Quicken Loans Mortgage Review 2021

Good for: borrowers looking for just about all of the services your neighborhood mortgage lender offers — with online convenience.

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Our Take

4.5

NerdWallet rating 

The bottom line: A leader in loan volume, especially FHA, with groundbreaking technology and on-demand personal help. However, its mortgage rates and lender fees are higher than the median.

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

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for many working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides a wide variety of loan types, including renovation loans and some government-backed mortgage products.

Cons

  • Quicken Loans doesn't offer home equity loans or HELOCs.
  • Quicken's lender fees can be stout and they don't offset those fees with particularly low mortgage rates.

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

Quicken Loans — with its groundbreaking digital application experience, — ranks among the nation's leading-volume lenders, despite not having a single branch office. Quicken offers a robust variety of mortgage options, but its rates and fees tend to be higher than the national median, as reported in Home Mortgage Disclosure Act data.

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

Quicken Loans offers a full nonbank selection of fixed- and adjustable-rate home loans, mortgage refinancing and jumbo loans for higher-priced homes.

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

Quicken is the by far the largest lender in the nation for mortgages backed by the Federal Housing Administration, with more than twice the volume of its nearest competitor. It also provides  guaranteed by the Department of Veterans Affairs.

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.

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.

Applying for a mortgage with Quicken Loans can begin with a phone call. A force of over 3,000 mortgage bankers stand ready to help, the company says. And that licensed banker will be the same person that you speak with throughout the loan process.

If you would rather start online, you'll be virtually ushered over to Rocket Mortgage, Quicken's "online experience."

Rocket is not some simple little prequalification tool or mortgage loan scenario calculator. It is a full-blown online loan application. It's easy to just jump right in and see if you qualify, but any mortgage application requires a , which can lower your credit score a few points, so you want to be sure you're ready to make a real application.

Rocket will show you an actual mortgage rate based on your credit qualifications and can lock in that rate if you want. And, as with Quicken, you can reach out to talk with a human if you get stuck somewhere in the application process.

To learn more about what it's like to apply for a mortgage online with Quicken, read NerdWallet's review of the process.

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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:

Borrowers should consider the balance between 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 — 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 when you sign the loan paperwork.

» MORE:

If you want to get an idea of current interest rates, Quicken's website has a page listing common loans and interest rates. These are national rate estimates 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, Quicken's interest rate page showed points ranging from 1.875 to 2.25 built into the interest rates. That's a little high. Borrowers have paid an average of 0.70 points on loans in the past 12 months, according to the Federal Reserve.

These national 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 on the "Apply Now!" link which takes you to a loan application — and that credit inquiry — at Rocket Mortgage.

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