Quicken Loans Mortgage Rates Review

Quicken Loans is a lending marketplace that offers a variety of mortgage options and terms, including conventional loans, adjustable rate loans, jumbo loans, VA, and FHA loans.

They offer pre-approvals and pre-qualifications as well, which can help increase a borrower's chances of obtaining the home of their dreams, demonstrating the seriousness of their commitment.

The company offers a wide variety of mortgage options, including:

Adjustable Rate Mortgages (ARM) - Quicken Loans offers adjustable rate mortgages with low fixed interest rates and lower monthly payments for a specified period (five, seven, or ten years). Once this period ends, your rate can change annually, but will never increase more than 5% of the original rate. These types of mortgages usually have a lower interest rate than fixed-rate mortgages.

YOURgage - The great thing about this loan is that it’s fully customizable. Quicken Loans lets you choose a custom term (length) with a fixed interest rate for 8 to 29 years in order to meet your financial goals. Consumers who use YOURgage and choose a short term end up paying less interest on their loans. Down payments can be as low as 3% for consumers buying their primary home and loan amounts can be for up to $484,350.

Federal Housing Administration (FHA) loan - FHA loans are ideal for consumers with low credit scores or low incomes. In some cases, consumers who have gone through bankruptcy have still qualified for an FHA loan. Consumers may even qualify with a down payment as low as 3.5% and a credit score of 580. Quicken Loans offers FHA loans for different terms, so consumers can choose the length of the mortgage.

30-year fixed mortgage - Consumers who choose a 30-year fixed mortgage don’t have to worry about changing interest rates or changing monthly payments, which makes budgeting that much easier. Monthly payments are lower with a 30-year fixed mortgage than with a 15-year fixed mortgage, but the interest rates are a bit higher.

15-year fixed mortgage - This mortgage shares many of the same benefits as the 30-year fixed mortgage, but monthly payments are higher. It also allows consumers to pay less interest in the long run and to finish paying off their mortgage in shorter span of time.

VA loan - Backed by the Department of Veterans Affairs, this loan is offered to borrowers who meet the department’s guidelines for military service. Quicken Loans recommends a credit score of at least 620 and a maximum debt-to-income ratio of 60% before applying for a VA loan through them. These loans can be fixed-rate, adjustable rates, or jumbo loans.

Jumbo loans - Jumbo loans surpass the conventional loan limits ($484,350 in most of the US) and are therefore the type of loans used for purchasing larger, more expensive homes. Quicken Loans offers jumbo options of up to $3,000,000 with fixed or adjustable rates and different mortgage lengths.

FHA Streamline - Ideal for consumers who already have a Federal Housing Administration home loans and are looking to refinance in order to have a lower fixed interest rate.

Reverse mortgage – Available to homeowners who are over the age of 62 and want to tap into their home’s equity for some needed cash.

QuickenLoans has a very well-developed website, which offers a wealth of educational resources, such as various calculators, help articles, and daily mortgage rates alerts via email or text.

After answering a few questions online, you will be contacted by a QuickenLoans expert to clarify the process and discuss your options.

On March 30, 2020, the company addressed how the coronavirus pandemic might affect the mortgage process in some areas. It stated:

"Even though shelter-in-place orders are in effect in many areas of the country, the mortgage process can still continue. Appraisers, closing agents and other people who need to enter your home can still do so under the shelter-in-place order. In some cases, we even have alternative ways to complete these parts of the process that don’t require entering the home.

We’ve made a slight adjustment to our rate lock process to accommodate shelter-in-place orders. Under normal circumstances, you’d lock your rate before underwriting begins. In areas where shelter-in-place orders are in effect, we can’t offer long rate locks because everything is changing so rapidly. If you’re in one of these areas, you’ll simply lock your rate closer to closing day."

QuickenLoans doesn't originate loans themselves but connects qualified borrowers with competitive offers from lenders within their extensive network.

Their minimum FICO score for most loans is 620, while the minimum for government-backed FHA loans is 580. Minimum down payments vary: FHA loans require as little as 3.5%, whereas conventional loans require a more substantial cash down amount.

Quicken Loans boasts an extraordinarily large number of positive reviews on the Better Business Bureau (BBB), as reflected in their A+ rating with the organization.

Their high levels of customer satisfaction are further confirmed by their excellent 9.6 Trustpilot score.

Despite the size of the company, there have only been four regulatory actions taken against this lender, according to the data collected by the National Mortgage Lender's Association.

This is surprising given that the number of complaints within the industry is usually much higher.

If you would like to know more about top mortgage rates, you can read our review of the 10 Best Mortgage Rates of 2019.