- Loan types
- Conventional, FHA, VA, jumbo, YOURgage and ONE+
- Minimum FICO score
- 580 for government-backed loans; 620 for conventional
- Minimum down payment
- 0% to 5%
- NMLS ID
Rocket Mortgage is an online mortgage company developed by one of the largest national lenders (Quicken Loans). Loans are available nationwide. Borrowers can get conventional, jumbo and some government-backed loans with a rate lock of 90 days. No HELOC loans are available, but home equity loans are.
The application process takes place entirely online. The minimum credit score required depends on the type of loan you’re interested in (lower for FHA and VA). It can take up to three days to get preapproved, and the time to close averages between 30 and 45 days.
Some of the reasons Rocket Mortgage stood out were:
- Mortgage options for borrowers with lower credit scores
- Fast approval and closing
- Nationwide availability
Before choosing Rocket Mortgage, consider the following:
- No HELOCs available
- No in-person services
Rocket Mortgage receives a mix of positive and negative reviews. On one hand, you have reviews such as Kregg from Minnesota touting: "Loula was awesome. This is the second time she has helped me buy my house. She really does care and does everything possible to get it done. I will recommend her to everyone. My deals have never been easy and she has always worked through all the issues.”
However, some reviews noted trouble with various issues and were unhappy with the customer service solutions.
Jodie from Colorado noted: “I called three weeks before they were scheduled to pay my annual insurance premium and asked them not to pay it to my current carrier because I was changing companies. They disbursed it anyway even though the account said DO NOT PAY. Now I have to try to get the money back to return it to them so that my escrow account is not short from a double payment when they disburse the money to the new carrier.”