Quicken Loans Mortgage Review 2021

Quicken Loans Rates

ProductInterest RateAPR
30-year fixed rate2.99%3.225%
15-year fixed rate2.375%2.852%
10-year fixed rate2.375%3.046%

Quicken Loans is an alternative to traditional lenders with a fully online mortgage application and loan process. Quicken streamlines the mortgage process while still offering borrowers the option to speak to real people if needed. In addition to conventional mortgage options, it offers its unique YOURgage to tailor your mortgage specifically to your needs.

Why it might pique your interest

Quicken Loans provides typical fixed-rate and adjustable-rate mortgage options, including government loans and jumbo loans. Quicken offers extensive information regarding fixed-rate and VA loans, but will only provide interest rates for adjustable-rate mortgages once you apply. What sets the lender apart is its YOURgage, a fixed-rate home loan that allows borrowers to choose a term anywhere between eight and 29 years. Quicken does require 3% down and a FICO score of at least 620 to qualify for a YOURgage.

Potential borrowers can complete the application process entirely online, and the site has handy mortgage and refinance calculators to help you plan ahead. Those who qualify for government loans, such as the VA or USDA loan, can streamline the application process with Quicken as well. However, Quicken Loans is not a bank, meaning it does not offer home equity loans. It also can’t provide the perks that other lenders can offer to their checking customers, such as autopay rate discounts.

Quicken Loans overview

Loan types:

  • Fixed-rate
  • Adjustable-rate
  • Jumbo loans
  • YOURgage

Pros and cons


  • YOURgage is unique to this lender and allows for more flexible fixed-rate terms.
  • Quicken has lots of resources for those considering VA, FHA or USDA loans.
  • It’s easy to find information on the Quicken site before prequalifying or beginning an application.


  • Quicken Loans only offers ARM rates online after you submit your application.
  • Quicken is not a bank, meaning it doesn’t offer home equity loans or discounts for current customers.

The final word 

Quicken Loans offers an easy online application process and sets itself apart with its customizable YOURgage offering. Quicken provides a wide variety of loans, including government loans and many options for fixed-rate and ARM mortgages. One of the significant benefits of a Quicken Loans mortgage is that borrowers can choose to contact a Quicken home loan expert or complete the application entirely online. Those with fair credit should consider Quicken since the threshold for their YOURgage is a FICO score of 620. Aside from not offering home equity loans or rate discounts, Quicken’s online convenience makes it worth a look as you’re comparing rates.


Is Quicken Loans good for a mortgage?

Yes, Quicken Loans is a good lender for homeowners to consider. It offers its Rocket Mortgage product, which allows you to complete the entire application process online. 

The lender also does a fantastic job of earning customers’ satisfaction. Quicken Loans earned the No. 1 rating in J.D. Power’s survey on customer satisfaction for mortgage lenders for 10 consecutive years. It’s also No. 1 on Fannie Mae and Freddie Mac’s scorecards. All told, the high ratings and flexible service make Quicken Loans one of the better options to consider for homeowners. 

Is Quicken Loans and Rocket Mortgage the same?

No, while in both cases you’re applying for a mortgage, the difference between the two lies in how you apply. With Quicken Loans, you’ll gain a much more hands-on option, where you can speak with a loan advisor over the phone, who could process the application for you. Meanwhile, with Rocket Mortgage, you do the whole process online. While help is available if you need it, this is a perfect option for those who have had a mortgage before or are more comfortable doing everything online.

What makes Rocket Mortgage’s process easier is that it can verify employment history fast. This allows you to receive a more accurate decision quicker. And if you’re approved, you can sign the paperwork online, making the process much more convenient. 

Are Quicken Loan closing costs high?

When you find your dream home and are ready to close, you’ll pay closing costs as part of the process. The closing costs can range between 3 to 6% of the home’s value. Then there’s the loan origination fee. Quicken Loans charges a loan origination fee of 0.5% while other mortgage programs can charge upwards of 1%. So, in general, Quicken Loans charge around the same in closing costs as you would find with other mortgage lenders.

Rayna Perry

Personal Finance Copywriter

Rayna Perry is a Personal Finance Copywriter at Interest.com and a Public Relations major at the University of Georgia. When not writing about personal finance, she is usually watching a great movie or creating a new playlist.