Let’s compare Quicken Loans Vs Guaranteed Rate to help you to find the top mortgage lender in your area.
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.