Quicken Loans logo

Quicken Loans vs. Financial institution of America mortgages

How do Quicken Loans and Financial institution of America evaluate?

Bank of America logo
  • Select this lender for excellent customer support
  • Select one other lender for those who don’t need to meet with a loan officer
  • choice for debtors in search of versatile reimbursement phrases
  • Select this lender for low rates of interest
  • Be careful for dangerous buyer evaluations
  • choice for debtors with out a lot credit score historical past

Neither of those appears the suitable match?

Execs

  • Giant jumbo loans accessible
  • Versatile repayments
  • On-line loan help
  • Quick turnaround
  • Accessibility
  • Low rates of interest
  • Various credit score information
  • Reductions for present shoppers

Cons

  • Utility deposit
  • Two-step course of
  • Laborious credit score pulls
  • Excessive quantity of client complaints
  • Restricted protection within the Midwest
  • Historical past of irresponsible mortgage lending
  • Much less customized strategy

Buyer evaluations

Quicken Loans is accredited with the Higher Enterprise Bureau (BBB) and as of November 2020 has 3.67 stars out of 5 based mostly on 1,930 buyer evaluations. On Trustpilot, the lender has 4.4 out of 5 stars with 16,814 buyer evaluations. Most evaluations reward the attentive, customized service they obtain from its mortgage officers. Even when coping with a number of representatives, debtors report a eager consideration to element. Debtors appreciated utilizing Quicken Mortgage’s MyQL to trace the progress of their loan.

Nevertheless, some complaints level to onerous credit score inquiries with out authorization through the software course of. There are additionally reviews that loan advisors have been aggressive when making an attempt to shut the loan.

Financial institution of America has been accredited with the Higher Enterprise Bureau (BBB) since 1949, boasting an A+ ranking for its operations after closing nearly 5,500 buyer complaints during the last three years.

Nevertheless, it falls brief within the customer support division, incomes barely over a one-star ranking from 405 buyer evaluations. It’s an identical story on Trustpilot, the place the financial institution has a 1.4 ranking based mostly on 438 evaluations as of December 2020. Whereas prospects praised the savvy on-line expertise and variety of mortgage merchandise, many have been annoyed with the service they acquired.

It’s value noting that these client evaluations are for Financial institution of America as an entire — and never for its mortgages particularly.

Evaluate mortgage lenders and brokers

Evaluate these lenders and lender marketplaces by the kind of residence loan you are trying to find, state availability and minimal credit score rating (for a standard loan). Choose See charges to supply the corporate with primary property and monetary particulars for customized charges.

Kind by:

Title Product
SoFi

Standard, House fairness, Refinance

Not accessible in: HI, MO, NM, NY, WV

620

No hidden charges, a number of loan phrases, and member reductions accessible.

Rocket Mortgage

Standard, Jumbo, FHA, VA, Refinance

Out there in all states

620

Streamline your mortgage from quote to ultimate fee — all out of your pc or cellphone.

Better

Standard, Jumbo, FHA, Refinance

Not accessible in: HI, MA, MN, NV, NH, VT, VA

620

On-line preapproval in minutes and no origination charges with this direct lender.

LendingTree

Standard, Jumbo, FHA, VA, USDA, House Fairness, HELOC, Reverse, Refinance

Out there in all states

620

Join with vetted residence loan lenders rapidly by means of this on-line market.

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