So, just how does Quicken keep up its stellar reputation?
Power’s mortgage customer survey - for ten years in a row. It’s also taken home the top customer satisfaction score in J.D. Quicken consistently tops customer satisfaction charts, has an A+ rating from the Better Business Bureau, and claims that 96 percent of its customers say they’d recommend it to others. Without paying for 2.125 points, that rate would likely be closer to 4.25% instead. That means with a loan amount of $250,000, you’d have to pay approximately $5,300 at closing to get your rate that low. Read about: Is it Possible All Mortgage Contracts Are Void and Foreclosures are Invalid? And Quicken usually includes more discount points in its advertised rates than many other companies.įor example: You might see Quicken’s 30-year fixed rate advertised at 3.75%, with 2.125 points due at closing (an actual rate at the time of writing this). One point typically costs 1% of your loan amount.
“Discount points” are an extra cost you pay at closing to buy down your mortgage rate. When you compare rates between mortgage companies, pay attention to Quicken Loans discount points. Note that Quicken’s rates tend to be a little higher than industry average, and the same is true for refinancing.īut this is also the best-rated company for customer satisfaction - and many are willing to pay a bit more for the ease of working with a company that puts service first.Ĭheck your refinance rate from Quicken today, OctoQuicken Loans discount points So you can use the comparison table above as a guide if you’re looking to refinance with Quicken. Quicken Loans refinance rates are on par with its mortgage rates. Your own rate and monthly payment will vary.Ĭheck your mortgage rate from Quicken today, OctoQuicken Loans refi rates *Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each lender’s average 30-year interest rate for 2019. That way, you can see which lender is really the best deal for you when all the costs are tallied up.Īverage rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA). So as with any lender, make sure you get written, formal quotes which include closing costs and fees. One thing that’s important to note is that Quicken’s advertised rates usually assume you’ll “buy down” your interest rate using discount points. Average 30-year mortgage rates at major banks But you can use it as a tool to compare lenders side by side. Rates have fallen to new lows since 2019, so this table does not reflect the rates you’re likely to be offered. Quicken mortgage rates were about average in 2019 - neither the highest nor the lowest among major lenders. Just make sure you check rates from a few different lenders before buying, so you can be confident you’re getting the best deal on your mortgage. Unless you strongly prefer a person-to-person interaction over websites and phones, you’ll likely want Quicken on your shortlist of lenders. Quicken also owns the Rocket Mortgage brand (“push button, get mortgage”), which we reviewed separately. Its helpful tools make the mortgage process feel more accessible for many buyers.
Part of the reason borrowers love Quicken is for its industry-leading online resources. Quicken Loans is one of America’s biggest mortgage lenders, and stands out for having exceptional customer satisfaction scores.
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