BolajiRead this honest Quicken Loans review before you apply for a mortgage. Learn about rates, fees, customer service, and how it compares to other lenders.
Buying a home is the biggest purchase most people ever make. Choosing the wrong lender can cost you thousands of dollars.
Quicken Loans is one of the largest mortgage lenders in America. Now operating under the name Rocket Mortgage, they have funded over $1.5 trillion in home loans.
But is Quicken Loans actually a good lender? Are their rates competitive? Is their customer service as good as they claim?
This Quicken Loans review will answer these questions. I have researched their rates, fees, customer complaints, and loan options. I will tell you what works, what does not, and whether you should use them for your home loan.
What Is Quicken Loans?
Quicken Loans was founded in 1985 by Dan Gilbert. It is now the largest mortgage lender in the United States. In 2021, the company rebranded its consumer-facing platform to Rocket Mortgage. However, the legal entity remains Quicken Loans.
Unlike traditional banks, Quicken Loans operates almost entirely online. You apply for a mortgage from your computer or phone. The process is designed to be faster and more convenient than visiting a bank branch.
Types of loans offered:
- Conventional loans
- FHA loans (backed by the Federal Housing Administration)
- VA loans (for military veterans and active duty)
- USDA loans (for rural properties)
- Jumbo loans (for high-value properties)
- Refinance loans (rate-and-term or cash-out)
- Home equity loans and HELOCs
- Quicken Loans does not offer reverse mortgages, construction loans, or commercial real estate loans.
How Quicken Loans Works
Step 1: Get pre-qualified or pre-approved
You enter basic information about your income, assets, credit, and desired loan amount. Quicken Loans does a soft credit check (does not affect your score). They tell you how much you can borrow.
Step 2: Upload documents
You upload pay stubs, tax returns, bank statements, and identification. The online system guides you through what is needed.
Step 3: Lock your rate
Once you find a home or decide to refinance, you lock your interest rate. Rate locks are typically valid for 30-60 days.
Step 4: Underwriting
Quicken Loans verifies your information. An underwriter approves your loan. This is the most stressful part of the process for many borrowers.
Step 5: Close your loan
You sign final documents. Quicken Loans sends funds to the seller or pays off your existing mortgage.
The entire process takes 30-45 days on average, similar to other lenders.
Quicken Loans Rates and Fees
Rates change daily. But this Quicken Loans review can give you benchmarks.
Interest rates (2026 averages):
· 30-year fixed conventional: 6.5-7.5% depending on credit score and down payment
· 15-year fixed conventional: 5.8-6.8%
· 30-year FHA: 6.2-7.2%
· VA loans: 6.0-7.0%
Fees to expect:
· Origination fee: 0.5-1.5% of loan amount
· Appraisal fee: $500-$700
· Credit report fee: $50-$100
· Title search and insurance: $1,000-$2,500
· Recording fees: $100-$300
No hidden fees: Quicken Loans is transparent about costs. You receive a Loan Estimate within three days of applying.
Rate competitiveness: Quicken Loans rates are generally competitive but not the lowest. Online lenders and local credit unions sometimes offer lower rates. Quicken Loans competes on speed and convenience, not rock-bottom pricing.
Quicken Loans Customer Service
- 24/7 availability: You can reach a loan officer by phone or chat any time. This is a major advantage over traditional banks.
- Online dashboard: Track your loan progress in real time. Upload documents. Message your team.
- Customer satisfaction: JD Power has ranked Quicken Loans highest in customer satisfaction among mortgage lenders multiple times. However, Trustpilot and BBB reviews are mixed.
Common complaints:
- Underwriting can be slow and demanding (asking for the same documents multiple times)
- Closing delays (some borrowers report closing 2-4 weeks later than promised)
- Communication issues (getting different answers from different representatives)
Common praise:
· Easy online application
· Fast pre-approval (minutes instead of days)
· Helpful loan officers (especially for first-time buyers)
Quicken Loans vs Competitors
- Quicken Loans (Rocket Mortgage) – Online-only. Fast pre-approval. 24/7 support. Good for first-time buyers and refinancing. Rates are competitive but not the lowest.
- Better Mortgage – Online-only. No lender fees. Lower rates than Quicken Loans. Best for rate shoppers. Less hand-holding.
- LoanDepot – Online and phone. Similar to Quicken Loans but slightly smaller. Good alternative if Quicken Loans denies you.
- Local Credit Union – Lowest rates. Personalized service. Slower process. Best for members who value relationships.
- Traditional Bank (Chase, Wells Fargo) – Branch access. Relationship discounts. Slower process. Best for existing bank customers.
Any honest Quicken Loans review must acknowledge that online lenders like Better Mortgage often have lower rates. But Quicken Loans has better customer support.
Quicken Loans Pros and Cons
Pros
· Fully online application (convenient)
· 24/7 customer support (rare in mortgage industry)
· Fast pre-approval (minutes)
· Transparent fees (Loan Estimate within 3 days)
· Large lender (financially stable)
· Good for first-time home buyers
· Offers FHA, VA, USDA, and jumbo loans
· JD Power award for customer satisfaction
Cons
· Rates are not the lowest (shop around)
· Underwriting can be slow and demanding
· Closing delays reported by some borrowers
· Mixed online reviews (Trustpilot 3.5/5)
· No branch locations (everything is remote)
· Some fees are higher than online competitors
Who Should Use Quicken Loans?
Good for Quicken Loans:
· First-time home buyers who need guidance
· People who prefer online applications over branches
· Borrowers who want 24/7 support
· Refinancing homeowners (process is straightforward)
· People with good credit (680+)
Not good for Quicken Loans:
- Rate shoppers looking for the absolute lowest rate
- People with poor credit (below 620) or complex income (self-employed with messy taxes)
- Borrowers who want a local relationship with a banker
- People buying homes with non-traditional financing
Frequently Asked Questions (FAQ)
1. Is Quicken Loans legitimate?
Yes. Quicken Loans is one of the largest and most established mortgage lenders in America. They have funded over $1.5 trillion in home loans.
2. Does Quicken Loans have the best rates?
No. Quicken Loans rates are competitive but not the lowest. Online lenders like Better Mortgage and local credit unions often have lower rates. Quicken Loans competes on convenience and speed.
3. Is Rocket Mortgage the same as Quicken Loans?
Yes. Rocket Mortgage is the consumer brand of Quicken Loans. The legal entity remains Quicken Loans.
4. Can I get pre-approved with Quicken Loans?
Yes. You can get pre-qualified online in minutes with a soft credit check. Full pre-approval requires document upload and a hard credit check.
5. Should I use Quicken Loans for my mortgage?
Yes if you value convenience, 24/7 support, and online tools. No if you are rate shopping and want the absolute lowest cost. Compare offers from at least three lenders before deciding.
Final Verdict
- Overall Rating: 4.2 / 5
- Ease of application: 5/5
- Customer service: 4.5/5
- Rate competitiveness: 3.5/5
- Fees: 4/5
- Closing speed: 4/5
- Trustworthiness: 4.5/5
Verdict: This Quicken Loans review concludes that the lender is a solid choice for most borrowers. The online application is easy. The 24/7 support is genuinely helpful. Rates are competitive but not the lowest.
If you are a first-time buyer who wants guidance and convenience, Quicken Loans is an excellent choice.
If you are a rate shopper looking for the absolute lowest cost, get quotes from Better Mortgage and your local credit union first.
My Recommendation
Use Quicken Loans if: You are a first-time buyer, you value online convenience, you want 24/7 support, and you are not chasing the absolute lowest rate.
Also get quotes from: Better Mortgage (lower rates, no lender fees) and your local credit union (lowest rates). Compare all three.
Skip Quicken Loans if: You have poor credit (below 620), complex income (self-employed with messy taxes), or you want a local branch relationship.
Always compare at least three lenders. Quicken Loans is good. But the best lender for you is the one with the lowest combination of rate and fees for your specific situation.
Have You Used Quicken Loans?
I want to hear from you. Have you used Quicken Loans for a home purchase or refinance? How was your experience? Drop a comment below.
And if this Quicken Loans review helped you, share it with someone buying a home.
Bolaji