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  • Pros
  • Customer service via phone, chat or email
  • Variety of loan options available
  • High customer satisfaction
  • Cons
  • Site not specific to mortgage refinance

Quicken Loans Review

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The Quicken Loans site is easy to use and offers multiple options to borrowers looking for information on refinancing their mortgage. Visitors to the Quicken Loans mortgage refinance page find the headline "Pay off Your Mortgage Faster or Lower Your Monthly Payment".

You're plunged right into business at hand, with an educational slate of mortgage refinances links to get you up to speed. It seems that these people are in a hurry to help. They have an A+ rating with the Better Business Bureau and claim high customer satisfaction.

Interest Rates and Fees

Quicken Loans offers decent interest rates, and they do list them at their site. As interest rates are subject to change, the best way to get an accurate rate quote from Quicken is to call their toll-free number and talk to a Quicken mortgage refinance specialist.

They charge a standard underwriting fee as part of your closing costs of just over $1,000. In some cases, there is an application fee, which is unusual. It's worth requesting that you are not charged an application fee.

Here are some sample interest rates from Quicken:

  • For a 30-year fixed-rate mortgage, the interest rate is 3.75% with an Annual Percentage Rate (APR) of 3.979%, with 1.75 points due at closing.
  • The 15-year fixed-rate mortgage interest rate is 2.875%, with an APR of 3.308%, and 2.0 points due at closing.
  • The Quicken rate on a 30-year adjustable rate mortgage is 2.00%, with an APR of 3.48%. 2.0 points are due at closing. Needless to say, this rate is subject to change.
  • For a VA 30-year fixed rate loan, the interest rate is 3.25 with an APR of 3.515%. 1.75 points are due at closing.

These are sample rates on some of the refinance loans available from Quicken. The actual rates may vary due to details of your finances and credit history, and with any rate changes coming down from the Federal Reserve Bank.

The Application Process

Refinance experts pull up your credit score and guide you through the application steps. If your credit score qualifies you for a mortgage refinance loan, Quicken generates a good-faith estimate of charges for your preferred loan option. For those who qualify, Quicken guides you through the process of refinancing via government programs from the FHA and HARP.

Should you sign on for the loan, Quicken underwriters verify your information, and you may be asked for additional paperwork. Your property is appraised to ensure its value vis-a-vis your loan. Once all the paperwork is completed, Quicken schedules your closing.

Here's an overview of Quicken's five step process from application to closing:

  • Start your application via online chat, email or a call to the Quicken toll-free number to talk to a mortgage refinance specialist. The loan expert will interview you about your goals and provide recommendations on the right loan solutions for you.
  • Second, Quicken looks at your credit score to gauge your eligibility for specific loans and see what interest rate you qualify for. You access your credit report online and the refinance specialist pulls it.
  • The third step is to pay a good faith deposit, a fee between $400 and $750. This covers your credit report, home appraisal fee, and loan processing costs. The lender deducts this deposit from your closing costs.
  • The lender then moves to the fourth step, the underwriting process. The verify your income, assets, and look at your debt-to-income ratio. An appraisal of the property is ordered to verify that the property is worth the loan amount.

Then it's on to the closing. You can determine where you'd like to meet the Quicken representative to close in person. It could be over coffee, or at your home or office.

Variety of Loan Products

A great feature of Quicken Loans is access to several types of mortgage refinance loans. They can help you apply to government sponsored programs like FHA and VA loans.

There is a range of 15 and 30-year mortgages at fixed and adjustable rates, as well as the YOURgage program, where you can set the term of your fixed rate loan anywhere from 8 to 30 years. Setting a shorter term for a loan has its pros and cons. You can save a fortune in interest, but you must be sure you can afford a higher payment.

Are You Eligible?

Quicken sets the bar at a 620 credit score or above to qualify for their loans. They are willing to generate mortgage refinance loans to those with average credit. They accept a debt-to-income ratio as high as 57%. Most mortgage lenders accept ratios of under 50%. As long as you can handle the mortgage payments, you can qualify with Quicken.

Customer Satisfaction

Quicken is easy to reach via chat, email or their toll-free telephone number. Indeed, the loan application process can begin via chat, email or phone. You can call Quicken, speak to a loan officer and get a preliminary quote on a loan within a few minutes.

According to the J.D. Power 2014 U.S. Primary Mortgage Origination Satisfaction Study, Quicken Loans ranks highest in overall customer satisfaction with a score of 835 on a 1,000 point scale. The Zillow real estate site also gives Quicken a hearty thumbs up.

Quicken publishes testimonials from satisfied customers on its own website, but it's always a good idea to dig around and check out independent customer reviews.


Quicken Loans is a good choice for a mortgage refinance, especially for those with average credit and a high debt-to-income ratio. Quicken offers competitive interest rates, but keep an eye on the underwriting fee and points you pay on your loan at closing. It does not hurt to shop around and see if you can qualify for a loan without an underwriting fee or points.

With high customer satisfaction and a range of refinancing options, Quicken is among the best online mortgage refinance sites. The layout of the website is a bit busy, so stay focused as you search on mortgage refinance.

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Quicken Loans Reviews

Average Customer Rating

4 User Reviews

User Rating Distribution

5 Stars 4
4 Stars 0
3 Stars 0
2 Stars 0
1 Star 0
Recommended Good rates None

Quicken loans offered us the lowest rates and the customer service reps were helpful and the application process was quick, with great communication all the way through.

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Recommended Straightforward process None

An easy and straightforward process and the customer service agents are friendly and professional.

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Recommended Easy process None

Previously I have only ever refinanced my mortgage though my bank, but their rates were really high, so I came across Quicken Loans and decided to give them a call. Brilliant service all round. The reps are friendly and I was approved quickly and the application went through in record time.

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Recommended Fast and efficient No cons

Fantastic service from quicken loans. I would highly recommend them for a home loan. Fast and efficient and the customer service is the best.

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