Quicken Loans Mortgage Review

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Quicken Loans

rating: 5
  • Early repayments without fees
  • Live Chat support in English and Spanish
  • Operation in all 50 states

Quicken Loans Mortgages


Quicken Loans has quickly become one of the major players in the mortgage business and they don’t seem to be stopping anytime soon.

By Aleksandar Spasov | 17th December 2018

Quicken Loans enables borrowers to both purchase and refinance their property at the utmost convenience. They conduct all of their business online but that doesn’t stop them from reaching the tops of the Mortgage Table when it comes to competitive rates and low requirements/fees. Their speed stands in the core of their success while loan applications are arguably the swiftest here. All web-based tools in their arsenal are suited to help even internet-newbies with their mortgage applications and this is a big plus in today’s era in our opinion.

What kinds of Mortgages does Quicken Loans offer?

Quicken Loans offers quite an astounding package of mortgage options to customers. Starting with the 30-year Fixed Deal, we get an interest rate of 4,75% and the option to put 3% of property cost as a down payment. Refinancing at 97% is available afterward. Everything concerning all loans here is done online, with Home Loan Experts by our side to assist us with any possible issues or wonderings.

The 15-year Fixed Loan also comes with a 3% down payment but carries a lower interest rate than the 30-year one – 4,125%. FHA loans let borrowers with less of an average credit score to gain access to a mortgage. The down payment is 3,5%, and the loan can be refinanced through FHA Streamline. Even a bankruptcy wouldn’t stop us from getting an FHA loan at Quicken Loans while we can also roll our closing costs into the loan itself.

Service members and veterans can acquire a loan without having to put a down payment on their property. The VA Cash-Out also lets them borrow up to 100% of their property’s value via refinancing. Existing VA loans can be refinanced by 120% of the house/flat value as well.

USDA loans join the No-Down-Payment pack but require the industry average FICO credit score of 620. In addition, guarantee fees with them are often lower than most FHA mortgage insurance premiums, so this is another plus. Even if we have an active USDA loan, we can refinance it easily with Quicken Loans. A debt-to-income ratio of 50% (or lower) is needed to be eligible for this kind of loan, as well as a rural area property chosen which isn’t a working farm.

Jumbo Loans can grant us up to $3,000,000 in borrowed amount with the most competitive interest rates out there. They are even lower than ordinary conventional rates and can also be adjusted after a certain period of time. Veterans and army members can benefit from those, too, with greatly reduced initial down payments. There are also no prepayment penalties for an early payout of the loan.

YOURgage loans are entirely up to the customer to design. We can choose the length, the type of the loan, and its term, too. It comes with a fixed interest rate, a down payment of 3%, and a refinance possibility standing at 97%. The maximum loan amount here is $484,350.

HARP refinancing is available with Quicken Loans for enabling borrowers with little to no equity to still qualify for a mortgage. Even if they have been denied the option in the past due to not covering requirements, they can get it now without many efforts.

Mortgage Eligibility

To receive an Eligible status at Quicken Loans, customers need to cover certain requirements. A minimum credit score of 580 is needed for FHA loans, with 620 being enough for conventional and VA while Jumbo Loans need 700. The minimum down payment of any conventional loans is 3%. Application deposits are also in the picture, ranging from $400 to $750. Other than that, personalized mortgages can carry additional requirements but that pretty much covers it.

Customer Support

Support at Quicken Loans can be found via telephone or live chat during business hours during the week and on weekends. Customer employees work in both English and Spanish to ensure coverage of as many possible issues as possible. There isn’t an email option but with the speedy live chat, we wouldn’t even need it. All support team members are friendly, professional, and efficient to resolve our mortgage problems.


To some, Quicken Loans may sound as a nontraditional mortgage provider but they have what it takes to back their line of services. Flexible, swift, and accessible at all times, the brand manages to reach hundreds of thousands of customers in the US while assisting them with any needed instructions and clarifications. The wide variety of loan options is amazing, and the low-interest rates/down payment ratios are more than capable of providing the means to purchase a new home for ourselves.

Reviewed by
Aleksandar Spasov
Aleksander is a freelancer from Bulgaria. He's travelled and is still travelling around the the world and has been writing and studying as he goes. He describes himself as a bit of a word freak and this is clear from his studies in English and Journalism.Although he is knowledgeable in a lot of areas, he has been researching and writing about anti-virus as his most recent interest. Read more.
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