Quicken Loans Mortgage Review 2023
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Our Take
4.5
The bottom line:
Rocket Mortgage, renamed from Quicken Loans in 2021, changed the industry with fully digital mortgage application tools and on-demand support by phone. Borrowers who start on Quicken’s website will end up with a home loan from Rocket.
Full Review
at Rocket Mortgage, LLC
Pros & Cons
Pros
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.
- Rocket offers the option to work with loan officers by phone if desired.
Cons
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Rocket doesn't offer home equity loans or lines of credit.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
Compare to Other Lenders
Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA |
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Full Review
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 2021, boasting nearly 14,000 more FHA loans than the second-largest FHA lender.
Home equity loans and home equity lines of credit, or HELOCs, aren't available. Those seeking to put their home equity to work with Rocket will need to look to a cash-out refinance.
» MORE: Read the full Rocket Mortgage review.
More from NerdWallet
at Rocket Mortgage, LLC
Methodology
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).
