A "Quicken Loan" refers to a mortgage or loan product offered by Quicken Loans, which was historically known as the largest online retail mortgage lender. It is important to note that Quicken Loans officially rebranded as Rocket Mortgage in 2021, though the term "Quicken Loan" is still widely understood.
Understanding Quicken Loans (Now Rocket Mortgage)
Founded as a pioneer in the online mortgage space, Quicken Loans specialized exclusively in providing home loans. Its parent company is Rock Holdings, Inc. Unlike traditional banks, Quicken Loans, and now Rocket Mortgage, has always maintained a focused service offering:
- Mortgages: Primarily offering various types of home loans for purchasing or refinancing.
- Loans: Limited to mortgage-related lending; they do not offer personal loans, auto loans, or other consumer credit in the same way traditional banks do.
They do not provide banking services such as checking or savings accounts, nor do they offer investment products or other diverse financial services. This specialized focus allowed them to streamline the mortgage application and approval process, particularly through their digital platforms.
What Services Did Quicken Loans Offer?
Historically, Quicken Loans provided a range of mortgage products designed to meet different borrower needs. Their model focused on a digital-first experience, aiming to simplify the often complex home loan process for consumers nationwide.
Here’s a snapshot of their primary offerings:
What Quicken Loans Offered (and Rocket Mortgage continues to offer) | What Quicken Loans Did NOT Offer |
---|---|
Home Purchase Loans (e.g., FHA, VA, Conventional) | Checking Accounts |
Mortgage Refinancing (e.g., Cash-out, Rate-and-Term) | Savings Accounts |
Jumbo Loans | Investment Products |
Streamlined Online Application Process | Other Financial Advisory Services |
The Transition to Rocket Mortgage
While the name "Quicken Loans" might still resonate with many, the company's full transition to Rocket Mortgage solidifies its brand identity around its popular online platform, Rocket Mortgage. This rebranding reflects their continued commitment to leveraging technology to make the home loan experience faster and more accessible. Today, if you are looking for a "Quicken Loan," you will be directed to Rocket Mortgage's services and products.