When it comes to buying or refinancing a home, your choice of lender can make all the difference. For millions of Americans, that choice has been Quicken Loans—a company that has transformed the mortgage industry with technology, speed, and simplicity.
Now operating under the name Rocket Mortgage, Quicken Loans remains a household name and a top-rated lender in 2025. But is it the right choice for your home financing needs?
In this comprehensive review, we’ll cover:
- What is Quicken Loans (Rocket Mortgage)?
- How it works
- Types of loans offered
- Pros and cons
- Rates, fees, and eligibility
- Application process overview
- Quicken Loans vs. competitors
- Who it’s best for
- Final verdict and FAQs
What Is Quicken Loans?
Quicken Loans, now officially known as Rocket Mortgage, is America’s largest retail mortgage lender. Founded in 1985 and headquartered in Detroit, Quicken Loans revolutionized the lending process with its fully digital application, fast approvals, and excellent customer service.
Though the brand name “Quicken Loans” is still widely recognized, the company has operated primarily as Rocket Mortgage since 2021. The parent company, Rocket Companies Inc. (NYSE: RKT), continues to offer mortgages, refinances, home equity loans, and more.
How Quicken Loans (Rocket Mortgage) Works
Quicken Loans makes the mortgage process straightforward with a fully online platform that allows borrowers to:
- Get pre-approved online in minutes
- Submit documents digitally
- Track loan status 24/7
- Close electronically (in eligible states)
Whether you’re buying a home or refinancing an existing mortgage, the process is streamlined and efficient.
Highlights:
- 24/7 access to your loan dashboard
- Instant rate quotes based on your credit profile
- Real-time chat and phone support with mortgage experts
- Available nationwide
Types of Loans Offered
Quicken Loans/Rocket Mortgage offers a wide range of loan products:
🏡 Conventional Loans
- 30-year and 15-year fixed-rate options
- Adjustable-rate mortgages (ARMs)
- Ideal for borrowers with good credit and steady income
🪖 VA Loans
- For eligible veterans, service members, and spouses
- 0% down payment and no private mortgage insurance (PMI)
🧱 FHA Loans
- Backed by the Federal Housing Administration
- Lower credit score and down payment requirements
- Ideal for first-time buyers
🏠 Jumbo Loans
- For loans exceeding conforming limits (varies by area)
- Used for high-value properties
💸 Refinance Loans
- Rate-and-term or cash-out refinancing options
- Lower your rate or tap into home equity
💳 Home Equity Loans (NEW in 2025)
- Fixed-rate, lump-sum loans backed by your home equity
- Alternative to personal loans or credit cards for large expenses
Quicken Loans Interest Rates and Fees (2025)
Quicken Loans/Rocket Mortgage offers competitive rates, though exact numbers vary by borrower qualifications.
Average Interest Rates (as of June 2025):
| Loan Type | Average Rate |
|---|---|
| 30-Year Fixed | 6.35% |
| 15-Year Fixed | 5.65% |
| FHA Loan | 6.25% |
| VA Loan | 6.15% |
Note: Rates fluctuate based on credit score, loan amount, term, and market conditions.
Fees:
- Origination Fee: ~0.5%–1% of loan amount
- Appraisal Fee: $400–$600
- Closing Costs: Typically 2%–5% of home’s price
Good news: Quicken Loans offers rate lock options and discounts for Rocket Rewards members (available via the Rocket Mortgage app).
Pros and Cons of Quicken Loans
✅ Pros:
- Fully digital application and approval process
- Fast closings (often in under 30 days)
- Exceptional customer service and loan officer support
- Wide range of mortgage and refinance options
- Transparent process with real-time updates
❌ Cons:
- No in-person branches (online and phone only)
- May not offer the lowest rates compared to local credit unions
- Limited non-conventional loan products (e.g., no USDA loans)
- No home equity line of credit (HELOC) yet—only fixed home equity loans
How to Apply with Quicken Loans
Here’s what the typical application process looks like in 2025:
- Start Online
- Visit RocketMortgage.com
- Answer a few questions about your income, credit, and home goals
- Get Pre-Approved
- Receive an initial decision within minutes
- Customize your loan terms (rate, down payment, etc.)
- Upload Documents
- Pay stubs, W-2s, bank statements (all digital)
- Underwriting
- Rocket reviews credit, employment, and assets
- May request additional documents
- Closing
- E-sign or in-person closing depending on your state
- Funds disbursed and ownership transferred
The entire process can take 15–30 days, depending on how fast documents are submitted.
Quicken Loans vs. Other Mortgage Lenders
🔹 Quicken Loans vs. Better Mortgage
| Feature | Quicken Loans | Better |
|---|---|---|
| Experience | Over 30 years | Founded in 2016 |
| Loan Types | FHA, VA, Conventional, Jumbo | No FHA/VA |
| Application Speed | Fast | Very fast |
| Rates | Competitive | Often lower |
| Customer Support | 24/7 | Weekdays only |
Verdict: Better may offer lower rates, but Quicken is more robust for government-backed loans and full-service support.
🔹 Quicken Loans vs. Chase Mortgage
| Feature | Quicken Loans | Chase |
|---|---|---|
| Digital Process | Fully online | Partially online |
| In-Person Branches | No | Yes (nationwide) |
| Rates | Competitive | Competitive |
| HELOCs | No | Yes |
Verdict: Quicken is faster and more tech-driven, while Chase offers in-person help and broader financial services.
🔹 Quicken Loans vs. Rocket Mortgage (Confused?)
They’re the same company. Rocket Mortgage is the digital platform under which Quicken Loans now operates. The brand shift reflects the company’s commitment to digital innovation.
Who Should Use Quicken Loans?
Best For:
- First-time homebuyers wanting a fast and simple process
- Borrowers who value technology and ease of use
- Refinancers looking to save time and money
- Veterans seeking VA loan options
- Investors needing jumbo loans
Not Ideal For:
- People wanting face-to-face service at a local branch
- Those seeking USDA or special state-sponsored loan programs
- Buyers who prefer a credit union or personal banker approach
FAQs About Quicken Loans (Rocket Mortgage)
Q: Is Quicken Loans a bank?
No. Quicken Loans is a mortgage lender, not a depository bank. It does not offer checking or savings accounts.
Q: Is Rocket Mortgage the same as Quicken Loans?
Yes. Quicken Loans rebranded its lending services under Rocket Mortgage, but many people still refer to the company by its original name.
Q: How fast can I close a loan with Quicken Loans?
Most buyers close within 15–30 days, depending on documentation and property readiness.
Q: Can I refinance with Quicken Loans?
Yes. They offer rate-and-term refinancing, cash-out refinancing, and VA/FHA streamline refinances.
Q: Does Quicken Loans sell your mortgage?
Yes. Like most lenders, Quicken may sell your loan to another servicer. You’ll be notified if this happens, and it doesn’t change your terms.
Final Verdict: Is Quicken Loans Worth It in 2025?
✅ Yes—Quicken Loans (Rocket Mortgage) remains one of the top mortgage lenders in the U.S.
Its blend of technology, transparency, and customer service makes it ideal for both first-time buyers and experienced homeowners. The fully digital experience is especially attractive in 2025, when speed and convenience are non-negotiable.
While it may not offer in-person service or niche loan products like USDA loans, its range of options, user-friendly platform, and fast approvals continue to set it apart.
Ready to take the next step toward homeownership?
👉 Start your Quicken Loans (Rocket Mortgage) application now and get pre-approved in minutes.