The reason we chose Quicken as our best overall mortgage lender is simple: their nationwide reach combined with excellent customer service. In 2019, the Mortgage Bankers Association and the Veterans Administration reported that the company originated the highest percentage of loans in almost every category, from conventional to VA loans.
That being said, we all know size doesn't necessarily equal quality. Quicken, though, has significant strength in customer service and a surprisingly low level of complaints for an institution of its size. Quicken is rated "Among the Best" according to JD Power's Primary Mortgage Origination Satisfaction Study, which takes into account each company's application and approval process, communication, loan closing, and loan offerings. In fact, Quicken has consistently ranked highest in customer satisfaction for loan originations with JD Power for 10 consecutive years.
Quicken's YOURgage program is another thing that sets it apart from the pack. YOURgage allows borrowers to choose the term of their fixed-rate mortgage and get a loan of up to $510,400. First-time homebuyers can pay as little as 3% down. This is especially helpful for first-time homebuyers who may not have 20% saved for a down payment.
Finally, as Quicken has completed 96% of all electronic mortgage closings in the country, the company has a wealth of experience completing the process online, which is highly convenient for most applicants these days.
Size, reach, and options are important, but only if the company has the customer service chops to back it up. We chose Quicken as the "best overall" mortgage lender because it is most likely to be available to you and offers solid service at the same time. However, if you're looking for something more focused on your area or needs, read on.
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