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Quicken Loans Review

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Reviews 19,774
Quicken Loans
NMLS #167283
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Quicken Loans
Quicken Loans
Excellent
Reviews 19,774
Nadav Shemer
Nov. 02, 2023
3 min read
Nadav Shemer
Quicken Loans Summary
Quicken Loans is an online comparison marketplace transforming the way people find financial providers. They offer a wide range of services with different lenders, including mortgages, tapping into your equity, and more. While other comparison marketplaces already exist, Quicken Loans does a particularly good job of facilitating the lender comparison process and is a great resource to help you find the best lender and terms for yourself.

Pros

  • Features free mortgage calculators
  • Wide-ranging financial services available
  • Many articles about financial services available

Cons

  • Does not provide direct lending services
  • Must connect with a lender to receive services

Quicken Loans at a glance

10
Editorial score

Customer Service and Support

Award winning customer service
10.0

Variety of Loan Types

Purchase, Refinance Home Equity, VA
10.0

Quicken Loans Quicken Loans Visit Quicken Loans

Overview

Quicken offers a wide selection of loans for purchase or refinance with different lenders. These include conventional, FHA and VA loans. For those anxious about buying or refinancing a home, Quicken Loans makes the experience easier by helping you compare different lender options upfront. Whether you need help finding the best interest rate for yourself or selecting a lender that you trust, Quicken Loans does a great job of helping you find the best options for your needs.

Suitable For?

Quicken Loans is a good choice for people looking to compare their options and find the best lender and terms for their needs. Studies show that consumers who compare their lenders upfront end up saving money in the long run, so using Quicken Loans could be a financially beneficial tool to use. If you’re not sure where to start in your purchase or refinance process, Quicken Loans can be a great starting point so that you can get a better idea of which lenders to consider.

Types of Loans/Products

Whether you are purchasing a home or refinancing your dream home, Quicken Loans has several loan options available with different lenders. 

Popular purchase options include:

Adjustable-Rate Mortgage (ARM): Choose a conforming rate with as little as 5% down. 

FHA Loan: Borrowers can secure a 15-,25-, or 30-year FHA loan with as little as 3.5% and a 580 FICO score with some lenders. To qualify, individuals must also have funds to cover the upfront mortgage insurance premium and a debt-to-income level lower than 50% and 2-6% for closing costs. 

15-or 30-Year Fixed Loan: Some lenders require a minimum 620 credit score, 3% down payment, a debt-to-income level lower than 50% and 2-6% for closing costs. 

Refinance options with lenders include:

Conventional Refinance

Cash-out Refinance

FHA Streamline

 

The Application Process

The application process for a new home loan or home refinance can be quick and easy depending on the lender you select. Interested borrowers can start the application process to see the rate and loan terms they would qualify for without having to commit to a specific lender.

Rates and Fees

Home loans can include many fees. These fees are typical for every lender, not just for lenders on the Quicken Loans website. Here are a few fees to expect from some of the lender options they offer:

Downpayment: A VA loan requires 0% down, but other loans require at least 3-3.5% down. 

Appraisal and Home Inspection Costs: These are both important to have during the home buying process and will typically cost an additional $800-$1,000, depending on your area. 

Closing costs: Expect to pay 2-6% of your home’s value as closing costs. 

Private Mortgage Insurance (PMI): For loans with less than a 20% downpayment, borrowers will have to pay an additional .05%-1% of their home value for PMI each year. 

Quicken Loans Quicken Loans View Rates

Help & Support

Have questions? Email at customercare@quickencompare.com

4859 W Slauson Ave #405 Los Angeles, CA 90056

FAQ

What’s The Difference Between Being Prequalified And Preapproved?

While lenders might use these terms interchangeably, they mean two different things. In a typical prequalification, a lender may or may not pull your credit to get an idea of what loans you qualify for. In a proper preapproval, a lender will pull your credit. They’ll also ask you for documentation like bank statements, pay stubs and W-2s so they know exactly what the top end of your budget would be based on an assumed interest rate. 

How Long Should I Own My Home Before Refinancing?

In most cases, you'll need to be in your current home for at least a year before getting a significant financial benefit from refinancing.

How Long Does It Take to Close on a House?

The time it takes to close on a house and get your mortgage loan application approved usually runs anywhere from 30 – 50 days. Signing the paperwork on closing day can take up to an hour or more depending on whether there are any problems. A problem-free closing day, though, can last less than an hour.

Address 

4859 W Slauson Ave #405 Los Angeles, CA 90056

Quicken Loans Quicken Loans Visit Quicken Loans

Summary

If you want to purchase or refinance your home with the convenience of online tech while being able to compare your lender options upfront, Quicken Loans offers both. They provide a great comparison marketplace for you to take advantage of when shopping around for lenders.

Methodology

This review was completed with the use of the Quicken Loans website, as well as third-party review sites such as TrustPilot. 

Nadav Shemer
Written by
Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. He enjoys writing about the latest innovations in financial services and products. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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Trustpilot reviews
See what some customers are saying about Quicken Loans
Excellent • Reviews 19,774
on
Excellent
85%
Great
9%
Average
2%
Poor
1%
Bad
3%
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Ro
Robert
2 days ago
Great group of people.
Helpful In all departments.
Sa
Sabrina
2 days ago
Friendly and fast services
Friendly and fast services
Th
Thelma
4 days ago
Quick
Quick, easy, professional, knowledgeable. Quickly let you know how they might help you. The best experience!!
Ba
Barbara
4 days ago
Fast and as easy as these things can be.
Fast and as easy as these things can be.
Al
Alan
4 days ago
Great job enjoyed the fast…
Great job enjoyed the fast communication.
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