Quicken Loans reached the top of the home lending platform by introducing their Rocket Mortgage. With the very well known Super Bowl commercial, this is what made this company skyrocket with their name.
This company will give you purchase and refinance choices. It will focus on speed and how convenient it would be for their clients. However, this does mean that low rates and savings will take a hit. With no brick and mortar branches, this online retail mortgage lender still holds their top spot in the industry for their customer satisfaction and how large their company has become.
Quicken Loans: In a Nutshell
- There will be a large range of mortgage items to purchase and refinance.
- Is ranked the best, or tied for first place for their customer satisfaction by J.D Power for the past 9 years.
- The largest FHA lender in the U.S.
- Excellent for people who are looking to buy homes for the first time.
Quicken Loans Mortgage Options
When you Quicken Loans, you’ll be presented with a couple choices to choose from such as:
Mortgage Option | Easier Qualification | Loan Flexibility | Rate Security | Lower Equity or Money Down |
30-Year Fixed | x | |||
15-Year Fixed | x | x | ||
ARM | x | |||
FHA | x | x | x | x |
FHA Streamline | x | x | x | x |
VA | x | x | x | x |
YOURgage | x | x | ||
Jumbo | x | |||
Reverse | x | x | x |
30-year fixed mortgage. Has monthly payments that will be spread out within 30 years with a stable fixed rate. These payments will be lower when you compare it with a short-term loan.
15-year fixed mortgage. These monthly payments will be spread out within 15 years. You can pay a smaller amount of interest since you can pay this loan off quicker.
Adjustable-rate mortgage. Receive a small fixed interest rate and a lower monthly payment for your intro period. This can differ between: 1, 5, 7, or 10 years.
FHA loan. Is your credit score lower than average? You’re eligible for a FHA loan that has a down payment of 3.5%.
FHA streamline. You can refinance your current FHA loan for a smaller interest rate. This process is fast and simple, you would need a couple documents to qualify for this.
VA loan. Towards eligible veterans, service members, and their significant others. You would be able to refinance no more than 100% of your loan and have a lower price when closing.
YOURgage. Pick a special term from about 8 to 29 years that would fit your fixed interest rate financial objectives.
Jumbo loan. Save up with a low interest rate if you require a large loan between $453,100 to $3,000,000.
Reverse mortgage. If you’re a homeowner older than 62, and want to have equity for your house to meet your financial objectives, this is for you.
Quicken Loans will give you an online calculator for you to see what the prices can look like for a normal loan.
Quicken Loans Mortgage Portal
Using the Quicken Loans process, it would make your mortgage procedure fast and simple with their easy-to-use online utensils. In other words, this also includes the MyQL mortgage portal, somewhere you can look at home loans and make your investments. There are other brick-and-mortar lenders that now have these web portals for their mortgage items. However, Quicken Loans stands out on its own, their website is very well taken care of and is always making adjustments to better their site and customer satisfactions.
High Quality Service
Quicken Loans stands above other mortgage websites with their high rates of customer satisfaction. This also includes J.D Power’s 2018 review for the mortgage servicers for the well known lenders. The charts from Comsumber Financial Protection Bureau (CFPB) also agrees that Quicken Loans’ passion to provide support and care for the clients needs is amazing.
Lender | Originations | CFPB complaints |
Rate | J.D. Power 2018 Rating |
Quicken Loans | 1,406,001 | 1,207 | 0.09% | 857 |
Chase | 948,000 | 14,778 | 1.56% | 787 |
Wells Fargo | 2,155,222 | 25,182 | 1.17% | 757 |
Bank of America | 1,172,113 | 28,187 | 2.40% | 756 |
Quicken Loans Drawbacks
With Quicken Loans, they won’t give you home equity loans or home equity lines for credit (HELOCs). You are able to cash out refinancing, this would be the best option for online home lender suggestions. If you really want a home equity loan, then you need to look at other choices like LoanDepot. Other lenders that give HELOCs will be: Citi, Chase, or Wells Fargo.
Quicken Loans will only give you phone and online service. For clients that want an in person interaction, you would probably want to look at lenders that have brick-and-mortar branches.
After all, Quicken Loans will only give you mortgage lending. In other words, this means you won’t be able to build up your mortgage with other financial accounts. You should go to a different place if you would like to have banking or investing assistance.
Quicken Loans Availability
Even though Quicken Loans doesn’t have brick-and-mortar branches, they do possess a license to originate and assist mortgages in the United States.
Quicken Loans Application Process
When you sign up for a mortgage with Quicken Loans, it’s faster if you do it online or on the phone. Their online application portal uses Rocket Mortgage, they search, transfer, and confirms financial information. This also includes you being able to customize your mortgage and lock your rates with no face-to-face interactions.
If you want to sign up over the phone or online, Quicken Loans will find a Home Loan Professional that’s best suited for you. They will be able to guide and assist you with your needs in the whole process. Once you put in your application, Quicken Loans will then view your credit score and give you a loan estimate over MyQL, their loan portal.
To continue, you need to put in a good-faith deposit that will cover the price of processing your loan. This will include a credit pull, appraisal, and your work title. Then when you want to close, your deposit will be credited against your total closing prices. Quicken Loans states that this deposit will range from about $400 to $750.
A different choice you have is to use the “Closing Cost Cutter,” this is great if you don’t have cash on hand for your deposit and want to decrease your closing prices. Using this, you will be able to increase your interest rate. In other words, you would get a larger monthly payment and more interest accrued for the term of your mortgage.
Quicken Loans will have to confirm your credit and assets. Once they see that everything is correct, you will then get the pre-approval for your loan you’ve requested.
Bottom Line
When you mortgage or refinance using Quicken Loans, it makes the process fast and simple. Even though they don’t offer you the best rates for savings, they are still ranked top tier in this platform when it comes down to satisfying their clients. They still have a good amount to offer their clients for their mortgages and assistance, so keep that in mind as well.