Rating: 9.8 / 10 (Excellent)
10 Customer Reviews - see all comments
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Quicken Loans is a Detroit-based company founded in 1985 with the aim of providing mortgage programs such as purchase and refinance loans. The company offers convenient services online and via their mobile application as well as step-by-step assistance from experienced mortgage bankers. They have a 5-star TrustPilot rating, and an A+ score with the BBB.

How is Quicken Loans rated?

Breakdown

10/10
Loan Specifics
10/10
Customer Experience
10/10
Qualification Requirements
10/10
Lender Reputation

Overall Rating: 9.8 / 10 (Excellent)

Since its founding in 1985, QuickenLoans has become the largest online mortgage lender in the U.S. and one of the most successful retail mortgage lenders in the country, second only to Wells Fargo. Since they work with a vast network of lenders, borrowers are sure to find an option they can qualify for. Surprisingly for the industry, QuickenLoans has an extremely high rate of customer satisfaction, making them an excellent choice for anyone shopping for a mortgage loan.

Quicken Loans Customer Experience

Loan Specifics - 10 / 10

QuickenLoans is a lending marketplace that offers a variety of mortgage loan options and terms, including conventional loans; adjustable rate loans; VA, FHA, and USDA loans; and jumbo loans. They offer pre-approvals and pre-qualifications as well, which can help increase a borrower's chances of obtaining the home of their dreams, demonstrating the seriousness of their commitment.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • USDA Loan
  • Marketplace

Quicken Loans Customer Experience

Customer Experience - 9.5 / 10

QuickenLoans has a very well-developed website, which offers a wealth of educational resources, such as various calculators, help articles, and daily mortgage rates alerts via email or text. After answering a few questions online, QuickenLoans will even have a loan expert contact you to clarify any additional doubts and discuss your options.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Check Today's Rates
SSN Required for Quote
No

Quicken Loans Qualification Requirements

Qualification Requirements - 9.5 / 10

QuickenLoans doesn't originate loans themselves but connects qualified borrowers with competitive offers from lenders within their extensive network. Their minimum FICO score for most loans is 620, while the minimum for government-backed FHA loans is 580. Minimum down payments vary: FHA loans require as little as 3.5%, whereas conventional loans require a more substantial cash down amount.

Key Requirements at a Glance

Minimum FICO Score
620
Non-Traditional Credit History Considered?
No

Quicken Loans Lender Reputation

Lender Reputation - 10 / 10

QuickenLoans boasts an extraordinarily large number of positive reviews on the Better Business Bureau, as reflected in their A+ rating with the organization. Their high levels of customer satisfaction are further confirmed by their excellent 9.5 Trustpilot score. Despite the size of the company, there has only been one regulatory action taken against this lender, according to the data collected by the National Mortgage Lender's Association. This last fact is surprising given that the number of complaints within the industry the industry is usually much higher.

Key Facts

Lender Type
Marketplace
Year Founded
1985
BBB Rating
A+
BBB Positive Reviews
2
BBB Negative Reviews
272
TrustPilot Rating
9.5 out of 10
Collection Date
2018-02-05

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
3030
The Nationwide Mortgage Regulatory Actions
1
Consumer Financial Protection Bureau Complaints
1

Company Profile

Full Name
Quicken Loans Mortgage
Company Website
Headquarters
1050 Woodward Avenue, Detroit, MI, 48226

Top Rated
Our Partner
9.8 / 10
  • Multiple loan options - Purchase or Refinance
  • The largest online mortgage lender in the U.S.
  • Industry-leading online tools
  • Award-winning customer service: A+ with BBB
  • Get a Pre-Authorization Letter to Buy a Home

Latest Quicken Loans Reviews

D
Darell
Knoxville, Tennessee

3/22/2018
While they are very nice people to talk to, their rates are way higher than everyone else's. If you read their claims and compare it to other's, you will see that they do not claim to have low rates nor anything of this sort. They are practically "advance paycheck" kind of place that will give you money very fast, but at an absurd rate (50% higher interest rate than all other lenders)


F
FonKel
Houston, Texas

2/6/2018
I'm a first time borrower at Quicken Loans. I read 100's of comments about Quicken Loans here and elsewhere on the internet and was totally blow away by them. So this may be lengthy and I apologize ahead. No one can run your credit without your SS # that's the first thing. When you give them your SS# you are in essence saying it's ok to run your credit. This is a no brainer. It's also a hard hit. When they say you qualify for a loan that's not saying you have been approved. They can't know if your approved until all your paper work is in and been verified 100%. Sometimes they even verify it twice. They have this right as they are giving you thousands upon thousands of dollars to... Read More


K
Kathy
Culpeper, Virginia

2/2/2018
They lie and lead you on and come up with excuses and excuses 1 week before closing and they fucking us around


K
kristi b
Edmond, Oklahoma

2/2/2018
NO NO NO NO!! Don't fall for their tactics. The originator makes everything sound hunky dory and magical unicorns! But then after you've paid $500 and provided them with documentation after documentation, it stops. Even showing $150,000 income and a 700 credit score! We told them we would file a new tax return, they said that might help. We tried calling back and the originator was TOO BUSY (his exact words) to speak to us. Don't waste your time!


D
don
Mentor, Ohio

11/2/2017
Once inquired about a loan, was told to send them $500 and they will look into it and send me a refund of the monies they don't use for their efforts. Ya sure ! Somehow they'd eat up the $500 and say send us more. This is how they make their money !


L
LesleyPalmer
Gainesville, Florida

7/12/2017
I am a first-time buyer and Quicken Loans helped me through the entire process. Very happy with Denise Brown, my banker, and the rest of the team. I was pretty nervous, but they made me feel I could do it. Now I am the happy owner of a little house! Thank you, Quicken Loans!


S
Shelley S
Chester, South Carolina

6/25/2017
Quicken saved us a lot of money on our mortgage payment. Loved our banker that we worked with. He was very helpful in our home buying process. Did not care much for our loan specialist. He did not seem to care about answering questions we had about the mortgage process. Overall we are pleased because of the money we saved. Thanks Quicken!


Teresa V
Clarksburg, West Virginia

6/15/2017
Nothing fast at all about the process with Quicken, also they inquired about very personal matters, like the status of my marriage (which is mortgage discrimination according to the Federal Trade Commission) and required more documents than needed to process a loan. Stated I was approved at one point, then rescinded that and requested more and more info. Still waiting and VERY unhappy with this lender. If I didn't have to close within the next two weeks or be homeless because I'm selling my current home and close on it, I would go with another company, even though this was supposed to have already closed! Would NEVER recommend them at all.


C
cheryl r
Clinton Township, Michigan

5/17/2017
We were SOOOOOO pleased! A class-act corporation. Thanks for everything.


R
Randy P
Sacramento, California

3/5/2017
Thieves, stealing personal info so they can sell it.