Expert Quicken Loans Review 2019

In a nutshell: After being in business for over 30 years, Quicken Loans has helped over 20 million Americans finance their homes. Quicken Loans is a direct lender offering both fixed-rate and adjustable mortgages as well as government backed programs. Their website and online service include free mortgage calculators, up-to-date mortgage rates, as well as articles, guides, and blog posts.

Overview

With over 30 years of experience, Quicken Loans has helped over 2 million Americans finance their homes. Unlike some online mortgage providers, Quicken Loans is a direct lender, though they will still offer you multiple mortgage options. Their website and online service include free mortgage calculators, up-to-date mortgage rates, as well as articles, guides, and blog posts which can help you plan your financial future. best of all, you can discover what rates are available to you without even signing up for an account or inputting your social security number.   

Quicken Loans also has an extremely high satisfaction rate and have been ranked the top mortgage provider based on customer satisfaction for 7 consecutive years. 

Eligibility & Process

Unlike other online mortgage providers, Quicken Loans allows you see perspective rates without having to input any personal details. The application process will ask you basic questions about the home you plan on purchasing, your credit score range, and some financial questions regarding down payment and debts. After completing this form, expect to see a number of mortgage options and you can get in touch with a Quicken Loans representative to learn more. 

Your eligibility will also depend on your credit score and current debt amount. If your current debt is higher than average, Quicken Loans may be able to help reduce payments due to their higher debt-to-income (DTI) tolerance.

Fees & Rates

Quicken Loans fees depend on the type and length of the mortgage you decide to take. They offer several options including fixed-rate mortgages, adjustable-rate mortgages, Federal Housing Administration (FHA) loans, VA loans (for US army veterans), jumbo loans, and more. 

If you do not qualify for any special programs such VA, you may have to pay private mortgage insurance (PMI) which can add $1000's over the course of your mortgage.

Payment Terms

Mortgage and refinancing loans are available at fixed and adjustable rates. They offer standard 15-year & 30-year fixed-rate mortgages and adjustable rate mortgages at 5-year or 7-year terms. Quicken Loans works with most government programs like FHA and VA loans.

 

Customer Support

Customer support at Quicken Loans is one of the most robust in the industry with a wide variety of contact options available. They offer online chat support from Monday - Friday, 7:00 AM to midnight and on Saturdays and Sundays from 9:00 AM to 8:00 PM. Phone support is also offered with similar hours and there are different contact numbers depending on if you need expert advice or help with the mortgage process. Phone support is also available in Spanish.

However, it is important to note that once you contact the company, you agree to join their mailing and call list and you may receive calls from multiple mortgage agents. You can ask to be removed from the list and these calls will stop.

Joe Schwartz | Mortgage Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

Top 5
1
9.9
2
8.7
3
8.5
4
8.0
5
7.9
Pros
  • Variety of loan options
  • Real-time rates
  • Fixed-rate terms
Cons
  • No home equity loans
Bottom Line
Quality services with low rates, instant comparisons, and real-time quotes.

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