Quicken Loans Mortgage Lender Review for 2020

Quicken is America's largest mortgage lender and tops the charts for customer satisfaction. Our review explores the pros and cons of working with this mega lender.

Lending flexibility 4.5
Customer service 4.5
Ease of application 5.0
Online experience 5.0
Minimum down payment 3.5%
Minimum credit score 580
Loan Products Offered

Fixed-rate mortgage
Adjustable-rate mortgage
Jumbo mortgage
FHA mortgage
VA mortgage
USDA mortgage

Best Features

  • Best customer satisfaction in the industry for ten years running
  • Online tools to upload documents and track your application securely
  • Flexibility to buy discount points upfront for a lower interest rate


  • No face-to-face customer service
  • Not particularly friendly toward borrowers with bad credit or high existing debt
  • Rates might be higher than advertised if you don't purchase discount points


Quicken Loans is America's biggest mortgage lender and stands out for having exceptional customer satisfaction scores.

Part of the reason borrowers love Quicken is for its industry-leading online resources. Its helpful tools make the mortgage process feel more accessible for many buyers.

Quicken also owns the Rocket Mortgage brand ("push button, get mortgage"), which we reviewed separately.

Unless you strongly prefer a person-to-person interaction over websites and phones, you'll likely want Quicken on your shortlist of lenders.

Just make sure you check rates from a few different lenders before buying, so you can be confident you're getting the best deal on your mortgage.

Compare Quicken Loans mortgage rates

The mortgage industry doesn’t really do volume discounts. So don’t expect a big lender like Quicken to have noticeably lower mortgage rates or closing costs.

Indeed, you may have to pay a little more for the company’s stellar customer service.

It’s also important to note that Quicken’s advertised rates usually assume you’ll “buy down” your interest rate at closing using mortgage points.

So as with any lender, make sure you get written, formal quotes which include closing costs and fees. That way, you can make a worthwhile side-by-side comparison between lenders.

30-year fixed-rate mortgage estimates at major banks

Quicken Loans
Wells Fargo
Bank of America
Interest Rate1
3.99% 3.75% 3.75% 3.75%
4.269% 3.876% 3.808% 3.921%
Discount Points3
2.125 0.5 1.0 0.481%
Monthly P&I Payment
$916 $889 $889 $889

We compared Quicken’s rates with other top mortgage lenders in the U.S.

In our analysis, Quicken mortgage rates were above average. But remember that average rates can differ based on the types of clients and programs a lender specializes in.

Rates shown here are current as of 12/19/2019. Monthly principal and interest payments are based on a home price of $240,000 and down payment of 20% for a home located in Washington. 

These numbers are a snapshot only. Your own mortgage costs will vary depending on your loan, your finances, the economy, and other factors.

Verify your new rate (Jan 18th, 2020)

Quicken Loans mortgage review for 2020

Quicken Loans wouldn’t have risen to be the number one mortgage lender in America if it weren’t delivering exceptional service.

Quicken consistently tops customer satisfaction charts, has an A+ rating from the Better Business Bureau, and claims that 96 percent 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 ten years in a row.

Quicken Customer Reviews, Quicken Mortgage Review from The Mortgage Reports

Image: Quicken

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.

It even lets you get in touch by fax. Indeed, if you want, it’s possible to apply without touching a computer except to request a call from an advisor.

However, if you prefer an in-person experience, this lender won’t be for you. It doesn’t do face-to-face meetings.

It 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’s south of 620 or if you’re burdened by lots of existing debt.

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.

That lets you carry out even more tasks online — including e-signing your loan documents.

And Rocket’s back-office functionality can automatically verify much of the information you provide in your 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 its people in the eye.

Finally, the company’s RateShield Approval offering lets you get pre-approved for a loan. And it can fix your 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 customer service reviews

It’s hard to overstate Quicken Loans’s exceptional levels of customer service. Because compared to the rest of the industry, this lender really does stand out.

Mortgage Originations4
CFPB Complaints5
Complaints per 1,000 mortgages6
2019 JD Power Rating7
Quicken Loans
396,000 171 0.43 880/1,000
Wells Fargo
312,000 419 1.34 837/1,000
155,000 202 2.13 850/1,000
Bank of America
111,000 236 2.13 843/1,000

Those ten straight years at the top of the annual J.D. Power U.S. Primary Mortgage Origination Satisfaction Study are an exceptional achievement. And it’s one reflected on most websites where customers get to post reviews.

Moreover, Quicken was number one for Fannie Mae’s star-rating scorecard as well as one of Fannie’s 5-star servicers. And it was No. 1 for Freddie Mac’s servicer success scorecard.

Those levels of satisfaction are also reflected in the small number of complaints Quicken attracts.

Federal regulator the Consumer Financial Protection Bureau maintains a public database of such complaints. And, as the above table shows, Quicken Loans gest less than half of one complaint per 1,000 mortgages it originates.

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 that Quicken Loans has a good selection, including:

  • 30-year, fixed-rate mortgage (FRMs) — The most popular type of home loan
  • “Yourgage” — Still an FRM, but you get to choose any term you want from eight 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 five, seven or 10 years
  • FHA loan — This government-backed loan lets you make a down payment as low as 3.5 percent. And you may qualify with a low credit score (620+). But you’ll have to pay mortgage insurance every month till you move or refinance
  • VA loan — Zero down payment needed, low credit bar, and no continuing mortgage insurance payments. But you have to be an active service member, veteran or in one of the other eligible groups to qualify
  • USDA loan — If you live in a qualified rural or suburban area, you might be able to get a USDA loan with a low rate and no down payment
  • Jumbo loan — When you need to borrow more than most mortgages allow — which is currently $510,400. Get 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.

Where can you get a mortgage with Quicken Loans?

NMLS ID: 3030

Quicken Loans has no brick-and-mortar outlets where you can apply for a mortgage.

If you’re going to go with this lender, you need to be comfortable doing so with no face-to-face encounters.

Quicken Loans Licensed in all 50 States, Quicken Loans Review from The Mortgage Reports

Quicken does not have any brick-and-mortar branches. But it is licensed to lend online and over the phone in all 50 states.

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.

But that rather defeats this company’s point. As this Quicken Loans mortgage lender review makes clear, it’s great at all things digital.

Choosing Quicken and avoiding its web-based services is like going to Disneyworld and avoiding the park’s attractions.

Is Quicken the best mortgage lender for you?

If you choose Quicken for your mortgage, you’re in good company. This lender has rapidly become 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 companies and make sure you get the best deal.

You can get started right here.

Verify your new rate (Jan 18th, 2020)

Get Started With Quicken Loans Today!

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  1. Interest Rate: The rate you pay in interest per year based on the current loan balance.
  2. APR: The total cost of getting the loan including the interest rate and closing costs.
  3. Discount Points: Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. - Read More
  4. Mortgage Originations: The number of mortgages this lender closed. The most recent data available is from the 2017 Mortgage Market Activity and Trends, Consumer Financial Protection Bureau (CFPB), published May 2018.
  5. CFPB Complaints: The number of mortgage origination or closing related complaints filed with the Consumer Financial Protection Bureau in 2018. We ignore complaints about issues that don't concern mortgage applications and closings, such as loan servicing, since some lenders don't service loans and therefore would have an unfair advantage in complaint numbers.
  6. Complaints per 1000 mortgages: The number of mortgage-related complaints compared to this lender's total mortgages originated. Due to data availability, we're comparing 2017 originations with 2018 complaints to arrive at the number of complaints per 1000 mortgages originated.
  7. JD Power Rating: On a 1,000 point scale, consumer insight company JD Power scores large banks across six factors: channel interactions, deposit accounts, credit accounts, investment accounts, convenience, and problem resolution.