Quicken Loans Mortgage Reviews: What You Need To Know
Quicken Loans Inc. is an oHuckleberry Finnine home mortgage lender based in Detroit. Ranked as one of the country’s three largest mortgage loan developers for 2015, Quicken Loans has taken out $ 220 billion in loans since 2013. Unlike many mortgage lenders, Quicken Loan’s market share continued to grow during the 2008-2009 housing market spilldown by staying away from outgoing subprime loans. Quicken Loan’s founder and chairman Dan Gilbert moved the company’s headquarters to the Chase Tower building in downtown Detroit in 2010. The lender also has national processing centers in Cleveland and Scottsdale, Arizona, and has a total of 15,000 employees at all locations.
Founded in 1985 by Gilbert, Quicken Loans is the best known member of a portfolio of companies owned by Rock Ventures LLC. Other related companies owned by Rock Ventures are Bedrock Real Estate Services, Title Source Inc., In-House Realty LLC and One Reverse Mortgage LLC. Quicken Loans started out as a branch-based lender, but in 1999 it changed to oHuckleberry Finnine borrowing as Rockloans. com. Software maker Intuit Inc. (NASDAQ: INTU INTUIntuit Inc152 51-0 11% Created with Highstock 4. 2. 6) has bought Rockloans. com in 1999 and called it Quicken Loans. Gilbert and a group of private investors bought back Quicken Loans in 2002. The lender currently owns more than 60 buildings in downtown Detroit. In November 2015, it launched Rocket Mortgage, a fully oHuckleberry Finnine service where consumers can apply for a mortgage using a smartphone app.
Mortgage products offered
Quicken Loans offers a wide range of mortgages to meet borrower profiles, including fixed-rate mortgages, adjustable-interest mortgages (ARMs), Federal Housing Authority (FHA) loans, Veteran’s Administration (VA) loans and jumbo loans. Borrowers can qualify for Quicken Loans Amazing 5 and Amazing 7 ARM loans on a primary home with as little as 10% cheaper. These loans have a fixed interest rate for five, seven or ten years. Quicken Loans 30 and 15 year fixed interest rates require down payments of only 3%. Borrowers pay on the basis of interest, principal loan and amortized interest over 15 or 30-year periods. Payments for loans with a fixed interest rate remain the same throughout the term of the loan and have no penalty for prepayment. Borrowers can qualify for VA loans with credit scores as low as 620 without money. Jumbo loans are offered for borrowers who want to finance houses above the conventional loan limit. From May 2016 the range of Quicken Loans for jumbo loans is $ 417,000 to $ 3,000,000. VA borrowers may also be eligible for an ARM or jumbo loan without money.
From May 2016 the Quicken Loans rate for a mortgage with an interest rate of 30 years was 3 625% and the annual interest rate (APR) was 3 852%. The rate for a fixed interest rate of 15 years was 2.75% and the APR was 3.18%. Quicken Loans ARM rates vary depending on the profile of the product and the borrower. The five-year ARM rates from Quicken Loans amount to 2,875 and 3,531% for the first five years of the loan. After the first five years of the loan, the rate is variable and can change every year for the remaining 25 years of the loan.
What customers say
Consumer reviewers on Credit Karma give Quicken Loans 4. 3 out of 5 stars, based on 5, 375 reviews. In the lender’s ratings category, borrowers give Quicken Loans more than four stars for the application process, customer service, and creditworthiness of holders. Express satisfaction assessments with simple loan processing, with the ability to scan and upload supporting documents, with attentive customer service and with fast loan approval periods.
Borrowers on LendingTree gave Quicken Loans 3.9 out of 5 stars based on 1, 865 reviews. Clients give Quicken high ratings on interest rates, fees and closing costs, and customer service categories. The consensus of the reviewer indicates that the initiators of Quicken Loans are attentive and respond to customers. However, some reviewers complain that the company did not approve mortgage applications after collecting a non-refundable application fee. Reviewers on both Credit Karma and LendingTree give Quicken Loans negative ratings for using low property valuations.