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Quicken Loans

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4 | ★ ★ ★ ★

About Quicken Loans

Quicken Loans Review

Brief Summary of Services: 

  • Home purchase loans 
  • Mortgage refinancing 
  • Traditional and custom loan terms

Quicken Loans Synopsis 

Review Summary: Quicken Loans has an extensive history in the mortgage industry. While it offers the standard home loans for both purchasing and refinancing a home, it has considerable flexibility when it comes to loan terms.  

Recommended for: Quicken Loans is a good choice for someone looking for an online lender with extensive flexibility.  

Pros and Cons of Quicken Loans 

ProsCons
Available in all 50 states and the District of Columbia  Potential borrowers must undergo hard credit inquiry in order to obtain a personalized rate   
100% online application through Rocket Mortgage Fees can be hefty compared to other lenders
Free home buyers and refinance guideDoes not offer in-person consultations
Mortgage calculators
Publishes current mortgage rates daily 
Website available in Spanish 
Spanish speaking customer representatives available

Quicken Loans Reviews

Consumer Review Platform Rating  
Better Business Bureau (BBB) A+ Rating; 2.57/5 stars with 1,750 reviews
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Trustpilot 4.6/5 Stars with 19,570 reviews 
WalletHub 3.1/5 Stars with 202 reviews 

Quicken Loans Full Review 

Overview 

Quicken Loans has been in the mortgage business for more than 35 years. It offers the standard home loan options for purchasing and refinancing a home.  

It also offers a user-friendly online application and mortgage servicing experience. Customers may also apply over the phone.  

Quicken is available in all 50 states, but it does not have an office where customers can visit in person. However, customers can talk to a loan expert through its online chat system or by phone.  

Quicken Home Loan Options 

Quicken Loans offers the following home loan options:  

  • 15-year fixed mortgage 
  • 30-year fixed mortgage 
  • FHA Loan 
  • Jumbo Loan 
  • VA Loan 
  • USDA Loan 
  • Adjustable-rate mortgage 
  • YOURgage (custom loan term from 8 to 29 years) 
  • Home refinancing 

Quicken loans also offers personal loans, auto loans, solar power financing, and a platform for searching for homes for sale.  

Quicken Loans Mortgage Process  

This is the home loan application process you can expect if you work with Quicken:  

  • Apply for a home loan. This can be done online, over the phone, or a combination of both.  
  • Explore the loan options. Quicken will present you with the best loan options based on your finances.  
  • Verify your information. Quicken will verify your bank account, tax information, and employment.  
  • Close your home loan. Quicken allows borrowers to close on their home loan when and where they want.  
  • Manage your home loan. Once completed, your loan will most likely continue to be serviced by Quicken loans as it says that it services 99% of the loans it originates.  

Quicken Loans Mortgage Rates and Fees 

According to NerdWallet, Quicken’s mortgage fees are typically higher when compared to the national average.  

Quicken Loans publishes the current mortgage rates daily. Potential borrowers can also sign up to receive an email alert when rates drop.  

Quicken Loans Company Information 

Quicken loans was originally founded in 1985 and went by the name of Rock Financial. The company went public in 1998.  

Rock began to transition to an online lender in the late 1990s. The company was purchased by Intuit, Inc. in 1999 and changed its name to Quicken Loans.  

Quicken Loans created Rocket Mortgage in 2015, which was the first mortgage lender to offer electronic closings in every state in the country.  

Quicken Loans became the largest mortgage lender in the United States in 2018. It expanded into Canada that same year.  

In 2021, Quicken Loans began the process of rebranding the company to Rocket Mortgage.  

Quicken has physical offices located in the following cities: 

  • Detroit, Michigan (headquarters) 
  • Phoenix, Arizona 
  • Cleveland, Ohio 
  • Charlotte North Carolina 

States Where Quicken Loans is Licensed 

Quicken Loans is available to originate loans in all 50 states and the District of Columbia.  

Last updated 12/1/22.

Address: 1050 Woodward Avenue Detroit, MI 48226-1906 

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