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Quicken VA Loans Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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Quicken Loans offers a variety of financial services that include mortgages, home refinance, and VA loans. The company's VA loan services include dedicated mortgage consultants who assist potential borrowers. With Quicken Loans’ VA loans, qualified borrowers can purchase a new home without a down payment, or refinance up to 120% of their home’s value.
 
VIEW RATES

How is Quicken Loans rated?

Breakdown

4.8/5
User Experience
5.0/5
Tools & Resources
4.8/5
Expertise

Overall Rating: 4.9 / 5 (Excellent)

Quicken Loans is an American mortgage powerhouse that has made the VA loan process significantly faster and easier. The company has also pioneered web- and mobile-based tools that keep customers closely informed as to the status of their applications. Quicken Loans offers a full range of loan types on a variety of property types, though it offers slightly fewer loan term options than its competitors.

The company has a very strong reputation among its customers and relatively few complaints for its size. Quicken Loans recently has developed a program called “eClosing,” which allows consumers to close their loans electronically. With eClosing, consumers can opt for an in-person/electronic hybrid closing, an in-person electronic notarization (IPEN), or a remote online notarization (RON), all of which reduce paper trail to the minimum, simplifying the entire refinance process. Customers in all 50 states can use eClosing, but only if they choose Amrock (QuickenL Loan's sister company) as their title provider.

Quicken Loans Tools & Resources

Lender Type
Lender
VA Loan Types
Purchase
Rate & Term Refinance
Streamline Refinance (IRRRL)
Cash-out Refinance
Cash-in Refinance
Jumbo
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
5/1 ARM
1 Year ARM
Maximum Loan Size
$1,500,000
Minimum Loan Size
$36,000

Tools & Resources - 5 / 5

Quicken Loans offers the full array of types of VA loans - purchase, refinance, streamline refinance, cash-in and -out refinance, and jumbo.

It offers these on single- and multi-family homes, townhouses, condominiums, and mobile homes. It doesn't offer quite as many different ARM and fixed rate options as some of its competitors, however.

Quicken Loans User Experience

Fee Information
VA Funding Fee
Waived Fees
No prepayment penalties, No Private Mortgage Insurance
Minimum Credit Score
620

User Experience - 4.8 / 5

Quicken Loans was one of the pioneers in the streamlining of the VA loan process and prides itself on its quick turnaround of mortgage applications.

Applications can be filled out on its website, via text chat, email, or over the phone. The company can render a mortgage decision in as little as 14 days.

On March 30, 2020, the company addressed how the coronavirus pandemic might affect the mortgage process in some areas. It stated:

"Even though shelter-in-place orders are in effect in many areas of the country, the mortgage process can still continue. Appraisers, closing agents and other people who need to enter your home can still do so under the shelter-in-place order. In some cases, we even have alternative ways to complete these parts of the process that don’t require entering the home.

We’ve made a slight adjustment to our rate lock process to accommodate shelter-in-place orders. Under normal circumstances, you’d lock your rate before underwriting begins. In areas where shelter-in-place orders are in effect, we can’t offer long rate locks because everything is changing so rapidly. If you’re in one of these areas, you’ll simply lock your rate closer to closing day."

Quicken Loans Expertise

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
3030
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2017-08-23
CFPB Total VA Mortgage Complaints
102
CFPB Collection Date
2017-08-23

Online Reviews

Trustpilot Rating
4.6 out of 5
BBB Rating
A+
Date Collected
2017-08-23

Expertise - 4.8 / 5

Quicken Loans is the second-largest mortgage lender in the US.. The company is a BBB-accredited company and is rated A+.

Surprisingly for the mortgage industry, the company's positive BBB reviews far outnumber the negative ones.

The BBB has received over 1100 complaints about Quicken Loans, but given the company's size and scale, this is not a large number.

The company rates five stars - Excellent - on TrustPilot. It has garnered numerous JD Power awards for mortgage origination and servicing.

Contact & Additional Information

Homepage URL
https://www.quickenloans.com/home-loans/va-loan?qlsource=nav
Company Phone
(800) 251-9080
Headquarters Address
1050 Woodward Avenue, Detroit, MI, 48226
Mailing Address
1050 Woodward Avenue, Detroit, MI, 48226
Year Founded
1985

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Customer Comments & Reviews

Loading Reviews ...
R
Robert h
6/14/2019
So far so good.rocket mortgage has answered needed questions that were essential when my wife and I decided to purchase our home through the va home loan program.couldn't be happier.thanks va and rocket mortgage

R
Robert h
6/14/2019
So far so good.rocket mortgage has answered needed questions that were essential when my wife and I decided to purchase our home through the va home loan program.couldn't be happier.thanks va and rocket mortgage

Jeffrey M
11/9/2018
I discussed my mortgage options with a loan officer at Quicken Loans, and even though I was asking for a 10-year fixed mortgage, the best rate he could offer me was almost a full percent higher my current mortgage, and he advised me that my best option would be to keep my mortgage, and make extra payments if I wanted to quickly pay down the principal. Later that day I got a phone call from Al, another loan officer at Quicken, who said he might be able to help me. He asked me all the same questions as the first one, kept seeing things like "that's good, that's very good," after EVERY answer to attempt to butter me up. "Veteran?" He threw in the compulsory "Thank you for your service,"... Read More

B
Brad L
4/23/2018
Originally I gave quicken a great review now I'm regretting it. They quoted me one cost sold me the house but after closing they say my impound account has a shortfall and my payment went up another $60. I know this doesn't seem like much but during this they had already upped it $40. So now we're talking $100. I told them then I could not afford it to be more and if it went up again I couldn't do it. I asked all 3 of the quicken associates and they assisted me it wouldnt!!! Two payments later it went up. Asked about it and they said I should have read closer. I did that's why I asked 3 people. Two top it of they were supposed to pay my impound account in closing. They created the shortage... Read More

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