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Quicken Loans Review: Mortgage and Mortgage Refinancing

Quicken Loans offers mortgages and mortgage refinancing with custom repayment terms.

Daria Uhlig Daria Uhlig Updated February 26, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Quicken Loans is the nation’s largest mortgage lender even though it doesn’t operate any branch offices. When you apply for a mortgage from Quicken Loans, you can work out the details over the phone or complete the entire process online using Rocket Mortgage, Quicken Loans’ digital mortgage platform.

With the Quicken Mortgage YOURgage loan, you can even customize the repayment term on your fixed-rate loan by choosing any loan length from eight to 29 years.

Read through this review to find out more about what Quicken Loans, one of our vetted partner lenders, offers and how you can compare rates from multiple mortgage lenders to find the right fit for you.

In this review:

  • Quicken Loans Process
  • Quicken Loans mortgage review
  • Quicken Loans mortgage refinancing review
  • Compare rates with multiple lenders

Quicken Loans Process

Quicken Loans services 99% of the home loans it originates, so you work with the same company from application to closing and beyond.

You can apply for a home loan by calling Quicken and speaking directly with a home loan expert, or complete the process online using Rocket Mortgage. Your financial information can be imported online for convenience.

After you apply, Quicken Loans will find the products best suited for your financial situation and break down each option for you. Quicken will then verify the information you provided and, once approved, set you up for closing.

Quicken Loans offers the ability to close online in all 50 states. Due to the COVID-19 pandemic, virtual closings have become a popular option among homebuyers looking to maintain social distancing.

Quicken Loans offers three eClosing options:

  • Hybrid eClosing: As the name suggests, this closing takes place partially online and in-person. You’ll sign documents both digitally and physically and meet with a notary signing agent in person.
  • In-Person Electronic Notarization (IPEN): Similar to a hybrid eClosing, you’ll have an in-person meeting with a notary to verify your identity, however, you’ll sign all of the closing documents online.
  • Remote Online Notarization (RON): This is a completely online closing. You’ll meet virtually with the lender and notary via web conference and sign all closing documents online.

Learn More: How to Get the Best Mortgage Rates

Quicken Loans vs. Rocket Mortgage: What’s the difference?

Quicken Loans describes Rocket Mortgage as its “online mortgage experience.” In other words, it’s the online platform where you apply for a Quicken Loans mortgage, import your documents, communicate with your home loan expert, and track the loan’s progress.

After the loan closes, you use the Rocket Mortgage dashboard to view your account information and manage payments.

Because Quicken Loans services 99% of mortgages processed through Rocket Mortgage, it’s easy to set up automatic monthly or biweekly payments at no charge, and get quick access to tax and insurance information.

Tip: Although Quicken Loans’ online process greatly simplifies how you apply for a mortgage, you can also complete an application by phone, with a mortgage specialist, if you prefer.

Quicken Loans mortgage review

Good if:

  • You’re comfortable applying online
  • You want a remote closing that minimizes or eliminates person-to-person contact
  • You’d prefer a lender that will also service your loan
Mortgage programsConventional, jumbo, FHA, VA, USDA
Fixed-rate loan terms15 years, 30 years, or YOURgage custom term 8-29 years
Variable-rate loan terms5/1, 7/1, and 10/1 ARMs
Minimum FICO580 FICO for FHA loans

Minimum down payment3% conventional; 3.5% FHA; 0% VA and USDA

Quicken Loans offers a broad range of purchase mortgages, including conventional, jumbo, FHA, VA, and ARM loans.

Conventional mortgages

A conventional mortgage is a loan that isn’t insured by a government agency such as the FHA, VA, and USDA. Instead, it’s guaranteed by a private lender.

Quicken Loans may approve borrowers with good credit to buy a home with a down payment of as little as 3%. However, lenders usually require homebuyers making down payments of less than 20% to take out private mortgage insurance.

The minimum credit score for a Quicken Loans conventional mortgage is 620.

FHA loans

FHA loans are a favorite with first-time homebuyers because you can often qualify with a credit score as low as 580, and down payments can be as little as 3.5%.

Keep in mind that the upfront and annual FHA mortgage insurance premiums can make FHA mortgages a costlier option than conventional loans.

Jumbo mortgages

If a mortgage is too big to be purchased or guaranteed by Fannie Mae and Freddie Mac, it’s considered a non-conforming, or “jumbo” mortgage.

For 2021, Fannie and Freddie’s conforming loan limit for single-family homes in most markets is $548,250, although it can be as high as $822,375 in high-cost markets.

Quicken Loans currently offers fixed-rate jumbo loans of up to $2 million and says rates are typically lower than conventional loans.

Jumbo VA loans with lower down payment requirements are also available through Quicken Loans.

Find Rates Now

Quicken Loans mortgage refinancing review

Good if:

  • You’re looking to refinance a jumbo loan
  • You want to lower the rate on an FHA loan
  • You want a non-standard (or custom) repayment term

An online lender like Quicken Loans can be a good choice if you’re looking to refinance your mortgage. Since you already have a mortgage, you know something about how the process works.

Quicken Loans offers a broad range of refinancing options, including cash-out refinances, FHA Streamline Refinances, and jumbo loan refinances. All Quicken refinance products result in a new first mortgage. The lender doesn’t offer home equity loans or lines of credit.

FHA Streamline Refinance

If you already have an FHA loan with a rate that’s higher than today’s rates, you can adjust your rate and terms with an FHA Streamline Refinance.

In many cases, you can refinance even if you owe more than what your home is worth, without paying for a new appraisal.

FHA Streamline Refinance loans were created to help homeowners take advantage of lower rates, not take cash out of their homes. So if you want to take more than $500 in cash out when refinancing, consider a conventional cash-out refinance.

Jumbo refinance

Homeowners who want to refinance a jumbo mortgage through Quicken Loans can borrow 80% of the property’s value, up to $2 million.

Jumbo rates are typically lower than rates on conventional mortgages, and Quicken Loans won’t charge a prepayment penalty for repaying your loan early.

YOURgage custom repayment term

When refinancing, it’s helpful to be able to choose a custom repayment term that matches your needs. Many lenders only offer standard repayment terms, like 15 or 30 years.

Quicken Loans’ YOURgage mortgage, however, lets you choose a custom repayment term of anywhere from eight to 29 years, and you may refinance up to 97% of your home’s value.

Compare rates with multiple lenders

Quicken Loans has helped millions of Americans buy or refinance a home, earning high marks for customer satisfaction in the process.

If Quicken Loans’ simplified online process sounds attractive to you, make sure that you compare mortgage rates from several lenders before making your final decision.

You can use Credible to compare personalized purchase and refinance rates from Quicken Loans and other partner lenders on our platform. We automate much of the origination process, so you can close your chosen loan without leaving our website.

Keep in mind that not all loan products are available through Credible.

 


The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.