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Quicken Loans and Rocket Mortgage Review 2017

NerdWallet offers financial tools and advice to help you understand your options and make the best possible decisions. The guidance we offer and info we provide are deeply researched, objective and independent.

We spent over 400 hours reviewing the top mortgage lenders and awarding star ratings based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. To ensure consistency, our ratings are reviewed by multiple people at NerdWallet.

Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch. This combination, along with the wide variety of loan products offered, helped Quicken become a leading national mortgage lender and the largest lender of Federal Housing Administration loans in the country.

Rocket Mortgage is Quicken’s online-only interface. Through the Rocket Mortgage website or mobile app, users can easily upload financial details and get a loan decision in minutes. With the same underwriting standards as Quicken Loans, Rocket gives users high-tech access to leading loan programs.

Here’s how Quicken Loans and Rocket Mortgage stack up.

NerdWallet's rating: 4.5 / 5

Will quicken loans sell my mortgage

  • Offers fixed-rate loans of 8 to 30 years
  • Offers 5/1, 7/1, 10/1 ARMs
  • Minimum credit score of 620 (580 for FHA loans)

Quicken/Rocket provides just about all the services your neighborhood lender does: fixed- and adjustable-rate home loans, mortgage refinancing, FHA and VA loans and “jumbo” loans.

It’s not only the biggest online mortgage lender in the U.S., it’s also the second-largest retail mortgage lender — online or otherwise — behind Wells Fargo, according to trade publication Inside Mortgage Finance. It originated nearly $96 billion in mortgages in 2016.

An online mortgage lender goes even more virtual

Quicken Loans was already an online lender, but it repositioned itself as even more virtual when it introduced Rocket Mortgage, which is a service portal, not a separate company. Beneath the new Rocket technology are the same underwriting standards as the Quicken mother ship.

You can speak with a mortgage advisor anytime by selecting the “Talk to Us” button on every Rocket Mortgage page, but the site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

“What Rocket Mortgage does is, it gives the client the ability to price their own loan, pick their interest rate, the points, understand the trade-off to go with a higher rate and less points, et cetera,” says Bob Walters, president of Quicken Loans. “It allows them to lock that interest rate. It allows them to e-sign and create the original application without speaking to anyone.”

  • Instantly verifies employment and income for more than 60% of working Americans
  • With your authorization, accesses asset statements from 95% of U.S. financial institutions
  • Tells you the loan amount you’ll qualify for within minutes
  • Offers custom fixed-rate loan terms that are between eight and 30 years
  • Provides FHA-backed loans, as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%. “Quicken Loans is the largest and highest-quality (lowest-default-rate) FHA lender in the country,” according to a company-provided data sheet.

Rocket Mortgage’s document and asset retrieval capabilities alone can save you a bunch of time and hassle. Eventually, every lender will do this — or be left behind.

Considering fees and mortgage rates

“One of my great pet peeves in this industry over the years has been a lot of people advertise a low rate with a bunch of asterisks, and then by the time you get into the process, you realize that’s not the rate you’re going to get,” Walters says.

But he also thinks the days of low advertised rates with fine-print disclaimers are fading fast. He says the industry is now so highly regulated — and becoming so transparent — that every lender’s fees and mortgage rates are nearly the same.

Rocket Mortgage users are more likely to buy than refinance. They’re also slightly younger and tend to have a little bit better credit than Quicken Loan users, according to Walters.

“Client focus and technology: That’s what differentiates us,” Walters says. Another distinction, he says, is this: Quicken Loans doesn’t sell its loans to servicers. In other words, you don’t get the mortgage from Quicken, only to deal with a different company down the road.

“I think that branch loan officer is a dying profession.”

Through 2016, Quicken Loans has been awarded seven consecutive J.D. Power customer satisfaction awards for loan origination. Walters believes that’s a sign of things to come.

“I think that branch loan officer is a dying profession,” he says.

Will quicken loans sell my mortgageTo put Rocket Mortgage to the test, we went through a step-by-step demo with Regis Hadiaris, the tool’s product lead.

If you apply for a purchase mortgage or refinance through Rocket, you’ll first create an account and provide the usual personal information. For instance, to apply for a refinance, you’ll input your current mortgage details. Typing in your home address automatically imports property data, including the year your home was built.

You can add income details yourself, or, if you provide your birthday and Social Security number, the system will perform a search and fill them in.

“What’s nice about this is two things,” Hadiaris says. “It makes it easier for the person filling out this information, but at the same time, the system has done an electronic verification of income already, so it is actually starting the process of doing income calculations.”

Those calculations are a proprietary analysis of your income information. Algorithms begin to build your customized home loan recommendations.

Next, you’ll enter your asset information or have it automatically imported. Rocket can pull data about products such as checking, savings and investment accounts from 95% of U.S. financial institutions.

Will quicken loans sell my mortgageOnce the system has your data, you’ll come to a big green button that says “See My Solution.” This is where “Push button. Get mortgage” comes into play.

When you click the button, Rocket gathers your credit score and history from all three credit bureaus and compares the results with Quicken Loans’ mortgage underwriting guidelines.

An entertaining “T-Minus” countdown appears on the screen. After a few minutes, it’s replaced by details about your customized mortgage options. Slider bars allow you to change the closing costs, loan term and interest rate until you’re happy with the results. Then click the “See If I’m Approved” button, and within minutes you’ll get a loan approval — or not.

If you’re approved, you can lock your interest rate, print out an approval letter and then start house hunting. After you have a purchase contract on a home, the loan details are finalized, and the package goes through the usual underwriting process: ordering an appraisal, verifying a clear title and all the rest.

If your loan application is denied, you can speak or chat online with a mortgage banker to find out why and what you can do to be approval-worthy.

Where Quicken Loans and Rocket Mortgage fall short

Even though Quicken/Rocket is a leading full-service lender, there might be drawbacks for some customers:

  • Quicken/Rocket doesn’t offer home equity loans or home equity lines of credit
  • If you’re a “look me in the eye” type of customer, you’re out of luck
  • Quicken Loans doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Quicken Loans Review: Competitive Rates and Good Customer Service

Will quicken loans sell my mortgage

Early in 2013, I refinanced my mortgage with Quicken Loans. I was hesitant at first, since it seems as though a major loan transaction is something you should complete with a loan office you can speak with face-to-face.

However, my brick and mortar bank wouldn’t give me the best interest rate on a refinance — despite my good credit rating and my husband’s excellent rating. Seventy-five percent of my household’s income is the result of my self-employed activities, and the bank decided that constituted a risk.

So, when a Credit Sesame pop-up prompted me to refinance with Quicken Loans, I decided to go for it.

Quicken Loans is relatively fast and friendly. The entire process is fairly smooth, and you receive help every step of the way. Quicken has a great loan center that provides you with information about your refinance and which documents you need.

It’s possible to get access to a number of home loan programs with Quicken. You can choose different loan terms, including mortgages with terms of 15 years as well as 30 years. I took advantage of the HARP program through Quicken Loans (HARP is slated to end December 31, 2015).

As with most loan situations, the costs and fees you pay depend on the type of loan you get. In my case, the fees were fairly reasonable. I had an origination fee of about $1,700. Since I save $300 on my mortgage each month, thanks to the refinance, it took a little less than six months to break even.

I also had to pay off the small second mortgage on the home as part of the process, which brought my total out of pocket requirement to a little less than $4,000.

Even though I was annoyed that Quicken required me to pay off the second mortgage as part of the refinance deal, I think it was for the best now. It will make my home easier to sell down the road, and I don’t have it hanging over my head.

Required Documents and Customer Service

A Quicken representative called my phone number minutes after I filled out the consumer information form on Credit Sesame. Talk about fast lead generation! I didn’t answer the phone, though. Instead, I let it go to voicemail. I waited a week (phone calls almost every day), until I was ready, to call back and start the process.

When I did talk to my loan officer on the phone, he helped me get set up with Quicken’s Loan Center. This serves as a hub for all your paperwork. It’s how you upload documentation, such as your Good Faith Estimate. I was able to initiate refinance proceedings immediately, using an electronic signature. My loan officer was on the phone, talking me through it the entire time.

All of the documents you need appear as a checklist. From copies of your identification to bank statements to tax returns and W-2/1099 forms to additional asset statements, you have an itemized list of exactly what you need. You can scan and upload documents fairly easily. Many banks offer their statements in PDF format that you can easily save to your computer and then upload to the Quicken Loan Center.

In addition to having a loan officer, Quicken assigns another team member to help you through the process. If there are questions about transfers and assets, you are emailed immediately. If you need additional documentation, and you are slow to submit it, you are reminded. And every few days, someone calls to keep you updated.

Any questions you have can be answered quickly via email or over the phone, from the step-by-step process required to cancel your automatic payments to your former lender to the timing involved in canceling those payments and starting payments to Quicken. I was surprised at the level of customer service I received. It was better than what I received when completing my first mortgage at a brick and mortar bank.

After everything was cleared, the next step was to sign the paperwork. For the final papers, a notary is required. However, rather than sending us a pile of papers and requiring us to find a notary, Quicken actually sent someone to our home (we could have arranged a meeting elsewhere, if we wanted). He had the paperwork and oversaw the entire process. Then, he took care of mailing the proper copies to the proper places. This was at no extra cost to us (the cost was included in the $1,700 total).

Quicken also allows you to the option to make bi-weekly payments, which we decided to do. Your Loan Center remains active, so you can review documents after the fact, and it also includes information on your mortgage statements and payments, so you can stay up-to-date.

How Quicken Loans Compares to Others

In general, Quicken Loans is competitive with other brokerages in terms of fees charged and interest rates offered. I experienced a higher level of customer care with a Quicken Loans refinance than I did with my initial mortgage with a brick and mortar bank. Additionally, Quicken Loans was willing to help me with the HARP program when my primary bank wouldn’t. I had to submit more documentation about my income and assets (including PayPal statements), but, in the end, we were able to get the best available interest rate, and get approval without too much trouble, thanks to the HARP program and our credit rating.

How Quicken Loans Could Be Better

Some lenders offer no-cost refinancing. While the fees I paid weren’t onerous, I still would have liked the option of a no-cost refinancing. Also, the value of my home was high enough that the small second mortgage could have been rolled into the refinance without too much trouble. That would have been a plus, but in the end it’s probably best that I just paid it off.

Also, even though the refinance only took slightly more than six weeks to close, it would have been nice to get things through faster, since the timing meant I had to submit additional statements reflecting the most recent situation. But I understand that my self-employment situation probably held up the process a little bit.

Because of the streamlined HARP program, Quicken Loans is great for the borrower with HARP eligibility trying to refinance a home. Quicken could also be good for a non-HARP refinance. However, the online nature of Quicken Loans means that a non-HARP refinance could come with additional headaches, since there are different appraisal requirements. The easier/non-appraisal situation with HARP means an online refinance is easy.

Overall, my experience refinancing with Quicken Loans was great. It was fast and easy, and my team was helpful and friendly. I’ve turned from skeptic to believer.

Quicken Loans customer service reviews

Read the reviews below to see the experience other people have had when dealing with customer service from Quicken Loans.

can not find a link ir number to register a concern.

I had a wonderful experience my first application this second is a cluster f. The underwriting team is short of incompetent. This has been the worst experience I ever been through.

This service from quicken ended up not being what was originally agreed. I was not clearly communicated the changes, with the changes made the loan was not adjusted to the lower rate since the cash out had been removed? This service of fast and efficient is just the opposite. No clear communication, just rush rush rush. I will not recommend this company!

My Ql Documents Were Lost Or Not Documented Not Once Or Twice But Three Times And One Lulu, One Gigi And One Joe T. Were Responsible. Everytime I Thought We Were Through There Would Always Be One More Doc, Never Have I Seensuch Incompetence In Alarger Company.

BEWARE: Allthough I was approved , A gut Joe Malek called to help with my credit. I told Joe Malek I didn't need credit help as my score was very good.

He pulled 2 more credit reports that lowered my score Allthough he promised that it was a soft pull.Please beware , One dept covers for the other. Jim B.

QUICKEN LOANS appears as a hard inquiry on my credit report. I have no knowledge of this and would ask that it be removed.

My name is Morris Colvin, and I already have my home mortgaged with you. I have tried numerous times to contact you by phone, no luck. I tried Emailing but couldn't find where I needed to write. I need to correct the payment on my property tax. Not a abig problem if I could email or talk to someone. All my information is on file, Loan . All I want you to do is send me an email address that I can write and explain what I need done. My email address is [email protected] Please send me this as soon as possible.

In one days time I received 4 phone calls for soliciting from Quicken Loans 3 from the state

of Michigan and one from Arizona all to my cell phone every 2 hours. I will make sure that anyone and everyone knows what a crappy company you are.

Too much advertising and wait time to speak to someone. Need info on how to get your bill payed direct from my bank. If there is a form please email to me.

Mortgage Quotes And The Highest Customer Satisfaction From Quicken Loans

M y wife and I have been looking for our dream house off and on for a while. Ideally it would be a place with just a few more things than we have now, including a main level office, a 3 car garage and a big backyard. If we could find all those things we'd be pretty happy.

It's amazing the prices you can find nowadays on some pretty amazing homes, some even on local golf courses in our area. We found one home that was almost $700,000 a few years ago, now selling for only $375,000. It's tempting to jump in and buy one of those homes, but for now we're biding our time, as we're not completely sure the market has hit it's bottom yet.

Predicting a market bottom can be a tough business though, which is why we're already on the lookout for homes that we like – and would want to make our “forever home”. If we find something we really do like, we want to be ready to jump in with both feet. Of course we'd have to buy on the contingency of selling our current home, which is a whole other matter.

So for now we're looking at homes, and also doing our research on a variety of home mortgage lenders. We're trying to find somewhere where we can find not only a good rate, but a company that is known for excellent customer service. Today I want to look at one company that has been known for just that, Quicken Loans. This is my review of Quicken Loans.

Will quicken loans sell my mortgageQuicken Loans has been around for quite some time, since back in the mid-eighties, although they haven't always been under that name. From Wikipedia:

Quicken Loans, originally Rock Financial Corporation, was founded in 1985 by Dan Gilbert along with his younger brother, film producer Gary Gilbert, their childhood friend Lindsay Gross, and Ron Berman. Rock Financial soon became one of the largest independent mortgage companies in the country. In May 1998, Gilbert took Rock Financial public, launching a successful IPO underwritten by Bear Stearns and Prudential Securities.In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial for a sum of $532M. The company was renamed Quicken Loans. In June 2002, Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for just $64M.

So Quicken has been around for 25+ years, and have a solid record as a good company to work with for their customers, which we'll get to next.

While it’s good to see a bank that has a solid financial history, and is a good place to work, it’s also important to find one that is known for good customer service.

J.D. Power and Associates ranks Quicken Loans “Highest in Customer Satisfaction for Primary Mortgage Origination”. That speaks volumes about their customer focused ethic.

They received the highest score in three key factors, the mortgage application and approval process, the closing experience and keeping in contact and communication – all very important for a mortgage customer.

I wanted to try and figure out what kind of a rate I could expect to see if I were to use Quicken Loans, so I ran my general situation through their rate calculator.

I ran it through as a $200,000 mortgage on a home purchase price of $250,000 for MN. Their rates came back right in line with other quotes that I ran today through my mortgage rates page, coming in at just over 5%.

The hypothetical rate I ran is up to date as of June 2011, but to get your own updated rate quote, please head on over to their site to get your own easy quote!

More Than Just Mortgage Rates: Helpful Calculators And Tools

One great thing about Quicken Loans site is that it has more than just mortgage rates. They also have quite a breadth of mortgage related information for first time homebuyers and veteran buyers alike. Forbes listed Quicken Loans as a favorite of theirs, and talked about some of the extra information you'll find on their site:

This uncluttered site is deceptively deep with information useful for first-time homebuyers and those refinancing. Explanations are clear and calculators plentiful, including a tax-saving calculator and one that compares a 15-year with a 30-year loan.

The calculators and other tools are helpful, and it's nice to see a mortgage site that actually has some useful information – not just a rate quote form designed to get you into the process.

For even more helpful information the folks at Quicken Loans also bring us the awesome site called Basically the site allows you to get your free Experian credit score and report twice a year, as well as looking at ways to save and improve your financial situation. Stay tuned for a full review of Quizzle soon as well.

If you have good credit (find out if you do) and are planning on buying a home or refinancing, Quicken Loans is definitely worth a look-see. They have competitive rates, can originate loans in all 50 states,and have been recognized by JD Power for their great customer service, and by Forbes for their great website, calculators and tools. They're definitely a top tier mortgage originator, and should be in the running for your next home loan.

To find out more about Quicken Loans, you can go to their site through the link below.

Bible Money Matters is a paid advertiser by Quicken Loans

Will quicken loans sell my mortgage

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his little boy, Carter. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Google +, Pinterest, Twitter or Facebook!

Will quicken loans sell my mortgagePhilip says

I’m going through a re-fi with them right now. They certainly make the process easy because they do everything in-house. Most paperwork can be signed online and/or scanned and sent over. They were also able to work with me and my evolving self-employment situation. If the final numbers end up looking right, I should be closing with them in a week or so. Then, like you, I’ll be on the lookout for our next home, our forever home. This re-fi will just make our current place that much more rent-able.

Will quicken loans sell my mortgagePeter Anderson says

Good too hear your experience. I’d be interested in reading posts about your situation as far as trying to rent out your current home once you find something else. We’ve got some other friends going through that right now – having to run background checks on renters, signing leases/etc. Sounds like a lot of pain, but I’m sure in the end it’s probably worth it..

Will quicken loans sell my mortgageJon - Free Money Wisdom says

This recession definitely helps home buyers out when trying to find a house. It definitely swings in their favor. Great post–thanks for the informative advice!

Will quicken loans sell my mortgageDiscipleshpGuy says

Before I get to my comment I want to say that I currently have a house that we use to live in that we have outgrown and since have turned it into a rental due to not being able to sell it. So we currently rent.

That being said, I have spent a lot of time lately thinking about our next step, would we try to buy again, and if so, would we finance. This isn’t always an easy thing to think about, many of us, if we had to do 100% down (as Dave Ramsey recommends), wouldn’t be able to buy for a long time – at least not what we want to buy. That being said, since this site is Bible Money Matters, is there anyway that we as Christians, can justify getting a mortgage? I know that culturally that we do it, but we aren’t to be a part of the world. Is there any Biblical position that allows for getting a mortgage or loan of any kind?

I am not trying to attack you or anything, I like you and your sites. But, sometimes I think about all of the Christian financial blogs out there, giving advice on living frugally, Biblically, and being good stewards, and I wonder if sometimes we miss the mark and just give good advice rather than Biblical advice. Basically my question for us to think about is this: is it Biblical to get a mortgage or to even recommend a mortgage (or loan of any kind)?

Will quicken loans sell my mortgagePeter Anderson says

I don’t think there is anything un-biblical about getting a mortgage or other loan, and I’m not sure what there is to justify about taking on a mortgage? Yes, debt is discouraged in the bible, and we should all do our best to avoid it when we can, but I don’t think that it rises to the level of sin or of being un-biblical. Are you aware of verses that dis-allow mortgages or loans of any kind?

I think we need to encourage folks to make wise decisions with the resources that they’ve been given by God, and they truly need to search out God’s will for their lives and for their living situation. But at the same time I don’t think getting a mortgage is always a bad or irresponsible thing as long as people go in with eyes wide open, and only get into one they can truly afford, and are also in tune with what God wants for their lives via daily prayer, bible study and seeking out of His will. Does that mean that maybe God will lead them to buy a home that is a little smaller than someone else’s so that they can give more to their church or to the poor? It may? It may also mean they are lead to not buy a home, and instead live a life of poverty.

In any event, i do agree that debt of any kind needs to be carefully considered and only taken on after careful prayer and consideration.

Will quicken loans sell my mortgageDiscipleshpGuy says

It’s vary hard to give a single verse as proof, since someone else may argue that verse doesn’t mean such and such. However, there are several verses that lend to the idea of not borrowing. I definitely never see borrowing encouraged in the Bible. My overall point is this: As Christians, we see mortgage as an acceptable way of life, but is it a Biblical way of life. I am not saying for sure where I fall on this issue, but it is something I am debating right now. After all, if we are a slave to the lender, then we cannot serve God as he requires.

Here are some verses:

Romans 13:8 – Owe nothing to anyone except to love one another; for he who loves his neighbor has fulfilled the law. (Seems like this includes money as something not to owe someone)

Psalm 37:21 – The wicked borrows and does not pay back, but the righteous is gracious and gives. (This gives us a contrast that the righteous should give – not lend or borrow)

Deuteronomy 15:6 – For the Lord your God will bless you as He has promised you, and you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not rule over you. (This verse tells Israel that they will not borrow due to God’s provision. As Christians can we accept the same from God?)

Proverbs 22:7 – The rich rules over the poor, and the borrower becomes the lender’s slave. (While owing money we are slaves to the lender, essentially to the money that we borrowed)

Matthew 6:24 – “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money. (If we borrow money, we are slaves to that money until we can pay it back.)

Some may not agree with me, but at the very least, I think those verses and many more show us that borrowing money is not using wisdom. I think they also show that the there is not a Biblical point of view that shows borrowing is acceptable. Whether or not it’s a sin, I don’t think we can be 100% on that point, but at the very least I think we can agree that it prevents us from serving God with all our heart, since we now also have to serve both the money and the lender…

Do we think borrowing is ok, because as a culture we see no other way. When in fact, as recently as 2 generations ago many people did not have mortgages. While I am not to the point of saying right now I will never borrow again, I would say I am much closer now to that point than ever. While like many issues, the Bible doesn’t have a verse as direct as we may want, what is the spirit of the verses saying, that we do have.

Will quicken loans sell my mortgagePeter Anderson says

I think some of the verses you quoted speak to the fact that debt isn’t a sin or wrong. Discouraged as a bad idea? Yes. Wrong, I’m not so sure. For example, the first verse you mention actually speaks to how we’re to pay off our debts as quickly as possible. Here’s another translation:

Let no debt remain outstanding except the continuing debt to love on another.. Romans 13:8

The verse doesn’t say “never take on debt”, it says to “let no debt remain outstanding”. To me that says that while debt is discouraged, it can be used as long as you do your best to pay it off as soon as possible..

The previous verse speaks to paying people what you owe them..

Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.

Again, speaking to the fact that we are to pay our debts if we have them. Psalm 37:21 again speaks to the fact that we are to pay our debts, if we don’t we’re wicked. Not that we’re wicked if we take on debt of any kind.

The other verses do in fact greatly discourage debt as a bad idea, and I do also believe that debt is never encouraged or shown in a verse to be a good idea.. So where i come down on this is this: Debt isn’t a sin, but it isn’t encouraged as a good idea. It should be avoided as much as possible as it can in fact hamper us in some ways from doing God’s work through giving and other things. There are definitely a lot of situations where we should avoid it altogether (most situations), but in some cases I think it’s ok to take on as long as it’s easily affordable and not keeping us from giving to others and keeping us from doing God’s will. Again, a point for careful prayer and study.

Thanks for the discussion, Matt! I’d love to hear other people’s ideas on the topic as well!