In this article, we will help you to find the best online mortgage lenders.

Online mortgage lenders vs banks

You might be asking yourself, “should I use an online mortgage lender?”

Online lenders don’t have the average expenses that other lenders have. This is great news for those who are trying to save. When the expenses are down that usually means that you will be able to save more. There are many reasons to choose an online lender over a bank.

Receiving lower mortgage rates and having to worry about less fees is one of the main reasons why people are flocking to online lenders. Another reason why you might desire an online lender is because they will help you to save time on the loan approval process. If you have a bad credit score getting a loan online might even be the easier option for you.

Rocket Mortgage 

Rocket Mortgage is the top mortgage lender on this list. Quicken loans developed Rocket Mortgage to make getting loans faster. Rocket Mortgage is a great option for first-time home buyers because Rocket Mortgage makes the loan process easier by allowing you to verify personal information online. Traditional lenders make you talk to a loan officer and send in your financial information, but with Rocket mortgage the entire loan process is online. However, if you want there are options to talk to loan experts during the loan process. Rocket Mortgage shortens the approval time. With Rocket Mortgage your loan can be improved in a week.

Rocket Mortgage features 

• Quicken Loans received an “A+” rating from BBB.
• Lock your interest rate for up to 90 days.
• Import Your Assets.
• Rocket Mortgage loan preapproval takes just minutes.
• 2018 U.S. Primary Mortgage Servicer Satisfaction Study award recipient.

Minimum credit score:

• Conventional Mortgage: 620
• FHA Mortgage: 580

Minimum down payment:

• 3%

SoFi

Social Finance, Inc also known as SoFi was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. SoFi members will receive a 0.125% rate discount on other services such as mortgage refinancing, personal loans, and student loan refinancing. If you need low affordable rates and a low APR, then SoFi is an affordable option.

With SoFi you are able to get loans of up to 3 million. SoFi has great ratings on Zillow, Trulia, and they also have an “A+” Better Business Bureau rating. One of the best things that I love about SoFi is that they care for you if something were to happen such as a job loss. If you were to ever lose your job, SoFi will pause your payments and coach you through your job payment.

SoFi features

• There are no lender fees
• SoFi doesn’t require PMI (Private Mortgage Insurance)
• Immediate rate lock
• Loan process will be finished in under 30 days.
• Low rates

Minimum down payment:

• 3%

LendingTree

LendingTree is not a traditional mortgage lender. What LendingTree does is connect you to thousands of mortgage lenders. You will be able to choose from several home purchasing and refinance mortgage options. With LendingTree you are able to negotiate your rates to find rates that best fits your budget.

LendingTree features

• LendingTree has a network of 1500+ lenders that you can use.
• LendingTree gives you free credit scores.
• Variety of interest rates.
• Fast online loan process

Minimum credit score:

• Varies

Minimum down payment:

• Varies

Guaranteed Rate 

Guaranteed Rate is the world’s first digital mortgage. Guaranteed Rate is the 8th largest mortgage lender in the nation. This lender uses cutting-edge technology to streamline the loan process to make it easy for you and your family. With Guaranteed Rate you can expect a closing rate of under one month. Guaranteed Rate is a great option if you need competitive rates. Since 2000 Guaranteed Rate has given home owners over $200 billion in home purchase loans and refinances. Guaranteed offers several loans for you to choose from such as Interest Only Mortgage, 15-Year Fixed Rate Mortgage, 30-Year Fixed Rate Mortgage, and Jumbo loans. Guaranteed Rate has been a BBB accredited mortgage lender since 11/01/2009. The company received an “A” Better Business Bureau grade.

Guaranteed Rate features

• Free credit scores from all 3 credit bureaus
• Upload and sign your loan documents digitally
• 95% customer satisfaction
• High NPS score
• 170+ branches

Minimum credit score:

• Conventional Mortgage: 620
• FHA, VA Mortgage: 580

Minimum down payment:

• 3%

Quicken Loans 

Quicken Loans is dominating the United States mortgage market. Quicken Loans offers more mortgage loans than Wells Fargo Bank, JPMorgan Chase Bank, and Bank of America. Quicken Loans has been a top online lender even before the introduction of Rocket Mortgage in 2016.

With the inclusion of Rocket Mortgage Quicken Loans reached new heights like never before. Quicken Loans received great reviews across the boards. Quicken Loans was the top-rated lender in the Primary Mortgage Origination Study for 8 years in a row. In the Mortgage Servicing study done by J.D. Power, Quicken Loans has been the top-rated lender for 5 years in a row.

Quicken Loans features

• Custom fixed-rates with YOURgage ranging from 8 to 30 years.
• Competitive mortgage rates
• Rocket Mortgage
• Large number of loan options
• Quicken Loans offers email and text updates

Minimum credit score:

• Conventional Mortgage: 620
• FHA Mortgage: 580

Minimum down payment:

• 3%

LoanDepot 

LoanDepot desires to be the lender of choice for consumers. Finding an expert is easy. All that you have to do is find a loan officer by their first or last name or you can find a branch near you. Currently LoanDepot has over 6500 employees across the nation and over +1800 loan officers. In the J.D. Power Primary Mortgage Origination Satisfaction study on a 1000-point scale, LoanDepot received 831 points.

This is an average rating. The LoanDepot loan process is simple. All that you have to do is talk to one of their licensed loan officers, find your budget and find out what you desire in a loan/home. Choose the right loan for what you are trying to do. Then, get approved for your loan, close your loan, and submit your financial documents. With LoanDepot you will be allowed to receive up to $2,000,000 in loans. Loan types include Jumbo, Adjustable Rate, Fixed Rate, Personal Loans, VA, FHA, HARP, and Home Equity.

LoanDepot features 

• Mortgage loans are offered in all 50 states.
• 180+ locations across the nation.
• End-to-end proprietary digital lending platform.

Minimum credit score:

• Conventional Mortgage: 600
• FHA Mortgage: 580

Minimum down payment:

• 3%

Lenda

Lenda is a new lender that was founded in 2013. Unlike Quicken Loans that allows for both an online and a home loan process. The goal of Lenda is to give you a fast loan that is completely online. You will not have to drive to a local branch nor will you have to fax anything over to a bank. Lenda is a great option if you need refinancing. The biggest drawback of Lenda is that it is not available everywhere. Lenda is only available in 12 states at the moment. Lenda is available in Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia, and Washington. Lenda is still a young company so they are still growing and improving.

Lenda features

• Lenda does not charge origination fees, broker fees, or application fees.
• Fast turnaround time
• Paperless process

Minimum credit score:

• Conventional Mortgage: 620

Minimum down payment:

• 5%

New American Funding Mortgage

New American is a family owned mortgage lender that was founded in 2003 by Rick and Patty Arvielo in Orange County, California. New American Funding has been had BBB accreditation since 09/15/2004.

The company has an “A+” BBB rating. New American Funding is an awesome lender that offers low down payments and underwriting flexibility. Currently the company has over 22 billion in home loans. Loan types include fixed rate mortgage, VA (Veteran’s Association), FHA home loan, ARM mortgage, Jumbo, home improvement, reverse mortgage, and interest online.

New American Funding Mortgage features

• Around 130 branches
• Manual underwriting
• Online Mortgage Application

Minimum credit score:

• Conventional Mortgage: 620
• FHA Mortgage: 580

Minimum down payment:

• 3%

Better Mortgage 

Better Mortgage was founded in 2014 with a goal in mind to re-engineer the mortgage process. In the same year Better partnered with Avex Funding. Two years the company closed $30 million in Series A funding. Although Better is a young company it is growing rapidly.

Better mortgage features 

• With Better Mortgage you will receive loans of up to $3 million.
• Loan officers are available if you need any help.
• Easy revamped mortgage application process.

Minimum credit score

• Conventional Mortgage: 620

Minimum down payment:

• 3%

Which is the best mortgage lender?

There are some awesome mortgage lenders on this list. However, I strongly recommend Quicken Loans because of the easy online process and the fast average closing times.

The post Best Online Mortgage Lenders first appeared on Quote Raters.

We will be taking a look at mortgage rates, the loan process, features, and more.

A little history about each company. 

Rock Financial was founded by Dan Gilbert, Gary Gilbert, and Lindsay Gross in 1985. Two years later the name was later changed to Rock Financial Corp. In 1999 Rock Financial Corp. was later purchased for $532M by Intuit Inc. In 2002, the company would later receive another name change to Quicken Loans.

LoanDepot was founded in 2010 by Anthony Hsieh. LoanDepot is based in Foothill Ranch, California. Today the company has over 4,000 employees. Since its launch, LoanDepot has received over $100 billion in funding.

Who is the top mortgage lender?

Quicken Loans is the largest mortgage lender in the nation with over a $90 billion total origination volume. Loan depot is the 6th largest mortgage lender in the nation with over a $35 billion total origination volume.

Mortgage rates comparison 

Whether you need 15-year fixed rates or 30-year fixed rates, Quicken is going to be the cheaper mortgage lender with less interest. Here are two screenshots of the APR and rates of both companies.

Quicken Loans mortgage rate

LoanDepot’s mortgage rate

However, we must always remember that mortgages rates are always changing. Today’s current rate is not going to be the rate in the future. There are many factors that go into determining your mortgage rate such as your credit score, which is huge. Mortgage companies also look at the down payment amount, the current state of the economy, home location, and more. The only way to see how much you will pay is to get a quote. 

U.S. Primary Mortgage Servicer Satisfaction Study 

In the 2017 Mortgage Servicer Satisfaction Study by J.D. Power, Quicken Loans, Inc. was the highest rated mortgage lender on the list with 5 out of 5 Power Circles in Overall Satisfaction. In fact, the company received 5 out of 5 power circles in new customer orientation, billing and payment, mortgage fees, communications, and more. Quicken Loans, USAA Federal Savings Bank, and Navy FCU were the only companies to receive 5 out of 5 power circles in overall satisfaction. LoanDepot was not included in this study.

In the 2017 U.S. Primary Mortgage Origination Satisfaction Study, which was another study done by J.D. Power, Quicken Loans and Guild Mortgage company were both award recipients with 5 out of 5 Power Circles. Quicken Loans received 5 out of 5 Power Circles in loan offerings, approval process, interaction, and loan closing. However, in onboarding and problem resolution Quicken received 4 out of 5 Power Circles.

LoanDepot was included in this review and received 3 out of 5 Power Circles, which puts them in the middle of the pack. LoanDepot received 3 out of 5 Power Circles in every category of this study.

The loan process comparison 

The Quicken Loans loan process

Quicken Loans makes getting approved easier with Rocket Loans. Rocket Mortgage is the full online version of Quicken Loans. What Rocket Loans does is allow you to easily share your financial information digitally. They crunch the numbers for you so you don’t have to waste time and send in your information and talk to a loan officer. This significantly reduces the time that it takes to get approved. Closing a loan take longer than a month, but with Rocket Mortgage you will be able to close a loan in under a week. Some people are able to get approved in under 8 minutes. Make sure that you take a few seconds to get a quote today.

LoanDepot loan process  

Purchasing a home with LoanDepot is easy, but it is not as easy as it is with Quicken Loans. With LoanDepot you will be able to talk with 1700+  licensed lending officers. You will then choose a home loan. Once your loan is approved you will submit documents.

Mortgage loan options

LoanDepot 

LoanDepot offers fixed-rated mortgage, which is usually easier to qualify for. They also offer Jumbo loans, Va loans, FHA loans, Harp loans, and ARM loans for lower monthly payments.

Quicken Loans 

With Quicken Loans you can apply for adjustable rate mortgage. This helps you to receive lower payments and a lower interest rate for your first 5,7, or 10 years. Quicken Loans also offers FHA Loans, 30-Year fixed mortgage, 15-year fixed mortgage, FHA loan, jumbo loans, FHA Streamline, Reverse Mortgage, and YOURgage. With YOURgage you can easily find something that fits your budget by choosing a custom term with a fixed interest rate from 8 to 29 years.

Discounts and features comparison 

LoanDepot features 

• LoanDepot lifetime guarantee – Never pay lender fees again when you refinance with LoanDepot. You will also receive appraisal reimbursement.
• Find an Expert
• Partners with 5 of the nation’s top 25 builders.
• Diverse product offerings. 
• Personal Loans

Quicken Loans features

• Rocket Mortgage – Get approved faster than usual. 
• RateShield – With this feature you will be able to lock your interest rate for up to 90 days.
• Verified Approval Letter – Your approval letter will be granted within 24 hours.
• Exclusive rate reduction
• Upload and electronically sign documents
• 24/7 Security Monitoring
• Home Loan Expert

Customer complaints 

Better Business Bureau will allow you to know how Quicken Loans and LoanDepot handles the complaints of their customers. BBB looks into factors such as transparent business practices, time in business, failure to honor commitments to BBB, complaint history, and more.

Quicken Loans has had BBB accreditation since 02/20/1986. Currently they have a Better Business Bureau “A+” rating. They have a composite score of 4.85 out of 4 stars based on 2000+ customer reviews and a BBB rating of “A+.”

LoanDepot received BBB accreditation in 2014. LoanDepot has an “A” rating from BBB. In the composite score, LoanDepot received 4.36 out of 5 stars.

Customer Service comparison 

LoanDepot

Their phone chat is available from:

Monday – Friday: 5:00am – 7:00pm (PST)

Saturday: 8:00am – 3:00pm (PST)

Quicken Loans

Quicken loans live chat is available from:

• Monday – Friday, 7:00 a.m. – 12:00 midnight ET
• Saturday – Sunday, 9:00 a.m. – 12:00 midnight ET

Phone support is available from:

Monday – Friday, 9:00 a.m. – 10:00 p.m. ET
Saturday, 9:00 a.m. – 8:00 p.m. ET
Sunday, 10:00 a.m. – 7:00 p.m. ET

Which company is better?

Both companies have perks about them. However, Quicken Loans offers lower rates with a faster approval time on average. Also, Quicken Loans was rated higher by J.D. Power. I encourage you to compare mortgage rates today which can be in seconds.

The post Loan Depot Vs Quicken Loans first appeared on Quote Raters.

Whether you live in Jacksonville, Tampa, Palm Beach, Cape Coral-Fort Myers, Port St. Lucie, Miami, or Tallahassee, always remember that rates will vary per person. Make sure that you compare rate quotes today to see how much you will end up paying for your mortgage rates. 

Average mortgage rates in Florida

Mortgage rates are always changing daily and depending on the lender your rate and APR might be more or less than the national average. Rates are not only dependent on the market. Rates are also dependent on a person’s credit score, home loan, home price, and more. The best way to check rates is to compare mortgage rates, which can be done in seconds.

Current mortgage interest rates in Florida

As I said above, mortgage and interest vary per person. With a 30-Year fixed rate you will currently receive an APR of around 4.5%. 

With a 15-Year fixed rate you will currently receive an APR of around 3.96 %. This is assuming that you have 20% of down payment and a credit score above 700. 

Florida mortgage lenders for bad credit

If you have bad credit, then getting mortgage at decent rates may be a difficult. However, there are several things that you can do such as getting FHA approval, getting adjustable rate mortgage, or finding a private lender. There are many companies in Florida that can help you with purchasing your home such as EquityMax and Third Federal Savings & Loan.

Mortgage Lenders in Miami

Miami is the largest city in Florida with a population of over 5 million people. Miami is known as one of the hardest places to get a mortgage loan. In 2015 it was reported that lenders denied over 15% of all applicants in the Miami-Fort Lauderdale area. Getting in touch with a broker is a good option for many people who desire a home loan. Some well-known names in the area are Alex Doce, Expert Mortgage Group, Luis Moreno, and Homebridge Financial Services.

Most expensive real estate markets in Florida.

• Doral
• Palmetto Bay
• Parkland
• Fort Lauderdale
• Delray Beach
• Weston
• Boca Raton
• Ponte Vedra/Ponte Vedra Beach
• Cooper City
• Naples

Quicken Loans

Quicken Loans is not only one of the most popular Florida mortgage lenders, but it also the largest lender in the United States. There are many things to love about Quicken Loans. One of the things that you will appreciate especially if this is your first-time buying a home is their fast application process.

With Rocket Mortgage your loan can be approved in minutes. Instead of having to talk to someone or send in sensitive information, you can do everything online. You can send in your financial information digitally and they will crunch the numbers for you, which results in more accuracy. Quicken Loans received an “A+” BBB rating and was the highest rated company in the 2018 U.S. Primary Mortgage Servicer Satisfaction Study. Quicken Loans beat out mortgage companies such as Ocwen Loan Servicing, Freedom Mortgage, Wells Fargo Home Mortgage, PNC Mortgage, and more.

SunTrust Bank 

SunTrust has had BBB accreditation since 01/01/1967. In the rating system overview SunTrust received an “A+” rating.

SunTrust Bank is good mortgage lender for those who desire low down payments and helpful tools to help the loan process to go smoothly. SunTrust is a trusted company throughout the nation with great mortgage reviews across the board. In the J.D. Power U.S. Home Equity Line of Credit (HELOC) Satisfaction Study SunTrust was the highest rated company receiving 5 out of 5 stars in every category. SunTrust was the only company to receive 5 out of 5 power circles. SunTrust beat out companies such as BB&T, Huntington National Bank, Regions Bank, and more.

Caliber Home Loans

Caliber Home Loans, Inc. has been a BBB accredited company since 2004. The company has an “A+” rating, which means that they handle customer complaints well. Although Caliber Home Loans, Inc. is a Texas-based home mortgage provider, they are well-known in Florida and they have offices in Plantation, Boca Raton, Orlando, Miami, and other Florida cities. Caliber rated about average with 3 out of 5 stars in the U.S. Primary Mortgage Servicer Satisfaction Study. Caliber Home Loans offers various conventional loan products such as relief refinance, homestyle renovation, HomeReady, DU Refi Plus, Jumbo Loans, and Jumbo Interest-only ARM.

LoanDepot 

LoanDepot offers cheaper rates than some of the largest lenders. There are many benefits of LoanDepot such as you will have over 1700 loan officers available to you. LoanDepot offers an awesome lifetime guarantee to their customers. When you refinance you will not have to pay any lender fees. Another benefit that you will have with LoanDepot is that they partner with 5 of the nation’s top 25 builders. If you live in Florida, you can easily find a branch near you. No matter what state that you live in you will have no problem with using them in your state.

Bank of America

Everyone knows Bank of America. Bank of America Corp. is the second largest bank in America and has over 2 trillion in total assets. Bank of America received 3 out of 5 Power Circles in all three J.D. Power mortgage studies.

With Bank of America you are getting a reputable company that is available everywhere. BOA offers fixed-rate mortgage, FHA loans, VA loans, and more. If you can’t make a large down payment, then one of the best things about BOA is that they offer Affordable Loan Solution. Mortgage insurance is not required with Affordable Loan Solution.

Lenda 

Lenda is a great lender if you need refinancing. Lenda is an online mortgage lender that started off as a refinance option. Now the company offers affordable mortgage loans as well. There are many benefits to using Lenda such as an interactive loan dashboard, rate lock guarantees, fast turnaround times, paperless process, and more. For now, Lenda only serves residents in Florida, California, Arizona, Texas, Virginia, Georgia, Illinois, Michigan, Colorado, Oregon, Pennsylvania, and Washington.

LendingHome Funding Corporation

LendingHome Funding Corporation is a lender with a great reputation among Florida residents. Currently the company has over 2+ billion in loans funded and 10,000+ homes financed.  The process to get a home mortgage is simple. All that you have to do is get your rate, get pre-approved, and then upload property information. You will then pay for your appraisal and confirm your close date. Lending Home received an “A+” BBB grade.

New American Funding

If you have less than perfect credit or you are worried about making too low of an income, then New American Funding is a great option for you. New American Funding offers various loan types such as fixed rates, VA, FHA, ARM, Jumbo, Home Improvement, Reverse Mortgage, HARP, Interest Only loans. The company has over $20 billion in home loans and an “A+” Better Business Bureau rating. The average closing time for New American Funding loans is under a month.

Home1st Lending

Home1st Lending is a popular lender in Central Florida cities such as Lake Mary, FL. Home1st Lending might not be the easiest lender to apply for, but they do offer several tools to help you and a free consultation. Home1st Lending has had a BBB rating of “A+” since 2007.

The post Best Mortgage Lenders In Florida first appeared on Quote Raters.

Quicken loans and Guaranteed Rate are two of the most well-known online lenders in the United States. To help you to make the right choice we will compare rates, loan options, features, and more.

Facts 

Quicken Loans was founded in 1985. The company has been the J.D. Power Primary Mortgage Origination award winner for 8 years in a row. Quicken Loans is one of the top lenders in Florida. In fact, Quicken Loans is the top mortgage lender in the United States.

Guaranteed Rate was founded in 2000 by Victor Ciardelli. In 2016, Guaranteed Rate had over $23 billion in loans. The company currently has over 500,000 customers.

Better Business Bureau comparison 

Better Business Bureau ratings are important for many reasons. They allow us to know if a lender is trustworthy by providing information about that lender.

Here are BBB elements that base how a company is rated by the company. 

• Mortgage lenders complaint history with Better Business Bureau.
• Transparent Business Practices.
• The length of time the mortgage lender has been operating.

Guaranteed Rate 

Guaranteed Rate, Inc. has had BBB Accreditation since 11/01/2009. BBB awarded Guaranteed Rate with an “A” rating grade. In the BBB composite score, Guaranteed Rate has received 4.47 out of 5 stars based on 100+ reviews and an “A” BBB Rating.

Quicken Loans 

Quicken Loans, Inc. has a slightly better BBB rating than Guaranteed Rate. Quicken Loans has had BBB Accreditation since 02/20/1986. In the BBB overview, Quicken Loans received an “A+” grade. In the composite score, Quicken Loans, Inc. has received 4.85 out of 5 stars based on 2000+ receives and an “A+” Better Business Bureau rating.

J.D. Power comparison

J.D. Power has three mortgage studies that you can look over. In the 2018 Primary Mortgage Servicer Satisfaction Study, Quicken Loans received 5 out of 5 Power Circles in overall satisfaction, new customer orientation, billing and payment, escrow account administration, mortgage fees, interaction, and communications. Quicken Loans was the highest rated mortgage lender in this study beating out Ocwen Loan Servicing, Carrington Mortgage Services, Mr. Cooper, RoundPoint Mortgage Servicing, PennyMac, and more.

Guaranteed Rate was not included in the Primary Mortgage Servicer Satisfaction Study. However, both online lenders were included in the U.S. Primary Mortgage Origination Satisfaction Study. Guaranteed Rate rated about average with 3 out of 5 Power Circles. Quicken Loans and Guild Mortgage Company were the highest rated lenders on the list.

In the overall satisfaction index ranking Quicken Loans received 878 points on a 1000-point scale. Guaranteed Rate received 831 points on a 1000-point scale.

Today’s mortgage rate comparison

Current rates are always changing. Your rates are dependent on your state, credit, the loan option that you select, and more. The only true way to know how much that you will pay is by getting a quote which can be done in seconds.

Guaranteed Rate

Quicken Loans 

Guaranteed Rate is slightly cheaper. However, rates are never the same. You have to compare rates to see which one is going to give you the best price.

Loan options comparison

Guaranteed Rate home loan options include:

30-Year Fixed Rate Mortgage – Interest rates will remain the same for 30 years. If you desire predictable payments, then this a good option.

15-Year Fixed Rate Mortgage – Interest rates will remain the same for 15 years. Rates will usually be higher, but you will pay your loan off faster.

Adjustable Rate Mortgage – An ARM offers unpredictable rates. Interest rates can go up and down.

Jumbo Loan – Jumbo Loans are for larger loans. Interest rates can either be fixed or adjustable.

FHA Loan – This is a loan that is insured by the Federal Housing Administration. FHA helps out first-time home buyers with a 3.5% down payment.

VA Home Loan – Va loans help out veterans to get financing to purchase a new home

Interest Only Mortgage – This is ARM mortgage that allows borrowers to only pay for the interest rate for the first few years.

Quicken Loans home loan options include

Quicken Loans offers Adjustable Rate Mortgage for the first 5, 7, and 10 years. Similar to Guaranteed Rate you will also receive 30-year fixed rates, 15-year fixed rates, VA loans, Jumbo Loans, and FHA loans.

The loan options that Quicken Loans offers that Guaranteed Rate does not offer is YOURgage, FHA Streamline, and Reverse Mortgage.

YOURgage – You will be able to receive flexible mortgage terms from 8 up to 29 years.

FHA Streamline – This is a refinance option for those who have FHA mortgages.

Reverse Mortgage – This is a type of home equity loan option that is available to older homeowners.

Feature comparison

Quicken Loans features

• Rocket Mortgage for faster approval
• RateShield Approval
• Exclusive rate reduction
• Home Loan Expert

Guaranteed Rate features

• 170+ branches
• Multiple loan options
• Free credit scores
• Low rates

The loan process comparison

Quicken Loans

Quicken Loans is one of the top online lenders in the mortgage industry. Quicken Loans uses Rocket Mortgage. Rocket Mortgage allows you to have faster loan approvals. You will easily be able to share bank statements and pay stubs with the simple touch of a button. Rocket Loans makes the home loan process quicker, easier, fun, and more accurate. Your Quicken Loans loan can be approved in minutes. Sometimes it may take up to a week which is still extremely fast time.

Guaranteed Rate

Guaranteed Rate offers a digital approach as well. You can choose your loan type, order appraisal, digitally sign your loan application, upload your loan documents, and you will receive an approval online. Your loan will close in 30 days. Approval can take a few days with Guaranteed Rates in some cases.

Support comparison 

Guaranteed Rate 

Guaranteed Rate gives their customers a large number of articles and resources. Guaranteed Rate offers various phone departments such as new mortgages and expert loan advice, mortgage payment information, customer service, and more.

Quicken Loans 

Quicken Loans allows you to chat with loan experts and contact phone support Monday – Friday, 8:30 a.m. – 9:00 p.m. ET and Saturday, 9:00 a.m. – 4:00 p.m. ET. Quicken Loans also offers a home buyer’s guide, refinance guide, and blog articles to help you.

Bottom Line

Both online mortgage lenders have perks about them. You can’t go wrong with choosing either company. I strongly recommend that you compare lenders which takes seconds to see which one offers better rates.

The post Quicken Loans Vs Guaranteed Rate first appeared on Quote Raters.

With so many mortgage lenders to choose from, finding the right one may seem like a difficult task. Today we will be comparing LendingTree Vs Quicken Loans. In this article, we will learn more about what they are, how they work, what are the rates, and more.

The history of each company

Doug Lebda founded LendingTree in 1996. In 1998 LendingTree.com was officially launched. By 2006 the company reached 20 million customers. Four years later in 2012 LendingTree reached 30 million customers.

Formerly known as Rock Financial, Quicken Loans was founded by Dan Gilbert in 1985. From 2013 to 2017 Quicken Loans closed over $400 billion in loans. The company currently has over 24,000 employees.

What are they?

Quicken Loans is an actual mortgage lender. In fact, Quicken Loans recently surpassed Wells Fargo as the largest mortgage lender in the U.S.

LendingTree acts more as a broker, but it is not mortgage lender such as Quicken Loans. LendingTree helps to connect you with other lenders in your area. 

Customer complaint comparison 

Let’s find out which company handles customer complaints better using Better Business Bureau. BBB is an organization that helps to improve the trust of consumers and businesses. BBB ratings are based on 13 ratings.

Quicken Loans 

Quicken Loans has been recognized as an accredited BBB business since 1986. Quicken Loans received an “A+” rating. Out of 5 stars and almost 3000 customer reviews Quicken Loans received 4.86 stars in the BBB score.

LendingTree

LendingTree, LLC has an “A-” grade in their rating system overview. Out of 5 stars and 200 customer reviews, LendingTree received a composite score of 3.96 stars.

How does Quicken Loans work?

Quicken Loans offers an easy loan approval process. The awesome thing about Quicken Loans is Rocket Mortgage. Rocket Mortgage is a mortgage product of Quicken Loans. It is basically the online experience of Quicken Loans. With Rocket Mortgage the loan verification process is done seamlessly online. No longer will you have to wait to talk to a loan officer. Instead of sending in your banking information, you can digitally submit your documents such as your pay stubs online. Rocket Mortgage increases the accuracy of the mortgage loan process which increases the speed of the process. 

How does LendingTree work?

LendingTree will connect you to mortgage lenders around the nation that fits your needs. LendingTree offers various different loan types, home equity loans, and more. You are free to negotiate directly with the lenders instead of accepting offers. The loan approval process is longer than that of Quicken Loans, but you may be able to get good rates.

Mortgage Rate comparison 

Quicken Loans is an online lender and they don’t have the same expenses as other companies. This is what makes Quicken Loans slightly more affordable than other lenders.

Once again, LendingTree acts as a broker. Rates are not definite, you could end up paying more or less.

Rates are never the same and rates are changing daily. Mortgage rates are dependent on a number of factors. Lenders factor in your credit scores, the amount of the home that you want to purchase, the type of home that you are buying, loan terms, the location of your home, and more. To get the most accurate rates, compare rates today which can be done in seconds.

J.D. Power

In the 2018 J.D. Power Primary Mortgage Servicer Satisfaction Study, Quicken Loans was the award recipient. Quicken Loans was one out of three mortgage lenders to receive 5 out of 5 Power Circles. Quicken Loans was the highest rated mortgage lender for 5 consecutive years. On a 1000-point scale Quicken Loans received 857 points. The next two closest companies were TD Bank and Huntington National Bank. TD Bank received 821 points and Huntington National Bank received 819 points. The Lowest lender on the list was Ocwen Loan Servicing with 667. In the J.D. Power Origination Satisfaction Study there were two award recipients. One of the lenders was Guild Mortgage Company. The other award recipient was Quicken Loans. Quicken Loans received 5 out of 5 stars in every category except for onboarding and problem resolution. In both categories Quicken Loans received 4 out of 5 stars.

LendingTree was not included in any J.D. Power Study because they are not a traditional lender.

Features of each company 

LendingTree features that you will love

• LendingTree has a network of over 1500 mortgage lenders.
• Wide variety of interest rates.
• Home Equity Checkup
• Free credit score
• Fast online process
• Simple form
• Alerts on better mortgage deals.

Quicken Loans features that you will love

• Fast online approvals
• YOURgage allows for fixed-rate terms ranging from 8 to 30 years.
• Access to MyQL
• No prepayment penalties.
• Expert online lone support
• You will be able to lock interest rates for up to 3 months.
• Online refinance tools
• Import your assets

Loan options that both companies offer

• Adjustable Rate Mortgage for 5, 7, or 10 years.
• FHA Loan
• 30-Year Fixed Mortgage rates
• 15-Year Fixed Mortgage rates
• VA Loan
• Jumbo Loans
• Reverse Mortgage

Customer support comparison 

LendingTree customer care is open from Monday-Thursday 8am – 9pm EST, Friday from 8am – 8pm EST, and Saturday 10am – 7pm EST. To get general information, get answers to technical questions, and more you can submit a ticket on their contact us page.

Quicken Loans allows you to chat with experts through their live chat system and through phone support. Their phone support is available Monday through Friday from:

Monday – Friday, 9:00 a.m. – 10:00 p.m.
Saturday, 9:00 a.m. – 8:00 p.m.
Sunday, 10:00 a.m. – 7:00 p.m.

Another great thing about Quicken Loans is that they offer a Zing Blog which helps you to learn more about mortgage basics, refinancing, home buying/selling tips, and more.

Bottom Line

LendingTree is not a typical mortgage lender. With LendingTree you will have various purchasing and refinancing options from other lenders. Quicken Loans is an actual mortgage lender. With Quicken Loans rates are more straightforward. All lenders have their pros and cons. To get the rates that best fits your budget I encourage to compare rates today.

The post LendingTree Vs Quicken Loans first appeared on Quote Raters.

Today we will differentiate Quicken Loans Vs Rocket Mortgage. In this article, we will learn what they are and how they are related.

What is Rocket Mortgage?

Quicken Loans was founded in 1985 by Dan Gilbert, Lindsay Gross, and Gary Gilbert. Quicken Loans is the largest mortgage lender in the United States surpassing Wells Fargo Bank in 2017. Rocket Mortgage is an awesome loan product that Quicken Loans offers.  Rocket Mortgage saves you time and energy by reducing paper work.

Is Rocket Mortgage and Quicken Loans the same?

This is common question for those who need a home mortgage loans or refinance loans. The answer is yes, both are the same. The only difference is that Rocket Mortgage is the online experience of Quicken Loans.

Quicken Loans wanted a way for people to get mortgage the easy way, in a short amount of time, while on the go, in a comfortable place. That is what Rocket Mortgage is all about. Rocket Mortgage removes the home buying hassle that has plagued customers for years.

How does Rocket Mortgage Work?

Rocket Mortgage is similar to other lenders. They offer FHA, VA and USDA loans. What differentiates Rocket Mortgage from other mortgage lenders is the time, accuracy, and process it takes for a loan to be approved. Rocket Mortgage offers a new school approach. Their new approach is more convenient, and it allows for more accuracy when it comes to getting a loan.

The reason that Rocket Mortgage is more accurate is because they will not make assumptions like other lenders. With Rocket Mortgage customers are able to share their financial information digitally, which means getting your income verified and getting a quote just got easier. You will not have to worry about talking to a loan officer, sending in W2’s, and other forms of documents.

Quicken Loans average closing time

Getting approved for a mortgage loan takes time. It takes weeks to get approved. In fact, getting approved might even take a month. The loan process can even take 45 days to 2 months on high-volume seasons. First, you will get pre-approved and then your application will get looked over by a loan officer.

The process becomes even more of a hassle if the lender finds any red flags such as a low credit score, foreclosures, etc.

With Rocket Mortgage’s reinvented online mortgage process, getting approved for a mortgage can be done in a record low, 8 minutes. Sometimes it takes a week. Rocket Mortgage simplifies the loan process and makes purchasing a home easier than ever before. The process is simple. All that you have to do is explain your current living situation such as if you are a current homeowner or renter. Then, you are going to give them your current home information, desired location, who’s on the loan, income, etc. With Rocket Mortgage everything is handled completely online, but you do have the option of talking to representatives in the application process.

Mortgage rates 

Mortgage rates are never the same. Currently, you can expect 30-year fixed plans to be around 4.5 (4.784% APR), 15-year fixed plans to be around 3.99% (4.478% APR) and 5-year ARM plans to be around 3.875% (4.865% APR). To see how much you will be paying make sure that you get a quote from Rocket Mortgage today.

Fixed-rate terms

Rocket Mortgage offers fixed rates from 8 to 30 years. Quicken Loans uses YOURgage, which will give customers greater flexibility. YOURgage helps customers to save by adjusting their loan to their needs.

Rocket Mortgage features and that you will love. 

Experts – Although Rocket Mortgage can be used without the assistance of any representatives, you will have the ability to chat with home loan experts while filling out an application.

RateShield – You will be able to lock your interest rates for up to 90 days. This is perfect so your monthly payment does not increase.

Savings – You will receive bonuses when you import your assets. Not only that, but this process is also faster and easier.

High Better Business Bureau rating – Quicken Loans has had BBB Accreditation since 1986. The company currently boasts an “A+” rating. This means that Quicken handles customer complaints well. BBB takes into consideration complaint history, type of business, time in business, and more.

J.D. Award Winner – Quicken Loans, Inc. was the highest rated company in the 2017 U.S. Primary Mortgage Servicer Satisfaction Study. Quicken Loans received 5 out of 5 Power Circles in every category. They beat out companies such as USAA Federal Savings Bank, Navy FCU, Capital One, Bank of America, Fifth Third Mortgage, and more.

Rocket Mortgage app – This app allows you to customize your rate, cost, and term. With the app you will easily be able to view loan status. When your closing is done you will go to an area where you can manage your loan. One cool feature is that members will be able to set up biweekly payments.

Availability – Rocket Mortgage is available in all 50 states.

Real Solutions – You will be able to receive customizable mortgage solutions instantly.

Benefits of shopping online for mortgage.

Easier – Shopping for mortgage is better when it is done in the comfort of your own. There is less of a hassle and it is less stressful. With Rocket Mortgage all that you have to do is click a button and you can easily share financial information.

Tools – When you shop for mortgage online you will usually be given tools to help you such as mortgage calculators, which helps you to save money on your loan.

Easier to get approved – If you credit score is lower than expected you will have a greater chance of getting a loan with an online lender.

Bottom line 

Quicken loans has a great reputation. Rocket Mortgage is a byproduct of Quicken Loans, which makes the loan process easier for you. Rocket Mortgage is well worth it. It is easier to use, it’s faster to use, it is more accurate, and it represents what we will see more of in the future. Make sure that you take a few minutes to get a mortgage quote today.

The post Quicken Loans Vs Rocket Mortgage first appeared on Quote Raters.

I strongly recommend that you compare rates today to get the best prices.

History of both mortgage lenders

Amerisave Mortgage Corporation was founded in 2002. The company is headquartered in Atlanta Georgia. The mission of Amerisave is to provide their customers with beneficial responsible home lending solutions.

Quicken Loans is the older of the two and was founded in 1985. Their mission is to provide you with an excellent mortgage experience.

BBB rating comparison 

BBB factors in things such as the number of complaints filed, the size of business, the length of time the business has been operating, long standing unresolved complaints, and more. Amerisave is currently not rated in the Better Business Bureau rating system. However, Quicken Loans has been a Better Business Bureau accredited business for over 10 years. The company has an “A+” rating, which means on a 100-point scoring scale Quicken Loans received a 97-100 grade. These positive signs reveal that Quicken Loans is a trustworthy company and they will provide a great experience for their customers.

J.D. Power comparison 

Quicken Loans was one out of three mortgage lenders to receive 5 out of 5 stars in the 2018 J.D. Power U.S. Primary Mortgage Servicer Satisfaction Study. Quicken Loans rated higher than SunTrust, Regions, Capital One, Bank of America, Wells Fargo, Fifth Third Mortgage, and more.

Quicken loans was the top lender in the J.D. Power Primary Mortgage Origination Satisfaction Study. In the study, Quicken Loans rated higher than LoanDepot, PNC Mortgage, Flagstar Bank, and more. Amerisave was not included in either J.D. Power Study.

Today’s mortgage rate comparison 

Amerisave is slightly cheaper than Quicken Loans. However, always remember that rates differ per person. A major factor that affects mortgage rates is the current housing market. The housing market trend can cause mortgage rates to go up and down. Your credit score is another factor that is used to determine how much you will be paying for your mortgage. With bad credit expect to pay a higher interest rate compared to someone with good credit. Another factor that plays a role in how much you will pay is your down payment amount.

Amerisave mortgage rate

As you can see, Amerisave offers cheaper fixed rates and a lower APR than Quicken Loans.

Quicken Loans mortgage rate

Once again, rates differ per person. To get the best rates make sure that you take a few seconds to get mortgage quotes.

Loan options comparison

Amerisave 

Amerisave offers various loan options such as fixed rate loans, adjustable rate loans for those who might refinance in a few years, and cash out refinances. Amerisave also offers FHA loans, jumbo loans, HARP loans, VA loans, and USDA loans.

Quicken Loans 

Similar to Amerisave Quicken Loans offers Adjustable Rate Mortgage, FHA loans, VA loans, and jumbo loans. Quicken Loans also offers YOURgage. This feature allows you to choose your desired term from 8 to 30 years. YOURgage will help you to find a rate that best fits your budget and your future mortgage plans. Homeowners who are 62 years and older can take advantage of reverse mortgage. Reverse mortgage allows older homeowners to meet their financial goals by using their home equity. You can also choose an FHA Streamline which helps you to receive a lower interest rate.

Mortgage lender feature comparison

Amerisave features that you will love. 

• AmeriSave Advantage program – You will be able to earn up to $6500 cash back after closing.
• Low down payment options available.
• Charts – Get mortgage interest rate trends. 
  

Quicken Loans features that you will love. 

• RateShield Approval – Even if rates go up your mortgage rates will always remain the same.
• Rocket Mortgage – Customers will be able to get approved faster than ever before.
• 24-hour approval letter.

Loan process comparison 

Quicken Loans 

Both companies allow for a faster loan process than other lenders. However, Quicken Loans is slightly faster. What differentiates Quicken Loans from other lenders is that with Quicken Loans you have Rocket Mortgage.

Rocket Mortgage makes the online mortgage application process faster. With Rocket Mortgage you can apply for a loan while at home, in line, traveling, without ever having to speak to a loan officer and sending in documents. Rocket Mortgage allows you to digitally send financial paperwork which means more accuracy and faster approval times. With Rocket Mortgage you will be able to get a loan approval in just a few days and sometimes even in minutes. Although Rocket Mortgage is the online experience of Quicken Loans you will have no problem with speaking with loans experts if needed.

Amerisave 

With Amerisave you can search their low rates. You can get a custom rate in seconds. After you select from a variety of loan options, you can apply online or call a licensed loan originator. You will then close your loan. After underwriting, Amerisave will schedule for closing.

Customer support comparison

Amerisave 

Amerisave has a huge knowledgebase where you can view their frequently asked questions. They have a first-time buyers guide, education articles, refinance videos, mortgage news, and more.

Customer service is available from Monday through Friday from 8:00 AM to 5:00 PM Eastern time.

Quicken Loans 

Quicken Loans offers a home buyer’s guide that helps you with preparing to purchase a home, making an offer, working with an agent, getting approved, and more. Quicken Loans also offers refinance guides to help you to better understand the process of refinancing your home. Quicken Loans offer text and email updates to help you to stay up to date with rates, mortgage news, home tips, and more. You will also be able to learn more with their Zing blog.

Chat times:

Monday – Friday, 7:00 a.m. – 12:00 midnight
Saturday – Sunday, 9:00 a.m. – 12:00 midnight

Call times:

Monday – Friday, 9:00 a.m. – 10:00 p.m. ET
Saturday, 9:00 a.m. – 8:00 p.m. ET
Sunday, 10:00 a.m. – 7:00 p.m. ET

Bottom line

This is a close comparison. Amerisave is slightly more affordable on average, but Quicken Loans has better ratings. Both lenders have their advantages and they both have a fast loan process. I encourage you to get rates today which takes seconds to see which company gives you better rates. 

The post Amerisave Vs Quicken Loans first appeared on Quote Raters.