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Quicken Loans Review 2022: Is It Trustworthy?

Quicken Loans is a reputable company with a longstanding reputation for customer satisfaction. It is the largest mortgage lender in America and offers a variety of mortgage options.

10.0 / 10
Editorial Score
Ginny Dorn
Personal finance and mortgages specialist
June 27, 2022


Quicken Loans offers a variety of home loans, such as fixed, adjustable, refinance, jumbo, FHA, and VA. If your credit score is at least 620 and you can afford at least 3% down, Quicken Loans may be a good choice for you.

The company offers its service online and over the phone. You can apply for loans online through Quicken Loans’ application website, Rocket Mortgage. With an intuitive, easy-to-follow application process that can instantly verify information, anyone can apply. Quicken also allows you to manage your loan through email, phone, fax, and regular mail.

Quicken Loans doesn’t always have the lowest lender fees or mortgage rates, but its customer service reputation is excellent. Just note that in some cases, discount points may be added to the rates on the website, which can make them look better than they actually are. 

10 / 10
Editorial Score
Quicken Loans
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10 / 10
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10 / 10
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10 / 10
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8.3 / 10
8.9 / 10

Products & Services

Quicken Loans offers various mortgage-related products. It does not offer home equity loans, home equity lines of credit, or U.S. Department of Agriculture loans.

When reviewing rates from Quicken Loans, it’s important to note that the advertised rates can be misleading. The site lists common loans and interest rates which are updated daily – these are just ballpark figures. Quicken Loans makes its rates look better by including higher than average discount points, which means you may not get the rate advertised if you don’t purchase discount points.

YOURgage Mortgages

Quicken Loans offers a custom mortgage option called YOURgage. With these loans, you can choose a custom term from 8 to 29 years with a fixed interest rate. This type of loan is recommended if you want an interest rate that remains the same for the entire term, and you have a minimum credit score of 620.

With YOURgage mortgages, you can make a minimum down payment as low as 3%. You’ll need a debt-to-income ratio (DTI) of 50% or less, as well as money to cover closing costs (2% to 6% of the purchase price.) If you put down less than 20%, you may have to pay for mortgage insurance.

When you begin an online application, you’re taken through a short questionnaire that takes about five minutes to fill out. You’ll be asked about:

  • Home description
  • Credit score
  • Property use (primary, secondary, or investment)
  • Location
  • Purchase timeline
  • Purchase price
  • Down payment amount
  • Employment status
  • Financial information such as late mortgage payments, bankruptcy, and foreclosure
  • Personal information (address, name, contact information)

Once you enter that information, you’ll see personalized rates and options. If you choose to apply, you can upload documents and share information digitally. A representative will be available to discuss your options and answer any questions. You can view the status of your loan online, as well as choose a closing date and location.

Apply for a Mortgage with Quicken Loans

Fixed-Rate Mortgages

Fixed-rate mortgages provide you with a set interest rate over a fixed term, typically 15 or 30 years. With this type of loan, you know exactly what your monthly payment is so you can budget for it each month. With 15 year terms, you’ll pay more each month, but ultimately pay less in interest. With 30 year loans, you’ll pay less each month but pay more in interest over time.

To qualify for a 15 or 30 year fixed rate loan, you’ll need:

  • 3% down payment or more
  • A credit score of 620 or higher
  • DTI ratio of 50% or less
  • 2% to 6% of the purchase price in cash to cover closing costs

As with the YOURgage mortgage, you’ll be asked for some basic information about the property you’re purchasing and your personal financial information. From there, you’ll receive personalized rates and options.

If you choose to continue the process and apply for a loan, you can upload documents online and track the entire process using the online platform. If you prefer, you can also complete the process via phone, email, fax, and regular mail.

Adjustable-Rate Mortgages

Adjustable-rate mortgages allow you to get a lower fixed interest rate with lower monthly payments for the first years of your loan term.

This type of loan usually has a lower interest rate than that of a 30 year fixed interest rate, though there is no guarantee. The FHA and VA both offer their own version of adjustable-rate mortgages.

You can choose to have the lower rates for the first 5, 7, or 10 years of your term. After that, your interest rate is subject to change depending on the market. It may change as often as every six months. However, it won’t increase more than 5% of the original rate.

To qualify for this type of loan, you’ll need to pay a down payment of at least 5%. You’ll also need a credit score of 620 or higher. You’ll need a DTI ratio of 50% or less and a maximum loan-to-value ratio (LTV) of 95% or less.

To see customized rates, you’ll need to fill in an online form which takes under 10 minutes. The form will ask you to provide information regarding the home you’re buying, property use, location, purchase price, down payment, and timing of the purchase.

It will also ask you for personal information, such as your employment status, credit score, whether you can show proof of income, and if you’re a first-time buyer. Finally, it will ask whether you’ve ever had a late mortgage payment, bankruptcy, or foreclosure.

If you choose to proceed with the loan application, you can upload documentation and proceed completely digitally. If you choose, you may also email, fax, or mail documentation. You can work with Quicken Loans’ mortgage experts over live chat or by phone if you have any questions. You can also monitor your loan status using the online portal.

Federal Housing Administration (FHA) Loans

You may be eligible for an FHA loan if you have a credit score of 580 or above and are able to provide a down payment of at least 3.5%.

This type of loan is insured through the Federal Housing Administration, which protects lenders from payment defaults. In turn, this makes it easier for you to qualify and get lower interest rates.

To be approved for an FHA loan, you’ll need a DTI ratio of 50% or less, funding to cover the upfront mortgage insurance premium (UFMIP), and money to cover closing costs, which is usually 2% to 6% of the purchase price. You’ll also need to be able to show proof of a steady history of employment.

To see personalized options, you’ll fill out a questionnaire online. The platform will ask you about the home you’re looking to purchase as well as some personal information, like credit score, employment status, and whether you’ve purchased a home before.

If you choose to proceed with applying for a loan, you can complete the process completely online using Quicken Loans’ online platform, Rocket Mortgage. There, you can upload documents and track the loan status. You can also access mortgage experts via phone, email, fax, and regular mail.

Veterans Affairs (VA) Loans

This type of loan was created specifically for qualified veterans and service members, as well as their spouses. VA loans are backed by the Department of Veterans Affairs and can be either fixed or adjustable with various term options.

To qualify for a VA loan, you’ll need:

  • A minimum credit score of 620
  • DTI ratio of 60% or less
  • Money for the VA funding fee
  • Note: This fee can sometimes be rolled into the loan. It may not apply if you receive VA disability, are a surviving spouse, or have a service-connected disability.)
  • Certificate of Eligibility issued by the VA

As with the other loan processes, you’ll need to fill out a questionnaire that collects your personal information as well as information about the house you’re purchasing. From there, you can apply online through the Rocket Mortgage portal. You’ll be able to chat with mortgage experts throughout the process and switch over to phone, email, or fax if you prefer.

Apply for a VA Loan with Quicken Loans

Jumbo Loans

Jumbo loans allow you to purchase or refinance a home with a purchase price of $548,251 to $2.5 million. This type of loan can be used to finance primary residences, second homes, or investment properties.

To qualify for a jumbo loan, you’ll need a DTI ratio of 45% or less, an LTV of 89.99%, and a credit score of 680 or higher. Typically, you’ll only need one appraisal. You’ll also need to be able to provide a down payment of at least 10%.

It is now easier than ever to apply for a jumbo loan online, as there are fewer requirements, especially for self-employed people. When you apply, you’ll be asked to provide some personal, financial, and employment information. You’ll also be asked about the home type and loan amount. You can complete the loan online, or provide documents via fax and email.

Refinance Loans

People refinance their mortgages for three reasons: to lower monthly payments, pull cash out, or shorten the loan term. In all cases, you should be an established homeowner who has a good amount of equity in your home. At this point, lenders will allow you to either lower your interest rate and monthly payment, pull money out by leveraging your investment in order to renovate the home or pay down other debt, or shorten the loan term.

Quicken Loans offers all three refinance options through Rocket Mortgage’s all-online platform. You’ll need to provide some basic personal, financial, and home information. From there, the platform will guide you through the refinance. You’ll be able to track your progress online and speak with live mortgage experts at any time.

Rates and Terms

Quicken Loans offers mortgages of varying amounts. Conventional loans are available up to $548,250, although, in high-cost areas, that number jumps to $822,375. Quicken Loans also offers jumbo loans up to $2.5 million.

Fees with Quicken Loans vary depending on which loan product you’re interested in, as well as your personal financial information. You receive cost information fairly early in the process, once you’ve entered all of your prequalification documents, so that you can determine if Quicken Loans is right for you.

Terms also vary depending on loan type. With YOURgage loans, you can choose a term from 8 to 29 years. You can also choose standard 15- and 30-year terms.

Application Process and Qualifications

When you begin the application process, you must first go through the prequalification questionnaire.

In this section, you’re asked for the following information:

  • Loan type
  • Home description
  • Credit score
  • Property use (primary, secondary, or investment)
  • Location
  • Purchase timeline
  • Purchase price
  • Down payment amount
  • Employment status
  • Financial information such as late mortgage payments, bankruptcy, and foreclosure
  • Personal information (address, name, contact information)

Once complete, you’ll receive more personalized rates and options. Next, you can apply completely online, through the Rocket Mortgage platform. You’ll need to provide documentation that verifies the information you’ve entered. Rocket Mortgage can auto-verify much of what you enter which speeds the entire process up.

You’ll need the following documentation:

  • Two years worth of income tax documents
  • 30 or 60 days worth of bank statements
  • Recent pay stubs, W-2s, or any other employment verification documents

After your application is preapproved, you’ll get RateShield Approval, which fixes your interest rate for 90 days while you search for the right home.

If you sign a purchase agreement, Quicken Loans will check to see if rates have dropped since you originally locked in a rate. If they have, you are able to lock in the new, lower rate for 40 to 60 days.

Qualification varies depending on what type of loan you’re interested in:

  • 15- and 30-year fixed-rate and YOURgage mortgages require a credit score of 620 or higher, a downpayment of 3% or more, and a DTI ratio of 50% or less.
  • Adjustable-rate mortgages require a credit score of 620 or higher, a down payment of 5% or more, and a DTI ratio of 50% or less.
  • Jumbo loans require a credit score of 680 or higher, a down payment of at least 10%, and a DTI ratio of 45% or less.
  • FHA loans require a credit score of 580 or higher, a down payment of 3.5% or more, and a DTI ratio of 50% or less.
  • VA loans do not require a downpayment, but you will need a credit score of 620 or higher, a certificate of eligibility, and a DTI ratio of 60% or less.

Approval Time

Application and approval both occur online with Quicken Loans. Preapproval takes about 1-3 days, which is in line with the market average.

While you’re doing all of the other home-buying work and preparing to sign a purchase agreement, Quicken Loans is working on your mortgage approval. In total, this can take 30 to 60 days, but on average takes just 28 days with Quicken Loans. This is three times faster than the industry average of 60 to 90 days.

Customer Service

I tested out the live chat feature from Quicken Loans. Initially, you interact with an automated chatbot which can cover several basic questions:

Customer Service

Customer Service

Customer Service

After going through the prompts and filling in some additional information, I typed in “agent” and was immediately connected with a customer service representative. After reviewing my chat with the bot, she quickly transferred me to a licensed expert.
Customer Service
Customer Service
The expert who helped me was incredibly fast to respond, knowledgeable, and friendly.

He was ready to answer my questions and I found him to be informative without being pushy. Overall, my experience with the live chat was speedy, easy, and comfortable.


Quicken Loans is the largest mortgage lender in America. It’s available in all 50 states and people across the country have trusted Quicken Loans in their home buying process. It has received glowing reviews and ratings, including a BBB score of A+, TrustPilot score of 4.5 stars, and 11 consecutive years in the number one spot for mortgage origination satisfaction with J.D. Power.

The company offers a variety of mortgage options, though it does not offer some key products, like home equity loans and HELOCs. Another drawback is its fees and rates – they aren’t the cheapest, and can even be more expensive than the market average.

However, Quicken Loans’ superior customer service and intuitive, all-online application process make home financing much easier to navigate than the traditional homebuying process. It’s fulfilling its promise of taking the complicated world of mortgages and simplifying it so that more people feel confident and comfortable in the process.


Is Quicken Loans a good company?

Yes, Quicken Loans is a good company to work with. It is the largest mortgage lender in the U.S. It has a BBB score of A+ and a TrustPilot score of 4.5 stars. J.D. Power has also named it the leader in customer satisfaction for mortgage origination for 11 consecutive years.

What are the cons of Quicken Loans?

Quicken Loans’ advertised rates are polished to appear better than they may actually be. It uses higher-than-average discount points as a way to showcase lower rates and fees. It also does not offer home equity loans, home equity lines of credit, or U.S. Department of Agriculture loans.

Are Quicken Loans and Rocket Mortgage the same company?

Yes. Rocket Mortgage is Quicken Loans’ online platform on which you complete your mortgage application. In July of 2021, Quicken Loans also officially changed its name to Rocket Mortgage. However, it still can be found at, though you’ll ultimately be redirected to Rocket Mortgage.

Does using Quicken Loans affect your credit score?

No. The application may lower your credit score by a few points, which is a very minor effect. However, it won’t have any extreme or long-term effects.

Apply for a Loan with Quicken Loans

Ginny Dorn
Written by

Ginny Dorn is a freelance personal finance writer. She specializes in credit card debt, personal loans, and mortgages. She graduated from Western Illinois University with a bachelor's degree in family and consumer sciences.

  • Easy-to-use online application website.
  • Down payments as low as 3% with multiple loan options.
  • Excellent customer service reputation through J.D. Power, BBB, and TrustPilot.
  • No brick and mortar or face-to-face customer service.
  • Potentially higher rates and fees than other lenders.
  • Doesn’t offer home equity loans or lines of credit.
Bottom Line

Quicken Loans is the largest mortgage lender in the U.S. and is known for its easy online application process. It offers various mortgage options, including fixed, adjustable, FHA, VA, jumbo, and refinancing. You can get a loan with as low as 3% down and a credit score of 620.

The company is all online, with no face-to-face customer service. However, it does offer access to live mortgage experts to help you through the process via chat, phone, and email.

The biggest downside of Quicken Loans is its rates and fees. The website advertises rates that are based on higher-than-average discount points. You may find lower rates elsewhere.