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Quicken Loans In-Depth Review
In a nutshell: For over 30 years, Quicken Mortgage has helped millions of Americans purchase a new home. The service provides mortgages directly including fixed-rate, adjustable-rate, FHA loans, VA loans, and jumbo loans.
Quicken Loans In-Depth Review
In a nutshell: For over 30 years, Quicken Mortgage has helped millions of Americans purchase a new home. The service provides mortgages directly including fixed-rate, adjustable-rate, FHA loans, VA loans, and jumbo loans.
Quicken Loans In-Depth Review


In the lending business for over 30 years, Quicken Loans has made it possible for over 2 million families to purchase a home. While many other lending services do not actually lend money themselves, Quicken Loans provides mortgage loans directly. Quicken Loans puts customers first and has achieved a consistently high satisfaction rate.

With Quicken Loans, prospective borrowers can take advantage of the many online resources available on the company website. Even before applying, customers can find out what to expect from their mortgage with the free mortgage calculator. The website also has informative guides, articles, and blog posts to help with financial planning. A cornerstone in helping Americans achieve their dream of homeownership, Quicken Loans® is a comprehensive online platform that serves as a matchmaking service, connecting individuals with mortgage lenders that suit their needs. Quicken Loans is dedicated to providing personalized recommendations, enabling users to compare lenders and select the best fit for their unique financial situations, all for $0.

Eligibility Process

Quicken Loans has a transparent application process, and prospective borrowers can find out their rates without sharing any personal details. The application asks a few basic questions such as the cost of the home, your approximate credit score, expected downpayment, and current debts. Once you submit the form, Quicken Mortgage will get back to you with your options.

Compared to other lending services, Quicken Loans has fairly flexible eligibility requirements. Rates depend on the applicant’s credit score and outstanding debts. Even those who have debt might still qualify. Quicken Loans can help reduce payments with their higher debt-to-income (DTI) tolerance.

Quicken Loans stands as a one-stop hub offering a range of invaluable resources, including free mortgage calculators, extensive educational content, and guidance on various financial products beyond mortgages.

The platform acts as a connector between prospective borrowers and lenders, offering tailored suggestions for various mortgage types such as fixed-rate, adjustable-rate, FHA loans, VA loans, or jumbo loans.

Prospective borrowers can easily explore potential loan options by providing basic details such as home cost, estimated credit score, down payment, and current debts. The platform then offers tailored recommendations without any obligation.

Fees & Rates

Because Quicken Loans has a range of mortgage loans available, rates vary based on the loan type and the length of the mortgage. With Quicken Mortgages, borrowers have the option of fixed-rate mortgages, adjustable-rate mortgages, Federal Housing Administration (FHA) loans, VA loans (for US veterans), and jumbo loans, depending on their needs and qualifications.

As with most mortgages, applicants who do not pay a certain amount on their down payment may have to pay private mortgage insurance (PMI). This could tack on an additional payment each month and wind up costing thousands extra.

Quicken Loans connects users with a variety of lenders, offering a variety of rates and mortgage options. The platform includes options for a diverse range of applicants, including those with existing debts and potentially those with higher debt-to-income (DTI) ratios.

Repayment Terms

Quicken Mortgage offers both fixed and adjustable-rate mortgages and refinancing loans. Applicants can sign up for 15 and 30-year fixed-rate mortgages. Quicken Loans also has 5 and 7-year term loans. Terms and rates will depend on the applicant and which type of mortgage they accept.

Quicken Loans introduces users to lenders offering diverse mortgage terms, including fixed and adjustable-rate options along with refinancing loans. Specific terms and rates are determined by the lender and the chosen mortgage type.

Customer Support

Mortgage specialists at Quicken Loans are available to help every step of the way. Customers can easily get in touch through online chat or phone support during business hours, Monday - Friday, 7:00 AM to midnight, and on Saturdays and Sundays from 9:00 AM to 8:00 PM.

Before calling, be aware that Quicken Mortgage Loans will save your contact information and may send promotional updates. If you no longer want to receive marketing messages, make sure to opt-out.

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  • Range of mortgage loans
  • Fixed & adjustable rates
  • Free loans calculator
  • Credit check required for customized interest rate
  • Comparatively high origination fees
Mortgage Loans FAQs
Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.
How do mortgage loan services work?
Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.
What kind of information do I need to provide to apply for a mortgage?
As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.
Can I refinance an existing mortgage loan?
There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.
What is APR?
The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.
How much time do I have to repay the loan?
Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.
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