Rocket Mortgage

Rocket Mortgage

 4.0/5 (1786 ratings)
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About Rocket Mortgage

Rocket Mortgage (NMLS #3030) offers an online application process to help borrowers get home purchase loans and refinances. You can apply for a mortgage and manage the loan completely online through Rocket’s website or mobile app, and the company’s representatives are available by phone if needed. Rocket Mortgage is a popular option for refis in particular.

Overall Satisfaction Rating

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Pros

  • Largest U.S. mortgage lender by 2021 numbers
  • Available nationwide
  • 100% online application

Cons

  • No in-person services
  • No construction loans or HELOCs

Bottom Line

Rocket Mortgage provides a digital home loan experience. Some find the service impersonal, but others enjoy the convenience. Rocket Mortgage also offers customized recommendations and free educational resources.

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Rated with 5 stars
Verified

“I still can't believe that I have experienced the most easiest, friendliest, professionally, and non judgmental mortgage refinance. … They treated me like I had the best credit e...

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Rated with 5 stars
Verified

“The portal was super useful. ... As someone who doesn't want to endlessly talk on the phone with salespeople - I completely appreciate this process - and the rates were among the...

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Rates

Rocket Mortgage publishes its current mortgage rates for conventional, FHA, VA and jumbo loans on its website. This rate information is generally updated daily, but for the most accurate rates based on your individual situation, you should contact Rocket Mortgage for a customized quote.

Disclosures from Rocket Mortgage indicate that its rates for 30-year fixed-rate mortgages ranged from 2.625% to 6.375% in 2021, averaging 2.93% overall. For reference, the national average across that period was 2.96%, according to Freddie Mac.

Rocket Mortgage average home purchase rate vs. national average

YearDifference from national average
2021-0.13%
2020+0.07%
2019+0.07%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Mortgage rates change frequently and vary based on your loan term, credit history and mortgage type. Also, keep in mind the differences between an interest rate and an annual percentage rate (APR):

  • An interest rate is what you pay back on top of the funds you receive, expressed as a percentage. It doesn’t include additional fees, like origination fees or discount points.
  • An APR includes these charges, so it tends to better reflect the true cost of the loan.

Rocket Mortgage offers loans with fixed rates as well as loans with adjustable rates. Both can be good choices, depending on your financial situation:

  • Fixed-rate loans are often a better option when interest rates are low since you can lock in a good rate for your entire loan term.
  • Adjustable-rate mortgages may be more attractive when mortgage rates are high because they can save you money initially. However, after a few years, your rate will begin to adjust based on a predetermined index, which may raise your monthly payment.

Application process

Rocket Mortgage’s application can be completed 100% online. You can start the preapproval process by answering a few short questions and authorizing the lender to conduct a credit check. Be prepared to provide information about your income and assets; Rocket Mortgage uses these details to determine how much you can borrow.

To complete the approval process, you upload financial documentation (like W-2s and bank statements) to Rocket Mortgage’s online loan portal. Within the portal, you can also view an application checklist to see what else you’ll need to submit.

Rocket Mortgage services most of the loans it originates (with the exception of jumbo loans), so it’s possible you’ll work with exclusively Rocket Mortgage until your loan is paid off or you decide to sell.

Rocket Mortgage application features

FeaturesAvailability
Online application
Mobile document upload
Physical branchesX
Publishes minimum rate on website
Rate lock90 days
Pre-qualification (no hard credit pull)X
Certified approval letter

Loan types

Rocket Mortgage offers a variety of mortgage products, including conventional loans, government-backed loans (like FHA and VA loans) and refinance loans.

Overall, in 2021, individuals initiated 264,613 home purchase loans with Rocket Mortgage. The company ultimately closed 193,308 purchase loans that year, meaning 73% of loans requested came to fruition. The same year 26,144 applications (almost 10%) were denied, and there were 930 denied preapprovals.

Loan applications for home purchases only by year

202120202019
Home purchase applications264,613189,895203,116
Home purchase loans closed193,308133,642144,852
Home purchase applications denied26,14426,43828,129
Home purchase preapprovals denied9301,5111,385
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

The majority of the mortgages Rocket Mortgage financed in 2021 were refinances (45.53%) and cash-out refinances (37.49%) rather than home purchase loans (15.63%).

Currently Rocket Mortgage leans more toward refinancing than the industry as a whole, though refis were up across the board the last two years. In 2021, 35.73% of all reported mortgages in the U.S. were used for home purchases; 37.89% were used for refinancing; and 19.89% were for cash-out refinancing, according to data provided by lenders in accordance with the Home Mortgage Disclosure Act (HMDA).

Home purchase vs. refinance loans by year

202120202019
Home purchase loans15.63%11.70%26.34%
Refinance loans45.53%60.40%32.79%
Cash-out refinance37.49%26.90%38.91%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

HELOC and home equity loans

If you’re already a homeowner with some equity in your home you’d like to cash in on, you might consider a home equity loan from Rocket Mortgage. To qualify, you need a median FICO score of at least 680 and at least 10% equity remaining in your home after accounting for both your primary mortgage and the home equity loan.

Requirements

Rocket Mortgage usually adheres to the standard qualifications for both conventional and government-backed loans. Conventional loans typically require a higher credit score and down payment than you need for a government-backed mortgage, but individual cases may differ.

Rocket Mortgage recommends that all borrowers have a debt-to-income ratio below 45% and a credit score of 620 or higher, but there are some exceptions:

  • VA and FHA loans are available with a credit score as low as 580.
  • Jumbo loans require a credit score of 680 or higher.
  • Conventional loans are available for borrowers with debt-to-income ratios as high as 50%.

It’s worth pointing out that government guidelines for FHA loans technically allow for credit scores as low as 500 (with a higher down payment), but Rocket Mortgage only uses the stricter credit limit required for 3.5% down payments.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders

One thing to note: Rocket Mortgage doesn’t currently offer USDA loans. For more information on USDA loans, read our guide for selecting the best USDA-approved lenders.

Cost and fees

Much like other mortgage lenders, Rocket Mortgage charges an origination fee, but this fee can vary. You can expect to pay between 0.5% and 1% of the loan amount in origination charges as part of your closing costs. Overall, Rocket Mortgage recommends that you plan to spend between 3% and 6% of your loan amount in closing costs on top of your down payment.

FAQ

How does Rocket Mortgage work?

Rocket Mortgage’s entirely online mortgage process lets you work with loan consultants from the comfort of your home. Through the site or mobile app, you can learn about your mortgage options, find interest rates, get approved and manage payments.

The application process begins online. You have to provide your email address, your Social Security number and information about your checking account, assets, income and employer. A representative might also contact you to ask additional questions.

Is Rocket Mortgage legit?

Rocket Mortgage is a solid mortgage and refinancing company. It has an overall good rating on our site — 4 stars as of publishing — plus one of the highest customer satisfaction scores in the industry, according to J.D. Power as of 2021. If you’re searching for a new mortgage or refinancing loan and meet Rocket Mortgage’s credit requirements, we recommend checking it out.

Where is Rocket Mortgage available?

Rocket Mortgage is available in all 50 states and Washington, D.C. Rocket Mortgage loans are not available in Puerto Rico or anywhere outside the U.S. at this time.

Rocket Mortgage Reviews

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How do I know I can trust these reviews about Rocket Mortgage?
  • 4,191,395 reviews on ConsumerAffairs are verified.
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  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 13, 2023

Andreas ** was absolutely world class from the start of the loan process all the way through to the day of closing. He was available to me day and night and held firm with every promise that was made. Anytime we needed an escalation he personally sought out PJ and resolved the issue within what usually turned out to be an hour or two. Even at closing when I know I was supposed to be working with someone from that team, Andreas took my calls both at work and on his cell. He made Rocket Mortgage look hands down the best world class in customer service in the industry. I would strongly recommend anybody in my Family or Friends to rocket as long as the professionals were in line with how Andreas conducted himself. I give Andreas and Rocket a 11/10 and definitely a 5 star rating!!!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 22, 2022

    I was extremely nervous to utilize an online mortgage company. It seemed so impersonal. For some this is the biggest purchase you ever make in your life. I will, and already have recommended Rocket Mortgage. Ashli, and Scott were top of the line. Any time I had a question, it was answered. They were knowledgeable, sincere, and efficient. Going with an online company I really thought it would be a lot of phone tag, emails, and waiting. I never waited more than an hour before someone replied, or called me to touch base. That’s not including the touch bases to reassure me that everything was moving along as planned, or to just check in and see if I needed anything.

    Staff makes the world of difference; they are a representation, and extension of who your company is. I couldn’t have been more impressed by a team than I was given. Thank you for guiding me along to achieving a life long dream. Your team didn’t just guide me in buying a house, they helped me fulfill a dream, and buy a home that I will make priceless memories in for years to come.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 13, 2022

    Thank You Rocket! It was a very smooth and easy experience using your online services... Submission of documents and the quick turnaround time made the loan pushed the process. I took advantage of your in house fsbo team and it was fantastic to get my purchase agreement made without having to rely on a realtor. The best part of the whole process was your people, from Lynn ** getting me into the right mortgage product and answering all of my questions quickly and knowledgeably... She took care of me like family and never let me feel I was out of the loop through the whole process. Hats off to Gary ** who also did an excellent job in the process of keeping me informed. Thank you so much! We are enjoying our new house and y'all were a part of that.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: May 5, 2022

    I wanted to catch the wave on low interest rates before the fed pushed the rates higher but feared my credit score was too low. I decided to submit to Rocket just to try and see what came of it! It was a Sunday night, within 1 hour I received a call from a Rocket Rep (Sunday), I was shocked. Every step of the way this person worked with me, answered questions, and noted my credit score was actually good (Credit Karma, whatever!), anyway this person even cleared a concern I received from another well know reality company debunking comments made about Rocket!!

    The who process from start to finish took less the 1.5 month start to funding saving me tens of thousands on my mortgage and reducing the years I had to pay off on top of that! I have been through a few refi deals on my home and without a question Rocket has been the best on all counts from personal service and dedication to customer satisfaction, to quick action on loan, to no hidden fees... You can't go wrong here.

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 30, 2022

    I still can't believe that I have experienced the most easiest, friendliest, professionally, and non judgmental mortgage refinance. And I have had some very bad mortgage experiences from the moment I called my now previous mortgage holder. For someone like myself with just a Fair Credit Score, Rocket Mortgage did an awesome, easy and quick home refinance approval without any hard issues.. They didn't automatically disqualify me or put me on the back burner, or last on the service list. They treated me like I had the best credit ever. As long as you respond to their request promptly, everything will flow through easily. I highly suggest you have a printer with a scanner, so as to easily upload and send your requested documents.

    Although I'm more of an independent person, when I ask for help, that means I strongly need help. I was so happy with the convenient online Help assistant they provide to you 24/7. No question was an embarrassing or bad question. Customer Service through online, phone, and text msg was so kind, caring, and very encouraging. Everyone was cheering me on all through the process. Like I said, it just seemed too good to be True!!! But this was my True real exceptionally great experience with Rocket Mortgage. I strongly wanna tell the World how Real and Fabulous Rocket Mortgage is. I didn't have to leave my home for anything. Thank you ever so very much Rocket Mortgage.

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 7, 2023

    Was Leary about Rocket Mortgage. It was a great experience. All their folks are professional and great communication. Highly recommend. Aaron was great, he responded at all times of day and night during this process. I closed on my home with no issues.

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    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 5, 2023

    High fees. Promise what they cannot deliver. Rude. Twice now. Never again. There are a lot of better options out there. The last guy was purposely deceitful. One a refinance and the second a purchase. This is the only company that would not be transparent with a cost breakdown upfront as well. There is a reason.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 25, 2023

    I'm a first time home buyer in the city of Glendora. I was referred to Rocket Mortgage by the realtor I used to buy the home. If you understand the Ins & Outs of buying a home then I'm sure this is a decent company to use, but if you're a first time home buyer I would avoid them at all costs. Pete ** was my representative and is a very nice gentlemen, but spoke to me as if I worked as a colleague and thought I understood this process of buying a home. He was communication skills were awful, locked me in at points that I did not agree with, and still getting hit with unknown bills that he didn't clarify to me when spoke. Ultimately, first home buyers should be treated a lot better than the experience I had and would advise to look elsewhere.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 25, 2023

    From start to finish, this has been been the best process! It was easy, fast, and everyone was so polite and helpful. All my questions were answered. Everyone kept in touch and updated me on everything as needed. I will recommend Rocket to everyone. Tiffany ** was great! I would love to work with her again for future loans. Thank you!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2023

    Everything, from the inquiry to signing of the forms, went smoothly. I was very pleased. There were a few bumps along the way but all in all a good experience. The staff seemed knowledgeable and very helpful. I am happy that my wife had me look into Rocket Mortgage.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed July 6, 2022.
    2. Freddie Mac, “30-Year Fixed-Rate Mortgages Since 1971.” Accessed July 6, 2022.
    3. J.D. Power, “Record Mortgage Origination Volume Causes Customer Satisfaction to Erode, J.D. Power Finds.” Accessed July 6, 2022.

    Rocket Mortgage Company Information

    Company Name:
    Rocket Mortgage
    Website:
    www.rocketmortgage.com