Quicken Loans Mortgage Review 2023
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Rocket Mortgage, renamed from Quicken Loans, stands out as the nation’s No. 1 FHA lender, helping borrowers with limited down payment funds, but all home buyers and refinancers can take advantage of the lender’s convenient website and app to both apply for and manage their loans.
Pros & Cons
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Offers the option to work with loan officers by phone if desired.
- Rocket is the largest FHA lender in the nation.
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- Rocket doesn't offer home equity lines of credit.
Compare to Other Lenders
Quicken Loans was eclipsed by Rocket Mortgage, which offers a loan lineup that's fairly typical of nonbank lenders. Conventional loans are available with fixed or adjustable rates, and government-backed FHA and VA loans are available, too. A customizable fixed-rate conventional loan with a term from eight to 29 years is also available, in addition to the standard 15- or 30-year mortgage.
Rocket was the largest FHA lender in the nation in 2022, boasting nearly 43,000 more FHA loans than the second-largest FHA lender.
Home equity loans are available, and the lender offers options for self-employed borrowers and jumbo loans for homes in higher-priced regions, but renovation loans and home equity lines of credit are not available.
» MORE: Read the full Rocket Mortgage review.
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NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).