Quicken Loans Review

On July 31, 2021, Quicken Loans changed their name to Rocket Mortgage. You can find out more about about Rocket Mortgage here.

Who’s Quicken Loans for?

Quicken Loans is for busy people who don’t want to deal with in-person meetings about their mortgage. You can still get a personal experience by calling or by chatting with a representative, but you don’t have to take time out of your day to drive somewhere and meet on someone else’s time. 

Quicken Loans is also one of the best lenders for first time home buyers. Why? It offers extensive educational materials on its website. You can play with its calculators. You can review its guides to refinancing or buying a home. You can also review its blog posts on just about everything related to buying a home. 

If you already own a home, Quicken Loans is a great choice for you, too. It offers educational materials about refinancing. You may be able to refinance to a lower mortgage rate, a shorter mortgage term or to cash out money from your home. If you’re not sure which option is best for you, chat with an expert by phone or online. 

Quicken Loans Products

Quicken Loans offers a wide variety of mortgage products. These include:

• FHA loans: The Federal Housing Administration (FHA) backs FHA loans. These loans allow a down payment as low as 3.5%. They also have lower credit score requirements than conventional home loans. Conventional home loans are mortgages that aren’t sponsored by a government agency. 
• VA loans: The Department of Veterans Affairs regulates VA loans. These loans are for current service members with veterans and surviving spouses. These loans don’t have mortgage insurance. Borrowers using VA loans don’t usually have to make a down payment. 
• USDA loans: USDA loans help people buy homes in rural areas. The Department of Agriculture oversees these loans. They typically have no down payment. You have to be below the program’s income limits to qualify for USDA loans. 
• Adjustable-rate mortgages: Adjustable-rate mortgages (ARMs) have an interest rate that can change. When you borrow money to buy a home, the lender charges interest. ARMs typically start with a fixed interest rate. After the fixed-rate period, the lender can adjust the rate up or down each year. A 5/1 ARM has a fixed interest rate for 5 years. After that, the lender can change the rate once per year. 
• Fixed-rate mortgages: A fixed-rate mortgage has the same interest rate for the life of your mortgage. If you have a 30-year fixed-rate mortgage, your mortgage has the same interest rate for all 30 years. If you have a 15-year fixed-rate mortgage, you have the same interest rate for 15 years. 
• Jumbo mortgages: Jumbo mortgages are mortgages for higher-priced homes. The 2 government-sponsored companies (Fannie Mae and Freddie Mac) back many conventional home loans. These loans are called conforming loans. Fannie Mae and Freddie Mac won’t back loans above a certain limit. Loans above that limit are called non-conforming loans. Jumbo loans are non-conforming loans because they are above the conforming loan limit. Quicken Loans® finances jumbo loans up to 3 million dollars.
• YOURgage: The YOURgage is a product unique to Quicken Loans. With a YOURgage, you choose your loan term. You can choose a term of 8 years to 29 years. Your interest rate is fixed for the loan term that you choose. The YOURgage is available with down payments as low as 3%. 

Average Days to Close a Loan

Closing a loan is the process of approving and funding your mortgage. It starts once you complete your formal application. Quicken Loans® takes an average of 30 days to close a loan. 

You can speed up the closing process by answering any questions the underwriters ask promptly. Underwriters are the people who examine your loan application and make sure the information is accurate. They want to be sure you can afford the loan. They may also ask for additional documents. Provide these as quickly as you can to keep the process moving. 

You’ll also need to get a home inspection and provide proof of homeowner’s insurance. Take care of these as quickly as possible. Once your mortgage is approved, you’ll set a date for closing. This is a meeting where you sign all the paperwork involved with your mortgage. You can ask for the closing documents in advance so you can review them before your closing meeting. 

If you have questions about anything during the process, don’t hesitate to ask. Quicken Loans is known for its service, so it will be responsive. No question is silly, and it’s always better to ask about anything you don’t understand.

Quicken Loans Credit Score Minimum

Quicken Loans has a minimum credit score requirement of 620. Your credit score is a computer-generated number that gives lenders like Quicken Loans a snapshot of your credit history. Your credit score is based on factors like:

• Whether you pay your credit bills on time
• The balances on your credit cards
• Whether you’ve filed for bankruptcy
• Whether you have accounts in collections
• How long your accounts have been open

Credit scores range from 300 to 850. The higher your credit score is, the better. A higher credit score means you may receive a lower interest rate. A lower credit score means you may be offered a higher interest rate on your mortgage. If your credit score is below the Quicken Loans® minimum of 620, you will need to take steps to improve your score before you can be approved for a mortgage. 

Preapproval Documents

Quicken Loans offers 3 levels of preapproval. The first is prequalified approval. This is a basic preapproval based on your credit score. You provide a verbal estimate of your income and assets. It’s an estimate, so home sellers may not take it seriously. If you want to buy a home with a stronger preapproval, you can do a Verified Approval^SM.  

With a Verified Approval^SM, Quicken Loans verifies all your information¹. You’ll need to send them proof of your income and your assets. This includes W-2s, tax returns, pay stubs and bank statements. You can send this information digitally. Once you submit all your documents, Quicken Loans guarantees you will have an answer within 24 hours. 

Quicken Loans also backs its verified approvals with a $1,000 guarantee. If you don’t close after Quicken Loans® has preapproved you with a verified approval, Quicken Loans® will pay you $1,000. This is subject to terms and conditions. If your credit situation substantially changes, for example, like you suddenly max out a credit card that had a low balance, you wouldn’t qualify for the $1,000. 

Quicken Loans® also offers RateShield^SM Approval with its 30-year conventional, VA and FHA loans². This comes with the perks of Verified Approval^SM and a 90-day rate lock. Mortgage rates change daily, so being able to lock in your rate for 90 days is a big advantage. If rates drop, your rate drops to match the lower rate. If rates go up, you’ll keep your locked-in rate. 

Customer Service

Quicken Loans has several ways to get in touch with its customer service team. You can chat with them through the Quicken Loans® website. Representatives are available Monday through Friday from 7 a.m. to 12:00 a.m. ET. They’re available Saturday and Sunday from 9 a.m. to 12:00 a.m. ET. 

For new loan questions, you can also reach Quicken Loans by phone at 800-251-9080. Its representatives are available from 8 a.m. to 10 p.m. ET Monday through Friday, from 9 a.m. to 8 p.m. ET on Saturdays and from 10 a.m. to 7 p.m. ET on Sundays. 

If you’ve started the loan process, you can reach Quicken Loans at 800-863-4332 Monday through Friday from 8:30 a.m. to 9 p.m. ET and on Saturdays from 9 a.m. to 4 p.m. ET. You can also email Quicken Loans at Help@QuickenLoans.com.

Is Quicken Loans Right for Me?

Quicken Loans is one of the best mortgage companies for people on the go. You can talk to its representatives on your terms and your own time. You can upload documents digitally and easily call or chat with a representative. You can take advantage of the Rocket Mortgage®’s digital application or work with a Home Loan Expert over the phone. You can choose from a wide variety of mortgage products, whether you’re purchasing a home or thinking about refinancing. And, you never have to make an appointment. 

Disclaimer:

This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented, and in some cases may also impact the rating that is assigned to them. To the extent that ratings appear on this site, such rating is determined by our subjective opinion and based on a methodology that aggregates our analysis of brand market share and reputation, each brand’s conversion rates, compensation paid to us and general consumer interest. Company listings on this page DO NOT imply endorsement.

¹Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, debt, property, insurance, appraisal and a satisfactory title report/search. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Quicken Loans’ control, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close, you will receive $1,000. This offer does not apply to new purchase loans submitted to Quicken Loans through a mortgage broker. Additional conditions or exclusions may apply. Verified Approval within 24 hours of receipt of all requested documentation.  

²RateShield Approval locks your initial interest rate for up to 90 days on 30-year conventional, FHA and VA fixed-rate purchase loan products. Your exact interest rate will depend on the date you lock your rate. Once you submit your signed purchase agreement, we’ll compare your rate to our published rates for that date and re-lock your interest rate at the lower of the two rates for an additional 40 to 60 days. Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Quicken Loans. This is not a commitment to lend. Additional conditions or exclusions may apply.

Frequently Asked Questions