Quicken Loans Review

Overall Score

4.8 out of 5

Trustpilot

4.6 out of 5

Loan Volume

5.0 out of 5

Editorial Rating

4.8 out of 5

Summary

With an entirely online application, Quicken Loans was one of the first companies to make refinancing as easy as it is today. They focus on maintaining a high standard of customer service while providing as many options as possible to homeowners as they choose the right loan refinance for their needs. Now one of the biggest mortgage loan lenders in the country, Quicken Loans strives for excellence with every loan they approve.

Highlights

Review

Quicken gets an impressively high company score from Trustpilot users
As one of the largest lenders in the country, Quicken gets full marks in loan volume with billions in loan origination in 2022
Rated as the top mortgage loan company for customer service
Fully online application with options for professional assistance via phone or chat at any time
Convenient app that makes accessing your loan progress and details simple

Overall

As a whole, Quicken Loans is a great option for a refinance. They have loan options for everybody, and their loan requirements are a bit less stringent than those of other companies. With Quicken, you can expect helpful customer service and an easy application, as well as customizable loan options. With almost 40 years in the business, they've earned the good reputation they currently hold.

Quicken Loans Ratings

The team at BestRefinanceRates.com considers a variety of sources and methods to determine an overall ratings score. First, a lender's Trustpilot score (or TrustScore) is factored in, when available. Truspilot, a third-party review site, is a leading source regarding customer satisfaction and consumer sentiment. From there, for lenders that publicly release their financial statements, we research loan origination volume. Loan origination volume is one way to understand a lender's solvency and transactional reliability. Next is brand strength. For lenders who have met a certain threshold of engagement on BestRefinanceRates.com, we measure their relative popularity among our consumers. And finally, we offer our editorial ratings, which rely heavily on in-depth brand research and secret shopping.

Editor Ratings

Loan Variety

Loans Offered Include: Fixed, ARM, FHA, VA, jumbo, 15 and 30-year terms
Quicken Loans refinances most loan products the typical homeowner is interested in, including both fixed and adjustable rates as well as a variety of conventional and streamlined options. Unlike many competitors, Quicken also works with jumbo loans for those who qualify.

Fees

Our research indicates that fees and rates with Quicken Loans are typically average or low, depending on factors including the homeowner's financial situation, the home's value, and the current market. Coupled with their customer service and their long-standing reputation in the mortgage market, their prices are generally a good deal and make them worth checking out.

Customer Service

Quicken Loans' customer service is top tier. As the first major mortgage company to push online applications, they've carefully orchestrated their customer support to ensure that there is no loss in quality as a result. Homeowners can apply for a loan through Quicken as independently as they want -- and any time questions come up, their helpful chat and phone options are always available for assistance. Homeowners can take advantage of provided resources as needed, allowing for a truly customizable experience with the company.

Company Reputation

As far as its reputation among customers goes, Quicken Loans succeeds year after year. Perhaps due to how long they've been in the business, the company has managed to create a truly streamlined refinancing process. With a simple application process, an easy-to-use interface, and prompt customer service, their high ratings for customer satisfaction are deserved.

Ease of Application Process

Applying for a refinance through Quicken Loans is fast and easy, with a fully online application that only takes a few minutes to complete. They do require that you provide your social security number as a means of offering you the most accurate rates possible, but the site is secure and the application form is simple to complete. Quicken operates in all 50 states, ensuring you can work with them from anywhere.

For Lower Credit Scores

Minimum Credit Score: 580-620
While requirements depend on the loan itself, Quicken Loans is notably lenient when it comes to credit score expectations. With lower requirements, average to low fees, and customizable loan options, homeowners with lower credit scores would benefit from at least getting a quote from this company.

For Higher Credit Scores

With a large variety of loans available, top-rated customer service, and fairly low rates for qualifying homeowners, Quicken Loans is a great option for those with higher credit scores.

Additional Ratings

Trustpilot Rating

Quicken's 19,000+ Trustpilot reviews earn them a 4.6 customer rating
Company employees are known to be responsive and helpful, while the lending process as a whole runs relatively smoothly for most customers

Loan Volume Rating

Quicken Loans is one of the top names in lending in the country, with them lending out as much as 8-figures in 2022 alone*uicken originated $133.1 billion in 2022, more than any other lender in our database

Company Background

Headquartered in Detroit, Michigan, Quicken Loans was originally founded as Rock Financial in 1985. Although they started off with a more traditional approach to mortgage loans, in the 1990s the company turned the industry on its head by pioneering the online mortgage market favored today. With nearly 40 years in business, Quicken is now the largest mortgage loan provider in the nation.