2022 Dollar Lending Home Review

Quicken Loans is one of the major mortgage lenders in the United States, and it ranks first in customer satisfaction. Discover whether Quicken is the right lender for you.


Quicken Loans is one of the largest mortgage lenders in the United States, and it is known for its high customer satisfaction ratings.

Quicken’s industry-leading online resources are one of the reasons borrowers appreciate it. For many house purchasers, these helpful tools make the mortgage process feel more accessible.

Quicken is also the parent company of the Rocket Mortgage brand, which we looked at independently.

Unless you genuinely prefer face-to-face interaction over computers and phones, Quicken should be on your list of potential lenders.

Just make sure you shop around for mortgage rates from a few different lenders before you buy to ensure you’re receiving the greatest deal.

Mortgage rates from Quicken Loans

In 2020, Quicken mortgage rates were somewhat lower than the national average (the most recent data available).

Because mortgage interest rates fluctuate, this table may not reflect the rates you’ll be given. You can, however, use it to compare lenders side by side.

Mortgage rates at major lenders on average

It’s worth noting that Quicken’s advertised rates normally imply you’ll use discount points to “buy down” your interest rate.

Make sure you acquire written, formal quotations from any lender that include closing charges and fees. When all the fees are added up, you can discover which lender is indeed the greatest offer for you.

The Home Mortgage Disclosure Act requires the use of public records to obtain average rates and fees (HMDA).

2022 Quicken Loans mortgage review

Quicken consistently ranks at the top of customer satisfaction surveys, has an A+ rating from the Better Business Bureau, and boasts that 96% of its users would recommend it to others.

For the 11th year in a row, it has received the highest customer satisfaction rating in J.D. Power’s mortgage customer survey.

So, how does Quicken maintain its enviable reputation? In other words, by employing technology to streamline the mortgage application process.

Quicken’s online tools are backed up by real-life mortgage specialists who are available to help over the phone or via email. This lender, on the other hand, is not for you if you like an in-person experience. Face-to-face meetings are not possible.

Quicken also appears to prefer dealing with regular customers over those who require special assistance.

If your credit score is low or you have a high debt-to-income ratio, you may need to search elsewhere (DTI).

Quicken Loans Collaboration

At the turn of the century, Quicken Loans was one of the first organisations to offer web-based mortgage borrowing. Since then, it has generally maintained its advantage.

If you appreciate technology, Quicken’s Rocket Mortgage product will appeal to you.

Rocket allows you to complete even more tasks online, such as e-signing loan documents. Its back-end functionality can also automatically check a lot of the data you submit in your web application. This shortens the process and reduces the administrative strain away from your shoulders

Technophobes, however, are not excluded. Quicken Loans allows you to apply for a loan and maintain it by phone, email, fax, and snail mail. You’ll never be able to look a loan officer in the eyes.

Finally, the company’s RateShield Approval service allows you to get pre-approved for a loan and lock in your interest rate for 90 days while looking for a property.

The word “fix” isn’t quite right. If mortgage rates rise, your rate will stay the same, but if they fall, it will drop.

Quicken Loans customer service ratings and reviews

One of the highest-rated mortgage businesses is Quicken Loans. It received the highest customer satisfaction rating from J.D. Power in 2020. It was the company’s 11th year in a row at the top.

Quicken also has an A+ rating with the Better Business Bureau, and according to the Consumer Financial Protection Bureau (CFPB) database, company receives less than one complaint per hundred consumers.

Quicken Loans offers a variety of mortgage lending options

You don’t become the largest lender by having a modest product portfolio. So it’s no surprise that Quicken Loans offers a diverse range of products, including:

Reverse mortgages are also available from Quicken Loans for customers aged 62 and up.

These allow you to access your home’s equity without having to sell it. You also won’t be required to make any monthly payments. However, because of the total borrowing costs, you may not have much equity to leave your descendants.

Quicken has no second mortgages.

Home equity loans and lines of credit are not available through Quicken (HELOCs). A cash-out refinance, on the other hand, allows homeowners to access their equity.

Cash-out refinancing replaces your current mortgage with a larger loan and pays you the difference in cash at closing. When homeowners can acquire a lower rate or a shorter loan term, this loan option is ideal.

Where can you get a Quicken Loans mortgage?

Quicken Loans provides mortgages in all 50 states, but there are no physical locations where you can apply in person.

If you choose to engage with this lender, you must be comfortable working with them without meeting them in person.

You don’t have to utilise a computer or device after the initial encounter if you don’t want to.

You can utilise the phone, email, fax, and postal service to request a call after submitting an online request. If you’re a first-time homebuyer unfamiliar with the application process, speaking with a loan officer over the phone may be extremely beneficial.

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