Quicken Loans Mortgage Review for 2024

Quicken Loans has over 30-years of experience in the mortgage industry. This award-winning lender is licensed to do business in all 50 states and offers flexible solutions to all types of consumers. Plus, their Rocket Mortgage platform makes it easy to get prequalified in just minutes and close your loan in record time.

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Whether you’re in the market for a conventional, jumbo, or government-backed mortgage, Quicken Loans has you covered. Read on to learn more about their exceptional products, seamless process, and what it takes to get approved.

Quicken Loans Mortgage Application Requirements

When you’re ready to apply for a mortgage with Quicken Loans, gather the following documents before moving forward:

Income Documentation

  • Salaried income individuals or wage earners: most recent pay stubs, W2 statements for the two years, personal tax returns for the past two years
  • Self-employment income: 1099 statements for the past 2 years, 2 years of business tax returns, year-to-date profit and loss statement
  • Child support/alimony recipients: a copy of the divorce decree or documentation that details child support and alimony payments (the documents should state that you will receive payments for at least three years after the loan closes; you should also have proof of payments for the past six months)

Debt Documentation

You may be asked to provide documentation for any debts that do not appear on your credit report. Additional information on long-term debts may also be required.

Asset Documentation

  • Financial statements that go back at least 60 days
  • Recent retirement account statements
  • Documentation for gift funds (including a deposit slip, copy of the check and gift letter)
  • Documentation for the recent sale of assets(s)

Types of Home Loans Available from Quicken Loans

Quicken Loans features an assortment of home loans to serve customers from varying financial backgrounds.

Conventional Mortgages

You can get a fixed-rate or adjustable-rate mortgage, conventional mortgage through Quicken Loans. If you select a 30-year term, you will need a 620 credit score and a 3% down payment. Fixed-rate loans come with the same interest rate for the life of the loan – variable rate loans begin with a set low rate for the first 5 years of the loan, and the rate increases after this period.

Regardless of the loan structure and term you select, you could get approved if your debt-to-income ratio doesn’t exceed 50%. It’s best to have a down payment of at least 5% to qualify for a conventional mortgage with Quicken Loans.


Get the flexibility you desire for your home loan with this mortgage product. Choose from a loan term of 8 to 29 years, and enjoy a fixed interest rate for the life of the loan. Plus, there’s no mortgage insurance if you put at least 20% down. You need a FICO score of at least 620, a 3% down payment, and a DTI of 50% or lower to qualify.

FHA Home Loan

Quicken Loans offers fixed and adjustable-rate FHA loans to potential borrowers who need less stringent mortgage solutions. You could get approved with a FICO score as low as 580 and DTI that doesn’t exceed 50%. Even better, these loan products only require a 3.5% down payment and an upfront mortgage insurance payment of 1.75% of your loan amount to get the ball rolling.

Jumbo Mortgages

In the market for a big-ticket home purchase? Consider a jumbo loan if the home you’re seeking is priced at a rate that exceeds the conforming loan limit in your area. Jumbo loans come with fixed interest rates and are available on one and two-unit properties. Loans of up to $3,000,000 are available, and the minimum down payment is 20%.

VA Home Purchase

VA loans are available for qualified service members, veterans, and their spouses. These mortgages allow you to finance up to 100% of your home loan, so you won’t have to make a hefty down payment. Even better, VA loans are accompanied by minimal closing costs. You may qualify with a credit score as low as 620 and a debt-to-income ratio that doesn’t exceed 60%.

FHA Streamline Refinance

Adjust your interest rate on your home loan and keep more money in your pocket with an FHA Streamline Refinance. It’s easy to get started, and Quicken Loans requires minimal paperwork to finalize and close your new loan.

Fees and Rates

Quicken Loans features an impressive lineup of mortgage solutions to choose from. The interest rates are competitive, but there are fees to be mindful of before applying.

You will be assessed a mortgage origination fee to cover the costs of processing the loan. Expect to pay between 0.5% and 1% of the loan amount. So, if your home loan is $400,000, you will spend between $2,000 and $4,000. This fee is typically bundled with closing costs that range between 3% and 6% of the purchase price.

Request an online rate quote to get a better idea of the rates you qualify for. You can also view applicable fees that you will be responsible for if you decide to move forward with a Quicken Loans mortgage.

Quicken Loans Mortgage Process

Here’s the streamlined five-step process that Rocket Mortgage by Quicken Loans uses to take you from potential customer to homeowner:

Step 1: Apply online

You can apply 24/7 from your computer, laptop, smartphone, or other mobile device. And you won’t have to second-guess your inputs – the online platform syncs with your bank account to ensure the correct numbers are used during the application review process.

Step 2: View loan options

If there’s a potential match, you will have the ability to view loan offers right away. The options are customizable and include real figures for payments and interest rates.

Step 3: Get approved

Assuming you want to move forward, you can download your prequalified approval letter directly from the online dashboard. This will help you shop with confidence, and you’ll have a powerful tool that demonstrates to sellers that you mean business.

Step 4: Close your loan

In the final steps of the loan process, you will schedule your closing and check off the final items on your to-do list. This helps ensure you get to the closing table and in your new home sooner than later.

Step 5: Manage your mortgage

Once you close on your new home, you can continue to use Rocket Mortgage to manage your loan. You can view loan details, schedule payments, and set up automatic payments from your bank account.

If you would like to learn more about the mortgage process, call 888-452-8179 to chat with a loan expert. You can also chat with an expert online 7 days a week to ask any questions you may have.

Quicken Loans Special Features

The Rocket Mortgage platform puts Quicken Loans in a league of its own. It’s accessible 24/7 and handles the entire mortgage process online. This means you can view your loan options, download your prequalified approval letter when it’s time to shop, and review any essential details online in the comfort of your own home.

Plus, the application verifies your information electronically, so you won’t have to spend hours going back and forth with your loan officer or scrambling to find documents.

You can also use Rocket Homes to help you find the perfect home for your family. This tool allows you to search for homes with ease and will match you with a reputable agent to assist you with your search. Plus, you can view neighborhood trend reports for areas you’re considering through this online tool to get an idea of local market conditions, price-trending insights, and average sale times.

Bottom Line

Quicken Loans makes it easy to get into the home of your dreams. You can apply online to view a list of customizable loan offers and get prequalified. There’s also the Rocket Homes tool that many prospective buyers use to find the ideal home that fits their budget. Plus, its innovative lending platform simplifies the mortgage process and gets your loan closed without the hassle.

Allison Martin
Meet the author

Allison Martin is a syndicated financial writer, author, and Certified Financial Education Instructor (CFEI). She has written about personal finance for almost ten years and holds a master's degree in Accounting from the University of South Florida.