Quicken Loans Mortgage Review 2020

Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.

Hal M. Bundrick, CFPFebruary 26, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take


NerdWallet rating 

The bottom line: A leader in loan volume, especially FHA. Ground-breaking technology and on-demand personal help.

Quicken Loans

at Quicken Loans

Min. Credit Score


Min. Down Payment


Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

See your personalized Quicken Loans rate

Interest Rate
Monthly Payment
Total Interest

See your personalized rate

Pros & Cons


  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch

  • Instantly verifies employment and income for more than 60% of working Americans

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

  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%


  • Quicken Loans doesn't offer home equity loans or HELOCs

  • If you’re a “look me in the eye” type of customer, you’re out of luck

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

Compare to Other Lenders

Min. Credit Score


Min. Credit Score


Min. Down Payment


Min. Down Payment


Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

NOTE: Due to the coronavirus outbreak, obtaining a mortgage may be a bit of a challenge. Lenders are dealing with demand and staffing issues. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Quicken Loans has grown from mortgage industry disrupter to mainstream lender. Founded as a brick-and-mortar lender in 1985, then moving to an online platform in 2000, Quicken Loans gained traction among tech-friendly borrowers.

The introduction of Rocket Mortgage in 2016 with a game-changing Super Bowl commercial put Quicken into orbit. Quicken Loans and Rocket Mortgage redefined the home lending industry and now rank among the nation's leading-volume lenders — without having a single branch office.

Whether you work with Quicken Loans by calling, clicking or tapping — here’s what to expect.

Quicken Loans is morphing into Rocket Mortgage

The innovation is overshadowing the innovator. Rocket Mortgage is quickly attaining an industry status that might soon dwarf the name-recognition of its parent — if it hasn’t already.

Any conversation NerdWallet has had with Quicken Loans’ executives is dominated by references to Rocket. But many — Quicken Loans reps say “most” — borrowers still access the lender’s services through traditional means: with a phone call to the legacy brand.

No matter the name plate, the integration between the two channels seems virtually seamless. And that gives users the advantage of choosing how they want to interact with the lender.

Call Quicken Loans at (888) 980-7401.

Quicken Loans mortgage products

Quicken Loans offers a full non-bank selection of fixed- and adjustable-rate home loans, mortgage refinancing, FHA, USDA and VA loans and jumbo loans for higher-priced homes.

What is the “non-bank” distinction? Like nearly all non-depository lenders, Quicken Loans doesn't offer home equity loans or home equity lines of credit. Since they don't have the capital from bank deposits to fund mortgages, non-bank lenders sell loans to investors. The largest investors in the industry — government-sponsored enterprises Fannie Mae and Freddie Mac — don’t buy home equity loan products.

While Quicken Loans doesn’t offer reverse mortgages, an affiliated company, One Reverse Mortgage, does. Reverse mortgages are typically used by older homeowners to tap the equity in their house for retirement expenses.

Quicken Loans refinance

Like many lenders, especially in the last few years, Quicken Loans has launched an aggressive effort to win refinancing business. Ubiquitous online ads urging homeowners to “switch to a 15-year fixed mortgage” have been part of an ongoing marketing push.

And the Quicken Loans mortgage business has been rewarded for its effort, commanding the highest mortgage refinance loan volume of any lender in the country, according to 2018 Home Mortgage Disclosure Act data.

Tapping the “Refinance” button on the Quicken Loans home page will take you to the Rocket Mortgage interface, where you're asked to name your refinance goal: to take cash out, lower your payment or shorten your loan term.

You'll have to create an account to continue.

Quicken Loans customer service

In spite of all the attention given to home-loan technology, Quicken Loans says the majority of its clients start — and finish — the mortgage process with a banker over the phone. A force of over 3,000 mortgage bankers stand ready to help, says Joel Gurman, executive vice president of mortgage banking.

“From a borrower's perspective, they'll have a single point of contact. That licensed banker will be the same person that they speak with throughout the process,” Gurman says.

Quicken Loans mortgage process

My Quicken Loans, or MyQL, the original app that served Quicken Loans borrowers, has been retired. Rocket Mortgage now acts as the online link for the paperwork stage of the process.

“When it comes time for that client to review their preapproval letter or their loan application documents, that sort of thing, they're going to be directed to Rocket Mortgage to sign in and review and e-sign those documents,” says Regis Hadiaris, the Rocket Mortgage product lead.

Rocket can verify employment, income and financial assets by accessing direct deposit information provided by 98% of U.S. financial institutions. That is, if you use direct deposit for your wages. If you don't, income and employment information can be imported for about 60% of working Americans via employers' databases.

Gurman says mortgage bankers leverage that same technology, which allows for faster processing and a shorter time getting to the loan closing table.

Quicken Loans fees

The Quicken Loans mortgage origination fee averages about 0.50% of the loan amount. Government mortgages backed by the FHA, VA or the USDA may be slightly higher, but Quicken Loans says its lender fee won’t exceed 1% of the loan amount.

This excludes discount points that you may decide to purchase to reduce your interest rate.

Quicken Loans mortgage rates

If you want to get an idea of Quicken Loans mortgage rates, tap “Today's Mortgage Rates” on the home page. You'll see a page listing common loans and interest rates. These are “national” rate estimates and are based on particular loan parameters, such as points due at closing and loan-to-value. They’ll only be in the ballpark for the rate you’ll likely receive.

Lenders often work the assumptions to put a little polish on their rates — and Quicken Loans is no exception. For example, a lender can show a lower interest rate by adding in discount points. The more points paid for, the lower the rate. On the day we checked, the Quicken Loans interest rate page was showing 1.75, 2.00 and 3.125 points built into the mortgage rates. That’s high. Borrowers are paying an average of 0.50 points on loans these days, according to the Federal Reserve.

When you get serious about shopping for lenders, you’ll have to provide enough information to get a rate that’s tailored to your circumstances. Then, you can compare loan terms, discount points and lender fees head-to-head. For example, on a $300,000 mortgage, paying for an extra two points would cost you $6,000 at closing.

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.