Quicken Loans vs. Synovus Bank Mortgage: A Side-by-Side Look

When it comes to securing a mortgage, choosing the right lender can make all the difference. Two prominent names in the U.S. mortgage industry are Quicken Loans (now operating as Rocket Mortgage) and Synovus Bank. Both offer competitive rates and a range of loan products, but they cater to different borrower needs. In this deep dive, we’ll compare these lenders side by side, examining their strengths, weaknesses, and how they stack up in today’s volatile housing market.

The Current Mortgage Landscape

The housing market in 2024 is shaped by rising interest rates, inflation concerns, and a persistent shortage of affordable homes. Buyers are navigating higher borrowing costs while lenders adapt to stricter regulations and economic uncertainty. Against this backdrop, digital-first lenders like Quicken Loans/Rocket Mortgage compete with traditional banks like Synovus—each offering distinct advantages.

Quicken Loans (Rocket Mortgage): The Digital Disruptor

Speed and Convenience

Quicken Loans revolutionized the mortgage industry with its fully online application process. Borrowers can get pre-approved in minutes, upload documents digitally, and track their loan status in real time. This tech-driven approach appeals to younger, tech-savvy homebuyers who prioritize efficiency.

Loan Options

Rocket Mortgage offers a wide array of loan products, including:
- Conventional loans
- FHA and VA loans
- Jumbo loans
- Refinancing options

Their Yourgage program allows flexible term lengths (8–29 years), a unique feature not commonly found at traditional banks.

Customer Service

Quicken Loans consistently ranks high in customer satisfaction surveys, thanks to its 24/7 support and user-friendly platform. However, some borrowers report higher fees compared to smaller regional lenders.

Synovus Bank: The Regional Powerhouse

Personalized Service

As a regional bank primarily serving the Southeast, Synovus emphasizes relationship-based lending. Borrowers often work with a dedicated loan officer, which can be reassuring for first-time buyers or those with complex financial situations.

Loan Products

Synovus provides:
- Conventional and government-backed loans
- Construction loans
- HELOCs (Home Equity Lines of Credit)
Their focus on local markets means they may offer more tailored solutions for rural or suburban properties.

Rates and Fees

Synovus tends to have competitive rates, especially for customers with existing accounts. However, their online tools lag behind Rocket Mortgage’s seamless digital experience.

Key Comparisons

Interest Rates and Fees

• Rocket Mortgage: Rates are slightly higher on average, but they often run promotions (e.g., discounted origination fees).
• Synovus: May offer lower rates for well-qualified borrowers, particularly in their regional footprint.

Approval Timeline

• Rocket Mortgage: Faster processing (as quick as 8 days for closing).
• Synovus: Typically takes 30–45 days, depending on the branch’s workload.

Technology and Accessibility

• Rocket Mortgage: Best-in-class app and online dashboard.
• Synovus: More reliant on in-person or phone communication, though they’ve improved digital offerings post-pandemic.

Which Lender Is Right for You?

Choose Rocket Mortgage If…

• You value speed and a fully digital process.
• You’re refinancing and want competitive terms.
• You’re comfortable with slightly higher fees for convenience.

Choose Synovus Bank If…

• You prefer face-to-face interactions.
• You’re buying in the Southeast and want local expertise.
• You have an existing relationship with the bank (e.g., checking/savings accounts).

Final Thoughts

The mortgage industry is evolving, with digital lenders gaining ground but traditional banks holding strong in customer trust. Whether you prioritize innovation (Rocket Mortgage) or personalized service (Synovus), both lenders have merits worth considering in today’s challenging market.