Quicken Personal Loans Review
Quicken Loans offers a streamlined application for experienced loan shoppers and excellent customer support to help those who are new to the process.
Quicken Loans offers most major loan types, including personal loans under Rocket Loans, and a fast application process that could get you approved in as little as eight minutes. Just fill out the online application and it’ll pull your personal and financial data into the system and verify it automatically, so you don’t have to wait for a representative to do it for you. But if you do need help, customer service agents are standing by.
Like all mortgage lenders, Quicken’s rates vary depending on the day and your creditworthiness, but they are consistently more affordable than its competitors, Wells Fargo and Citibank. If you’re not ready to apply yet, you can sign up for text or email alerts whenever the rates change, so you can quickly lock in a low rate.
Quicken Loans mortgages at a glance
|Best For||People who want to be approved quickly|
|Not For||People interested in USDA or home equity loans|
|Types of Loans Offered||Conventional, Jumbo, FHA, VA|
|Better Business Bureau Rating||A+|
|Standout Features||Get approved in as little as eight minutes|
Offers most major mortgage types
Affordable mortgage rates
Simple loan application
Quicken Loans puts its customers first, offering low rates and a streamlined application process to save you both time and money on your mortgage. Its Rocket Mortgage tool enables you to get approved for a loan online without ever speaking to a representative. But if you do need some help, you can always contact Quicken Loans by phone for personalized advice and recommendations.
Is it true?
Yes. Quicken Loans is the third-largest mortgage lender in the nation, behind Chase and Wells Fargo. It offers most major home loan products, including traditional fixed- and adjustable-rate mortgages, as well as VA, FHA, and Jumbo loans, at rates lower than many of its competitors. Currently, you can get a 30-year fixed-rate mortgage for 3.375%, but like all mortgage companies, these rates are subject to change. Quicken gives you the option to sign up for email and text alerts, so you know the second that happens.
Once you’re ready to apply, just fill out the Rocket Mortgage application online. Answer a few basic questions about yourself and your home. Rocket Mortgage will automatically pull in your property and income data, so you don’t have to look that up yourself. It’ll also pull information about your assets from your bank. Then, you’re presented with options that you can customize, changing the loan term, interest rates, and other factors to design a loan that suits you. Then, you just have to wait to find out if you’re approved. Once you are, you can lock in that rate, and when it’s time to close, Quicken Loans will come to you to fill out the paperwork. And if for some reason you’re not approved, or you have questions about your mortgage, representatives are standing by to help you.
Customers have expressed their approval for Quicken Loans’ service, earning it the top spot in J.D. Power’s primary mortgage origination study and its primary mortgage servicer satisfaction study. Consumers were pleased with Quicken’s loan offerings as well as the convenience of the online application. Interactions with customer service representatives and the company website were also positive. By comparison, Chase, Wells Fargo, and Citibank only received average customer ratings.
Our deep dive
- Available nationwide: Quicken Loans offers home loans to residents of every state, either directly, or through one of its . If Quicken believes one of its partner lenders can better serve you, it’ll pass your information along to them, but in most cases, you’ll work with Quicken Loans directly
- Offers most major loan types: Quicken Loans provides conventional fixed- and adjustable-rate mortgages, plus FHA, VA, and Jumbo loans. It’s missing USDA loans, which are popular among rural dwellers who don’t qualify for a conventional loan, and home equity loans, but most people should be able to find what they’re looking for with Quicken.
- Affordable mortgage rates: Quicken Loans’ rates are comparable with Chase’s and lower than those offered by Wells Fargo or Citibank. When you’re talking about a loan you’re going to have for 30 years, even a quarter of a percentage point can make a big difference in the overall cost. As with all lenders, Quicken’s rates change over time, but you can stay up to date on the latest rates by signing up for daily email or text alerts.
- Streamlined application process: The Rocket Mortgage tool speeds up the loan application process by automatically pulling in your personal and financial information, so you don’t have to look it up. You just have to answer a few questions about yourself and what home you’re looking at, and Quicken Loans will generate customized results. In some cases, you can get approved online within a few minutes without ever having to speak to a representative. However, if you’re looking to purchase a new home, it may take longer. If you’d prefer to have someone walk you through the process, you can always contact Quicken by phone, and a customer service representative can answer any questions you have.
- Simple closing procedure: Once you’re ready to close, let Quicken Loans know and one of their representatives will come to you to fill out the paperwork. You let them know where you want to meet, and they’ll be there, whether it’s your home, office, or a public space.
- Plan ahead with mortgage calculators: Quicken Loans has several mortgage calculators to help you determine how much you can afford to spend on a home, what your monthly payment will be, and how much you could save by refinancing. This is a good place to start before applying for a new home loan, so you know what to expect moving forward.
- Manage your account on the go: Quicken’s MyQL Mobile app is available for iOS and Android devices. It enables you to view your loan information, make payments, and submit and e-sign documents for your home loan. You can also contact Quicken Loans directly from the app if you run into any problems.
The cost of your mortgage depends on several factors — the cost of your home, your credit score, interest rates, etc. If you’re looking for the best deal on a home loan, you’ll want to focus on interest rates. Though all lenders tend to offer similar rates, even a quarter of a percentage point can make a big difference over the life of your loan.
For example, say you’re looking at a $300,000 30-year fixed-rate mortgage at 3.375%. Over the life of your loan, that comes out to $477,464. Now consider the same loan at 3.5%. The total cost is $484,968. That extra 0.125% cost you an extra $7,504. That’s why it’s important to shop around before committing to a lender.
It’s a good idea to compare rates from several companies and local credit unions before you make your decision, but don’t let that be your only consideration. You’re going to have this loan for a long time, so you want to make sure you choose a lender that’ll be there for you down the road to answer questions, and to help you deal with any problems that come up. Fortunately, Quicken Loans customers are in good hands. Customers have consistently rated it among the best in the business in terms of customer service.
- Chase: Chase offers fixed- and adjustable-rate mortgages as well as FHA, VA, and Jumbo loans and home equity lines of credit. Its rates are comparable to Quicken’s and you can get a custom rate quote online that should give you a good idea of how much you’ll pay before you apply. You can get pre-approved online, but if you choose to go with Chase, you’ll have to speak to a representative, either over the phone or at one of its branch locations, to complete the application.
- Wells Fargo: Wells Fargo is the second-largest mortgage lender behind Chase. It offers fixed- and adjustable-rate mortgages as well as FHA, VA, and new construction loans. There are also options for those with low down payments. Its rates are a little higher than Quicken Loans’ and Chase’s, though. It also received just average ratings in J.D. Power’s customer satisfaction surveys. But if you’re not satisfied with the options offered by the other lenders on this list, it may be worth applying to Wells Fargo.
- Citibank: Like the other companies on this list, Citibank offers fixed- and adjustable-rate mortgages, FHA, VA, and Jumbo loans. Its rates are slightly higher than Chase’s and Quicken Loans’, but cheaper than Wells Fargo’s. You may be able to apply online, but depending on what type of loan you’re looking at, you may have to speak to a representative over the phone to complete the pre-approval process. You can also choose to do the entire thing over the phone, if you prefer.
What others are saying
- Consumer Reports discusses the Rocket Mortgage application process, which can supposedly get you approved for a mortgage in eight minutes. The article explains how the application automatically fills in your information, which saves time, but it’ll likely take you more than eight minutes. If you’re buying a new home, you must have an appraisal done first, and that could take weeks. The article also cautions shoppers that just because applying is easier doesn’t mean getting approved is: “While Rocket Mortgage aims to make the mortgage application process faster, it doesn’t make it easier to qualify. Quicken Loans doesn’t disclose the credit scores of its customers, but the average credit score for its customers is high—around 700, according to Credit Sesame, a credit-monitoring company.”
- HousingWire commented on Quicken Loans’ impressive three-year streak as the best mortgage lender, according to J.D. Power. According to Quicken’s founder, Dan Gilbert: “Too often, mortgage companies view their interaction with a client simply as a transaction, versus a relationship dedicated to assisting the client for the life of their loan…Our passionate team members know the connection with our clients extends far beyond origination, and they obsess every day to make sure all of our serviced clients have the best possible experience.”
- TechCrunch also wrote about Quicken’s Rocket Mortgage service, explaining the ins and outs of applying for a mortgage online. It highlights the speed advantage Rocket Mortgage has, but also notes some pitfalls. For example, “The flipside of using Rocket Mortgage is that a person might lose out on a smarter option. Through Rocket Mortgage, a person can lock in a new interest rate and mortgage term in minutes. Most often, there are several different mortgage programs a person qualifies for, but sometimes, one makes more sense than another. An experienced mortgage banker could guide a person into the best mortgage for them.”