Quicken Loans Review | the ascent

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Main advantages

90 day rate lock

Quicken Loans offers a 90 day rate lock with a float down feature. If you lock in your rate and rates go up, yours will be locked at the lower level. If fares drop, you can request the lower fare only once. This feature is available on conventional, FHA, and 30-year VA loans.

Low down payment mortgages

Quicken Loans offers several ways to get a mortgage with little or no spending money. If you qualify for a VA loan, you won’t have to make a down payment. If you don’t have a military affiliation, you can apply for an FHA loan, which requires a 3.5% down payment. Plus, qualified borrowers who meet income restrictions can get a conventional mortgage with a 3% down payment.

Customer service manager

Quicken Loans is known for its award-winning customer service. Quicken Loans (Rocket Mortgage) consistently appears in the top two spots in JD Power’s Primary Mortgage Origination Satisfaction Study and similar study for Mortgage Servicing. These are measures of customer satisfaction among major mortgage lenders that serve the general public (military-only lenders are not ranked).

What could be improved

No HELOC or home equity loan

If you want to borrow from your own funds, your only option at Quicken Loans is to get a refinance mortgage or a cash refinance loan. If you’d rather take out a home equity line of credit or home equity loan, you’ll have to look elsewhere.

No USDA loan

Homes in most US counties are eligible for USDA loans, but you won’t be able to take advantage of this program through Quicken Loans. The government-backed programs here are the FHA loan and the VA loan.

The lowest fare has a high price

Quicken Loans advertises competitive rates, but if you look at the fine print, you’ll see that the lowest mortgage interest rate comes at a significant cost. You will need to purchase Mortgage Discount Points in order to get the lowest rate at Quicken Loans. This is normal, but other lenders may charge less.

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