Is Quicken Loans a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Quicken Loans to those of other lenders for a comparable set of borrowers. Here is our review of Quicken Loans nationally:
| Review Item | Quicken Loans |
|---|---|
| Interest Rate | similar to other lenders (+0.00%) |
| Loan Related Closing Costs | higher than other lenders (+$1181) |
| National Rate and Closing Cost Star Rating | (3) |
On average, Quicken Loans’s interest rates were similar to those of other lenders (+0.00%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$1181. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Quicken Loans, check out its website at: https://www.quickenloans.com.
Quicken Loans’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Quicken Loans was most active in:
In addition, Quicken Loans is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- San Francisco, CA, for FHA mortgages
- San Diego, CA, for FHA mortgages
- San Jose, CA, for FHA mortgages
- Hickory, NC, for FHA mortgages
- Roswell, NM, for FHA mortgages
- Albertville, AL, for Jumbo mortgages
- Blue River, CO, for VA mortgages
- Longview, TX, for FHA, and Jumbo mortgages
- Dothan, AL, for Jumbo mortgages
- Cleveland, TN, for Jumbo mortgages
- Dickson, TN, for FHA mortgages
- Paintsville, KY, for FHA, and VA mortgages
- Bourbonnais, IL, for FHA mortgages
- Durango, CO, for FHA mortgages
- Casper, WY, for Jumbo mortgages
- St. Marys, PA, for FHA mortgages
- Marinette, WI, for FHA mortgages
- Brenham, TX, for FHA, Jumbo, and VA mortgages
- Mayville, MI, for FHA mortgages
- Mount Vernon, MO, for Jumbo mortgages
Quicken Loans’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Quicken Loans originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
| New Purchase Mortgages | Conforming | FHA | Jumbo | USDA | VA |
|---|---|---|---|---|---|
| Interest Rate Difference | -0.00% | -0.10% | +0.07% | +0.00% | -0.03% |
| Loan Related Closing Cost Difference | +$964 | +$465 | +$568 | +$79 | +$674 |
| Cost Adjusted Rate Difference | +0.07% | -0.06% | +0.08% | +0.01% | +0.01% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | Jumbo | USDA | VA |
|---|---|---|---|---|---|
| Interest Rate Difference | +0.02% | -0.07% | +0.08% | +0.00% | +0.07% |
| Loan Related Closing Cost Difference | +$1520 | +$473 | +$1058 | +$7 | +$897 |
| Cost Adjusted Rate Difference | +0.13% | -0.04% | +0.10% | +0.00% | +0.13% |
| Average Star Rating |
As a summary, Quicken Loans is cheap for FHA purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming and Jumbo purchase mortgages. For refinancing, Quicken Loans is similar to other lenders for FHA and USDA mortgage refinance. It is more expensive than other lenders for Conforming, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Quicken Loans:
Registered city and state: Detroit, MI, 48226
Regulator: United States Department of Housing and Urban Development (HUD)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Quicken Loans’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.