Editor's note: As of July 31, 2021, Quicken Loans has merged under the Rocket Mortgage brand name. For the most up-to-date information on this company, see our Rocket Mortgage review. This article will remain on the site for archival purposes.
Quicken Loans mortgage rates
Quicken mortgage rates were a little lower than average in 2020 (the most recent data available).
Mortgage interest rates change regularly, so this table does not reflect the rates you’re likely to be offered. But you can use it as a tool to compare lenders side by side.
Average mortgage rates at major lenders
|Quicken Loans||Wells Fargo||Freedom Mortgage||US Bank|
|Average 30-Year Interest Rate, 20201||3.20%||3.62%||2.92%||3.61%|
|Median Total Loan Costs, 2020||$4,610||$3,370||$3,340||$3,500|
|Median Origination Fee, 2020||$2,950||$1,280||$0||$1,170|
It’s important to note that Quicken’s advertised rates usually assume you’ll “buy down” your interest rate using discount points.
As with any lender, make sure you get written, formal quotes which include closing costs and fees. That way, you can see which lender is really the best deal for you when all the costs are tallied up.
Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).
Quicken Loans refinance rates
Quicken Loans refinance rates are on par with its home purchase rates. So you can use the comparison table above as a guide if you’re looking to refinance into a lower rate with Quicken.
Note that Quicken is also a top-rated company for customer satisfaction and many love its digital Rocket Mortgage platform. So if you’re hoping for a streamlined refinancing process, this lender might be worth a closer look.
Quicken Loans mortgage review for 2022
Quicken consistently tops customer satisfaction charts, has an A+ rating from the Better Business Bureau, and claims 96% of its customers say they’d recommend it to others.
It’s also taken home the top customer satisfaction score in J.D. Power’s mortgage customer survey for 11 years in a row.
So, just how does Quicken keep up its stellar reputation? In short, by streamlining the mortgage application process using technology.
Quicken also backs its online tools with real-live mortgage experts, ready to provide advice over the phone or by email. However, if you prefer an in-person experience, this lender won’t be for you. It doesn’t do face-to-face meetings.
Quicken also seems to prefer dealing with mainstream customers rather than those who need special help.
So you might have to look elsewhere if your credit score is low or if you’re burdened by a high debt-to-income ratio (DTI).
Working with Quicken Loans
Quicken Loans was one of the first companies to offer web-based mortgage borrowing at the turn of the century. And it’s largely maintained its lead ever since.
If you enjoy technology, Quicken’s Rocket Mortgage offering will be particularly appealing.
Rocket lets you carry out even more tasks online — including e-signing your loan documents. And its back-office functionality can automatically verify much of the information you provide in your online application. That speeds up the process and takes some of the administrative burden off your shoulders.
But technophobes aren’t excluded. Quicken Loans will let you apply and manage the loan process using the phone, email, fax, and snail mail. You just won’t get to look a loan officer in the eye.
Finally, the company’s RateShield Approval offering lets you get pre-approved for a loan and fix your interest rate for 90 days while you find the home you want.
Actually, “fix” isn’t the right word. Your rate will stay the same if mortgage rates rise but can still move down if they fall.
Quicken Loans ratings and customer service reviews
Quicken Loans is one of the highest-rated mortgage companies. In 2020, it scored the top rating on J.D. Power’s customer satisfaction survey. That was its 11th consecutive year in the number one spot.
Quicken also has an A+ rating on the Better Business Bureau, and it gets less than one complaint per hundred customers according to the Consumer Financial Protection Bureau (CFPB) database.
Customer service reviews at major lenders
|CFPB Complaints, 20204||Complaints Per 100 Mortgages, 20205||JD Power Satisfaction Score, 20206|
Mortgage loan products at Quicken Loans
You don’t get to be the biggest lender with a small portfolio of products. So it’s no surprise Quicken Loans has a good selection, including:
- 30-year fixed-rate mortgages (FRMs) — The most popular type of home loan. Most 30-year FRMs conform to Freddie Mac and Fannie Mae guidelines and requires private mortgage insurance (PMI) if you put less than 20% down
- 15-year fixed-rate mortgages — 15-year FRMs typically have lower interest rates than 30-year loans. However, your monthly payments will be significantly higher
- “Yourgage” — Still a fixed-rate mortgage, but you get to choose any loan term you want from 8 to 29 years. This is more flexible than almost any other lender
- Adjustable-rate mortgage (ARMs) — These start off cheaper, but come with the risk they’ll get more expensive if market rates go up. You can limit that risk by fixing your rate for the first 5, 7, or 10 years
- FHA loan —With backing from the Federal Housing Administration, this loan lets you make a down payment as low as 3.5% and qualify with a low credit score (580+). But you’ll have to pay mortgage insurance every month until you sell or refinance
- VA loan — These loans backed by the Department of Veterans Affairs allow zero down payment, have a low credit bar, and there are no continuing mortgage insurance payments. But you have to be an active service member, veteran, or have another eligible military affiliation to qualify
- Jumbo loan — For high-value homebuyers who need to borrow more than most mortgages allow — which is currently $ in most areas. Quicken will lend up to $3 million, if you can afford it
Quicken Loans also offers reverse mortgages to those 62 years and older.
These let you access the equity in your home without selling. And you don’t have to make any monthly payments. But the cumulative borrowing costs may mean you won’t have much equity to leave your heirs.
No second mortgages with Quicken
Quicken does not offer home equity loans or home equity lines of credit (HELOCs). But homeowners can access their equity with a cash-out refinance.
Cash-out refinancing pays off your current mortgage and replaces it with a larger loan, paying you the difference in cash at closing. This loan type works best when homeowners can get a lower rate or shorter loan term in the process.
Where can you get a mortgage with Quicken Loans?
NMLS ID: 3030
Quicken Loans offers mortgages in all 50 states, although it has no brick-and-mortar branches where you can apply in person.
If you choose to work with this lender, you need to be comfortable doing so with no face-to-face encounters.
However, you don’t need to use a computer or device beyond making initial contact, if you prefer not to.
After requesting a call online, you can use the phone, email, fax, and postal service all the way up to closing. Talking to a loan officer over the phone might be especially helpful if you’re a first-time homebuyer who’s not familiar with the application process.
Is Quicken the best mortgage lender for you?
If you choose Quicken for your mortgage, you’re in good company. This Detroit-based lender has rapidly become one of the most popular in the U.S. thanks to its seamless, digital-first mortgage process.
But remember not to choose a lender based on the ease of application alone. You should also compare rates from a few different companies and make sure you get the best deal.
You can get started right here.