Quicken Loans Mortgage Review 2022

Good for: borrowers looking for the online convenience of Rocket Mortgage, or the ability to work closely with a loan officer over the phone.
Kate WoodJan 5, 2022

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Our Take

4.0

NerdWallet rating 

The bottom line:

Quicken Loans is now subsumed under the Rocket Mortgage brand, so borrowers who start out with Quicken will end up with a home loan from Rocket.

Quicken Loans

at Quicken Loans

Min. Credit Score

620

Min. down payment

3%

Loan types and products

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

Pros & Cons

Pros

  • Couples a fully online application through Rocket Mortgage with mortgage advisers available over the phone.
  • Via Rocket, offers a prequalification estimate within minutes.
  • Rocket's online approval process offers convenience, with online document upload, loan tracking and the ability to generate a custom approval letter.

Cons

  • Getting a personalized rate requires a hard credit inquiry.
  • Doesn't offer home equity loans or HELOCs.
  • Lender fees can be stout, and the fees aren't offset by particularly low mortgage rates, according to the latest data.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

640

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

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

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan types and products

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

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Quicken Loans at a glance

Quicken Loans still exists, but it's been eclipsed by Rocket Mortgage. Once Quicken's online platform, Rocket Mortgage is now the official lender. Quicken offers a robust variety of mortgage options, but Rocket will actually originate your loan — and if you choose to apply online, you'll be ported directly over to Rocket Mortgage.

Quicken's fees tend to be higher than the national median, as reported in Home Mortgage Disclosure Act data. The most recent rate and fee data available is from 2020, when Rocket Mortgage was still a Quicken-owned brand and Quicken Loans originated home loans from Rocket. The star ratings that you'll see for "Rates and fees" and "Rate transparency" reflect data for Quicken Loans, while "Variety of loan types" and "Ease of application" are informed by Rocket.

Here's a breakdown of Quicken Loans' overall score:

  • Variety of loan types: 4 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 2 of 5 stars

  • Rate transparency: 4 of 5 stars

Quicken Loans mortgage types

Via Rocket Mortgage, Quicken Loans offers a standard nonbank selection of fixed- and adjustable-rate home loans, mortgage refinancing, and jumbo loans for higher-priced homes. In addition to conventional and VA loans, Quicken was the largest lender of FHA loans in 2020.

Quicken's YOURgage product allows you to choose a fixed-rate loan term — the length of the mortgage payback — from eight to 29 years. That helps you fine-tune your monthly payment and have a bit more flexibility than the standard 15- and 30-year terms.

Home equity loans and home equity lines of credit, or HELOCs, aren't available.

Quicken Loans ease of application

Applying for a mortgage with Quicken Loans can begin with a phone call with a loan officer.

If you would rather start online, you'll be virtually ushered over to Rocket Mortgage, which began as Quicken's "online experience" and is now the company that actually provides the loans.

With Rocket, it's easy to jump right in and see if you qualify, since every part of the preapproval application can be done online. However, even Rocket's equivalent of a mortgage prequalification requires a hard credit pull. That can lower your credit score by a few points, so you want to be sure you're ready to start shopping for a home loan.

Once you submit your preapproval application, Rocket shows you a personalized mortgage rate based on your credit qualifications — and you can lock in that rate if you want. Even with Rocket's online-first ethos, you can reach out to talk with a human if you get stuck somewhere in the application process.

For more details on what it's like to apply for a mortgage online with Rocket, read NerdWallet's review of Rocket Mortgage.

Quicken Loans mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. To provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, based on the most recently available Home Mortgage Disclosure Act data:

  • Quicken Loans earns 1 of 5 stars for average origination fee.

  • Quicken Loans earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

The latest data is from 2020. At that time, Quicken Loans was the parent company and originated loans under both the Quicken Loans and Rocket Mortgages names. That relationship reversed in July 2021.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive.

Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home, and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Quicken Loans rate transparency

If you want to get an idea of current interest rates, Quicken's website has a page listing interest rates for common purchase loans. These are sample rate estimates based on particular assumptions, such as points due at closing and loan-to-value.

These sample rates will give you a general idea of where mortgage rates stand. To get a customized mortgage rate quote from Quicken Loans, you'll need to click one of the "Apply Now" buttons which take you to a loan application — and that credit inquiry — at Rocket Mortgage.

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