- 1 How can you apply for a mortgage with Quicken loans?
- 2 My Refinance Experience with Quicken Loans [7 Simple Steps]
- 3 Quicken Loans and Rocket Mortgage Review 2017
- 4 Mortgage Quotes And The Highest Customer Satisfaction From Quicken Loans
- 5 Quicken Loans Reviews and Ranking – Top Rated Mortgage Lender
How can you apply for a mortgage with Quicken loans?
To apply for a mortgage with Quicken Loans, visit the Quicken Loans website (QuickenLoans.com) or call the company's toll-free number (800) 251-9080, as of August 2015. Provide some basic information, including the type of mortgage you are seeking, the amount of money you are looking to borrow, and the estimated value of the home.
How do you get a mortgage on investment rental property?
Where can you find information on Westlake Financial auto loans?
What types of loans does First Choice Loan Services offer?
The Quicken Loans website explains several steps to obtaining a mortgage. After receiving your initial contact by phone or online, Quicken matches you with a home loan expert to guide you through the mortgage process. They then run a credit check, analyze your finances, propose a loan option, and provide an estimate. If you accept the estimate, Quicken prepares your application, and you make a deposit to cover the costs of processing the loan. Quicken then underwrites your loan, verifying all financial information, as a third-party appraises the property. The final step is to schedule the closing and sign the papers for your new mortgage.
As of 2015, Quicken is the largest online retail mortgage lender and the second-largest online retail mortgage lender in the United States, according to the company website.
My Refinance Experience with Quicken Loans [7 Simple Steps]
Browsing for Quicken Loans reviews? Here’s mine.
We recently refinanced our mortgage. Doing so allowed us to lower our payment by $186 a month, and save $22,000 in interest payments across the life of the loan.
I’m certainly pleased with the financial outcome of the refinance, and I certainly encourage you to check mortgage rates which are even better now to see if you can see similar savings on your mortgage. But I’m also pleased with the process of doing the refinance with Quicken Loans.
This is my first refinance. So I don’t have much to compare it to. But I can tell you about my particular experience and let you decide if working with Quicken Loans on your purchase or refinance is right for you. I’ll save you the info on Quicken Loans themselves. You already know them as one of the biggest names in home mortgages, with “highest in customer satisfaction for primary mortgage origination” according to J.D. Power and Associates.
What I will focus on is how they did business with me. Quicken Loans breaks down the mortgage loan process into 7 simple steps. Here’s how each of my steps went:
1. Connection (May 25, 2011) – I used my own mortgage rate table and found a reasonable rate from Quicken Loans. I’ll be honest, I was lured in by the fact that I’m familiar with the Quicken name brand. After clicking “learn more” I was taken to the Quicken Loans site and filled out the contact form. Someone from Quicken Loans reached out to me and I gave permission for my credit to be pulled.
2. Credit Discussion (May 25, 2011) – I received an email from Quicken Loans that my credit had been pulled and they were ready to discuss mortgage options. I called them up and spoke with my Mortgage Banker, Eric Pacifi. I gave Eric more information about my income, employment situation, loan type, and more.
3. Good Faith Estimate and Deposit (May 25, 2011) – Before that conversation ended, I was told that everything looked good and I could now log into my Quicken Loans online account to see my good faith estimate. The rate I was quoted was 4.875% on a 30 year refinance. If I was cool with that then we could then go forward with the actual application, once a deposit of $500 was paid.
Quicken Loans has a non-refundable deposit that you are required to pay. Paying this allows Quicken Loans to lock your rate, set up an appraisal, process your application, and generally get serious about doing business with you. If your application gets denied you are refunded the deposit less any fees they have incurred.
There is a bit of controversy surrounding this deposit. Many people have come online to complain about losing money due to this deposit. I can’t speak for them, but I can say that Quicken Loans wouldn’t be in business very long if their sole interest were to rob unqualified people of $500.
I felt comfortable moving forward and I paid for the deposit using my Chase Freedom card. Deposits can be from $400 to $700 according to the Quicken Loans website. A more diligent, prudent person might have taken the GFE and then shopped some other lenders. But I was taken in by the fact that Quicken Loans didn’t seem deterred by my self-employment income or lack thereof. They gave me the green light, so it was time to move forward I thought.
4. Appraisal (May 26, 2011) – This was handled quickly and without much fuss. No one came to my house to do an appraisal. I assume the were able to do this online using comps from the area. We purchased this place with 20% initially, so I knew there would not be an issue on the refinance because the loan balance is still well under the value of the property…one of the benefits of living in Texas.
5. Verify Income and Assets (May 26 – July 1, 2011) – This is by far the most tedious part of the process. I sent Quicken Loans several documents to verify my income and assets: personal and business tax returns from 2009 and 2010, bank statements, retirement account statements, proof of insurance, and my last pay stub from my business.
Throughout this phase, my Quicken Loans mortgage banker, Eric, did a good job of updating me on the latest mortgage rates (I was floating for at least half of June) and telling me the progress with the underwriters. He also helped to explain the rates, different term options, and helped to work out a situation to get around the debt-to-income problem I had.
This whole process took a long time because half way through the discussions, I was told I needed to get rid of some debt so that my debt-to-income ratio would be enough for the underwriters to accept. We decided to pay off our one remaining car loan. It was with a local credit union at 3%, so we were slowly paying it off. But if I meant we could refinance our place, then it had to go.
I sent the credit union a check from my Capital One 360 checking account and it took almost two weeks for them to get it and process it. I then got a letter from the credit union stating that the loan was paid off. Then, the underwriters needed to see where the money to pay off the loan came from. So I needed to re-send the bank statements and such so that they could get confidence that I had actually paid off the debt myself.
There were a couple of times where the communication between the mortgage banker and my Quicken Loans customer service representative could have been better. I was telling them both the same things a few times. Additionally, I wasn’t given a good answer as to why they chose to pay off $1,000 more for my old mortgage (held at Bank of America). I can now take the refund check from BOA and payoff my Quicken Loans’ mortgage with it, but it seemed odd that they just didn’t want to pay the exact amount.
6. Process and Underwriting – (May 26 – July 13, 2011) – This was all happening behind the scenes as I was providing information to Quicken Loans.
7. Closing (July 13, 2011) – We were actually out of town when Quicken Loans called to schedule the closing. They said they could do it anywhere and it would take less than an hour, so I suggested we take care of it while at the hotel we were staying at. Someone from Quicken Loans set up the time and an independent closing agent showed up at our hotel to close the loan. She was efficient, knowledgeable, and professional. We signed about 100 pieces of paper and we were on our way. This was the most enjoyable part of the whole process, considering my expectations of loan closings.
- Pros: No physical meetings or faxing required. Competitive rate. Honest answers. Online account management. Quick closing.
- Cons: Occasional communication breakdown. Uncertainty regarding the deposit and loan payoff.
Overall I’m happy with my Quicken Loans experience. They truly are engineered to create a positive refinance or new mortgage experience. I would certainly entertain using them again for my next loan, and I would recommend them to you guys if you think a refinance or purchase is in your future.
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Philip Taylor, aka "PT", is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!
Hello, Phillip …. my 1st experience with a QL refi (2009) went smoothly & quickly … completed start to finish in less than 45 days …. 3 years later, & another house – the process drug out for over 6 months & never closed ….. quite disappointing! Mimicked some of the sagas reported on the Rip-off Report!
This must have benn posted a while ago, now they have three steps and it’s hard to tell what they are doing now…
Thanks for taking the time to do the review. I am considering a loan with Quicken Loans and the online reviews are all over the place. I am at step #3 in your process and so far I have been very happy. We shall see.
I would never had thought that it would have been a smooth as it was. Congrats. Question : The $186 less a month, will you continue to pay your original payment or pay the lower payment?
I’ve been paying the lower payment, but we plan on using extra cash to start paying down our mortgage this year. Probably in big chunk payments vs increasing to the old payment amount.
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
- 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.
To 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.
Once 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.
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.
Quicken 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 Quizzle.com. 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
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!
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.
Peter 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..
Jon - 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!
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)?
Peter 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.
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.
Peter 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!
Quicken Loans Reviews and Ranking – Top Rated Mortgage Lender
In addition to being rated as one of the largest mortgage companies in the US, Quicken Loans also ranks one of this year's top online mortgage lenders based on loan volume, an extremely high level of customer satisfaction, and its user-friendly loan origination and processing platform.
AdvisoryHQ News (fastest-growing "review and ranking" media) has published this "Quicken Loans mortgage reviews" article to provide you with a quick overview of Quicken Loans products, history, loan process and the ranking factors that have allowed this mortgage lender to rank as one of the top loan originators.
Quicken Loans Mortgage Reviews – Strong Growth
Quicken Loans has been in business for over 30 years and has since grown to become the largest online mortgage lender.
Between 2014 and 2015, Quicken Loans closed over $130 billion in mortgage loans and has helped over 2 million families across the US finance their homes.
Accolades and Ranking – Quicken Loans Review
Last year, Fortune magazine rated Quicken Loans as “one of the best places to work.”
In addition, Quicken Loans has ranked among the top 30 companies on Fortune magazine’s annual “100 Best Companies to Work For” list for 12 consecutive years.
Time and time again, studies have shown that companies with happy and productive employees are normally the same types of companies that have the highest amount of satisfied customers.
Quicken Loans Review – High Customer Satisfaction
Ninety-five percent of Quicken Loans customers would recommend the firm to family and friends. No other online mortgage lender can claim such a high level of customer satisfaction.
In addition, Quicken Loans has an A+ rating with the Better Business Bureau, which is a tough rating to achieve, being that consumers (and people in general) are inherently lazy and mostly only remember to leave reviews when they’ve had a very bad experience.
To cause enough customers to take the time to leave “great9rdquo; reviews online in sufficient numbers, earning the mortgage lender an A+ rating, means that Quicken Loans is literally turning consumers from “customer9rdquo; status to “raving fans” status.
This is similar to how a lot of Apple (e.g., iPhone and iPad) fans have been converted from regular customers to raving Apple fans.
Quicken Loans Review – Mortgage Loan Products
Quicken Loans provides a wide array of online mortgage loan products including:
- Adjustable-rate mortgages (ARMs): Quicken Loans ARM loan products provide the lowest rates among all other products offered by the company.
- YOURgage loan program: This loan program allows you to customize a loan to fit your unique situation. You get the flexibility to choose your own terms (from 8 to 30 years) and can even pay off your loan faster!
- FHA loan: Quicken Loans FHA home loans are the most flexible online loan products offered by the firm. It makes qualifying for your new mortgage much easier.
- 30-year fixed mortgage: The 30-year fixed-rate mortgage product is Quicken Loans’ most popular loan product. You get a low interest rate that doesn't change over the life of the loan.
- VA loan: This loan is offered to help US veterans buy a home or refinance an existing one; it even has no-money-down options.
- 15-year fixed mortgage: These are fixed rate loans with low monthly payments over the life of your loan.
- Jumbo loans: These are loans between $417,000 and $3,000,000. Quicken Loans offers 15/30-year loans, ARM, and FHA jumbo loans.
- Reverse mortgage: These are structured for homeowners that are 62 years of age and older. A reverse mortgage loan allows such home owners to get cash out of their home equity and also enables them to eliminate their monthly payment.
Don't Miss: Mortgage Rates/Loans Available to You
Quicken Loans Mortgage Review Process:
The steps below provide a high level overview of the process needed to apply for a mortgage loan with Quicken Loans.
Step 1: Click below to fill out a brief contact form. A Quicken Loans rep will then connect with you and match you with your home loan expert. Your home loan expert will be your point person and will work with you throughout the loan origination, processing, and closing process.
Step 2: Quicken Loans then reviews your loan application. To begin the process of originating your loan, Quicken Loans will pull your credit to identify your credit score, after which your representative will discuss your loan options with you. Your loan options might differ based on your credit score.
Step 3: Your MyQL account is created. Quicken Loans creates an online account for you called MyQL (My personal loan site), after which the firm sends you a loan estimate (LE) disclosure via your MyQL.
Previously, mortgage lenders were required to issue a good faith estimate (GFE) disclosure to a borrower within 3 days of accepting a loan application. A recently mandated government regulation, called TRID, now requires all US mortgage lenders to send out an LE within 3 days of receiving a loan application.
After you agree to the LE, Quicken Loans will process your loan application and then request you to make a deposit. Your deposit will cover various loan processing fees including your credit report fee, appraisal, and title work fees.
MyQL is considered one of the most streamlined, efficient, and customer-friendly platforms being offered by online mortgage lenders.
Step 4: Underwriting. The next stage is the underwriting stage. This is when Mortgage Loans underwriters review your personal and financial information (e.g., credit report, income, monthly/annual expenses, assets, and debt). You might be required to provide additional information or to clarify information.
At the same time that this is happening, Quicken Loans will also process the appraisal via a non-affiliated party. Regulatory requirements restrict lending firms from using affiliated appraisers. Appraisers must always be a third party.
Step 5: Closing. When it is time to close, you’ll let Quicken Loans know where you’ll be (e.g., work, a friend’s house or even across town), and they’ll meet you there.
Signing the paper takes less than 15 minutes, and your online mortgage loan will be finalized.
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