4.6
Editor's Rating0
User Rating (0 Reviews)Quicken Loans is a home loan marketplace that helps buyers connect with money lenders and explore different loans options. They also aim to simplify the lending process for home purchase, refinancing, etc.
Pros
Cons
Quicken Loans is a marketplace where you can search for mortgage lenders. The company collaborates with lenders and recommends them based on your requirements. They also provide multiple tools to help you through your home-finance journey.
Additionally, through Quicken Loans, you can explore multiple financial options and compare offers. They also promise a hassle-free process for choosing a lender that best suits your financial requirements.
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✍️ Editor’s Take: It is important to note that the lenders that Quicken Loans collaborates with pay them a compensation fee. As per Quicken Loans’ website, their rating and recommendations depend on the compensation they receive.
Key Takeaways
- Quicken Loans is an online real estate marketplace for home buyers. They can help you connect with mortgage lenders based on your financial status and mortgage requirements.
- Weighted Average Rating: Average rating of 2.8 stars based on 21,177 total Quicken Loans customer reviews.
- Pros: Broad network of lenders, extensive resources, online and quick process, and no obligation offers.
- Cons: Origination fees, constant spam calls, compensation fees bias, and a confusing application process.
- Coverage: No fixed list of markets where services are available.
- Alternatives: Bank of America, Rocket Mortgage, and United Wholesale America.
Is Quicken Loans Legit?
Yes, Quicken Loans is a legitimate lender-matching service. The company was founded as Rock Financial in 1985 by Dan Gilbert. In 1999, they were renamed as Quicken Loans.
Quicken Loans became a popular online mortgage platform and acted as a direct lender until 2023. However, after their parent company launched Rocket Mortgage as a direct lender, Quicken Loans rebranded as a home loan marketplace.
No, Quicken Loans and Rocket Mortgage are not the same company. Their operations and services are independent of each other. However, they are licensed under the same parent company: Rocket Mortgage, LLC.
LMB Mortgage Services owns the Quicken Loans brand under a license from Rocket Mortgage, LLC.
Quicken Loans Reviews
We explored various sites to compile Quicken Loans reviews and ratings. Across different platforms, the company has a weighted average rating of 2.8 stars based on 21,177 total reviews.
Although they are not a Better Business Bureau-accredited company, Quicken Loans is rated 1.5 stars based on 691 reviews on the platform. On Trustpilot, they have a rating of 4.2 stars from 20,486 reviews.
| Website | Rating | Review Count |
|---|---|---|
| Trustpilot |  | 20,486 |
| BBB |  | 691 |
| Weighted Average |  | 21177 |
We analyzed many Quicken Loans reviews and found that most customers had both positive and negative experiences. Many home buyers praised the company for helping them with a quick and easy lending process. Meanwhile, the negative feedback mentioned:
Positive Quicken Loans Mortgage Reviews
✅ Ethel highly praised the Quicken Loans representative who helped them throughout their loan application process. They described the agent as kind and helpful.
The representative who helped me with the loan application was very kind and helpful and very nice he also walked me through it with his name and phone number I appreciate that he was very knowledgeable about the process of applying for my loan application.
Source: Trustpilot
✅ Steve Lai described Quicken Loans’ service as outstanding. They shared that they received respect, guidance, and answers to all their doubts from the company. Moreover, the representative also made the loan application process stress-free.
The service was outstanding. I received the utmost respect, thorough answers to all my questions, and clear guidance through the entire process. My agent made completing the necessary loan forms easy and stress-free.
Source: Trustpilot
✅ Ronnie Barron was nervous about the process. However, Quicken Loans’ team made sure to make them feel comfortable and explained everything to them well. Additionally, the home buyer received more money than they had expected.
I was nervous….but each step of the way, I was made to feel comfortable by every person..without fail. It was a lot of money, a LOT! More than I anticipated. The availability was explained very well by Connor and his team. They actually made a dream come true. Incredible!
Source: Trustpilot
Quicken Loans Review Complaints
❌ Susan Paul had a poor experience with Quicken Loans due to a lack of communication and misleading information. Despite submitting all the documents, they did not receive any updates for weeks. The company shared an estimate with unwanted escrows and closing costs after the buyer switched lenders.
It was the most horrible experience. On day 1 – I provided all the documents requested and then was met by silence for weeks. I messaged, I emailed – i asked multiple times for my loan estimate and got nothing in return. I worked with Summer and she was the worst – even after saying repeatedly that I don’t want escrows – she never spoke a word with me – never send the loan estimate – only after I moved to another loan company was the estimate sent to me and that too with escrows and an extremely high closing cost. This was completely different then what she said on day 1 cos after that she never spoke or communicated anything
Source: Trustpilot
❌ An anonymous customer shared that the Quicken Loan’s provider they connected with sent them the wrong paperwork. Additionally, the lender was not transparent about their fees either.
The company that I decided to write my loan with, did not send the approapriate paperwork and was not transparent about their fees.
Source: Trustpilot
❌ Mike shared that they have received a barrage of spam calls and texts after contacting Quicken Loans. They accused the company of selling their contact information.
What an obnoxious process! My phone and text messages have not stopped. One of you loan companies sold us out. We have been bombarded with calls and texts for over a week!
Source: Trustpilot
Quicken Loans Lawsuit
Quicken Loans was accused of lending government-insured FHA loans to non-eligible borrowers. This cost millions to the government as hundreds of borrowers couldn’t pay their mortgages. Quicken Loans settled the case by agreeing to pay $32.5 million to the government.
Pros and Cons of Quicken Loans
We evaluated various buyer reviews and company policies to find what you might like and dislike about the company.
✅ Pros
- Broad Network of Lenders: Quicken Loans is a marketplace that has partnered with a huge network of lenders. This allows buyers like Scott to choose a lender based on their financial requirements.
- Extensive Resources: Along with a Quicken Loans mortgage calculator, the company has an extensive collection of free-to-use tools and blogs to help with your mortgage journey.
- Online and Quick Process: Quicken Loans offers their services online, which many buyers find convenient. For example, Dorothy shared that the loan application process was quick and easy for them.
- No Obligation Offers: As per our research, you are not obligated to accept any of the matches that Quicken Loans connects you with.
❌ Cons
- Origination Fees: You might have to pay a 0.5%-1% of the loan amount as an origination fee to the lender. The amount of the fee can also change depending on the loan type and your financial situation.
- Constant Spam Calls and Texts: Many customers shared that after providing their contact information to Quicken Loans, they received a huge number of spam calls and texts. For instance, a customer shared that for the past ten years, they have continuously received texts and emails from the company.
- Bias Based on Compensation Fee: As per the Quicken Loans website, they receive compensation from the lenders they feature. This compensation also influences them to push a lender more on their site.
- Confusing Application Process: Many buyers shared that the website asked them how much they owed on their current home. In case it was zero, then the process did not go forward. Buyer Shirley Lenox faced this situation, which left them frustrated.
How Does Quicken Loans Work?
To search for a local lender, visit quickenloans.com and click on the ‘Get Started’ button. Then, the steps are as follows:
- Provide Home Details: Answer a few questions regarding the house you want to purchase. This includes the type of house and whether you plan to use it as your primary, secondary, or investment property.
- Share Financial Profile: Quicken Loans asks for your credit score and employment status to evaluate your compatibility with their network of lenders’ specific criteria.
- Enter Personal Information: Provide them with your name and contact details.
Once you submit the information, Quicken Loans gives you recommendations based on your profile and location. These recommendations exclude lenders not partnered with them. Consequently, you might overlook a lender that is better suited for your requirements but not associated with Quicken Loans.
How Much Does Quicken Loans Cost?
You don’t have to pay anything to get lender recommendations from Quicken Loans. However, you will have to pay an origination fee to the lender that you choose to connect with. In case you are refinancing, you will have to pay a refinance fee.
The origination fee is typically 0.5% to 1% of the loan amount. Meanwhile, the refinancing fee is 2% to 6% of the loan amount.
Quicken Loans Mortgage Rates
Quicken Loans isn’t a direct lender. Since they do not provide loans, there is no fixed estimate of how much interest you might have to pay. The charge depends on the individual lender that you connect with through their service.
Quicken Loans Alternatives
We evaluated different mortgage lending services on the metrics of interest rate, convenience, and guidance. Bank of America, Rocket Mortgage, and United Wholesale Mortgage were the top options based on these criteria. Here’s how they compare to Quicken Loans.
1. Quicken Loans vs. Bank of America
Quicken Loans is a mortgage lender marketplace that can help you connect with many providers. As a result, they do not determine whether the interest rate will be competitive or high.
Bank of America, on the other hand, is the largest national bank. You need to have a higher credit score to be eligible for loans. However, you also get to enjoy lower interest rates.
2. Quicken Loans vs. Rocket Mortgage
Quicken Loans is a lead-generation marketplace, not a direct lender. As a result, their services extend only to the early stages of the loan application, with an actual lender taking over the important steps later.
Meanwhile, Rocket Mortgage helps throughout the full loan process. You can have a more streamlined process with the company since they cover everything from application to closing.
3. Quicken Loans vs. United Wholesale Mortgage
As a first-time home buyer, the loan application process with Quicken Loans might be complex for you. If the representative and the loan officer aren’t helpful, you don’t have any other option to solve your issues.
Whereas United Wholesale Mortgage works exclusively with online mortgage brokers. You can’t apply directly to them, but a broker evaluates different loan options and manages the process on your behalf. This model is ideal for buyers who want expert guidance along with access to multiple lending choices.
Quicken Loans Coverage
On their website, Quicken Loans mentions that their service doesn’t cover all states. However, they have not disclosed exactly which markets their services are available in.
With our research, we found that since Quicken Loans is a marketplace, their coverage depends on their partner lenders. They do not have a fixed list of available states.
Is Quicken Loans Worth It?
Yes, there is no harm in getting suggestions from Quicken Loans. You can compare the fees, interest rates, and other services of multiple lenders on their platform. You can also use the free tools and resources.
However, Quicken Loans also has a few shortcomings, such as they mostly recommend lenders who agree to pay a fee to them. So, you may miss out on better service providers. Their loan application process can be confusing as well for first-time home buyers.
In conclusion, since positive experiences of Quick Loans customers dominate the negative feedback, you can approach them to see if their services suit your needs.
We conducted thorough research on reviews for Quicken Loans to provide an unbiased and fact-based analysis. Our research compiled data on real customer experiences from credible sources. To maintain accuracy, the methodology included:
- Varied Reviews: We gathered reviews of their multiple establishments from Trustpilot and BBB to ensure credibility.
- Qualitative Analysis: We analyzed reviews to identify common issues, discern themes, and gauge overall customer sentiment.
- Objective Insights: To highlight both pros and cons, we summarised all the reviews and offered neutral insights.
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