Quicken Loans - Reviewed & Compared

Summary

Quicken Loans has become the leading online lender in the United States. But is the biggest the best? Let's take a closer look and find out.

Company Overview

The name "Quicken" is familiar to a lot of people, especially in the areas of personal finance. And indeed, at one time, Quicken Loans was a subsidiary of Intuit, the makers of the Quicken family of financial software. But that changed when the loan division was sold in 2002, and today, the company is a privately held entity headquartered in Detroit Michigan. But they did keep/share the Quicken name.

In that time, the company fully embraced the growing internet, and quickly became a leader in the online lending industry. They've invested heavily in internet technology, and proudly stand at the head of the class. They also have more than 13,000 employees nationwide, with offices in several other states (Arizona, Ohio, and North Carolina).

MORE: Calculate your monthly mortgage payment

What Quicken Loans Does Best

Quicken Loans services online customers, and does precisely what their customer base wants them to do – provide in depth loan and mortgage information, current rates, and, of course, a wide array of loans both stand-alone and in conjuncture with institutions like the VA and FHA. But how well do they do these things? I took a closer look, and came away with three areas that really impressed me:

#1 - An Easy to Use, Informative Website

If you are going to specialize in online lending, then it pays to have an excellent website. Quicken Loans has that in spades. Do you want today's interest rates? Up-to-the-minute rates are a click away. Want to read about the details regarding VA and FHA mortgages? No problem. Have questions and want a live chat? Done.

Seriously, Quicken Loans' website is astonishingly in-depth, and simple to use as well. I really enjoyed clicking around there.

#2 - Great Loan and Mortgage Products at Great Rates

Bottom line: you're going to go to Quicken Loans for a loan / mortgage. And that's exactly what they have. From their "push button / get mortgage" division (reviewed here) to variable rate / fixed rate, JUMBO mortgages, and many others, you have your choice of a wide array of loan and mortgage options - for example, they offer the standard 15-year & 30-year fixed-rate mortgages you expect, and offer Adjustable Rate Mortgages are offered in 5-7 year terms.

As mentioned earlier, loan products like VA loans and FHA Loans are all also offered. If you are uncertain of the type of loan you need or want, there is a wealth of information available on the website.

#3 - The Little Extras That Really Make a Difference

Here's a neat thing Quicken Loans has – they have a department solely dedicated to corporate relocation loans and assistance. That's a nice, unexpected service that can really help companies and employees.

They also have a ton of secure online tools that really help in the loan process. They have three different mortgage calculators (Purchase, Refinance, and Amortization Calculators), an "anytime" online chat, hundreds of helpful blog posts that cover a wealth of financial topics (and stuff you can really use, like budgeting, saving money on childcare, how to run a good garage sale, and much more.) Yes, it's a loan website first and foremost, but they don't forget that their customers are regular people / homeowners too, and they also realize that people have questions.

All in all, I found Quicken Loans extremely customer-friendly, and very informative. And as you'll read in a few minutes, their customer service is stellar, winning a few choice awards…

MORE: Calculate your monthly mortgage payment

Any Negatives?

Of course any company will have a strike or two. So in the interest of being fair, I want to mention a few things that could turn some people away. Chief amongst them is the fact that Quicken Loans simply doesn't do face-to-face, in person lending. So if you want to look your lender in the eye and shake his or her hand, you're out of luck.

Also, Quicken Loans does not offer home equity loans or home equity lines of credit. But other than those two, you'd be hard-pressed to find negatives with Quicken Loans.

What Others Are Saying

Remember a minute ago where I mentioned Quicken Loans winning a few choice awards? Here we go: One of the most trusted names in consumer advocacy is JD Power and Associates (you've heard of them, right?) And for ten straight years (2010 – 2020), they have ranked Quicken Loans highest in client satisfaction for primary mortgage origination among all major home loan lenders. This is in addition to them ranking Quicken Loans #1 in client satisfaction among home loan servicers for seven straight years (2014-2020). Kiplinger’s Personal Finance named Quicken Loans the “Gold Award Winner” in the 2020 list of “Best Firms for Customer Service: Mortgage Lenders”. Moreover, U.S. News & World Report scored Quicken Loans 4.4 out of 5 stars in its 2020 Mortgage Review. Last, but certainly not least, Quicken Loans is rated A+ by BBB with over 1900 customer reviews.

Those are stellar marks that should make anyone feel comfortable. To win such an award once is a big deal for most companies. To put together multiple years of wins consecutively (in a very competitive marketplace no less) is very impressive. It shows the company is not complacent in its success, and strives to stay on top. It also shows that they service their customers after the loan is given, and that's always important.

Our Final Verdict: 9.5/10

Quicken Loans is an excellent online lender, with an extremely comprehensive website that should meet the needs on almost all online loan / online mortgage shoppers. They have more than three decades of experience, they have an exceptional, world-class website, and they have the customer service awards that should make any consumer comfortable. Combine those with the comprehensive loan products offered, and you have a winner.

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