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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.
Quicken Loans mortgage review
- 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 programs||Conventional, jumbo, FHA, VA, USDA
|Fixed-rate loan terms||15 years, 30 years, or YOURgage custom term 8-29 years|
|Variable-rate loan terms||5/1, 7/1, and 10/1 ARMs|
|Minimum FICO||580 FICO for FHA loans
|Minimum down payment||3% 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.
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 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.
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.
Quicken Loans mortgage refinancing review
- 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.
Homeowners who want to refinance a jumbo mortgage through Quicken Loans can borrow 80% of the property’s value, up to $2 million.
Jumbo refinance 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.
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.