The company never admitted to mortgage fraud, but it did pay the settlement. The Justice Department claimed Quicken Loans approved mortgage applications it shouldn't have. In 2019, the US Justice Department required Quicken Loans to pay $32.5 million for alleged mortgage fraud. The BBB measures trustworthiness by assessing honesty in advertising, transparency about business practices, and responses to customer complaints. Quicken Loans has an A+ rating from the Better Business Bureau. Power for 11 consecutive years, and it ranked as No. It ranked as the top lender for customer satisfaction from J.D. Rocket Mortgage by Quicken Loans has a strong history of customer satisfaction. To talk about an in-process loan or closed loan, call Monday through Friday from 8:30 a.m. 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. ET to midnight ET, or weekends from 9:00 a.m. Chat online with a live representative Monday through Friday from 7:00 a.m. You can chat online with an automated assistant 24/7. ![]() ![]() The minimum credit score requirements depend on which type of mortgage you get. Quicken Loans doesn't allow you to apply with alternative data, though, so it's a better option if you have a good credit score. For instance, you could show proof you pay bills on time if you have a very low or no credit score. Some mortgage give you the option to apply with alternative credit data. VA IRRRL, if it's on your primary residence.If you're refinancing, you can choose from the following options: You can't get a USDA mortgage, construction loan, home equity loan, HELOC, or reverse mortgage through Quicken Loans. ![]() Both fixed-rate and adjustable-rate mortgages.Conventional mortgages (both conforming and jumbo).Quicken Loans is available in all 50 US states, and you can get the following loan products: You'll apply through its digital platform Rocket Mortgage, and Quicken Loans will underwrite your loan. It also provides you with a preapproval letter within 24 hours, whereas Quicken Loans' turnaround time for letters varies. Quicken Loans also provides a live chat feature, which is convenient if you would rather not talk on the phone.ī makes it easy to see personalized rates without signing up for an account first. reviewī doesn't offer FHA or USDA loans, so you'll need to use Quicken Loans for those types of mortgages. You'll want to go with Quicken Loans if you live in New York or New Jersey, though, because Guild Mortgage doesn't operate in those states. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, reverse mortgage, or renovation loan. Guild Mortgage is better if you have a low credit score (or none at all), because it accepts alternative credit data like utility bills. Right now, the 30-year and 15-year conforming loan rates on Quicken Loans' website are a little higher than the average rates listed on the Federal Reserve's website.Ĭonforming, jumbo, FHA, VA, USDA, renovation, reverse You'll need to create an account to access customized rates. ![]() Unlike with some online lenders, you can't plug in your information (like home value, amount you have for a down payment, or credit score) to see a more personalized rate on the site. You can also sign up for email and text updates about current Quicken Loans mortgage rates. For example, the 30-year rates shown are for $200,000 loan amounts and cover 1.75 points at closing. You can read the assumptions for these rates on the website. It also compares today's rates with rates yesterday and one year ago. It shows you interest rates and APRs on 30-year and 15-year fixed conforming mortgages, 30-year VA mortgages, and 30-year FHA mortgages. On the Quicken Loans website, select "Mortgage Rates" on its menu. Can't apply with alternative credit data (like utility bills) because you have a low or no credit score.Doesn't have a USDA loan, home equity loan, HELOC, reverse mortgage, or construction loan.Not able to speak with a lender face-to-face.Conventional, FHA, VA, or jumbo mortgage loan options
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