Quicken Loans Mortgage Review

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Quicken Loans is a leading lender in the United States by volume. They offer a variety of conventional, non-conforming, and government-backed loans, with an emphasis on FHA loans.

You may also know Quicken Loans as the founder of the popular Rocket Mortgage online lending program.

In fact, the company officially changed its name to Rocket Mortgage in July 2021 to capitalize on its own popularity.

But at the time of writing, the company reports they’ll still accept payments and maintain their website under the Quicken Loans name.

But its name-brand service comes at a name-brand price – which means that, on the whole, its rates and fees average above the national median.

>> More: Read Our Full Rocket Mortgage Review

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Quicken Loans Mortgage Review
Quick Loans Mortgage
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Quicken Loans Mortgage Pros and Cons


  • Fully digital lender with supplemental phone support
  • Asset retrieval software instantly verifies employment and income data
  • Wide variety of conventional, government, and renovation loans
  • Nationwide availability with e-closing in all 50 states
  • Excellent customer service reputation


  • No second mortgages, USDA loans, or construction loans
  • Lender fees and rates above the national median
  • Website uses higher-than-average discount points to list sample rates
  • Loans geared toward digitally savvy customers
  • Limited poor credit and existing debt borrowing options

Quicken Loans Overview

Quicken Loans is famous for its Rocket Mortgage digital experience, which lets you complete your mortgage from application to e-closing entirely online (with the occasional phone call to hammer out details). Moreover, Quicken is licensed to lend in all 50 states.

But if you’re looking for an in-person experience, you’ll need to find another lender, as Quicken doesn’t operate brick-and-mortar branches. And while its rates and fees fell below the 2020 national average, they sat well above the national median.

How Do Quicken Loans Mortgages Work?

Prospective borrowers can get started by applying online or contacting an agent via the Rocket Mortgage app.

Then, it’s time to upload your documents and financial information online, after which a representative will reach out to discuss loan options, fees, rates, terms, and more.

You can digitally lock in your rate, track your status, sign documents, and more at any point in the process. And when you’re ready to close, you can pick your e-closing date online, too.

But if internet technology isn’t your forte, Quicken Loans can process your application and loan details the old-fashioned way.

While you can’t look a loan officer in the eye, you can operate via phone, email, fax, and even snail mail.

Quicken Loans Mortgages and Products

Quicken Loans offers a variety of mortgage products. While specifics vary, it generally follows the requirements set by Fannie Mae and Freddie Mac for conforming loans, including:

  • A FICO credit score of 620 or higher
  • 3-5% down (anything under 20% triggers the private mortgage insurance requirement)
  • And a DTI (debt-to-income) ratio of 50% or less

Quicken adheres to the Federal Housing Administration and Department of Veterans Affairs guidelines for FHA and VA loans, respectively.

15- and 30-Year Fixed Mortgages (FRMs)

Quicken’s fixed-rate mortgages mostly conform to industry-standard guidelines, requiring 3% down and a DTI ratio of 50% or less.

Typically, 15-year FRMs come with lower interest rates, but the monthly payments will be significantly higher.

Quicken Mortgage® YOURgage®

The Quicken YOURgage® program lets you choose a fixed-rate loan term between 8-29 years to fine-tune your monthly payment to your lifestyle. Aside from the term, these loans follow the rest of Quicken’s FRM requirements.

Adjustable-Rate Mortgages (ARMs)

ARMs start off cheaper than FRMs but move with the market after a set period. Quicken offers ARMs with fixed-rate periods of 5, 7, and 10 years, after which the variable-rate period begins.

FHA Loans

Borrowers can qualify for an FHA loan through Quicken with a credit score as low as 580 with 3.5% down and a DTI under 50%.

VA Loans

Quicken sells VA loans to eligible military members, veterans, and spouses who can provide a certificate of eligibility and a DTI under 60%.

Unlike other loans, VA loans require 0% down, though Quicken requires a credit score of 620 or higher.

Jumbo Loan

If you need a loan over the conforming limit, which ranges from $548,250 to over $800,000 based on your location, you’ll have to take out a jumbo loan. Quicken will lend up to $2.5 million to qualifying borrowers with a:

  • Loan-to-value ratio up to 89.99%
  • Credit score of 680
  • DTI under 45%

Reverse Mortgages

If you’re over 62, Quicken also offers reverse mortgages through an affiliate to help fund your retirement. However, you may not have much equity to leave your heirs if you take this route.

Refinancing with Quicken Loans

Quicken Loans offers both traditional and cash-out refinancing so homeowners can nab lower interest rates while they’re available. (And pull out a little extra in the case of a cash-out refinance.) You can also opt for an FHA Streamline Refinance if you qualify.

Quicken Loans Mortgage Rates and Fees

Quicken Loans averaged an interest rate of 3.2% in 2020 with median total loan costs of $4,610. These fees may include origination fees, rate locks, appraisals, and other closing costs.

All told, Quicken’s rates and fees trend slightly higher than some other online-only lenders, though lower than many major bank lenders like Wells Fargo and US Bank.

To get your personalized quote, you’ll have to begin the application process and connect with a representative.

Quicken Loans Mortgage Features and Benefits

Complete Online Experience

Quicken Loans lets you experience the mortgage process almost entirely online from application to closure.

You can prequalify, apply, and e-close entirely online. And once you’re in your home, you can even use the online portal to make your mortgage payments, too!

But if you get stuck at any point in the process, you can also reach out to a human rep for help.

Great Customer Service

Quicken Loans maintains a high customer service reputation, snagging 1st in the 2020 J.D. Power customer satisfaction survey for the 11th consecutive year.

The lender also boasts an A+ rating with the Better Business Bureau with less than one complaint per 100 customers.

Nationwide Availability

Quicken Loans offers mortgages in all 50 states via its online portal. While you can’t drop into a branch, you can apply for and close your mortgage online or by phone, fax, email, and snail-mail.

RateShield Approval

With the Quicken Loans RateShield Approval program, you can get preapproved for a loan and lock in your interest rate for 90 days while you hunt for a home.

After you sign your purchase agreement, Quicken Loans will see if rates have dropped any further – and if they have, they’ll lock in a lower rate for an additional 40-60 days.

Quicken Loans Drawbacks

Doesn’t Offer Some Types of Loans

Quicken Loans is a nonbank lender, which means it doesn’t hold the deposit accounts required to back its own loans with capital. Instead, it closes on a mortgage and sells the loan to investors – such as Fannie Mae and Freddie Mac – to cover the costs.

But because these investors don’t buy home equity loan products, Quicken Loans can’t back home equity loans or lines of credit. Additionally, Quicken doesn’t offer USDA, construction, bridge, or interest-only mortgages.

Less Transparent About Rates

Quicken Loans advertises sample rates on its website so prospective borrowers can view potential costs.

However, the lender “buys down” its rates with anywhere from 1.75 to 2.25 discount points – an optional upfront fee that lowers the interest rate.

However, the Federal Reserve reports that most borrowers only bought 0.70 points on average in the last year, which means that Quicken’s rates are unrealistic for the majority of borrowers.

Additionally, Quicken doesn’t include taxes and fees in its sample calculations, instead just noting that borrowers’ payments will be higher than advertised.

No Brick-and-Mortar Branches

The lack of brick-and-mortar branches isn’t a dealbreaker in the modern age. But if you have particularly unusual circumstances or feel more comfortable with an in-person touch, Quicken Loans may not be for you, with exactly 0 in-person branches nationwide.

How Does Quick Loans Compare to Other Lenders?

#1. Quick Loans vs. Better Mortgage

Better.com is an online-only lender that provides 24/7 service via its digital and on-demand human assistance in 46 states.

The lender boasts savings of $3,000 per mortgage due to its lack of lender fees and an expedited closing time thanks to its online-only process.

Better offers a range of conventional, jumbo, and refinance loans for both standard borrowers and those with higher-than-average debt or unconventional income.

>> More: Better Mortgage Review

#2. LoanDepot vs. Quicken Loans

LoanDepot is another online lender licensed to lend in all 50 states. The lender specializes in refinance loans, though its menu also includes renovation and purchase mortgages.

Borrowers can usually qualify with a down payment under 5% and a credit score between 580-620.

Thanks to its mello smartloan software, LoanDepot claims to knock up to 17 days off the average closing period.

And if you refinance the same mortgage later, their Lifetime Guarantee means that you’ll never have to pay lender fees or appraisal costs.

>> More: LoanDepot Mortgage Review

#3. Guild Mortgage vs. Quicken Loans

Guild Mortgage services online mortgage in a total of 48 states, though it also operates brick-and-mortar branches in 31 of those states.

The online mortgage lender claims to close on some loans in just over two weeks, and some of its loans boast flexible requirements of 0% down and a 540 credit score.

Guild Mortgage also processes, underwrites, and funds a substantial portion of its loans in-house, including conventional, government-backed, refinance, and jumbo loans.

You can also buy a variety of primary, secondary, and investment properties with its loan programs. And if you’re in a bind, you may qualify for one of over 500 down payment assistance programs.

>> More: Guild Mortgage Review

Quicken Loans Mortgage FAQs

Is Quicken Loans a Good Choice for Mortgages?

Quicken Loans is a reputable lender that maintains high customer satisfaction ratings and a leading spot in loan origination by volume.

They offer a large number of mortgage products, though second mortgages and construction loans aren’t in their wheelhouse.

If you’re a fan of the digital experience, you’ll likely enjoy the Rocket Mortgage program – but if you need in-person assistance, this lender isn’t for you.

How Do Quicken Loans Mortgage Rates Compare to the National Average?

Quicken Loans’ mortgage rates were slightly below the national average in 2020, though their rates rose above the national median. And the lender’s online-listed rates factor in a significantly higher than average number of discount points.

What Types of Mortgages Does Quicken Loans Offer?

Quicken Loans offers a variety of conventional, government-backed, and non-conforming loans. Prospective borrowers can find 15- and 30-year fixed-rate mortgages, ARMs with 5, 7, and 10-year fixed periods, and both FHA and jumbo loans. And if you’re over 62, you can buy a reverse mortgage through a Quicken affiliate partner.

Does Quicken Loans Offer Mortgage Refinance?

Yes! Quicken Loans offers rate-and-term, cash-out, and FHA Streamline refinance.

What Credit Score Do You Need for Quicken Loans?

The exact credit score you need depends on the loan program you’re trying to qualify for. Typically, Quicken Loans follows the loan requirements set by Freddie Mae and Freddie Mac for conventional loans and government standards for FHA and VA loans. But as a rule, you need a credit score of:

  • 620 or higher for conventional and VA loans
  • 580 for FHA loans
  • 680 for jumbo loans

Bottom Line: Quicken Loans Mortgage Review

Quicken Loans offers a uniquely powerful digital experience in all 50 states, from application to e-closing.

With streamlined mortgages, a top-notch customer service team, and real-live experts to back you every step of the way, it’s no wonder that Quicken remains a household name.

But Quicken isn’t for everyone, especially those with certain financial situations such as lower credit scores, higher DTIs, or unusual sources of income.

And if you want an in-person touch, you’re out of luck with this online-only lender.



Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.