About Lender
Quicken Loans is an American online mortgage lending company headquartered in Detroit, Michigan. It was founded in 1985 by Dan Gilbert and a group of investors, initially operating as Rock Financial, before being renamed to Quicken Loans in 1999. Quicken Loans has grown to become one of the largest mortgage lenders in the United States, with a focus on offering personalized and efficient mortgage lending services to customers across the country.
Quicken Loans has received numerous awards and recognitions for its customer service and technology innovation, including being named the highest in customer satisfaction for primary mortgage origination by J.D. Power for 10 consecutive years from 2010 to 2019. The company has also been recognized as one of the top 30 companies for diversity and inclusion by DiversityInc, and as one of the best places to work by Fortune magazine.
In addition to mortgage lending, Quicken Loans offers other financial services such as personal loans, home equity loans, and credit monitoring. The company also owns and operates Rocket Mortgage, a digital platform for mortgage lending that allows customers to apply for and receive a mortgage entirely online, often in as little as 8 minutes.
Key Features
Some key features of Quicken Loans are:
- Online Mortgage Application. Quicken Loans offers an online mortgage application process through its Rocket Mortgage platform, which allows customers to apply for and receive a mortgage entirely online. This can make the mortgage process faster and more convenient for customers.
- Personalized Service. Quicken Loans aims to provide personalized service to its customers, with dedicated mortgage experts available to assist customers throughout the mortgage process.
- Competitive Rates. Quicken Loans offers competitive mortgage rates, which can help customers save money on their home loans.
- Technology Innovation. Quicken Loans is known for its technology innovation, with a focus on using technology to simplify and improve the mortgage lending process.
- Diverse Product Offerings. Quicken Loans offers a range of financial products in addition to mortgages, including personal loans, home equity loans, and credit monitoring.
- High Customer Satisfaction. Quicken Loans has a strong track record of high customer satisfaction, with numerous awards and recognitions for its customer service.
Pros and Сons
Pros
- Fast and Convenient Application Process. Quicken Loans offers an online mortgage application process through its Rocket Mortgage platform, which can make the process faster and more convenient for customers.
- Competitive Rates. Quicken Loans offers competitive mortgage rates, which can help customers save money on their home loans.
- Personalized Service. Quicken Loans provides dedicated mortgage experts to assist customers throughout the mortgage process, offering personalized service and support.
- Technology Innovation. Quicken Loans is known for its technology innovation, which helps to simplify and improve the mortgage lending process for customers.
- High Customer Satisfaction. Quicken Loans has a strong track record of high customer satisfaction, with numerous awards and recognitions for its customer service.
Cons
- Limited Branch Network. Quicken Loans is primarily an online mortgage lender, which means it has a limited physical presence compared to traditional brick-and-mortar banks.
- Higher Closing Costs. Quicken Loans may charge higher closing costs compared to some other lenders, which can add to the overall cost of a mortgage.
- Limited Product Offerings. Quicken Loans offers a limited range of mortgage products compared to some other lenders, which may not meet the needs of all borrowers.
- Higher Credit Standards. Quicken Loans may have higher credit score requirements compared to some other lenders, which could make it more difficult for some borrowers to qualify for a mortgage.
- Limited Face-to-Face Interaction. Quicken Loans primarily operates online, which means that customers may have limited face-to-face interaction with loan officers or other staff.
Products
Quicken Loans offers several mortgage products to meet the needs of its customers, including:
- Fixed-Rate Mortgages. These mortgages offer a fixed interest rate for the life of the loan, making them a popular choice for customers who prefer predictable payments.
- Adjustable-Rate Mortgages (ARMs). These mortgages offer a lower initial interest rate that adjusts periodically based on market conditions.
- Jumbo Loans. Quicken Loans offers jumbo loans for customers who need to borrow more than the conventional loan limit.
- FHA Loans. These government-backed loans are designed to help first-time homebuyers and low-to-moderate-income borrowers.
- VA Loans. These loans are available to eligible veterans, service members, and their spouses, with competitive rates and flexible eligibility requirements.
- USDA Loans. These loans are designed for rural and suburban homebuyers with low-to-moderate incomes.
- Refinance Loans. Quicken Loans also offers refinance loans to help customers lower their monthly payments, shorten their loan term, or access their home equity.
Overall, Quicken Loans offers a range of mortgage products to help customers find the loan that best meets their needs and budget.
Reliability
Quicken Loans has a reputation for reliability, with a strong track record of high customer satisfaction and a focus on technology innovation and personalized service. The company has received numerous awards and recognitions for its customer service, including being named the highest in customer satisfaction for primary mortgage origination by J.D. Power for 10 consecutive years from 2010 to 2019.
Quicken Loans also offers competitive mortgage rates and a range of financial products in addition to mortgages, such as personal loans, home equity loans, and credit monitoring. The company has a robust online presence, with an online mortgage application process through its Rocket Mortgage platform, making it easier for customers to apply for and receive a mortgage online.
Overall, Quicken Loans is considered a reliable mortgage lender, with a strong reputation for customer service and a focus on technology innovation and personalized service.
Funding a Loan
Quicken Loans funds its mortgage loans through a combination of its own capital and loans from various investors, including banks, credit unions, and institutional investors. This allows Quicken Loans to offer a wide range of mortgage products and competitive rates to its customers.
When a customer applies for a mortgage through Quicken Loans, the company evaluates the application and decides whether to approve the loan. If the loan is approved, Quicken Loans will typically sell the loan to an investor shortly after closing. This process is known as "loan origination" and "loan servicing".
In some cases, Quicken Loans may retain servicing rights to the loan, which means it continues to manage the loan and collect payments from the borrower. Alternatively, the loan may be sold to another company that will manage the loan servicing.
Overall, Quicken Loans uses a combination of its own capital and loans from investors to fund its mortgage loans, which allows the company to offer a wide range of products and competitive rates to its customers.
Additional Services
In addition to mortgage lending, Quicken Loans offers a range of financial products and services to its customers, including:
- Personal Loans. Quicken Loans offers personal loans with competitive rates and flexible terms, which can be used for a variety of purposes, such as debt consolidation, home improvement, or other expenses.
- Home Equity Loans. Quicken Loans offers home equity loans, which allow homeowners to borrow against the equity in their homes to finance large expenses or projects.
- Mortgage Refinancing. Quicken Loans also offers mortgage refinancing options, which can help customers lower their monthly payments, shorten their loan terms, or access equity in their homes.
- Credit Monitoring. Quicken Loans provides credit monitoring services through its Rocket Homes platform, which can help customers monitor their credit scores and detect fraud or identity theft.
- Real Estate Services. Quicken Loans also offers real estate services through its Rocket Homes platform, including home buying and selling tools, real estate agent referrals, and property listings.
Overall, Quicken Loans offers a range of financial products and services beyond just mortgage lending, providing customers with a variety of options for their financial needs.
Terms and conditions
The terms and conditions for Quicken Loans mortgages will vary depending on the specific loan product, as well as the borrower's creditworthiness and other factors. However, some general terms and conditions that may apply to Quicken Loans mortgages include:
- Loan Amount. The loan amount will depend on the borrower's creditworthiness, income, and other factors. Quicken Loans offers mortgage loans ranging from as little as $25,000 to as much as $3 million.
- Interest Rates. Quicken Loans offers both fixed-rate and adjustable-rate mortgage (ARM) options. Interest rates will vary depending on the specific loan product and the borrower's creditworthiness and other factors.
- Loan Terms. Quicken Loans offers loan terms ranging from 8 to 30 years, depending on the specific loan product.
- Closing Costs. Quicken Loans may charge closing costs, which can include fees for appraisal, title insurance, and other services. The amount of closing costs will depend on the specific loan product and other factors.
- Credit Score Requirements. Quicken Loans may have credit score requirements that borrowers must meet in order to qualify for a mortgage.
- Prepayment Penalty. Quicken Loans does not charge a prepayment penalty for its mortgages, which means that borrowers can pay off their loans early without incurring additional fees.
These are just some of the general terms and conditions that may apply to Quicken Loans mortgages. Borrowers should carefully review the specific terms and conditions of any mortgage loan they are considering, and consult with a mortgage expert or financial advisor to ensure they understand all the terms and conditions of the loan.
Quicken Loans vs Mr. Cooper
When it comes to choosing a mortgage lender, there are a number of factors to consider, including interest rates, fees, customer service, and the overall mortgage experience. Here's a comparison of Quicken Loans and Mr. Cooper, two popular mortgage lenders, based on these factors:
Interest Rates. Both Quicken Loans and Mr. Cooper offer a variety of mortgage products with competitive interest rates. However, it's important to note that interest rates can vary depending on a number of factors, including the borrower's credit score, loan amount, and down payment.
Fees. Quicken Loans and Mr. Cooper both charge fees for their mortgage products, including origination fees, appraisal fees, and closing costs. However, the specific fees and amounts can vary depending on the loan product and the borrower's individual circumstances.
Customer Service. Both Quicken Loans and Mr. Cooper have strong reputations for customer service, with high ratings on customer review sites such as Trustpilot and the Better Business Bureau. Quicken Loans has won numerous awards for customer satisfaction, including the J.D. Power award for mortgage satisfaction.
Mortgage Experience. Quicken Loans is known for its fast and streamlined mortgage process, with a fully digital application and underwriting process. Mr. Cooper also offers a digital mortgage process, but also has a network of loan officers available to help borrowers throughout the process.
Overall, both Quicken Loans and Mr. Cooper are reputable mortgage lenders with competitive products and strong customer service. Ultimately, the choice between the two will depend on the borrower's individual needs and preferences, as well as the specific loan products and rates available at the time of application.
Quicken Loans vs PennyMac
When it comes to choosing a mortgage lender, it's important to compare several options to find the best fit for your specific financial situation. Here's a comparison of Quicken Loans and PennyMac, two popular mortgage lenders, based on key factors:
Interest Rates. Both Quicken Loans and PennyMac offer a range of mortgage products with competitive interest rates. However, interest rates can vary depending on the borrower's credit score, loan amount, and down payment, so it's important to get personalized rate quotes from each lender.
Fees. Quicken Loans and PennyMac both charge fees for their mortgage products, including origination fees, appraisal fees, and closing costs. The specific fees and amounts can vary depending on the loan product and the borrower's individual circumstances, so it's important to carefully review the loan estimate provided by each lender.
Customer Service. Quicken Loans is known for its exceptional customer service, with high ratings on customer review sites and numerous awards for customer satisfaction. PennyMac also has a strong reputation for customer service, with high ratings on customer review sites such as Trustpilot.
Mortgage Experience. Quicken Loans offers a fully digital mortgage process, with an easy-to-use online application and underwriting process. PennyMac also offers a digital mortgage process, but also has a network of loan officers available to help borrowers throughout the process.
Overall, both Quicken Loans and PennyMac are reputable mortgage lenders with competitive products and strong customer service. Ultimately, the best choice for a borrower will depend on their individual needs and preferences, as well as the specific loan products and rates available at the time of application. It's important to carefully compare rates, fees, and customer service before making a final decision.
Quicken Loans vs loanDepot
When choosing a mortgage lender, it's important to compare different options to find the one that best fits your needs. Here's a comparison of Quicken Loans and loanDepot, two popular mortgage lenders:
Interest Rates. Both Quicken Loans and loanDepot offer a range of mortgage products with competitive interest rates. However, rates can vary depending on factors such as credit score, loan amount, and down payment, so it's important to get personalized rate quotes from each lender.
Fees. Both Quicken Loans and loanDepot charge fees for their mortgage products, including origination fees, appraisal fees, and closing costs. The specific fees and amounts can vary depending on the loan product and the borrower's individual circumstances, so it's important to review the loan estimate provided by each lender.
Customer Service. Quicken Loans is known for its exceptional customer service, with high ratings on customer review sites and numerous awards for customer satisfaction. loanDepot also has a strong reputation for customer service, with high ratings on customer review sites such as Trustpilot.
Mortgage Experience. Quicken Loans offers a fully digital mortgage process, with an easy-to-use online application and underwriting process. loanDepot also offers a digital mortgage process, but also has a network of loan officers available to help borrowers throughout the process.
Overall, both Quicken Loans and loanDepot are reputable mortgage lenders with competitive products and strong customer service. The best choice for a borrower will depend on their individual needs and preferences, as well as the specific loan products and rates available at the time of application. It's important to carefully compare rates, fees, and customer service before making a final decision.
Quicken Loans vs Mutual of Omaha Mortage
When comparing mortgage lenders, it's important to consider factors such as interest rates, fees, customer service, and mortgage experience. Here's a comparison of Quicken Loans and Mutual of Omaha Mortgage:
Interest Rates. Both Quicken Loans and Mutual of Omaha Mortgage offer a range of mortgage products with competitive interest rates. However, rates can vary depending on factors such as credit score, loan amount, and down payment, so it's important to get personalized rate quotes from each lender.
Fees. Both Quicken Loans and Mutual of Omaha Mortgage charge fees for their mortgage products, including origination fees, appraisal fees, and closing costs. The specific fees and amounts can vary depending on the loan product and the borrower's individual circumstances, so it's important to review the loan estimate provided by each lender.
Customer Service. Quicken Loans is known for its exceptional customer service, with high ratings on customer review sites and numerous awards for customer satisfaction. Mutual of Omaha Mortgage also has a strong reputation for customer service, with high ratings on customer review sites such as Trustpilot.
Mortgage Experience. Quicken Loans offers a fully digital mortgage process, with an easy-to-use online application and underwriting process. Mutual of Omaha Mortgage also offers a digital mortgage process, but also has a network of loan officers available to help borrowers throughout the process.
Overall, both Quicken Loans and Mutual of Omaha Mortgage are reputable mortgage lenders with competitive products and strong customer service. The best choice for a borrower will depend on their individual needs and preferences, as well as the specific loan products and rates available at the time of application. It's important to carefully compare rates, fees, and customer service before making a final decision.