In this Review
Who Should Consider Quicken Loans?
Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs. If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing. Otherwise, they are the industry gold standard.
Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. It has an abundant and robust online presence. You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online. There are many calculators and resources to help any borrower on their web site.
On Quicken Loans Secure Website
Minimum Credit Score
Reputation - Customer Ratings & Complaints
- 30 year, Fixed Rate mortgage – is the most popular loan type, due to its low payment that doesn’t change until it is paid off.
- 15 year, Fixed Rate mortgage – allows a lower rate and the ability to pay far less interest over the life of the loan.
- 5/1 and 7/1 Adjustable Rate mortgages – these offer the lowest interest rates for the initial fixed-rate period (five or seven years), allowing the borrower to maximize their monthly cash flow or afford a more expensive home.
- Jumbo Loans – fixed rate and adjustable rate mortgages are available for loan amounts over $453,100 and up to $3 million.
- YourGage – the unique mortgage that allows a mortgage to be custom-tailored to the term desired by the borrower.
- Fixed and Adjustable Rate, government insured or guaranteed loans, which allow lower interest rates and smaller down payments than most conventional loan programs. These include FHA, VA, USDA, FHA and VA Streamline loans.
- Reverse Mortgages – this is a type of loan that is growing in popularity among the aging population, because they allow to obtain a mortgage that allows them to live in their home and make no mortgage payment by utilizing their built-up equity. In some cases, a reverse mortgage may even provide an income to the borrower.
Quicken Mortgage Pros & Cons
Entirely Online Lender
How to Apply For a Mortgage With Quicken Loans?
Online calculators (Refinance, Purchase, Home Affordability and Amortization) and the assigned Home Loan Expert help borrowers choose the best home loan option. Comparisons of the costs, rates and benefits are made available so that borrowers can understand the long-term costs of the financing they choose.
The borrower has the ability to customize their mortgage – for example, if he or she plans to obtain a fixed rate loan, they are not locked into the stand 15 or 30-year term but can choose a term from 8 to 29 years. Quicken Loans calls this their “YourGage” program.
Information about income, assets and credit is verified throughout the process.
The borrower sends information online and can communicate regularly with their Home Loan Expert, including after hours. The borrower is regularly provided with real-time updates.
Alternatives Lenders For Consideration
We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Quicken Loans mortgage:
Guaranteed Mortgage is one of the top-rated lenders in the industry. With the headquarter located in Chicago and licensed to lend in all the 50 states, this Bank provides a superb online mortgage experience with a unique digital application process. The Bank has an excellent reputation for an outstanding competitive rate and good customer service.
Guaranteed Mortgage offers both governments backed-up loans and conventional loans for purchase and refinance. Some of the loan products this bank offer include; Federal Housing Administration Loan, Jumbo Loan, Fixed-rate mortgage, Adjustable-rate mortgage, USDA mortgage, VA loans, and interest-only Mortgage.
To obtain a loan at Guaranteed Mortgage, you need to have a good credit score. However, Guaranteed Mortgage has a very flexible credit score requirement. For Federal Housing Administration and Veteran Affairs Loan, a minimum credit score of 580 is sufficient. Borrowers who want to obtain a Conventional Loan will need at least a credit score of 620 or higher, while for a USDA loan, the borrower must have at least a credit score of 640.
In 2018, Guaranteed Mortgage had a rating of 2 out of 5 stars in the U.S. Primary Mortgage Origination Satisfaction Study by J.D. Power and an A+ rating by the Better Business Bureau.
LoanDepot is a US residential mortgage company, headquartered in Foothill Ranch, California. The company operates a number of retail branches and does business in all 50 states, Washington DC and four territories (American Samoa, Guam, the US Virgin Islands and Puerto Rico).
In 2017, LoanDepot ranked 2nd in overall funded mortgage volume among the top 75 lenders, according to respected industry publisher the “Scotsman Guide”. Their 6000+ employees closed over 136,292 loans and a total of over $35 billion in volume out of 180+ locations. The majority – approximately 85% – was retail volume, where they originate and close the loan directly with the customer.
LoanDepot is committed to leading the lending industry into the next generation of modern lending, which will be the result of making significant reinvestments in proprietary technology. Their marketing platform, credit and risk models, and dynamic product delivery systems empower consumers with access to credit.
When looking over this bank and all of their products, services, customer awareness, reviews, and above all, their fantastic work ethic, even though this company has not been open for as long as some major big named companies have been, this bank has been open long enough with nothing but great reviews, wonderful products, and even better service.
For a bank to not have any complaints to the big consumer companies after 22 years is and should be a phenomenal accomplishment.
Quicken Loans – About The Lender
Quicken Loans Inc. was founded in 1985, as Rock Mortgage and was renamed Rock Financial Corp. in 1987. In 1988, the founders took the company public. In 1999, Intuit Inc., makers of Quicken, Quickbooks and TurboTax accounting and tax software, purchased the company and folded it into its Quicken Mortgage division.
In 2002, the founders and a group of investors re-purchased the company. While the company had already begun to evolve away from the traditional mortgage lender mode to doing loans online, the re-purchase accelerated that change in trajectory.
In 2007, the company consolidated most of its operations in downtown Detroit and in 2008, the company purchased One Reverse Mortgage, headquartered in San Diego, and entered the reverse mortgage market.
Like all mortgage lenders, during the financial crisis of 2008 and onward, Quicken Loans retrenched and ceased originating certain types of loans (2nd mortgages, Home Equity Lines of Credit, deferred interest loans, etc.), but kept its focus on the online origination of traditional mortgage products.
In 2016, the company unveiled Rocket Mortgage, a truly online lender. The technology utilized allows it to verify employment and income, and bank balances and obtain credit directly from the sources of that information so that consumers do not have to provide those documents in paper form. This can greatly streamline the process, dramatically speeding it up and eliminating roadblocks, which improves customer satisfaction.