Quicken Loans Home Equity Review

Quicken Loans is a financial lending company that specializes in online mortgage refinance. Based in Michigan and founded in 1985, Quicken Loans has grown to become the largest online lender in the United States. The company offers a streamlined qualification process, as well as flexible loan terms.

Rating: 8 / 10 (Excellent)
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How is Quicken Loans rated?

Breakdown

8/10
Loans
8/10
Qualifications
8/10
Reputation
8/10
Consumer Experience

Overall Rating: 8 / 10 (Excellent)

Quicken Loans is a well-established lender, that streamlines the application and approval process, so that borrowers can receive approval within minutes. Though there are some complaints about transparency, overall, their customer satisfaction levels tend to be above average. Their rates are generally lower than their competitors, and offer the option of completing the loan process completely online, though they do have loan experts that borrowers can call.

Quicken Loans Loans

Lender Type
Online Lender
Loan Types Available
Cash-out Refinance
Cash-out Refinance Terms
Up to 30 years loan term
Cash-out Refinance Fixed Rates Starting At
3.99%

Loans - 7.8 / 10

Among their ample variety of debt instruments, Quicken Loans offer cash-out refinance loans, either via their online app (Rocket Mortgage), or by talking with one of their home loan experts. The application process is quick and simple, and qualified borrowers can receive approval in less than ten minutes.

Quicken Loans Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence
Minimum Credit Score
620

Qualifications - 8.4 / 10

Though the minimum credit Quicken Loans will consider is 620, most approved applicants have scores well above that. They require a property appraisal, proof of employment and credit history, and the property must be the borrower's primary residence. All in all, these are rather standard criteria in the home equity marketplace.

Quicken Loans Customer Experience

Total Consumer Financial Protection Bureau Complaints
198
Total CFPB Complaints/Originations
0.05
Site Features & Technology
Home Equity Calculator
Mobile App
Online Application
Online Quote

Consumer Experience - 7.8 / 10

Quicken Loans provide a variety of resources on their webpage, as well as a fully online portal (Rocket Mortgage). They give borrowers the opportunity to sign up for alerts whenever a rate changes, allowing them decide when to apply for their loan, the terms of which can be customized. Some common customer complaints are related to lack of communication, hidden fees, and incorrect or sloppy appraisals.

Quicken Loans Reputation

Total Originations (in millions)
$76,458
Number of Originations
376,200
Average Mortgage Size
$203,200
Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
3030
Nationwide Mortgage Regulatory Actions
1
BBB Rating
A+

Reputation - 8 / 10

Quicken Loans is the third largest mortgage lender in the U.S., with a well established track record of more than 25 years in the business. They're fully accredited by the BBB and an Equal Housing Lender.

Quicken Loans Details

Year Founded
1985
Homepage URL
Headquarters Address
1050 Woodward Ave., Detroit, MI, 48226
Mailing Address
P.O. Box 6577 , Carol Stream, IL, 60197
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Latest Reviews

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N
nancy
Scottsdale, Arizona
6/12/2017
I have to admit, QUICKEN LOAN service on info,etc. was Outstanding. The calls weren't constant as LENDING TREE calls. QUICKEN LOAN rep was informative, pleasant, and made me feel very comfortable versus LENDING TREE . Whom after many attempts, I finally agreed to go where every rep there told me to go.(website) to ONLY be denied by letter later? Quicken Loans- provided info,Details,and showed concern on my needs and situation. I had my Birth certificate stolen years ago, until present (CREDIT RUINED) Police records lost.The rep. was patient, and understood my situation. The opposite of LENDING TREE.I gave them 4 STARS only because i decided that year not to APPLY for EQUITY LOAN thanks... Read More