Approximately 5.9 million people prefer online banks for their checking, savings, bill paying, and money borrowing needs. And with good reason – virtual money management allows for more convenience and time savings for customers.

As online financial products expand, accessing loans is one of the most popular use cases for consumers. Quicken Loans is one lender offering multiple financial tools to help consumers get their finances ready to qualify for a home loan. 

In this article, we’ll dive into the upsides and downsides of using Quicken Loans, and answer some frequently asked questions about the platform and what’s required to get approved for a loan.

What is Quicken Loans?

Quicken Loans
Quicken Loans Visit site
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Quicken Loans, now known as Rocket Mortgage, is an online mortgage lender that offers consumers access to money to purchase a home or refinance their existing mortgage. This company's services and loan options have helped revolutionize how people find homes and obtain personal loans and mortgages.

Quicken Loans Review

Quicken Loans offers consumers shopping for a home a convenient, streamlined process to apply for a loan. As with any money lender, there are some benefits and disadvantages of applying for a mortgage through Quicken Loans include:

  • Easy-to-use online application process
  • Document and asset retrieval capabilities
  • Ability to edit the preapproval letter
  • Options to work with a loan officer by phone
  • Working with the largest FHA lender in the nation
  • Credit checks are required for a customized interest rate, which could affect your credit score
  • Origination fees are high compared to similar lenders
  • Quicken Loans does not offer home equity lines of credit

Quicken Loan Options

Like other home loan lenders, Quicken Loans offers various mortgage options, making it possible for a new home buyer to qualify for the best mortgage for their financial situation and needs. Below are the different loans available through Quicken Mortgage:

Loan Loan Features Best for those wanting
Easy to Qualify Loan Flexibility Rate Security Lower Equity or Lower Down Payment
FHA Requires lower credit scoreDownpayment as low as 3.5% Yes Yes Yes Yes
30-Year Fixed Mortgage Monthly payments divided over 30 yearsStable fixed rateLower rate than short-term loans Yes
15-Year Fixed Mortgage Less interest paid overallPayments spread over 15 yearsLoan gets paid off faster Yes
Adjustable Rate Mortgage (ARM) Lower fixed interest rate for the first 5, 7, or 10 years Yes
VA Loan 100% financing for veterans, service members, and spouses Yes Yes Yes Yes
Jumbo Loans Perfect for those needing a larger loan amountLoans from $647,200-$2.5 millionSave money with a lower interest rate Yes
20-Year Fixed Lower interest ratesRepayment is faster Yes Yes Yes
25-Year Fixed Lower interest ratesRepayment is faster Yes
Custom Term Loan Ability to customize loan termsFixed interest rates from 8 to 29 years Yes Yes
FHA Streamline Perfect for those with an existing FHA loan, but want a lower interest rate Yes Yes Yes Yes

Frequently Asked Questions

Why do people use Quicken Loans?

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Quicken Loans offers home buyers several loan options, making it possible to find the perfect mortgage loan to fit your budget and financial needs. Some of the top reasons why people choose to use Quicken Loans for their home loan needs may include the following:

  • Ability to find a loan that fits their needs
  • Ease of applying online
  • User-friendly website with financial education information
  • Easy online bill paying
  • Application process at your own pace
  • Award-winning customer service
  • Access to expert advice and counseling

How many customers does Quicken have?

Quicken Loans have approved and provided trillions of dollars in home loans to millions of families. Here are some stats about how many customers Quicken Loans has helped since 1985:

Money Paid at Home Closings $1.7 trillion
Number of Mortgages Serviced Monthly 2.5 million
Client Retention Rate 97% (over 12 months)
Money It Has Saved Its Clients $490 million

What's the Process for Getting a Mortgage with Quicken Loans?

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Home buyers can apply for a new home loan through Quicken Loans over the phone or online. Once the application is submitted, they will be assigned a Home Loan Expert to help guide them through the process.

Once your credit score has been pulled, your loan expert will send you a loan estimate, also known as a prequalification letter, through the website's loan portal (MyQL).

Once you have your prequalification letter, you must submit a deposit to cover costs incurred during the credit report pull, appraisal, and title work to continue the mortgage process. Between $400 and $750, the deposit is credited against your total closing costs.

If you do not have a home in mind to purchase upon approval, it is time to go home shopping. Once you have your home selected, it is time to make an offer and let your loan expert know. If you have any questions about getting your preapproval letter and closing on the home, your Home Loan Expert can answer them and help you immediately.

What banks use Quicken Loans?

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Banks that offer mortgages do not typically use third parties like Quicken Loans to fund or approve mortgages for clients. Additionally, loans offered through Quicken Loans (Rocket Mortgage) are completed through the parent company Rocket Companies.

Though banks do not offer Quicken Loans, many banks provide access to bill paying, including a Rocket Mortgage, through local branches. Check with your bank to see if they provide easy bill pay through Quicken when paying your mortgage.

Will Quicken Loans approve me?

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To qualify for a conventional home loan through Quicken Loans, you must have a credit score of 620 or higher. Though they approve some buyers with a lower credit score, you will have a much greater chance of getting approved if you have a higher credit score.

If you are still determining if you will get approved for a loan through Quicken Loans, call to speak with a mortgage expert. However, you may be guided to fill out the application so they can see where you stand. If you do not qualify, you may receive guidance, tips, and advice on improving your chances of qualifying when you reapply for a loan.

How much money can you get at Quicken Loans?

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Quicken Loans offers mortgages for home buyers looking to finance their new home purchase. In 2024, the average home purchase was $417,700, which falls within the typical amount of money Quicken Loans offers. Jumbo loans are also available for loans between $647,200 and $2.5 million for a home loan.

Do you need help getting a loan through Quicken Loans?

It is easy to get a loan through Quicken Loans. If you are looking for a 30-year fixed mortgage, here is what you may need:

  • 3% down payment
  • 620 minimum credit score
  • 50% or less debt-to-income ratio

Please note that loan requirements vary, and it is best to speak with your loan expert for details and information about your application and odds of approval.

Does Quicken Loans have a good reputation?

man holding pen-five stars

Quicken Loans has a good reputation and is best known for its unique and personalized customer service. In 2023, its parent company, Rocket Companies, was recognized as the second-best lender for customer satisfaction by J.D. Power's Mortgage Organization Satisfaction Study.

Quicken Loans also maintains an A+ rating from the Better Business Bureau.

Who owns Quicken Loans?

Today, Rocket Companies owns Quicken Loans and has renamed the service - Rocket Mortgage - to maintain the same brand recognition across all services.

Is Quicken safe to use?

Quicken Loans uses the latest technology to provide encrypted data to protect clients' information. Information is stored on a firewall-protected server and is only transmitted with a secure socket layer technology that is encrypted, keeping all personal data safe, secure, and unreadable during transmission.

Who is Quicken Loan's most significant competitor?

couple receiving loan-office-office-papers-persons shaking hands

Quicken Loans is a leader in mortgage lending services and is very competitive compared to traditional lending services. Some of its main competitors have included Tradition Mortgage, The Money Source, and Homesite Mortgage.

If you are ready to buy a home, consider submitting a mortgage application to Quicken Loans (Rocket Mortgage). You may be surprised by the quality of service offered, the various loan options available, and the ease of the prequalification process. Whether you are ready to apply for a loan today or want to learn more about your odds of qualifying for a home loan, check out Quicken Loans website or call their customer service department to speak with a Home Loan Expert.

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The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered.

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