About Quicken Loans

In business for more than 28 years, Quicken Loans is a mortgage lender that provides numerous mortgage options, from low credit score and 0% down payments, to Jumbo Mortgages up to $3 million. The company claims that customer experience is their number one priority, and their high-tech approval process is streamlined for ease.

Quicken Loans is based out of Detroit, MI and holds an A+ rating with the Better Business Bureau, despite having more than 1,100 closed claims over the past three years. Overall, the company seems to have a mostly positive online reputation, and most complaints appear to revolve around loan stipulations. With this said, when complaints arise, it appears that the company responds to them fairly quickly.

How Quicken Loans Works

Quicken Loans claims to be the #1 online lender, and the 3rd largest retail mortgage lender in the US. During their more than 28 years in business, they’ve helped finance more than 1 million loans, the majority of which were closed within 30 days. In addition, the company claims to have competitive rates, and promises to “to make this your best mortgage experience ever.”

Whether you’re looking to buy a new home or refinance your existing mortgage, Quicken Loans offers several different loan products:

  • Mortgage First – Quicken Loans will verify all your financial information in advance, allowing you to receive upfront approval.
  • Adjustable Rate Mortgage – A short-term loan option that allows you to refinance up to 95% of your home’s value, with as little as 10% down.
  • YOURgage – Allows you to customize mortgage repayment terms that meet your needs.
  • FHA Loan – Specializes in borrowers with credit scores as low as 580 and with down payments as little as 3.5%.
  • 30-Year Fixed Mortgage – Standard fixed rate 30-year mortgages with as little as 5% down.
  • VA Loan – Specifically for veterans and their surviving spouses, and who can qualify for a 15, 20, or 30-year loan with as little as 0% down.
  • 15-Year Fixed Mortgage – Similar to a 30-year fixed rate loan, but for only 15 years.
  • Jumbo Loans – If your loan requirements fall between $417K and $3M, you’ll need a Jumbo Loan.
  • HomePath – A product that provides loans for Fannie Mae mortgage-ready homes.
  • FHA Streamline – A refinance product targeted specifically to current FHA mortgage holders.

After you’ve chosen the best product to meet your needs, you can learn more about the mortgage process, find the current mortgage rates, and even use one of their calculators to approximate your monthly repayment terms. For customers on the go, Quicken Loans also offers free iPhone and Android apps.

Quicken Loans Fees

Fees associated with Quicken Loans depend on a number of factors, and constantly change. As a result, if you have a specific question about fees (or any other aspect of your mortgage), we would recommend contacting a Loan Expert directly at (800) 251-9080 or via online chat.

Pros:

  • In business for more than 28 years.
  • Claims to be the #1 online lender, and the 3rd largest retail mortgage lender in the US.
  • Claims to have competitive rates and a wide variety of products.
  • Primarily positive online reputation.

Cons:

  • Many consumer complaints include accusations of collecting fees while knowing the loan will not be approved, in addition to a confusing approval process. However, it appears that the company responds to complaints in a timely manner.

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6 Customer Reviews for Quicken Loans

Average Customer Rating: 1.7
Rating Snapshot:
5 stars: 1 4 stars: 0 3 stars: 0 2 stars: 0 1 stars: 5
Bottom Line: 17% would recommend it to a friend
Showing 1-6 of 6
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  • 1 out 1 people found this review helpful

    Buyer beware

    Do not go with Quicken Loans, for they claim they are a lender, but reality, they are no more than an underwriter for Fannie Mae, for they do not hold the paper that they claim to loan.

    They will sell off your loan within 24 hours of closing. The whole process is deceptive from the beginning, and they will charge you an upfront fee of $500 and run your credit before you even say "yes." The whole process is one big stress machine, for they will collect paperwork, and then lose it. They will offer an initial loan amount and then decrease it, based upon your supposed debt to income ratio.

    I started with a loan of $267,000, and then they changed it to $212,000 all because $12 more a month was added to my student loan payment, even though my loan was deferred for life. My favorite was the appraisal, for the first appraisal came back at the purchase price, of course, and then the magic Fannie Mae SPRD system challenges the appraisal, claiming that the price was not supported. Then there is a second appraisal ordered (by the way, they add an additional $500 charge to your escrow account after they said "it was on their dime").

    The second appraisal came in at $371,000 using homes in the comparable that was like comparing apples to oranges, and when the original appraisal was done, it came in at $387,500. They did everything in their power to get out of this loan, for I was putting down 43%, so it did not matter. They even gave me conditional approval where I made the conditions, but they kept moving the markers, and two days before closing, they pulled the rug from under me, stating that they could not approve the loan, despite giving me a written approval. What is so surprising is that was with an 800 credit score.

    They call me and tell me the day before closing to pay off my student loan debt or get a cosigner, for they refuse to take any risk whatsoever, despite having a perfect credit record and putting 43% down. I went to a different lender, where I had to have another appraisal done, and the third appraisal came in at $388,500 for the same exact house only a week later. This tells me that the second appraisal done by Quicken was questionable in nature, for some odd reason this appraisal came back almost a week later when the original came in 48 hours later, and they asked me to sign an appraisal waiver.

    They had the nerve to ask me how I was paying for the hotel costs, and even though I told them that my costs were free due to paying by points, they demanded I show them proof of it. They did everything they could to get out of this loan because they would not make money on their end.

    This lender is nothing more than an overpriced loan broker claiming to be a lender on TV and online. They do not fund your loan, they underwrite for Fannie Mae and sell to them on the open market falsely claiming to the public that they are a direct lender, which is far from the truth.

    They did not care that I have spent $14,000 to move all my belongings from Los Angeles to Charlotte with having no place to unload it, and left me in a situation where I was stranded in a hotel with no place for my family. They offered me no compensation for my loss and stress they put me through. They are not reliable or trustworthy, so buyer beware!

    Bottom Line: No, I would not recommend this to a friend

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  • VA refinance

    • Indiana,
    • Jan 13, 2017

    AVOID Quicken Loans.

    Working with Quicken Loans on a VA refinance loan was a terrible experience for me. I initially contacted them on or about August 1st, and on August 26th I sent them a letter, at their request, explaining my intentions. Based on the letter and my proof of service, they informed me that I was eligible.

    I proceeded, at their direction, with the actions required by the VA, including appraisal, the pest inspection, well water test, and treatment. All together it was about $1,000 out of my pocket. On December 18th, after I had done everything they asked and after Quicken Loans had received all the necessary documents to close, they informed me that I was ineligible for the loan.

    Long story short, they agreed to refund the cost of the appraisal only. Meaning, I wasted $600 to accomplish what they told me to accomplish. AVOID Quicken Loans.

    Bottom Line: No, I would not recommend this to a friend

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  • 1 out 1 people found this review helpful

    Terrible Experience

    We have a log home that we were trying to refinance through Quicken Loans. The initial consult made things sound positive in moving forward. Nobody told us because we have a log home in an area that does not have at least three comparisons, the loan would never get approved.

    We scheduled the appraisal and got that response back. We talked to the agent after the appraisal and were told that the loan should close in about 14 business days. Great, or so we thought!

    About six days later, I get a call letting us know we cannot go forward with the loan. They explained why. We wanted the appraisal refunded because of their mistake. They said ok, but only on the credit card. We do not use that card often and preferred to have a check. But they would NOT issue a check.

    This is their signature on their e-mail:

    Every Client Every Time No Exceptions No Excuses

    Don't believe it!

    Bottom Line: No, I would not recommend this to a friend

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  • 4 out 4 people found this review helpful

    Refinance

    • Inglewood, CA,
    • Nov 19, 2016

    After trying to refinance with a current lender who didn't seem like they were willing to work with us, I was searching the web and saw QL. I called and Wow! The loan originator was so helpful and listened. Before I knew it our loan was in process and the team was great. They always were there to talk with, explained anything. I admit, I read the negative reviews and thought, hum, but we kept moving with our loan and for people who do hardly anything online, this was easy. Again, all loans are different and we must be honest about things that we could do that makes a loan go sour. There was a lot of paperwork and timelines that were required. But, again we did what was needed and we closed our refinance loan in five weeks. Thanks QL.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 2 people found this review helpful

    Discriminatory lending practices

    Quicken Loans deleted my negative review. Their employee discriminated against me because I am elderly. I'm only 62 years old but I'm retired. Young people need to learn that they cannot disrespect older citizens and get away with it. I will be filing an age discrimination lawsuit.

    Bottom Line: No, I would not recommend this to a friend

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  • 4 out 7 people found this review helpful

    Not even worth 1 star

    By far the worst customer service I have ever received in my life. The representatives are "yes ma'am, we understand but we did nothing wrong" kind of people and it's a total sham. The second I indicated any interest in exploring the home buying process, this company called me 8 times within 8 hours and left 3 voicemails.

    When I eventually answered and was connected to a banker to get some more information, I openly admitted that I knew NOTHING about the mortgage process and he began asking me where I was at in the process and I said that I literally just started and knew NOTHING about any of this. When he pulled my credit he informed me A) that because I have student loans in deferment I was disqualified from pre-approval and B) that this was a HARD inquiry on my credit score.

    Minimally, the fact that I openly admitted to not knowing a single thing about the mortgage process he should have mentioned the hard inquiry beforehand, as I would have immediately stopped the conversation because being in the first week of exploring home ownership, I clearly was not at that stage yet. He neglected to tell me that because as a phone representative he just wanted to make his sale.

    Second, I screen clients all the time before actually setting them for an appointment and when there are “red flags” or immediate disqualifiers such as student loans in deferment, that is something that can be discussed prior to starting the entire process and putting a hard inquiry on my credit report. That could have easily been screened and once again the banker was just trying to make his sale and was all too eager to “get me started with their company” that he failed to act on any common sense and protect his “potential client” beforehand. This people are deceptive, manipulative, awful telemarketing, robots who are only out to tell you just enough to get what they want.

    When a representative followed up on my concerns the following day, he defended his banker saying that “it wasn’t necessary to ask about student loans before pulling my credit score.” Necessary? Apparently not. But for a company that promotes their excellent customer service, and A+ rating, necessary should not be the expected service received. Considerate and efficient is the basic service I expected.

    He also proceeded to tell me that “by simply asking permission to pull my credit should have made it obvious that it was a hard inquiry” (even though multiple times I told them I knew NOTHING about this process). I simply want them to remove the inquiry from my credit report that they so hastily ran. Had I been given accurate information and adequate customer service, this whole situation could have been avoided. I would never have agreed to run my report if I had known it was a hard inquiry and could have easily disclosed my student loans in forbearance had they simply screened me beyond my social security number and income.

    Just because they believe something isn't "necessary" or that something is "obvious" does not give them the right to not disclose it prior to docking my credit score just so they can push me through the system to get what they want. I will absolutely recommend NEVER to work with these company.

    Bottom Line: No, I would not recommend this to a friend

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