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Quicken Loans Review

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Quicken Loans Review
Quicken Loans
Multiple loan options - Purchase or Refinance The largest online mortgage lender in the U.S. Industry-leading online tools Award-winning customer service: A+ with BBB Get a Pre-Authorization Letter to Buy a Home
4.6
4.7

Quicken Loans is a Detroit-based company founded in 1985 with the aim of providing mortgage programs such as purchase and refinance loans. The company offers convenient services online and via their mobile application as well as step-by-step assistance from experienced mortgage bankers. They have a 5-star TrustPilot rating, and an A+ score with the BBB.

CUSTOMER EXPERIENCE WITH QUICKEN LOANS

QuickenLoans is a lending marketplace that offers a variety of mortgage loan options and terms, including conventional loans; adjustable rate loans; VA, FHA, and USDA loans; and jumbo loans. They offer pre-approvals and pre-qualifications as well, which can help increase a borrower’s chances of obtaining the home of their dreams, demonstrating the seriousness of their commitment.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • USDA Loan
  • Marketplace

QuickenLoans has a very well-developed website, which offers a wealth of educational resources, such as various calculators, help articles, and daily mortgage rates alerts via email or text. After answering a few questions online, QuickenLoans will even have a loan expert contact you to clarify any additional doubts and discuss your options.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Check Today’s Rates
SSN Required for Quote
No

OVERALL RATING

Since its founding in 1985, QuickenLoans has become the largest online mortgage lender in the U.S. and one of the most successful retail mortgage lenders in the country, second only to Wells Fargo. Since they work with a vast network of lenders, borrowers are sure to find an option they can qualify for. Surprisingly for the industry, QuickenLoans has an extremely high rate of customer satisfaction, making them an excellent choice for anyone shopping for a mortgage loan.

QUALIFICATIONS AND REQUIREMENTS

QuickenLoans doesn’t originate loans themselves but connects qualified borrowers with competitive offers from lenders within their extensive network. Their minimum FICO score for most loans is 620, while the minimum for government-backed FHA loans is 580. Minimum down payments vary: FHA loans require as little as 3.5%, whereas conventional loans require a more substantial cash down amount.

Key Requirements at a Glance

Minimum FICO Score
620
Non-Traditional Credit History Considered?
No
QuickenLoans boasts an extraordinarily large number of positive reviews on the Better Business Bureau, as reflected in their A+ rating with the organization. Their high levels of customer satisfaction are further confirmed by their excellent 9.5 Trustpilot score. Despite the size of the company, there has only been one regulatory action taken against this lender, according to the data collected by the National Mortgage Lender’s Association. This last fact is surprising given that the number of complaints within the industry the industry is usually much higher.

Key Facts

Lender Type
Marketplace
Year Founded
1985
BBB Rating
A+
BBB Positive Reviews
2
BBB Negative Reviews
272
TrustPilot Rating
9.5 out of 10
Collection Date
2018-02-05

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
3030
The Nationwide Mortgage Regulatory Actions
1
Consumer Financial Protection Bureau Complaints
1

QUICKEN LOANS PROFILE

Full Name
Quicken Loans Mortgage
Company Website
Headquarters
1050 Woodward Avenue, Detroit, MI, 48226
9.5 Total Score

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