Choosing the right mortgage lender often involves hours of research. That can include reading customer reviews and comparing rates, products and fees across providers.
Quicken Loans is an online marketplace that lets you compare lenders to narrow your search. It can help you find a suitable lender, but be aware that Quicken Loans promotes its sister company, Rocket Mortgage, and accepts compensation that can affect lender rankings.
About Quicken Loans
Quicken Loans used to be a mortgage lender, but it stopped its direct lending practice in 2023. Its direct lending continued under a new company name, Rocket Mortgage, and Quicken Loans is now a marketplace where homebuyers can shop online for mortgage products and compare lenders.
How does Quicken Loans work?
Quicken Loans is a 100% online mortgage marketplace. You input some key information about your situation and some personal details, and Quicken Loans will connect you instantly with mortgage lenders that suit your needs.
Here’s what the process looks like:
- Go to QuickenLoans.com and click Get Started.
- Enter information about the type of home you’re purchasing, an estimated purchase and your expected down payment.
- Answer some basic questions about your financial history, like late mortgage payments, foreclosures and bankruptcies.
- Provide contact information, including your name, address and email.
- See a list of recommended mortgage lenders, which will contact you at the phone number provided to discuss your borrowing needs further. Note that Quicken Loans is affiliated with Rocket Mortgage, and its rankings are influenced by compensation it receives from other lenders.
- The rest of the process, including providing supporting documentation, getting pre-approved and moving toward closing, will all occur through your chosen lender rather than Quicken Loans.
Mortgage products available from Quicken Loans
Quicken Loans isn’t a mortgage lender, so it doesn’t have any mortgage products directly available. However, it can connect you to lenders that offer a few different types of loans, depending on your situation.
Traditional loan
Traditional loans, also called conventional loans, are the most common mortgage type. Unlike FHA, VA and USDA loans, these loans aren’t backed by a government agency. To qualify for a conventional loan, you typically need to meet credit and income requirements set by the lender.
FHA loan
FHA loans are backed by the Federal Housing Administration (FHA). This government backing allows some borrowers to get better loan terms compared to traditional mortgages, including more flexible credit minimums and lower down payment requirements.
FHA loans do require mortgage insurance premiums (MIPs), which can include an upfront fee and monthly premiums to insure your loan.
VA loan
VA loans are mortgages backed by the U.S. Department of Veterans Affairs (VA). They are available exclusively to veterans, active service members and qualifying surviving spouses. They come with a few key benefits:
- No down payment requirements for most qualifying borrowers
- Interest rates that often fall below the industry average
- Lower closing costs
- No private mortgage insurance requirements
Jumbo loan
A jumbo loan is one that doesn’t conform to federal mortgage caps, which are set at $832,750 in most areas or up to $1,249,125 or higher in high cost of living areas in 2026. Jumbo loans have no set maximum, but loan requirements may be more extensive, and rates and down payments can be above average.
USDA loan
A USDA loan is a mortgage product for buyers in rural areas. USDA loans are backed by the U.S. Department of Agriculture (USDA), which can help you get more favorable terms and rates and sometimes lower or no down payment requirements. These loans do have income and location restrictions, so not every buyer qualifies.
FHA Streamline refinance
An FHA Streamline refinance is a loan product designed for existing FHA mortgage customers who want to refinance to secure a better rate. To qualify, you’ll need to meet the following criteria:
- Have an existing mortgage insured by the FHA
- Your current mortgage must not be delinquent
- The new terms must provide a net benefit to you as the borrower
Cash-out refinance
A cash-out refinance is a popular option for homeowners who have built up significant equity in their homes and are looking to pull that equity out, often for home repairs or investment property purchases. They’re also popular among homeowners who secured their initial mortgage when rates were high, as a refinance can lead to lower monthly payments if rates have since fallen.
Home equity line of credit (HELOC)
A HELOC is similar to a cash-out refinance in that you use the equity you’ve built up in your home for other purposes, often repairs or improvements. However, you’re effectively opening a line of credit with your equity as collateral, so you can take money out as necessary.
Quicken Loans rates, fees and more
Quicken Loans doesn’t have its own rates or fees, as it’s an online marketplace for connecting with a lender rather than a lender itself. However, it’s helpful to understand the rates, loan requirements and fees from the lenders Quicken Loans works with before you start comparing to find the best option.
Quicken Loans interest rates
Quicken Loans lets you compare lenders who offer the following types of interest rates:
- 30-year fixed rate: This is the standard among home mortgage products. Your loan term is 30 years, and your rate, which you lock in when you close, never changes.
- 15-year fixed rate: This is an alternative to the 30-year mortgage with a shorter term, which means a faster repayment and less interest over time. It still has a fixed rate that never changes, but your monthly payment will be higher at an equivalent purchase price.
- Adjustable rate: Adjustable rate mortgages have an interest rate that can fluctuate based on the market over the length of your loan. Your monthly payment can vary widely, but you typically get a lower rate at the start of your mortgage.
The interest rate you receive from a lender through Quicken Loans is based on many factors, regardless of the type of loan you choose. While there’s no federal mandate for a 20% down payment, increasing your down payment can help secure a better rate with any mortgage product.
“For a conventional loan, the actual minimum is 3% for eligible first-time buyers,” says Ashley Harris, Director of Homebuyer Education at Neighbors Bank in Columbia, MO. “You will pay private mortgage insurance if you put down less than 20%, but that is not the same as being unable to buy. Today, 20% will always be a preference, but it’s never a rule.”
Quicken Loans DTI ratio maximum
Since Quicken Loans doesn’t lend directly, there’s no set maximum for debt-to-income (DTI) ratio, which is a metric lenders use to assess the likelihood that you’ll be able to afford your monthly payments.
Quicken Loans recommends a DTI of 35% or less for the best chances of getting approved through one of the lenders it works with. A DTI of 35% to 49% may require additional documentation to prove your repayment ability, and the site mentions that 50% or higher usually results in a declined approval.
“The back-end [DTI] ratio is all of your monthly debt payments combined, including the housing payment, divided by your gross income,” explains Harris. “A common benchmark is 36%, but in practice, most programs allow more flexibility than that. FHA loans can go up to 50% on the back end with compensating factors, meaning strong reserves or a solid credit history.”
Quicken Loans credit score requirements
Your approval will also depend on your credit score. While Quicken Loans has no minimum credit score to use its platform to search for lenders, the mortgage companies it primarily works with have minimums between 580 and 620. According to Harris, this is in line with industry averages.
“Credit score minimums depend on the loan type,” says Harris. “FHA loans have a floor of 580 for the lowest down payment option. USDA typically looks for a 640 for an automated approval. Conventional loans do not have a published floor the way they used to, but a score in the 680 range or above puts you in a strong position across most programs.”
Quicken Loans lending timelines
The time it takes to get pre-approved and the time it takes from pre-approval to closing also varies among the different lenders Quicken Loans may recommend to you. Since Quicken Loans often recommends Rocket Mortgage and other online-only lenders, pre-approvals can take just a few days, although it depends on your situation.
Closing timelines can also vary depending on the lender with which Quicken Loans pairs you. It states that average closing timelines range from 43 to 53 days, but it depends on a few factors:
- The type of loan you need
- How quickly you supply additional documentation
- The timeline the seller is working with
- Whether or not you live in a state where attorneys are mandated for real estate transactions
Quicken Loans customer service ratings
Quicken Loans has a customer rating of 4.1 stars on TrustPilot, and most customers are pleased with the customer service and the hands-on help they get when researching and committing to lenders through the company’s website.
The company’s Better Business Bureau (BBB) page now redirects to Rocket Mortgage, so reviews are no longer applicable for the marketplace.
It’s worth noting again that Quicken Loans isn’t a lender itself, so any customer reviews you see online are for the company’s online marketplace and not for direct mortgage lending or servicing.
Quicken Loans pros and cons
As with other marketplaces and mortgage lenders, there are some upsides and drawbacks to consider before using Quicken Loans to connect with a mortgage lender.
Pros
- Helps you compare multiple lenders to find the best rates and terms
- Works with many lenders to secure a variety of loan products
- May help find suitable lenders based on unusual circumstances, like a high DTI ratio
Cons
- Does not provide direct mortgage lending services
- Designed with the intention of promoting its sister company, Rocket Mortgage
- Compensation can affect the lenders Quicken Loans recommends, and in what order they recommend them
Final verdict: Is Quicken Loans right for you?
Quicken Loans is an online marketplace that can help you get started finding a mortgage lender, but you should be aware that the company’s primary stated goal is to promote its sister company, Rocket Mortgage, and it accepts compensation from lenders, which can influence its recommendations.
Quicken Loans can be a good place to get started comparing online mortgage lenders. Still, you might consider checking other online marketplaces, such as LendingTree, to browse more options, or get quotes directly from lenders.
“Compare loan estimates side by side, not just rates,” says Harris. “Two lenders can quote the same interest rate with very different total costs when you factor in fees, points, and what is actually included. The loan estimate form is standardized, which makes comparison easier. Use it.”
FAQs: Quicken Loans
Is Quicken Loans any good?
Most Quicken Loans users have a positive experience using the online marketplace to get matched with a mortgage lender. However, it’s important to note that Quicken Loans is not a lender, so your experience through the pre-approval, closing and servicing processes can vary widely depending on your actual lender.
Who is Quicken Loans owned by?
QuickenLoans.com is owned and operated by Rocket Companies, which is also the parent company of Rocket Mortgage, the primary lender that QuickenLoans.com suggests to homebuyers.
Does Quicken Loans do personal loans?
Quicken Loans is not a lender, so it doesn’t directly offer personal loans. However, it does provide an online marketplace that lets you compare options for personal loans, credit cards, debt consolidation options, mortgages, home refinancing and home equity lines of credit.