Quicken Loans Lender Review for 2020


Teri Oppenheimer
Military VA Loan contributor

The Bottom Line

4.5/5 stars

4.5 stars

Quicken Loans, one of America’s largest mortgage originators and servicers, is well known for its flagship online mortgage platform Rocket Mortgage. With a commitment to outstanding customer service, Quicken has been ranked #1 by J.D. Power in mortgage origination customer satisfaction for 10 consecutive years and #1 in mortgage servicing for seven consecutive years.

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Pros and Cons of Quicken Loans

Serving their clients for more than 35 years, Quicken Loans has revolutionized the mortgage lending process by providing a technology-driven, streamlined process for purchasing a home or refinancing a home loan.

Quicken Loans’ lending process is designed to create a simplified, hassle-free experience with a minimum amount of paperwork for their customers.

Unlike most banks and other mortgage lenders, Quicken operates online and conducts business through a sophisticated web-based lending platform. The company offers a fast application process along with support to help borrowers choose the right mortgage product and online tools to keep customers apprised of the status of their loan right through closing and settlement.

Pros of Quicken Loans

  • Customer-centric, simplified and secure online mortgage process
  • Home loan experts available to match customers’ financial situation and goals with the best mortgage loan to meet their needs
  • FHA, Conventional, VA and Jumbo loans are available for home purchase and refinancing at competitive interest rates
  • First-time home buyer’s programs in all states
  • Online verification process eliminates the need to provide many paper documents
  • Home buyer resources including online mortgage calculators, buyers’ guides and access to Home Buying Experts – online, by chat and by phone
  • re-qualification and pre-approval letters provide home buyers with more certainty through Quicken’s Verified Approval℠ program
  • Refinance loans available to reduce a homeowner’s interest rate, to tap existing equity or to shorten loan term
  • Quicken services 99% of the mortgage loans originated by the company – eliminating the transfer of servicing to another lender after origination

Cons of Quicken Loans

  • Quicken Loans does not offer face-to-face engagement with their customers
  • Borrowers without Internet access will have difficulty with the mortgage application process as most Quicken loan functions are online
  • Quicken does not offer VA construction loans or allow for VA loans on manufactured homes

How To Get A Mortgage With Quicken

Quicken’s application process is highly efficient. Borrowers can submit required documents and underwriting materials online through the Rocket Mortgage portal. 

No fee is required to submit an application. Interest rates, points, and fees are already incorporated into Quicken’s options whether you are seeking a loan to purchase a home or to refinance an existing mortgage loan.

Quicken’s tools for borrowers are designed to assist loan applicants through the process. In addition to a Home Buyer’s Guide and Refinance Guide, customers have access to online calculators to estimate monthly payments, calculate the maximum home price they can afford, and even create an amortization schedule to see how monthly payments will be applied to the loan balance over time.

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Buying a Home With Quicken

Whether buying a primary residence, second home, or investment property, Quicken offers a wide selection of mortgage loan options. With a step-by-step process to assist mortgage applicants, Quicken’s online resources help customers assess their readiness to purchase a home by explaining qualification and down payment requirements.

Resources are also available to help home buyers work with real estate agents throughout the entire buying and financing process.

Quicken’s home buying mortgage products include:

  • FHA loans: Very popular with first-time, lower-income, and/or lower-credit home buyers.
  • VA loans: Designed for U.S. Veterans and offering many benefits including no requirement for a down payment.
  • Conventional loans: A good option for buyers with good credit scores and low levels of personal debt.
  • Jumbo loans: For buyers seeking to borrow more than the amount permitted for conventional loans (greater than $510,400 in most states).

Quicken also offers their Verified Approval℠ program, designed to help home buyers stand out among competing bidders and cash buyers in the housing market. Once a customer’s credit, income, and employment are reviewed, Quicken may issue a Verified Approval℠ letter to a home buyer. This letter reflects their purchasing power and provides assurance to home sellers in today’s competitive market.

Refinancing a House With Quicken

With interest rates near historic lows, many existing homeowners are refinancing their loans to lower their monthly payments, shorten the term of their loan even take cash from their home equity. Quicken offers refinancing options to help borrowers achieve their objectives in a fast, streamlined manner.

Refinance Experts are available to provide customers with assistance in selecting the best loan option – both by phone and online.

Quicken’s refinance mortgage options include FHA, Conventional, and VA loans with a wide variety of terms (fixed rate, adjustable rate, 30 years, 15 years, etc.). For VA homeowners, Quicken also offers 100% VA cash-out loans, meaning you can borrow up to the full value of your home.

If you don’t need cash and only want to reduce your rate and payment, Quicken offers the VA Interest Rate Reduction Refinance Loans (IRRRL) with no income/no asset and no appraisal options.

Quicken will handle all steps of the refinancing process – from application through to closing – with loan status reports available to keep customers informed of their progress.

Once a refinance loan application is approved, borrowers can determine when they would like to close their loan and chances are good that Quicken will service the loan for the duration of its term. Quicken services 99% of their loan originations, including the collection of monthly payments, maintaining tax and insurance escrows and providing timely tax information to their customers.

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Special Perks for Veterans With Quicken

Quicken Loans is a premier VA lender and provides a high level of customer support to veteran loan applicants. From the availability of Mortgage Experts to online guides, Quicken’s systems are designed to support veterans throughout the mortgage process.

Quicken’s representatives will explain eligibility requirements for a VA Loan Certificate and determine if the borrower meets VA’s residual income requirements., The lender will also share special VA program information designed for borrowers who have a service-related disability.

Through Quicken’s VA lending programs, borrowers may also be eligible to take advantage of VA’s seller concessions policy, allowing for home sellers to contribute larger amounts of funding toward closing costs.

Eligible veterans and their family members may also qualify for exemption from VA’s funding fee or for grants for disabled veterans. VA grant programs include Specially Adapted Housing (SAH) for the building or remodeling of a home with disability-related modifications and Special Housing Adaptation (SHA) for the adaption of an existing home already owned by the veteran or a home the veteran intends to purchase.

Veteran Community Involvement

Quicken Loans is well known for its Veteran Hiring team, a group of professionals engaged in the recruitment of veterans to join the company. With their attention focused on veterans, transitioning service members, military spouses, and members of the National Guard and Reserve, Quicken has made a commitment to hiring, training, and retaining eligible career candidates throughout their organization.

Quicken also supports a number of partnerships and initiatives including Built For Zero, the Pat Tillman Foundation, Michigan Veterans Affair Agency (MVAA), Military Spouse Employment Partnership (MSEP), and Employer Support of the Guard and Reserves (ESGR). The Quicken Loans Community Fund, a philanthropic arm of the company, supprts inclusive communities through data-driven investments in housing, employment, and public life. Since 2010, the fund has invested over $200 million to address complex issues like tax foreclosure and chronic unemployment. The fund has also organized Quicken team members to provide more than 725,000 volunteer hours nationwide, including 400,000 in Detroit.

Should You Use Quicken Loans?

As the nation’s largest mortgage originator and one of the largest servicers, Quicken Loans offers an online mortgage process that saves time and money for its customers. The company’s competitive rates, streamlined underwriting, and award-winning customer service make it a great option for consumers shopping for a mortgage loan.

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