6.816% APR

Compare Quicken Loans mortgage rates

Written by Holden Lewis
May 2, 2022

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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.


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  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
  • Estimates the loan amount you’ll qualify for within minutes.
  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.
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  • An online process with human help as needed.
  • Makes it easy to see customized mortgage rates.
  • Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.
  • Appraisal guarantee promises loan won’t change even if appraisal is lower than expected.
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Learn more about Quicken Loans

Compare current Quicken Loans mortgage rates and read up on the lender’s mortgage offerings.

Whom does Quicken Loans cater to?

If you prefer to “click here” rather than call, Quicken Loans caters to you. The lender touts the application process on its Rocket Mortgage interface as: “Push button. Get mortgage.” So if you think doing business face to face is overrated, this may be for you.

Of course, if you still require human interaction, Quicken Loans pairs its online application with the ability to interact with mortgage advisors. This combo of a virtual application process and real people, along with a slew of loan products, helped the company become a top mortgage lender and the biggest lender of FHA loans in the nation.

What does Quicken Loans’ underwriting process consist of?

Behind the Rocket Mortgage interface are the same underwriting standards as the Quicken mothership.

On every Rocket Mortgage page, there’s a “Talk to Us” button that lets you talk with a mortgage advisor. However, the site really caters to users who don’t want or need to talk to a person when applying for a mortgage.

“It gives the client the ability to price their own loan, pick their interest rate, the points, understand the trade-off to go with a higher rate and less points, et cetera,” says Bob Walters, president of Quicken Loans. “It allows them to lock that interest rate. It allows them to e-sign and create the original application without speaking to anyone.”

What does Quicken Loans do best?

  • For most working Americans, it can instantly verify income and employment.

  • The company can access asset statements from almost all U.S. financial institutions.

  • Within minutes, you’ll know how big a loan you’ll qualify for.

  • Provides custom fixed-rate loan terms that are between eight and 30 years.

  • Offers loans backed by the FHA, in addition to products offered by Fannie Mae and Freddie Mac that require down payments as low as 3%.

Where does Quicken Loans fall short?

Although it’s a leading full-service lender, there might be some drawbacks:

  • The company doesn’t offer home equity loans or home equity lines of credit.

  • You’re out of luck if you’re a “look me in the eye” type of customer.

  • The lender doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

MORE: NerdWallet’s Quicken Loans review


About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

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