Quicken Loans Reviews: Will They Provide Good Recommendations?

Quicken Loans is a real estate marketplace for home buyers. You can search for mortgage lenders based on your financial status and mortgage requirements.

Editor’s Rating

4.6

User Rating

0

(0 Reviews)

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Pros

• No service fees.
• 100% online.
• Resources available to assist buyers.

Cons

• No reviews for lender-matching service.
• Compensation-based recommendations.
• Limited number of lenders available.

Quicken Loans is a marketplace where you can search for mortgage lenders. They collaborate with lenders and recommend them based on your requirements. They also provide multiple resources to help you through your home-finance journey.

Quicken Loans is often confused as a mortgage lender. However, in 2021, they transitioned to a lender-matching platform and set up Rocket Mortgage for mortgage lending services.

It is important to note, the lenders that Quicken Loans collaborates with pay them compensation. As per Quicken Loans’ website, their rating and recommendations depend on the compensation they receive.

✍️ Editor’s Take: We recommend you use Houzeo to find a mortgage lender near you. Houzeo has partnered with top lenders, so you get better recommendations.

Is Quicken Loans Legit?

Quicken Loans is a legitimate lender-matching service. The current CEO of the company is Jay Farner. The company was founded as Rock Financials in 1985 by Dan Gilbert. They initially operated as a mortgage advisor.

In 1999, Quicken Loans initiated its lending services post a rebrand. The company established Rocket Mortgage and transferred all of their lending operations. Since then, Dan has transitioned Quicken Loans to match mortgage lenders with you.

Quicken Loans Lawsuit

Quicken Loans has been 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.

How does Quicken Loans Work?

To search for a local lender, visit quickenloans.com and click on the ‘Get Started’ button. You’ll have to answer a series of questions.

• Home Requirements: 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.
• Financial Profile: Quicken Loans asks for your credit score and employment status to evaluate your compatibility with their network of lenders’ specific criteria.
• 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 to 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. Their services are free. You are subject to regular lender fees and typical mortgage interests. Using Quicken Loans doesn’t affect these costs.

Quicken Loans Reviews

Quicken Loans has a 4.6 out of 5-star rating on Trustpilot based on 19,670 reviews. These reviews, even the recent ones, are for their mortgage lending services. We couldn’t find any customer reviews of Quicken Loans lender-matching services in the first few pages.

Hence, we can’t vet Quicken Loans’ efficiency in matching you with a lender based on these reviews.

Pros and Cons of Quicken Loans

Let’s evaluate the pros and cons of Quicken Loans.

👍 Pros

Here are some benefits of using Quicken Loans:

• No Fees: Quicken Loans doesn’t charge you any fees to suggest recommendations.
• 100% Online: Quicken Loans offers their services online. You need to fill out a form on their website.
• Extensive Resources: Quicken Loans has an extensive collection of free-to-use tools and blogs to help with your mortgage journey.

👎 Cons

Here are some drawbacks to working with Quicken Loans:

• No Reviews to Vouch for Services: Quicken Loans has no reviews for their lender matching service.
• Limited Recommendations: Quicken Loans only recommends the lenders that collaborate with them.
• Limited Coverage: Quicken Loans doesn’t offer services in all states. They have not disclosed the states they serve in.

Top Mortgage Lenders

» Jump to: Rocket Mortgage | Better Mortgage

Here are the top 2 mortgage lenders coverage to help you find your best match:

1. Rocket Mortgage

Nationwide Coverage

Rocket Mortgage

• Min. Credit Score: 620

•  4.7/5

  (16,612 reviews)

🔎 Sneak Peek

Rocket Mortgage is an online mortgage lender and is quite popular for refinances. In 2022, Rocket Mortgage has achieved an annual closed loan volume of $133 billion and has become one of the largest online lenders.

• Pre-Approval Speed: 8 minutes
• Credit Scores against Loan Types:
  • 580 – FHA, VA
  • 620 – Conventional
  • 680 – Jumbo
• Interest Rate: Lower than national average
• Days to Close: 47 days
• Types of Loans:
  • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    
  • Doesn’t offer USDA, home equity, HELOCs, land loans, or loans to purchase foreclosures

⚡ Application Process

What you need to know about applying for a mortgage from Rocketmortgage.com –

• How to apply: Online via rocketmortgage.com website.

⭐ Reviews

Rocket Mortgage has 4.7 out of 5 stars on Trustpilot.

 

» Rocket Mortgage Reviews: Know why Rocket Mortgage is one of the top mortgage lenders in the US.

📍 Coverage

Nationwide Coverage: Rocketmortgage.com is available in 50 states.

2. Better Mortgage

#1 Online Platform

Better.com

• Min. Credit Score: 620

•  4.2/5

  (1,587 reviews)

🔎 Sneak Peek

Better Mortgage is an online platform that helps home buyers get a mortgage for new homes, refinances, etc. With its fast closing time and highly intuitive digitized interface, Better.com offers a seamless mortgage application process.

• Pre-Approval Speed: 20 minutes
• Credit Score: 620
• Interest Rate: Lower than the national average
• Days to Close: 32 days
• Types of Loans:
  • Better.com offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    
  • Better.com doesn’t offer VA and USDA loans

⚡ Application Process

What you need to know about applying for a mortgage from Better.com –

• How to apply: Online via better.com website.

⭐ Reviews

Better Mortgage has 4.2 out of 5 stars on Trustpilot.

 

» Better Mortgage Reviews: Know why Better Mortgage is one of the top mortgage lenders in the US.

 

📍 Coverage

Near-Nationwide Coverage: Better.com is helping home buyers get mortgages in 47 states.

Is Quicken Loans a Good Company?

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 available on their platform.

Quicken Loans only recommends lenders who agree to pay a fee to them. So, you may miss out on better service providers.

If you want to find a top mortgage lender near you, use Houzeo’s platform. Houzeo provides crucial details, including reviews and recent transactions of these professionals. So, you can compare and find the one that matches your requirements.

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