospects somewhat than those that want particular assist.
So that you may need to look elsewhere in case your credit score rating is low or should you’re burdened by a excessive debt-to-income ratio (DTI).
Working with Quicken Loans
Quicken Loans was one of many first firms to supply web-based mortgage borrowing on the flip of the century. And it’s largely maintained its lead ever since.
When you get pleasure from expertise, Quicken’s Rocket Mortgage providing might be notably interesting.
Rocket allows you to perform much more duties on-line — together with e-signing your mortgage paperwork. And its back-office performance can robotically confirm a lot of the data you present in your on-line software. That hastens the method and takes a few of the administrative burden off your shoulders.
However technophobes aren’t excluded. Quicken Loans will allow you to apply and handle the mortgage course of utilizing the cellphone, e mail, fax, and snail mail. You simply received’t get to look a mortgage officer within the eye.
Lastly, the corporate’s RateShield Approval providing allows you to get pre-approved for a mortgage and repair your rate of interest for 90 days whilst you discover the house you need.
Really, “repair” isn’t the precise phrase. Your fee will keep the identical if mortgage charges rise however can still move down if they fall.
Quicken Loans scores and customer support critiques
Quicken Loans is among the highest-rated mortgage firms. In 2020, it scored the highest score on J.D. Energy’s buyer satisfaction survey. That was its 11th consecutive yr within the primary spot.
Quicken additionally has an A+ score on the Higher Enterprise Bureau, and it will get lower than one grievance per hundred prospects in response to the Consumer Financial Protection Bureau (CFPB) database.
Customer support critiques at main lenders
|CFPB Complaints, 20204||Complaints Per 100 Mortgages, 20205||JD Energy Satisfaction Rating, 20206|
|US Financial institution||158||0.03||848/1,000|
Mortgage mortgage merchandise at Quicken Loans
You don’t get to be the most important lender with a small portfolio of merchandise. So it’s no shock Quicken Loans has a wide selection, together with:
- 30-year fixed-rate mortgages (FRMs) — The most well-liked kind of house mortgage. Most 30-year FRMs conform to Freddie Mac and Fannie Mae tips and requires personal mortgage insurance coverage (PMI) should you put lower than 20% down
- 15-year fixed-rate mortgages — 15-year FRMs usually have decrease rates of interest than 30-year loans. Nevertheless, your month-to-month funds might be considerably increased
- “Yourgage” — Nonetheless a fixed-rate mortgage, however you get to decide on any mortgage time period you need from 8 to 29 years. That is extra versatile than virtually another lender
- Adjustable-rate mortgage (ARMs) — These begin off cheaper, however include the danger they’ll get costlier if market charges go up. You’ll be able to restrict that threat by fixing your fee for the primary 5, 7, or 10 years
- FHA mortgage —With backing from the Federal Housing Administration, this mortgage allows you to make a down fee as little as 3.5% and qualify with a low credit score rating (580+). However you’ll need to pay mortgage insurance coverage each month till you promote or refinance
- VA mortgage — These loans backed by the Division of Veterans Affairs enable zero down fee, have a low credit score bar, and there aren’t any persevering with mortgage insurance coverage funds. However it’s important to be an lively service member, veteran, or have one other eligible navy affiliation to qualify
- Jumbo mortgage — For top-value homebuyers who have to borrow greater than most mortgages enable — which is at present $548,250 in most areas. Quicken will lend as much as $3 million, should you can afford it
Quicken Loans additionally presents reverse mortgages to these 62 years and older.
These allow you to entry the fairness in your house with out promoting. And also you don’t need to make any month-to-month funds. However the cumulative borrowing prices could imply you received’t have a lot fairness to depart your heirs.
No second mortgages with
Quicken doesn’t supply house fairness loans or house fairness traces
of credit score (HELOCs). However owners can entry their fairness with a cash-out
Cash-out refinancing pays off your present mortgage and replaces it with a bigger mortgage, paying you the distinction in money at closing. This mortgage kind works finest when owners can get a decrease fee or shorter mortgage time period within the course of.
The place are you able to get a mortgage with Quicken Loans?
NMLS ID: 3030
Quicken Loans presents mortgages in all 50 states, though it has no brick-and-mortar branches the place you’ll be able to apply in particular person.
When you select to work with this
lender, it’s essential to be snug doing so with no face-to-face encounters.
Nevertheless, you don’t want to make use of a
pc or system past making preliminary contact, should you desire to not.
After requesting a name on-line,
you should utilize the cellphone, e mail, fax, and postal service all the best way as much as
closing. Speaking to a mortgage officer over the cellphone is likely to be particularly
useful should you’re a first-time homebuyer who’s not conversant in the
software course of.
Is Quicken the very best mortgage lender for you?
When you select Quicken in your mortgage, you’re in good firm. This Detroit-based lender has quickly grow to be probably the most in style within the U.S. due to its seamless, digital-first mortgage course of.
However bear in mind not to decide on a lender primarily based on the convenience of software alone. You must also evaluate charges from a number of totally different firms and be sure you get the very best deal.
You will get began proper right here.