Quicken Loans Reviews
In addition to being rated as one of the largest mortgage companies in the US, Quicken Loans also ranks one of this year’s top online mortgage lenders based on loan volume, an extremely high level of customer satisfaction, and its user-friendly loan origination and processing platform.
AdvisoryHQ News (fastest-growing “review and ranking” media) has published this “Quicken Loans mortgage reviews” article to provide you with a quick overview of Quicken Loans products, history, loan process and the ranking factors that have allowed this mortgage lender to rank as one of the top loan originators.
Quicken Loans Mortgage Reviews – Strong Growth
Quicken Loans has been in business for over 30 years and has since grown to become the largest online mortgage lender.
Image source: Quicken Loans
Between 2014 and 2015, Quicken Loans closed over $130 billion in mortgage loans and has helped over 2 million families across the US finance their homes.
Accolades and Ranking – Quicken Loans Review
Last year, Fortune magazine rated Quicken Loans as “one of the best places to work.”
In addition, Quicken Loans has ranked among the top 30 companies on Fortune magazine’s annual “100 Best Companies to Work For” list for 12 consecutive years.
Time and time again, studies have shown that companies with happy and productive employees are normally the same types of companies that have the highest amount of satisfied customers.
Quicken Loans Review – High Customer Satisfaction
Ninety-five percent of Quicken Loans customers would recommend the firm to family and friends. No other online mortgage lender can claim such a high level of customer satisfaction.
In addition, Quicken Loans has an A+ rating with the Better Business Bureau, which is a tough rating to achieve, being that consumers (and people in general) are inherently lazy and mostly only remember to leave reviews when they’ve had a very bad experience.
To cause enough customers to take the time to leave “great” reviews online in sufficient numbers, earning the mortgage lender an A+ rating, means that Quicken Loans is literally turning consumers from “customer” status to “raving fans” status.
This is similar to how a lot of Apple (e.g., iPhone and iPad) fans have been converted from regular customers to raving Apple fans.
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
Quicken Loans Review – Mortgage Loan Products
Image source: Big Stock
Quicken Loans provides a wide array of online mortgage loan products including:
- Adjustable-rate mortgages (ARMs): Quicken Loans ARM loan products provide the lowest rates among all other products offered by the company.
- YOURgage loan program: This loan program allows you to customize a loan to fit your unique situation. You get the flexibility to choose your own terms (from 8 to 30 years) and can even pay off your loan faster!
- FHA loan: Quicken Loans FHA home loans are the most flexible online loan products offered by the firm. It makes qualifying for your new mortgage much easier.
- 30-year fixed mortgage: The 30-year fixed-rate mortgage product is Quicken Loans’ most popular loan product. You get a low interest rate that doesn’t change over the life of the loan.
- VA loan: This loan is offered to help US veterans buy a home or refinance an existing one; it even has no-money-down options.
- 15-year fixed mortgage: These are fixed rate loans with low monthly payments over the life of your loan.
- Jumbo loans: These are loans between $417,000 and $3,000,000. Quicken Loans offers 15/30-year loans, ARM, and FHA jumbo loans.
- Reverse mortgage: These are structured for homeowners that are 62 years of age and older. A reverse mortgage loan allows such home owners to get cash out of their home equity and also enables them to eliminate their monthly payment.
Quicken Loans Mortgage Review Process:
The steps below provide a high level overview of the process needed to apply for a mortgage loan with Quicken Loans.
Step 1: Click below to fill out a brief contact form. A Quicken Loans rep will then connect with you and match you with your home loan expert. Your home loan expert will be your point person and will work with you throughout the loan origination, processing, and closing process.
Step 2: Quicken Loans then reviews your loan application. To begin the process of originating your loan, Quicken Loans will pull your credit to identify your credit score, after which your representative will discuss your loan options with you. Your loan options might differ based on your credit score.
Step 3: Your MyQL account is created. Quicken Loans creates an online account for you called MyQL (My personal loan site), after which the firm sends you a loan estimate (LE) disclosure via your MyQL.
Previously, mortgage lenders were required to issue a good faith estimate (GFE) disclosure to a borrower within 3 days of accepting a loan application. A recently mandated government regulation, called TRID, now requires all US mortgage lenders to send out an LE within 3 days of receiving a loan application.
After you agree to the LE, Quicken Loans will process your loan application and then request you to make a deposit. Your deposit will cover various loan processing fees including your credit report fee, appraisal, and title work fees.
MyQL is considered one of the most streamlined, efficient, and customer-friendly platforms being offered by online mortgage lenders.
Step 4: Underwriting. The next stage is the underwriting stage. This is when Mortgage Loans underwriters review your personal and financial information (e.g., credit report, income, monthly/annual expenses, assets, and debt). You might be required to provide additional information or to clarify information.
At the same time that this is happening, Quicken Loans will also process the appraisal via a non-affiliated party. Regulatory requirements restrict lending firms from using affiliated appraisers. Appraisers must always be a third party.
Step 5: Closing. When it is time to close, you’ll let Quicken Loans know where you’ll be (e.g., work, a friend’s house or even across town), and they’ll meet you there.
Signing the paper takes less than 15 minutes, and your online mortgage loan will be finalized.
Hope you’ve found this quick Quicken Loans review guide very helpful.
If you have any questions or comments about this Quicken Loans reviews article, please send us your comments or questions.
We look forward to hearing from you.
Cheers,
AdvisoryHQ Review Team
Note: The above company/service may be an affiliate of AdvisoryHQ. Click here to view AdvisoryHQ’s advertiser and editorial disclosures.
___
See Also:
Top 5 Best Personal Finance Software & Apps
Best Robo-Advisors | Comparison, Ranking and Detailed Reviews
Are Bonds a Good Investment Now? Fed Interest Rate Hike Expected – Buy or Sell Bonds?
5 Best Online Stock Trading Sites for Investors & Traders (Top Brokers)
Top Mortgage Lenders – List of US Largest Mortgage Lenders (Reviews)
Quicken Loans Reviews and Ranking – Top Rated Mortgage Lender
Best Online Mortgage Lenders 2015-16 | Ranking of the Top 4 Online Home Lender
List of Best Rated Advisors and Wealth Management Firms – US & UK
Best Savings Rates UK – Compare the Best Savings Accounts in the UK
Best Current Accounts UK – Top Current Account Interest Rates
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.