Quicken Loans Review: High Customer Satisfaction and Low Interest Rates
Review
Updated
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The offers on this page may have expired. Quicken Loans changed its name to Rocket Mortgage on July 31, 2021. The Quicken Loans website is still operational, but directs borrowers to Rocket Mortgage for loans. Quicken Loans is a DBA and does not act as a lender or broker. Please check out our researched mortgage lender reviews to learn about Rocket Mortgage and other lenders.
Quicken Loans, home of Rocket Mortgage, sets the standard for customer service that many other lenders are measured against. Even so, no lender is perfect for every borrower. Read our full Quicken Loans review to find out whether this is the best mortgage lender for you.
Quicken Loans
Bottom Line
A clear, go-to lender to consider in your home search or when refinancing. One standout perk is that Quicken Loans offers customizable fixed-rate mortgage terms anywhere from 8 to 30 years.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:
| Lender | Min. Down Payment | Credit Score | Next Steps |
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4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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This mortgage lender is a good fit for: Borrowers who want a mortgage lender that will service the loan, and refinance borrowers.
Quicken Loans offers a 90-day rate lock with a float down feature. If you lock your rate and rates go up, yours will be locked in at the lower level. If rates go down, you can request the lower rate one time. This feature is offered on 30-year conventional, FHA, and VA loans.
Quicken Loans offers several ways to get a mortgage with little to no money out of pocket. If you qualify for a VA loan, you won't have to make any down payment. If you don't have a military affiliation, you can apply for an FHA loan, which requires 3.5% down. Also, qualified borrowers who meet income restrictions can get a conventional mortgage with 3% down.
Quicken Loans is known for its award-winning customer service. Quicken Loans (Rocket Mortgage®) regularly appears in the top two places on the J.D. Power Primary Mortgage Origination Satisfaction Study, and the similar study for mortgage servicing. These are measures of customer satisfaction among major mortgage lenders that serve the general public (military-only lenders are not ranked).
If you want to borrow against your equity, your only option at Quicken Loans is to get a refinance mortgage or a cash-out refinance loan. If you would prefer to take out a home equity line of credit or a home equity loan, you will need to look elsewhere.
Homes in most U.S. counties are USDA-loan eligible, but you won't be able to take advantage of that program through Quicken Loans. The government-backed programs here are the FHA loan and the VA loan.
Quicken Loans advertises competitive rates, but if you look at the fine print you'll see that the lowest mortgage interest rate comes at a significant cost. You will need to buy mortgage discount points in order to get the lowest rate at Quicken Loans. That's normal, but other lenders may charge less.
Mortgage lenders are primarily concerned with your debt-to-income ratio, your credit score, and your down payment. These factors will tell the lender what home loan programs you might qualify for. Most lenders can be flexible in one category if you're strong in the other two.
Debt-to-income ratio
Your DTI is all of your required debt payments each month, including your proposed new housing payment, expressed as a percentage of your pre-tax income. Your housing payment includes the mortgage principal and interest, plus your property taxes, homeowners insurance, and any homeowners association dues you will need to pay. Here's an example:
| Monthly income before taxes | $5,000 |
|---|---|
| Credit card minimum payments | $250 |
| Car loan | $250 |
| Proposed housing payment | $1,650 |
| Debt-to-income ratio | 33% |
At Quicken Loans, you can get a conventional loan with a DTI as high as 50%. For a jumbo loan or an FHA loan, the DTI limit is 38%-45%, depending on your credit score. For a VA loan, the limit is between 38% and 60%.
Credit score
You'll need a 620 credit score for a conventional loan at Quicken Loans, or a 580 for an FHA loan or VA loan. The FHA and VA programs technically allow lower scores, but each lender sets its own minimum.
Down payment
VA loans do not require a down payment. At Quicken Loans, all other home loans do. FHA loans require 3.5% down, conventional loans require 3% down, and jumbo loans may require more.
Quicken Loans offers competitive mortgage refinance rates. When we checked, the refinance rates were the same as the purchase rates. (Some lenders charge a little more for refinance loans.) The lowest rates come at a cost that might be a little higher than other lenders.
When we checked, Quicken Loans' mortgage rates were trending a little higher than the national average. To get the lowest rate you will need to pay for mortgage discount points.
Quicken Loans is a great option for any borrower looking for a good overall experience. Quicken Loans is a long-time award winner when it comes to customer satisfaction. Also, it services almost all of its loans, which means you won't have to start paying your monthly bill to some company you've never heard of after your loan closes. When you apply with Quicken Loans, Quicken Loans is what you get.
Also, check with Quicken Loans if you think you're ready for a mortgage but your credit score is below 620. Quicken Loans might be able to offer you an FHA loan instead, which has more flexible underwriting guidelines.
When we checked, Quicken Loans' rates were trending a little higher than the national average. That said, mortgage interest rates are fluid, and you should expect to see some fluctuation. Since the interest rate is not the only measure of the quality of a home loan, when you are ready for your home loan, it's a good idea to apply with two or three lenders and get a loan estimate from each one. That is the document that will tell you the total cost of your home loan. A lender that charges a higher rate might charge lower fees, or vice versa.
Quicken Loans is a great choice for mortgages. Quicken Loans was a pioneer in digital mortgage applications, and you can expect a very good online experience in the Rocket Mortgage app. Plus, Quicken Loans prioritizes customer satisfaction and works hard to keep its top ranking in the industry.
Quicken Loans is a good choice for mortgage refinance loans. You can get a refinance loan with or without cash out, and you'll pay the same interest rate as borrowers purchasing a home.
You'll need a 620 credit score for a conventional loan (580 for an FHA loan or a VA loan). You don't need a down payment if you're eligible for a VA loan. For a conventional loan, you need 3% down and for an FHA loan, you will need 3.5% down. Jumbo loans may require a higher down payment. Try to ensure that your DTI is under 45%, but if it isn't, don't worry. Quicken Loans has home loans that allow a DTI as high as 60%, so if yours is on the high side, talk to a loan officer to find out your options.
Quicken Loans offers fixed- and adjustable-rate conventional and jumbo loans for the purchase of a home or the refinance of an existing loan. You can also get an FHA loan here, and a VA loan.
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