Quicken Loans Mortgage Review for 2021

Quicken Loans is one of America's largest mortgage lenders, and it tops the charts for customer satisfaction. Find out if Quicken is the best lender for you.

Lending flexibility 4.5
Customer service 4.5
Ease of application 5.0
Online experience 5.0
Minimum down payment 3%
Minimum credit score 580
Loan Products Offered

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

Best Features

  • Best customer satisfaction in the industry for 11 years running
  • Online tools to upload documents and track your application securely
  • Flexible loan options with low down payments available


  • 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
  • No USDA loans or second mortgages


Quicken Loans is one of America's biggest mortgage lenders, and it stands out for having exceptional customer satisfaction scores.

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

Quicken also owns the Rocket Mortgage brand, 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.

Quicken Loans mortgage rates

Quicken mortgage rates were about average in 2019 (the most recent data available). They were neither the highest nor the lowest among major lenders.

Rates have fallen to new lows since 2019, 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 30-year mortgage rates at major banks

Quicken Loans
Wells Fargo
Bank of America
Average 30-Year Interest Rate, 2019
4.16% 4.22% 4.22% 4.05%
Monthly P&I Payment
$973 $980 $980 $961
Median Loan Costs, 2019
$5,075 $3,484 $3,440 $3,918
Median Origination Charges, 2019
$2,805 $1,199 $1,279 $1,265

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

So 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).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each lender’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.

Check Your mortgage rate from Quicken today, June 23, 2021

Quicken Loans refi rates

Quicken Loans refinance rates are on par with its mortgage 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’s rates tend to be a little higher than industry average, and the same is true for refinancing.

But this is also the best-rated company for customer satisfaction — and many are willing to pay a bit more for the ease of working with a company that puts service first.

Check your refinance rate from Quicken today, June 23, 2021

Quicken Loans discount points

When you compare rates between mortgage companies, pay attention to Quicken Loans discount points. 

Discount points” are an extra cost you pay at closing to buy down your mortgage rate. One point typically costs 1% of your loan amount. And Quicken usually includes more discount points in its advertised rates than many other companies. 

For example, you might see Quicken’s 30-year fixed rate advertised at 3.75%, with 2.125 points due at closing.

That means with a loan amount of $250,000, you’d have to pay approximately $5,300 at closing to get your rate that low.

Without paying for 2.125 points, your rate would likely be closer to 4.25% instead.

Quicken Loans mortgage review for 2021

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.

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 is low 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.

Rocket 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 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 its people 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 customer service reviews

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

Quicken Loans ratings

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 thousand customers according to the Consumer Financial Protection Bureau (CFPB) database.

Mortgage Originations 2019
CFPB Complaints 
Complaints per 1,000 Mortgages
2019 JD Power Rating
Quicken Loans
774,900 187 0.24 880/1,000
Wells Fargo
1,026,800 342 0.33 837/1,000
527,600 188 0.36 850/1,000
Bank of America
466,552 245 0.53 843/1,000

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 $548,250 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.

Check your cash-out refinance eligibility (Jun 23rd, 2021)

Quicken Loans FAQ

Are Quicken Loans closing costs too high?

By its own estimate, Quicken Loans closing costs are usually 3-6% of the loan amount. That could be a bit higher than average. Most of the industry estimates 2-5% of the loan amount for closing costs. Typical closing costs include mortgage origination fees charged by the lender as well as third-party services like appraisals and legal fees. Costs vary depending on your loan amount, location, real estate taxes, seller concessions, and so on — so it’s impossible to make a blanket statement about whether Quicken Loans closing costs are too high. To see for yourself, you’ll have to compare loan estimates from Quicken and a few other companies side by side.

How does Quicken Loans work?

Quicken Loans works a little differently than most mortgage companies. It’s primarily a digital lender, so most customers will start their loan application online, likely through its Rocket Mortgage platform. In fact, you’re unlikely to meet with a Quicken loan officer in person until it’s time to sign your closing documents. In some states, Quicken/Rocket even let you e-sign your loan documents and skip the in-person meeting altogether. 

What does your credit score need to be for Quicken Loans?

Quicken Loans requires a minimum credit score of 580 for FHA loans. For VA loans and conventional loans (those backed by Fannie Mae and Freddie Mac), Quicken requires a 620 credit score. Debt-to-income ratio guidelines vary among loan options, too, but the lender generally suggests a DTI of 43% or lower.

What credit score does Quicken Loans use?

Quicken Loans uses your FICO credit score to determine your eligibility for a mortgage.

Is Quicken Loans safe?

Yes — Quicken Loans is a safe and legitimate company to use as your mortgage lender. It might seem a bit strange to apply for such a big loan online, without meeting face-to-face with a loan officer. However, Quicken Loans is an established company that’s licensed in all 50 states. It was one of the biggest residential mortgage lender in the U.S. in 2019, and hasn’t had any major scandals or borrower issues according to NMLS. 

Does Quicken loans do home equity lines of credit?

Quicken Loans does not offer home equity lines of credit. However, Quicken does do cash-out refinancing. A cash-out refinance an alternative to a home equity line of credit for tapping into your home’s value.

Is Quicken Loans the same as Rocket Mortgage?

Quicken Loans owns Rocket Mortgage. But they’re not exactly the same thing. Rocket Mortgage is the online portal for Quicken — so most customers will apply and manage their loans through Rocket. But Quicken actually processes the loans. They do the “back-end” work of figuring out whether you qualify for a mortgage and how much you’ll pay.

Does Quicken Loans charge for pre-approval?

Quicken Loans does not charge you to get pre-qualified for a mortgage. But it does charge for pre-approval. That’s because the pre-approval process is more involved than pre-qualification. It involves more work on Quicken’s part, like pulling a credit report and verifying your income and assets. For pre-qualification, Quicken will simply ask you a few questions about your income and credit and estimate how much you can afford. 

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 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.

Verify your new rate (Jun 23rd, 2021)

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  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings