Quicken Loans ratings and customer service reviews
Quicken Loans ratings and customer service reviews
Quicken Loans ratings and customer service reviews

But technophobes aren't excluded. Quicken Loans will let you apply and manage the loan process using the phone, email, fax, and snail mail. You just won't get to look a loan officer in the eye.

Finally, the company's RateShield Approval offering lets you get pre-approved for a loan and fix your interest rate for 90 days while you find the home you want.

Actually, “fix” isn't the right word. Your rate will stay the same if mortgage rates rise but can still move down if they fall.

Quicken Loans is one of the highest-rated mortgage companies. In 2020, it scored the top rating on J.D. Power's customer satisfaction survey. That was its 11 th consecutive year in the number one spot.

Quicken also has an A+ rating on the Better Business Bureau, and it gets less than one complaint per hundred customers according to the Consumer Financial Protection Bureau (CFPB) database.

Mortgage loan products at Quicken Loans

You don't get to be the biggest lender with a small portfolio of products. So it's no surprise Quicken Loans has a good selection, including:

  • 30-year fixed-rate mortgages (FRMs) - The most popular type of home loan. Most 30-year FRMs conform to Freddie Mac and Fannie Mae guidelines and requires private mortgage insurance (PMI) if you put less than 20% down
  • 15-year fixed-rate mortgages - 15-year FRMs typically have lower interest rates than 30-year loans. However, your monthly payments will be significantly higher
  • “Yourgage” - Still a fixed-rate mortgage, but you get to choose any loan term you want from 8 to 29 years. This is more flexible than almost any other lender
  • Adjustable-rate mortgage (ARMs) - These start off cheaper, but come with the risk they'll get more expensive if market rates go up. You can limit that risk by fixing your rate for the first 5, 7, or 10 years
  • FHA loan -With backing from the Federal Housing Administration, this loan lets you make a down payment as low as 3.5% and qualify with a low credit score (580+). But you'll have to pay mortgage insurance every month until you sell or refinance
  • VA loan - These loans backed by the Department of Veterans Affairs allow zero down payment, have a low credit bar, and there are no continuing mortgage insurance payments. But you have to be an active service member, veteran, or have another eligible military affiliation to qualify
  • Jumbo loan - For high-value homebuyers who need to borrow more than most mortgages allow - which is currently $647,200 in most areas. Quicken will lend up to $3 million, if you can afford it

These let you access the equity in your home without selling. And you don't have to make any monthly payments. But the cumulative borrowing costs may mean you won't have much equity to leave your heirs.

No second mortgages with Quicken

Quicken does not offer home equity loans or home equity lines of credit (HELOCs). But homeowners can access their equity with a cash-out refinance.

Cash-out refinancing pays off your current mortgage and replaces it with a larger loan, paying you the difference in https://static1.colliderimages.com/wordpress/wp-content/uploads/2021/09/pokemon-trading-card-game-live-social.jpg cash at closing. This loan type works best when homeowners can get a lower rate or shorter loan term in the process.

Where can you get a mortgage with Quicken Loans?

Quicken Loans offers mortgages in all 50 states, although it has no brick-and-mortar branches where you can apply in person.

After requesting a call online, you can use the phone, email, fax, and postal service all the way up to closing. Talking to a loan officer over the phone might be especially helpful if you're a first-time homebuyer who's not familiar with the application process.

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