Quicken Loans (Rocket Mortgage) Review: Easy Home Loans from a Top-Rated Online Lender

Key takeaways:

• Founded in 1985, Quicken Loans was one of the earliest companies to break into the online mortgage space.
• While the name Quicken Loans is still used in some promotional materials, the company announced it was changing its name to Rocket Mortgage in May of 2021.
• As one of the top mortgage originators in the United States, Quicken Loans/Rocket Mortgage offers new home purchase loans, mortgage refinancing, VA home loans, FHA loans, USDA loans and more.
• Rocket Mortgage earned the #1 spot for customer satisfaction in J.D. Power’s 2021 U.S. Primary Mortgage Servicer Satisfaction Study. 

While Quicken Loans is still in existence, the company announced they were changing their name to Rocket Mortgage earlier this year. This is worth noting because you may see online reviews and ratings for both companies on various platforms. With that in mind, you should know that Quicken Loans and Rocket Mortgage are synonymous with one another. 

Either way, this company quickly became a leader in the online mortgage space after its initial founding in 1985. After getting started in Livonia, Michigan, Quicken Loans moved its headquarters to Detroit, Michigan in 2010. By the end of the following year, the company had closed more than $30 billion dollars in home loans.

By 2014, Quicken Loans was the largest provider of FHA mortgages, and Rocket Mortgage still holds this distinction today. And in 2017, the company became the nation’s largest residential mortgage lender.

If you’re in the market for any type of home loan, you have probably heard about Quicken Loans and their dominance in mortgage lending space. This review explains all this company has to offer, why they stand out among other mortgage lenders, and what you should know before you apply for a home loan.

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About the Company

• Quicken Loans/Rocket Mortgage currently employs 20,000 team members across North America. According to internal company documents, the lender closed $145 billion in mortgage volume in 2019.
• While Rocket Mortgage has several physical locations around the United States, these locations exist for team members who work in sales, operations, underwriting, and technology. 
• This company is known for its excellence in customer service and easy online mortgage application process. Rocket Mortgage also services 99% of the loans it originates, so your home loan is unlikely to be “sold” to another lender.
• Quicken Loans/Rocket Mortgage has been accredited by the Better Business Bureau (BBB) since 1986, and they boast an A+ rating from the organization.

Unique Features

If you haven’t applied for a mortgage or taken steps to refinance your mortgage in the last decade, you may be surprised by how much has changed. Where homeowners once had to do everything the old-fashioned way, the majority of the process is now handled entirely online. 

This is true with all major mortgage lenders since they can access information (like bank statements and credit reports) without you having to go through the old rigamarole of printing out and faxing documents. However, this is especially true with Rocket Mortgage since they are set up to handle the mortgage process online from start to finish.

But, what does this mean exactly? Here are some of the unique features Rocket Mortgage has to offer:

• Access unique customer service features. This mortgage lender has a helpful online chat feature that makes it easy to get your mortgage questions answered without having to call into customer service.
• Complete your mortgage application online or over the phone. While Rocket Mortgage makes it possible to speak with a loan expert and begin your application over the phone if you prefer, they are set up to handle the entire process online. You can fill out the full mortgage application and begin the loan process from the comfort of your home and at any time that works with your schedule.
• Import all of your financial information online. Quicken Loans also makes it easy to upload all of your financial documents online, and you can even give them secondary (temporary) access to your bank accounts to make the process easier. 
• Choose when and where to close on your home loan. Quicken Loans lets you choose when and where your home loan closing will be, and you can even close on your loan in your own home if you prefer. 
• Make payments and access all your mortgage information through the company’s online portal. Once your home loan has closed and you finally own your property, you can create an online account where you can pay your bill, keep track of your mortgage balance, and track all other components of your loan online.

Rocket Mortgage Loans and Products

Quicken Loans (Rocket Mortgage) offers every major type of home loan you can imagine, which is one of the reasons borrowers seek them out. You can utilize this lender regardless of your borrowing needs, and even if you want to use a government home loan with special benefits.

Loan products offered by Quicken Loans include:

• Traditional 30-Year and 15-Year Fixed Rate Mortgages: If you’re in the market for a traditional fixed-rate mortgage, Quicken Loans is a good place to start your search. This lender offers competitive rates and terms on their 30-year and 15-year home loan products:
• Adjustable Rate Mortgages (ARMs): Consumers who want an adjustable rate mortgage can also turn to Rocket Mortgage. This type of mortgage comes with a fixed rate for a specific number of years, after which the rate turns to a variable rate.
• FHA Loans: FHA loans are also available through this lender. This type of home loan lets borrowers get into a home with as little as 3.5% down and easy credit requirements.
• VA Loans: Eligible service members and veterans can utilize Quicken Loans for their VA home loan benefit. This type of home loan can be used with as little as $0 down and with easy credit qualifying and limited closing costs. 
• USDA Loans: Quicken Loans also offers USDA home loans that meet requirements set by the United States Department of Agriculture. These home loans are intended for individuals who want to purchase property in rural areas across the United States.
• Jumbo Loans: Quicken Loans also offers jumbo home loans that are for larger amounts than traditional home loans can accommodate. 
• Mortgage Refinancing: Finally, you can use Quicken Loans to refinance your current home loan into a new mortgage with better rates and terms. Mortgage refinancing has become especially popular thanks to the record low mortgage rates that are available right now

Note that, while Quicken Loans offers almost every type of mortgage out there, they don’t offer any home equity products. This means you can’t turn to Quicken Loans or Rocket Mortgage for a home equity loan or a home equity line of credit (HELOC).

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Who is Quicken Loans Best For?

If you’re in the market for any type of home loan but you are hoping to build a relationship with a mortgage lender in your area, Quicken Loans/Rocket Mortgage may not be for you. However, there are many other scenarios where this lender is easily the best choice out there.

Before you head to Rocket Mortgage to begin a loan application, consider if you meet any of the following criteria.

Quicken Loans is best for:

• Busy professionals who want their mortgage process to work around their schedule
• Homeowners who want to refinance their current mortgage without a bunch of hassle or stress
• People who are comfortable with technology or willing to learn
• Anyone who wants a seamless mortgage process with excellent customer service

Rocket Mortgage vs. Other Top Mortgage Lenders

As you start comparing the best mortgage lenders, you’ll quickly find that there are an array of excellent companies operating in this space. However, some really do stand out in certain categories while falling behind in others.

The chart below shows how Quicken Loans/Rocket Mortgage stacks up to some of its top competition.

What You Should Know About the Mortgage Industry

• Home prices are on the rise. Recent data from the National Association of Realtors shows that the median existing home sales price nationwide increased at a year-over-year pace of 14.9% from August 2020 to August 2021. This means that, if you’re waiting to get into the housing market, home prices may be increasing faster than you can save.
• Mortgage interest rates are nearing record lows. According to the St. Louis Fed, the average 30-year fixed rate mortgage rate is at 2.88% as of September 2021. This means rates are currently close to a record low for this type of loan, and that it’s an especially good time to take out a mortgage or refinance a home loan.
• You’ll need a down payment. While a FHA home loan requires a down payment as low as 3.5%, and VA loans often require as little as $0 down, you’ll need to save up some cash to qualify for a traditional mortgage. Depending on the lender, you may need as much as 5% to 15% of the purchase price as a down payment.
• Shop around for the best rates. While there are plenty of excellent mortgage providers out there, you’ll only get the best rates and terms if you shop around. Make sure to compare interest rates and other loan terms among at least three or four lenders before you apply.

The Bottom Line

Quicken Loans may be called Rocket Mortgage now, but this lender is just as popular and competitive as ever. Customers get the benefit of being able to apply for a mortgage and upload all their documents online, and the company will even come to you and close your new loan at your home if you prefer.

With excellent customer service ratings and an A+ rating from the BBB, you can rest assured your experience with Quicken Loans will be seamless. However, you should still compare rates among multiple lenders so you know you’re getting the best deal.

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