Quicken Loans Reviews - What Is It?
WARNING: DO NOT BUY Quicken Loans Until You Read This Review!
Is it a Scam? Does It Really Work?
Quicken Loans is a well-experience mortgage lender who uses Rocket Mortgage, their official website, to connect customers with in-house bankers in order to process your loan. It is usually given to those who want to buy a new house. What differentiates this site from competitors is that it funds your mortgage without the help of a third-party bank. To start the mortgage process, you will need to go to their website, Rocket Mortgage, which looks more like the Uber app. According to financial website Bankrate, This is the third largest mortgage lender in the USA behind Chase and Wells Fargo. In 2015, Quicken Loans oversaw $19 billion in loan "originations". This is the process of processing your loan, connecting with a borrower, and receiving the money.
Quicken Loans was founded in the mid-80's by a team of investors who were headed by present Cleveland Cavaliers Owner Dan Gilbert. At first, the company was called Rock Financial. It was bought out by Intuit in 1999 and renamed Quicken Loans. Gilbert bought back the mortgage-specific parts of the company in 2002. Quicken Loans is considered to be a successful company with thirty years of experience behind it. as it was already mentioned, to get a mortgage from Quicken Loans, you will have to go through their website. To start the loan process, you will need to provide your income, your social security number, where you want to live, the loan amount you want, and some other information. After that Rocket Mortgage will pull your credit and pair you with a banker who will find the best loan to fit your needs.
Customer Reviews - Does Quicken Loans Really Work?
You will have to pay the company a "good faith" deposit from $450 to $700. It covers getting an appraisal, pulling your credit report, and processing the title. After you have paid the deposit, you will set up a Quicken Loans account. It will allow you to upload all the information the company and your banker need to complete your loan application. Then Quicken Loans will do the underwriting, a process of vetting your income, your financial state and debt. The company will hire a third-party who will appraise the home you wish to buy or refinance. After that, you will go through the final steps.
There is a great number of other users' reviews about the company online. Most people are satisfied with Quicken Loans and their services. There are different ways clients make decisions about which mortgage company to choose. Most of people who use Quicken Loans have based their decisions on tradition. You can see more than 600 consumers' reviews on Quicken Loans at Credit Karma. The website gave it an average score of 4.3 stars, which is a very good result. More than 70% of reviews gave the company 5 stars, while 10% gave only 1 star. Most of the compliments referenced easy QL's loan process and good customer service. Reviewers gave an average of 4.5 stars in these categories. However, some consumers complained of high fees, an expensive appraisal process, and a drawn-out paperwork process. One reviewer noted that Quicken Loans sells their mortgages to another company, but this information hasn't been confirmed.
Another concern about the company was that they pulled a borrower's credit several times during the process. There is a complaint about frequent calls from the company and its partners after people had gone through the loan process. In 5-star reviews on Credit Karma customers reported how happy they were with the ease of the process and competitiveness of QL's rates. ConsumerAffairs contains about 3,000 consumers on Quicken Loans with an average rating of 3 stars. Among them 262 reviews were 4 or 5 stars. The reviewers on this website had similar compliments and complaints as on Credit Karma. The company gets an A+ rating from the Better Business Bureau. Positive things include transparency of business practices, great experience of the company and perfect customer service. Seven of the ten most recent reviews of the company were positive. The consumers claimed that it was very easy to get a loan from Quicken. To better understand whether the company is worth addressing let us take a look at the real users' reviews found online.
"After failing to refinance with another lender who didn't really want to work with us, I decided to address Quicken Loans. I called and was impressed with the service. The loan originator was very helpful. We immediately started the loan process and the team was great. My expert was always were there to consult me and explain anything. I saw many negative reviews and wondered who wrote them. The people in the company worked hard to do everything the best for me. I think we must be honest in our reviews. We closed our refinance loan in five weeks."
"I had already started to work with another mortgage company when Quicken loans called me and suggested their services. I compared the terms and benefits and decided to agree. Quicken saved me more than $100 a month off my mortgage payment. The entire process was perfect from start to finish. I was pleased with communication with the company's staff. I could call, email, or send private messages through the MyQL website to them. It was really easy to support contact. I highly recommend this lender to everyone who needs this kind of services."
"I refinanced my current home mortgage with QuickenLoans and was happy with the process. From the time I first called to the time I closed the loan was only 12 days! I downloaded the app on my iPhone and found it extremely easy to ask questions, upload all the necessary documents, and respond to questions. The entire process was done online (except for signing the closing documents). By the way, the notary came to my house on a Saturday morning, so I didn't have to spend my time! It is so convenient!"
My Final Summary
I really like this mortgage lender and the services they offer. Let us take a look at the benefits of Quicken Loans. First, the company has been in the business of financing for a long period of time. That is a big advantage for the consumer because they are highly experienced in the sphere. Due to the Rocket Mortgage website they created, the users can easily apply for mortgages. There is no need to go to a bank and stand in a line in order to see a mortgage broker. Quicken Loans may be a good fit for busy people who appreciate their time.
There are many positive users' reviews online, which means that people like the company and its services. There was one concern that Quicken Loans sells mortgages to other companies but this information has no solid background. Many reviewers are pleased with the excellent customer service. If you are hesitating about taking a loan, make your own research about different companies offering this service as well as the rates they're offering. Compare those rates and make your own decision. Taking into account all pros and cons I do recommend Quicken Loans!
Quicken Loans Pricing and Rates
Quicken Loans offers seven different types of mortgages: Fixed-Rate Mortgages, Adjustable-Rate Mortgages, FHA Loans, VA Loans, Jumbo Loans, HARP Refinancing and Reverse. Five of these loans are meant to buy a home, while two (Reverse and HAR) are designed to refinance your home (HARP) or create additional money (Reverse) depending on your home's equity.