Quicken Loans Mortgage Review for 2025

Quicken Loans mortgage rates

Quicken Loans’ mortgage rates were about average in 2021 (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 30-year mortgage rates at major lenders

*Rocket Mortgage 2021 lending data. Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).

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 that 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.

Quicken Loans review for 2025

Quicken Loans consistently performs well for customer satisfaction scores. Case in point, Quicken and Rocket have taken the first or second spot in J.D. Power’s mortgage customer survey for 13 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.

That said, Quicken 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 an online mortgage process to borrowers at the turn of the century. And it’s largely maintained that lead ever since.

Recently, Quicken transitioned all lending business to its Rocket Mortgage platform, which lets you complete a full application and close online, including e-signing your loan documents. Its back-office functionality can automatically verify much of the information you provide in your online application. This 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, as Quicken/Rocket have no in-person lending offices.

Online mortgage preapproval

Borrowers can complete a mortgage preapproval wholly online with Quicken’s Rocket Mortgage. Getting preapproved upfront proves your loan eligibility to sellers and real estate agents. Indeed, many will not accept offers from buyers without a preapproval letter.

You’ll submit financial information online, including your Social Security number, income, assets, and debt, along with supporting documents to verify these figures. Then Quicken’s underwriters will confirm your personal finances by verifying your financial details and pulling your credit report.

Online loan application

Many lenders offer an online application, but quickly transition you to an in-person or over-the-phone loan officer. But Quicken Loan’s process begins and ends online. You can reach out to a home loan expert over the phone if needed.

You’ll receive a Closing Disclosure form about three days before closing. This includes your “actual” loan terms, including the interest rate, monthly payment, and cash needed to close.

Quicken Loans customer service reviews

Quicken Loans is one of the highest-rated mortgage companies. It consistently earns top scores in J.D. Power’s mortgage customer satisfaction survey and receives less than one complaint per thousand customers according to the Consumer Financial Protection Bureau (CFPB) database.

Customer service reviews at major lenders

*Ratings and complaints attributed to Rocket Mortgage for 2021.

Mortgage loan products at Quicken Loans

Quicken Loans features a modest portfolio of mortgage loans. Yet most home buyers will find that these mainstream loan options suit their needs.

• Conventional loan: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can qualify with as little as 3% down payment and 620 minimum credit score. You can usually stop paying private mortgage insurance (PMI) after a few years
• Jumbo loans: These types of mortgages allow higher loan amounts than conforming mortgages, generally for mortgages over $
• 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 or higher). But you’ll have to pay mortgage insurance premiums (MIP) for the life of the loan 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, with no continuing mortgage insurance payments. But you have to be an active-duty service member, veteran, or have another eligible military affiliation to qualify
• Fixed-rate mortgages (FRMs): Most people choose either a 30-year or 15-year loan term, but with Quicken’s “YOURGage” program, you can secure a fixed-rate loan with a term anywhere between 8 and 30 years. This can help you tailor your loan to have a comfortable monthly payment but a lower long-term interest cost
• 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

Quicken doesn’t offer USDA loans. So borrowers who are interested in this type of mortgage will need to look at other lenders.

Refinancing with Quicken Loans

In addition to home purchase loans, Quicken also offers refinancing. Homeowners can choose between refinance loans that lower their monthly payments, pay off their homes sooner, or tap home equity.

Refinance loan options at Quicken/Rocket include:

• Rate-and-term refinance: Exchange your original mortgage with a new loan that offers more favorable terms or a lower interest rate
• Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash
• FHA Streamline: A refi program designed specifically to help existing FHA homeowners access today’s mortgage rates without much hassle
• VA IRRRL: Also known as the Veterans Affairs Interest Rate Reduction Refinancing Loan, this is a low-doc, low-cost refinance option

Where can you get a mortgage with Quicken Loans?

NMLS ID: 3030

Quicken Loans and Rocket Mortgage offer home loans in all 50 states, although the company 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 without 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 home buyer who’s not familiar with the application process.

Is Quicken the best mortgage lender for you?

If you choose Quicken’s Rocket Mortgage for your loan, 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.