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Update: Quicken Loans was renamed to Rocket Mortgage in 2021. Customers who start on Quicken Loans’ website will receive their home loan from Rocket Mortgage. Read our full Rocket Mortgage review to learn more.
The bottom line: Rocket Mortgage – Product Name Only, previously Quicken Loans, is one of the best mortgage lenders in the country. What we like about Rocket Mortgage is that it offers an easy-to-use online application process, and it excels in providing good customer service. But its range of mortgage offerings is fairly limited, so if you’re looking for a less common type of mortgage, you’ll probably have to search elsewhere. However, you can customize your term lengths, with mortgage terms as short as eight years.
Overall, Rocket Mortgage is well-suited for the average borrower who doesn’t need a niche loan type or special features. And it’s a particularly good choice if you’re refinancing.
About Quicken Loans
Read our Rocket Mortgage review to learn more about how this lender works.
Quicken Loans is an online lender that is now known as Rocket Mortgage. You can apply with this lender either on the Quicken Loans website or the Rocket Mortgage website. Loans are available in all 50 US states, and you can get the following loan products:
Conventional mortgages (both conforming and jumbo)FHA loansVA loansBoth fixed-rate and adjustable-rate mortgagesHome equity loanONE+: allows 1% down payments with no mortgage insurance, and includes a 2% grant from the lenderPurchase Plus: offers a credit of up to $7,500 to offset down payment and closing costsBorrowSmart Access: a program offered through Freddie Mac that includes a $3,000 down payment credit
You can chat online with an automated assistant 24/7. Chat online with a live representative Monday through Friday from 7:00 a.m. ET to midnight ET, or weekends from 9:00 a.m. to midnight ET.
If you need to talk about a new mortgage, you can talk with someone over the phone Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, Saturday from 9:00 a.m. to 8:00 p.m. ET, or Sunday from 10:00 a.m. to 7:00 p.m. ET.
To talk about an in-process loan or closed loan, call Monday through Friday from 8:30 a.m. to 9:00 p.m. ET, or Saturday from 9:00 a.m. to 4:00 p.m. ET.
Quicken Loans FAQs
Is Quicken Loans legit?
Quicken Loans is a legitimate mortgage lender. It now operates under the name Rocket Mortgage, but you can still start an application on the Quicken Loans website.
Does Quicken Loans have a good reputation?
Quicken Loans has a good reputation, and is known for having great customer service. It was the top lender for customer satisfaction in 2022, according to J.D. Power’s Mortgage Origination Satisfaction Study. It also has an A+ rating from the Better Business Bureau.
Is Quicken Loans a good place to get a loan?
Quicken Loans, now Rocket Mortgage, makes it incredibly easy to apply for a mortgage. You might like this lender if you’re looking for a conventional, FHA, or VA loan, or if you’re looking for affordable mortgage options like its ONE+ loan.
Is Quicken Loans hard to get approved?
You’ll need a 620 credit score to get approved for a conventional loan from Quicken Loans, and a 580 score to qualify for an FHA or VA loan. These minimums are pretty standard, so borrowers shouldn’t have an unusually hard time getting approved with Quicken Loans.
What bank owns Quicken Loans?
Quicken Loans, now called Rocket Mortgage, is a part of the financial services company Rocket Companies. It’s a non-bank lender, meaning they lend money for mortgages but they don’t operate as a full-service bank that takes deposits from customers.
Why is Quicken Loans so popular?
Quicken Loans was the top mortgage lender in the country in 2021, originating more than 1.2 million loans, according to Home Mortgage Disclosure Act data. It’s a popular choice with borrowers because it’s widely available and it offers a simple online application process.