Quicken Loans Mortgage Review for 2022

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.

Quicken Loans
Minimum down payment3%
Minimum credit score580
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.

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
Quicken Loans 391 0.03 883/1,000
Wells Fargo 554 0.05 840/1,000
Freedom Mortgage 288 0.04 817/1,000
US Bank 158 0.03 848/1,000

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 $ 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.


  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