Your Ultimate Guide To QuickQuicken Loans Ratings And Reviews

Author Linares 30 Jan 2025

Quicken Loans is an American mortgage lender that offers a variety of home loan products, including conventional loans, FHA loans, and VA loans. The company has been in business for over 30 years and has originated over $400 billion in loans.

Quicken Loans has received consistently high ratings from both consumers and industry experts. In 2021, the company was ranked #1 in customer satisfaction among mortgage lenders by J.D. Power. Quicken Loans has also received high ratings from Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA).

There are many factors that contribute to Quicken Loans' high ratings. The company offers competitive interest rates, low fees, and a variety of loan products to meet the needs of different borrowers. Quicken Loans also has a strong online presence, which makes it easy for borrowers to apply for and manage their loans.

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Quicken Loans Rating

Quicken Loans has consistently received high ratings from both consumers and industry experts. Here are six key aspects that contribute to Quicken Loans' high ratings:

Competitive interest rates
Low fees
Variety of loan products
Strong online presence
Excellent customer service
High customer satisfaction

Quicken Loans' competitive interest rates and low fees make it a great option for borrowers who are looking to save money on their mortgage. The company's variety of loan products means that it can meet the needs of a wide range of borrowers, from first-time homebuyers to experienced investors. Quicken Loans' strong online presence makes it easy for borrowers to apply for and manage their loans, and the company's excellent customer service is always available to help borrowers with any questions or concerns.

Quicken Loans' high ratings are a testament to the company's commitment to providing borrowers with a positive experience. Whether you're a first-time homebuyer or an experienced investor, Quicken Loans can help you get the mortgage you need at a competitive rate.

1. Competitive interest rates

Competitive interest rates are one of the key factors that contribute to Quicken Loans' high ratings. Interest rates are a major factor in determining the monthly cost of a mortgage, so getting a competitive rate can save borrowers a significant amount of money over the life of their loan.

Quicken Loans offers some of the most competitive interest rates in the industry. The company's strong relationships with lenders allow it to offer low rates to its customers. In addition, Quicken Loans' efficient online process helps to keep costs down, which savings are passed on to borrowers in the form of lower interest rates.

Getting a competitive interest rate can make a big difference in the affordability of a mortgage. For example, a borrower who gets a 3.5% interest rate on a $200,000 loan will pay $1,024 in interest each month. If the same borrower got a 4% interest rate, they would pay $1,111 in interest each month. That's a difference of $87 per month, or $1,044 per year.

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Quicken Loans' competitive interest rates are one of the main reasons why the company has such high ratings. Borrowers who are looking to get the best possible rate on their mortgage should definitely consider Quicken Loans.

2. Low fees

Low fees are another key factor that contribute to Quicken Loans' high ratings. Mortgage fees can add up quickly, so getting a lender with low fees can save borrowers a significant amount of money.

Application fee
Quicken Loans' application fee is $0, which is lower than the average application fee of $400. This can save borrowers a significant amount of money, especially if they are applying for multiple loans.
Origination fee
Quicken Loans' origination fee is 0.5% of the loan amount, which is lower than the average origination fee of 1%. This can save borrowers hundreds of dollars on a typical loan.
Discount points
Discount points are a way to buy down the interest rate on a loan. Each discount point costs 1% of the loan amount. Quicken Loans offers a variety of discount point options, so borrowers can choose the option that best meets their needs and budget.
Closing costs
Closing costs are the fees that are paid at the closing of a loan. These fees can include things like title insurance, appraisal fees, and attorney fees. Quicken Loans offers a variety of ways to reduce closing costs, such as its Home Loan Advantage program.

Quicken Loans' low fees are one of the main reasons why the company has such high ratings. Borrowers who are looking to save money on their mortgage should definitely consider Quicken Loans.

3. Variety of loan products

Quicken Loans offers a wide variety of loan products to meet the needs of different borrowers. This is one of the key factors that contribute to the company's high ratings. Borrowers can choose from a variety of loan types, including conventional loans, FHA loans, VA loans, and jumbo loans. Quicken Loans also offers a variety of loan programs, such as the Home Loan Advantage program and the Your Home program.

The variety of loan products that Quicken Loans offers is important because it allows borrowers to find the loan that best meets their needs. For example, a first-time homebuyer may be eligible for an FHA loan, which has lower down payment requirements than a conventional loan. A veteran may be eligible for a VA loan, which has no down payment requirement. And a borrower who is purchasing a high-priced home may need a jumbo loan.

Quicken Loans' variety of loan products also allows borrowers to compare rates and fees from different lenders. This can help borrowers get the best possible deal on their mortgage.

4. Strong online presence

Quicken Loans has a strong online presence, which is one of the key factors that contribute to the company's high ratings. The company's website is easy to use and provides borrowers with a wealth of information about its loan products and services. Borrowers can apply for a loan online, track the status of their loan application, and make payments online. Quicken Loans also offers a variety of online tools and resources, such as a mortgage calculator and a home affordability calculator.

Quicken Loans' strong online presence is important because it allows borrowers to get the information they need and apply for a loan quickly and easily. This can save borrowers a lot of time and hassle. In addition, Quicken Loans' online tools and resources can help borrowers make informed decisions about their mortgage.

For example, Quicken Loans' mortgage calculator can help borrowers determine how much they can afford to borrow. The home affordability calculator can help borrowers determine if they can afford to buy a home in a particular area. These tools can help borrowers avoid getting into a loan that they cannot afford.

Quicken Loans' strong online presence is a major competitive advantage for the company. It allows Quicken Loans to reach a wider range of borrowers and to provide them with the information and tools they need to make informed decisions about their mortgage.

5. Excellent customer service

Excellent customer service is a key factor that contributes to Quicken Loans' high ratings. The company's customer service representatives are knowledgeable, friendly, and always willing to go the extra mile to help borrowers. Quicken Loans also offers a variety of ways for borrowers to contact customer service, including phone, email, and chat.

Responsiveness
Quicken Loans' customer service representatives are very responsive. They typically answer phone calls and emails within minutes, and they are always available to chat online. This responsiveness is important for borrowers who have questions or concerns about their loan.
Knowledge
Quicken Loans' customer service representatives are very knowledgeable about the company's loan products and services. They can answer any question that a borrower may have, and they can help borrowers find the best loan for their needs.
Willingness to help
Quicken Loans' customer service representatives are always willing to go the extra mile to help borrowers. They are happy to answer questions, provide advice, and help borrowers troubleshoot any problems that they may encounter.
Availability
Quicken Loans' customer service is available 24/7. This means that borrowers can get help whenever they need it. This availability is important for borrowers who have questions or concerns about their loan outside of normal business hours.

Excellent customer service is important for any business, but it is especially important for a mortgage lender. A mortgage is a big financial commitment, and borrowers need to know that they can count on their lender to be there for them if they have any questions or concerns. Quicken Loans' excellent customer service is one of the main reasons why the company has such high ratings.

6. High customer satisfaction

High customer satisfaction is a key factor that contributes to Quicken Loans' high ratings. Satisfied customers are more likely to recommend Quicken Loans to their friends and family, and they are more likely to do business with Quicken Loans again in the future. This leads to increased brand loyalty and customer lifetime value, which are both important factors for any business.

Responsiveness
Quicken Loans' customer service representatives are very responsive. They typically answer phone calls and emails within minutes, and they are always available to chat online. This responsiveness is important for customers who have questions or concerns about their loan.
Knowledge
Quicken Loans' customer service representatives are very knowledgeable about the company's loan products and services. They can answer any question that a customer may have, and they can help customers find the best loan for their needs.
Willingness to help
Quicken Loans' customer service representatives are always willing to go the extra mile to help customers. They are happy to answer questions, provide advice, and help customers troubleshoot any problems that they may encounter.
Availability
Quicken Loans' customer service is available 24/7. This means that customers can get help whenever they need it. This availability is important for customers who have questions or concerns about their loan outside of normal business hours.

High customer satisfaction is a key driver of Quicken Loans' success. By providing excellent customer service, Quicken Loans is able to build strong relationships with its customers and increase its customer lifetime value. This leads to increased profitability and long-term growth for the company.

"Quicken Loans Rating" FAQs

Quicken Loans is a reputable mortgage lender with a proven track record of providing excellent customer service and competitive rates. The company has received consistently high ratings from both consumers and industry experts.

Question 1: What factors contribute to Quicken Loans' high ratings?

Quicken Loans' high ratings are primarily attributed to its competitive interest rates, low fees, variety of loan products, strong online presence, excellent customer service, and high customer satisfaction.

Question 2: How competitive are Quicken Loans' interest rates?

Quicken Loans offers some of the most competitive interest rates in the industry due to its strong relationships with lenders and efficient online process.

Question 3: Are there any hidden fees associated with Quicken Loans' mortgages?

Quicken Loans is transparent about its fees, and it offers a variety of ways to reduce closing costs, such as its Home Loan Advantage program.

Question 4: Does Quicken Loans offer a wide range of loan products?

Yes, Quicken Loans offers a variety of loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. This allows borrowers to choose the loan that best meets their needs.

Question 5: How easy is it to apply for a mortgage with Quicken Loans?

Quicken Loans has a strong online presence, making it easy for borrowers to apply for and manage their loans online. The company's website is user-friendly and provides a wealth of information.

Question 6: What sets Quicken Loans apart from other mortgage lenders?

Quicken Loans' commitment to customer satisfaction sets it apart from other mortgage lenders. The company's excellent customer service, responsiveness, and willingness to go the extra mile have earned it high ratings from consumers.

Overall, Quicken Loans is a reputable mortgage lender that offers competitive rates, low fees, a variety of loan products, and excellent customer service. These factors contribute to the company's high ratings and make it a top choice for borrowers.

Transition to the next article section:

For more information about Quicken Loans and its mortgage products, please visit the company's website.

Mortgage Tips from Quicken Loans

Tip 1: Shop around for the best interest rate. Quicken Loans offers competitive interest rates, but it's always a good idea to compare rates from multiple lenders before making a decision.

Tip 2: Get pre-approved for a loan. Getting pre-approved for a loan will give you a better understanding of how much you can afford to borrow and will make the home buying process more competitive.

Tip 3: Make a larger down payment. A larger down payment will reduce the amount of money you need to borrow and will save you money on interest over the life of your loan.

Tip 4: Choose a shorter loan term. A shorter loan term will mean higher monthly payments, but you will pay less interest over the life of your loan.

Tip 5: Consider an adjustable-rate mortgage (ARM). ARMs can have lower interest rates than fixed-rate mortgages, but the interest rate can change over time. This can be a good option if you plan to move in the next few years.

Summary of key takeaways or benefits:

Shopping around for the best interest rate can save you money.
Getting pre-approved for a loan will give you a better understanding of how much you can afford to borrow.
Making a larger down payment will save you money on interest.
Choosing a shorter loan term will save you money on interest.
An ARM can be a good option if you plan to move in the next few years.

Transition to the article's conclusion:

By following these tips from Quicken Loans, you can get the most out of your mortgage experience and save money on your home loan.

Conclusion

Quicken Loans has consistently received high ratings from consumers and industry experts due to its competitive interest rates, low fees, variety of loan products, strong online presence, excellent customer service, and high customer satisfaction. These factors contribute to the company's reputation as a trusted and reliable mortgage lender.

When choosing a mortgage lender, it is important to consider factors such as interest rates, fees, and customer service. Quicken Loans excels in all of these areas, making it a top choice for borrowers. The company's commitment to providing a positive experience for its customers is evident in its high ratings and positive feedback from borrowers.

Whether you are a first-time homebuyer or an experienced investor, Quicken Loans can help you get the mortgage you need at a competitive rate. The company's variety of loan products and flexible underwriting guidelines make it a good option for borrowers with a wide range of needs.

If you are considering getting a mortgage, be sure to compare rates and fees from multiple lenders. Quicken Loans is a great place to start your search. The company's high ratings and commitment to customer satisfaction make it a top choice for borrowers.

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