Quicken Loans Mortgage Interest Rate and Cost Review

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. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of Quicken Loans nationally:

Review ItemQuicken Loans
Interest Ratesimilar to other lenders (+0.00%)
Loan Related Closing Costshigher than other lenders (+$1181)

On average, Quicken Loans’s interest rates were similar to those of other lenders (+0.00%) for a comparable set of borrowers. On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$1181. To visit Quicken Loans, its website is located at: https://www.quickenloans.com.

Quicken Loans’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. In particular, among the cities we track Quicken Loans was most active in:

  1. Los Angeles, CA
  2. Sterling Heights, MI
  3. Phoenix, AZ
  4. Atlanta, GA
  5. San Francisco, CA

In addition, Quicken Loans is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. San Francisco, CA, for FHA mortgages
  2. San Diego, CA, for FHA mortgages
  3. San Jose, CA, for FHA mortgages
  4. Hickory, NC, for FHA mortgages
  5. Roswell, NM, for FHA mortgages
  6. Albertville, AL, for Jumbo mortgages
  7. Blue River, CO, for VA mortgages
  8. Longview, TX, for FHA, and Jumbo mortgages
  9. Dothan, AL, for Jumbo mortgages
  10. Cleveland, TN, for Jumbo mortgages
  11. Dickson, TN, for FHA mortgages
  12. Paintsville, KY, for FHA, and VA mortgages
  13. Bourbonnais, IL, for FHA mortgages
  14. Durango, CO, for FHA mortgages
  15. Casper, WY, for Jumbo mortgages
  16. St. Marys, PA, for FHA mortgages
  17. Marinette, WI, for FHA mortgages
  18. Brenham, TX, for FHA, Jumbo, and VA mortgages
  19. Mayville, MI, for FHA mortgages
  20. Mount Vernon, MO, for Jumbo mortgages

You can click through to check out Quicken Loans’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
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(3)(4)(3)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
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(3)(3.5)(3)(3.5)(3)

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 name: 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.