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Rocket Mortgage
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Rocket Mortgage

 4.2/5 (961 ratings)
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Rocket Mortgage

About Rocket Mortgage

Rocket Mortgage offers a simplified online experience to apply for a home loan or refinancing. You can apply for a mortgage and then manage the loan completely online. Home Loan Experts are available by phone if you need assistance. The company markets itself to those with good credit scores who plan to buy a home or refinance within the next six months.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Online convenience
  • Refinancing options
  • Available nationwide

Cons

  • No in-person services
  • No construction loans

Bottom Line

Rocket Mortgage provides a digital home loan experience. Some might find the service impersonal, but others enjoy the convenience. It offers customized recommendations and free resources to educate customers.

Top Rocket Mortgage Reviews

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Rated with 5 stars
Verified

My experience from beginning to end was A+ rated. From the loan officer to the closing team I had nothing but great communications with all involved. Being able to remotely submit...

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Rated with 5 stars
Verified

This is my third loan through Quicken Loans - Rocket Mortgage. I absolutely love the service and will NEVER select another mortgage provider. Quicken reached out to me to prove th...

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What is Rocket Mortgage?

Rocket Mortgage is an online mortgage lending and refinancing company that's part of the Quicken Loans family. You can complete the application process at your own pace entirely online, and Rocket Loans will show you recommendations based on your information. Representatives are reachable by phone if you have questions. Rocket Loans has closed over 5 million loans.

Rocket Mortgage loan products

Learn about some of the most popular types of mortgage products below. If you’re not sure which loan type is right for you, reach out to one of the company’s in-house home loan support specialists over the phone or online via chat.

  • FHA loans: Require a minimum down payment of 3.5%. Rocket Mortgage requires a minimum credit score of 580 to qualify. The maximum loan amount is based on where the property is located.
  • VA loans: Eligible U.S. service members, veterans and surviving spouses can secure a home loan with a $0 down payment. Rocket Mortgage requires a minimum credit score of 620 to qualify. The VA doesn’t limit loan amounts on VA home loans.
  • Conventional loans: Down payment requirements vary. Most borrowers need a minimum credit score of 620 and a debt-to-income ratio (DTI) of 50% or less to be eligible.
  • Jumbo loans: Because jumbo loans are riskier for the lender, Rocket Mortgage usually requires a credit score above 700 to qualify.
  • Refinance loans: Rocket Mortgage helps you refinance an existing loan if you want to shorten your loan term, lower your payment or use your equity to take out cash.

Rocket Mortgage rates and fees

Rocket Mortgage’s conventional mortgages have fixed rates. As of January 2021, purchase rates on a 30-year mortgage are at 2.875% (3.276% APR). Refinance rates start at 2.625% (3.047% APR) for a 15-year term. To get an estimate of your monthly mortgage payments, including taxes and insurance, visit Rocket Mortgage’s website and use the online mortgage calculator.

There’s no cost to find out if you can get approved, but expect to pay fees if you decide to move forward. Like other lenders, origination fees can be anywhere from 0.5% to 1% of the total loan amount. For example, if you have a $300,000 mortgage, the origination fee could be anywhere from $1,500 to $3,000.

Other fees and closing costs vary based on your loan terms, where you live and other factors. According to Rocket, total closing costs are usually between 3% and 6% of the loan amount. Typical fees include:

  • Application fee
  • Appraisal fee
  • Title insurance
  • Mortgage insurance or VA funding fee
  • Escrow fees
  • Attorney fees
  • Recording fees and transfer taxes
  • Real estate agent commission

Rocket Mortgage FAQ

How does Rocket Mortgage work?
The entirely online mortgage process lets you work with homebuying experts from the comfort of your current home. Through the site, you can learn about your mortgage options, find accurate interest rates, get approved and manage payments.

The application process begins online. You must provide an email address and Social Security number, as well as information about your checking account, assets, income and employer. A representative might contact you with questions to follow up. Some of the questions may include:

  • The type of loan you want
  • The type of home you want to purchase
  • The property’s use
  • Your planned purchase date
  • Whether you’re a first-time buyer
Where can you get a home loan through Rocket Mortgage?
Rocket Mortgage is available in all 50 states.
Is Rocket Mortgage the same as Quicken Loans?
Rocket Mortgage is part of the Quicken Loans family. When you get a home loan through Rocket Mortgage, Quicken Loans processes it.
What is the minimum credit score for Rocket Mortgage?
Rocket Mortgage’s credit score requirements vary depending on the type of mortgage you’re trying to qualify for. For FHA loans, the minimum credit score is 580. For cash-out refinances, the minimum credit score is 620. For more information on Rocket Mortgage’s credit score requirements, contact a company representative.
How long does it take to close with Rocket Mortgage?
Rocket Mortgage closing times vary depending on your situation, but the company states it takes an average of 30 to 45 days.
Does Rocket Mortgage offer USDA loans?
No, at this time, Rocket Mortgage doesn’t accept USDA loan applications.
Will Rocket Mortgage hurt my credit?
Getting a mortgage or refinancing with Rocket Mortgage requires a hard credit inquiry, which can cause your score to drop a few points.

Is Rocket Mortgage good?

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

Rocket Mortgage Reviews

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How do I know I can trust these reviews about Rocket Mortgage?
How do I know I can trust these reviews about Rocket Mortgage?
  • 3,432,114 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • 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 - 25
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 12, 2021

Per the subject header, I endeavored to purchase my first home during pandemic leveraging my VA loan benefit and was unsure of what to expect during process. Although I did a fair amount of due diligence, there were inevitably hurdles which arose that I had to clear; fortunately, my mortgage officer, Travis ** (and his team), were an absolute pleasure to work with during this time. They were forthcoming, patient, timely, professional, and personable. Each step along the way, I was provided clear guidance with what to expect, which made my online purchase of a home a seamless experience. I was told by many that due to current market conditions, buying a home was going to be a challenge - to say the least. To make things more interesting, I lived in Maryland and was purchasing in Florida or Georgia. Travis and team were not deterred; he said let’s go for it.

After being provided with agents in multiple areas thru Rocket Mortgage team, I was linked with a buyer's agent in Kingsland/St Mary’s Georgia, Sheila **, who was an absolute pleasure to work with. Sheila’s background as a lawyer proved invaluable during this time as she was able to parse thru all the required documents with beautiful competency. I could go on and on about my experience, but just know that I started this process in May 2021 and closed on my wonderful home in a wonderful school district on 23 Jul 2021!!! My family and I now have a new lease on life due to the mortgage servicing infrastructure of Rocket mortgage - they just had it all; a true one stop shop and an absolute pleasure to work with.

2 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 28, 2021

    Recently refinanced using Rocket Mortgage, process was fast and pain free and almost completely online. The portal was super useful and the chat representatives were knowledge-full and efficient. The hassle with collecting the document and completing the process was down to minimal and other than the inspection and the final closing it was completely online. 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 best I got - and more importantly the clearest from day one. I got the exact same numbers I was promised - no hidden surprises at any point.

    Only 2 points that hold this from being truly perfect:
    1. If you use cash out to cover for example credit cards - They send checks which you have then to send to the credit card company. There was 0 issues with this - just a bit of a hassle of getting the checks and mailing them.

    2. Relatively to another online provider - the fees are higher on establishing the loan. However the process here was much clearer for the more complex operation I did - which is why I chose Rocket even though I could save a few bucks.

    All in all - would recommend and would do the same thing again if I was in the same position again.

    8 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 14, 2021

    A coworker of mine had just told me about his refinance with Quicken Loans. He had his original mortgage with them, and was actually contacted with an offer to refinance, and expressed his overall satisfaction with the company to me. My wife and I had previously attempted to refinance a year ago through some mortgage company that she had found and the experience was less than stellar. After going through the process and spending around $500 dollars, we were told that our home would not even appraise for our original selling price, and that there was no option other than to try again at a later time. Of course the agent who worked on our account was gone from the company when my wife reached out to them.

    We had actually kinda gave up on the idea. But one Sunday morning, I visited Rocket Mortgage and filled out an application just to see. Things were very easy and straightforward and I was asked if I would be open to speaking to someone about the offer I was given. The representative was very nice, and worked with us through the day to get everything in order, and my wife and I chose to move forward with the refinance.

    It was a very easy and non stressful process, and we had a full approval and a closing scheduled 18 days from when we first applied online. It was also nice that my loan representative who worked with me that first day reached out to congratulate me once the closing was scheduled. I was very pleased with the ease and professionalism shown by Quicken/Rocket Mortgage. There were no hidden hurdles, costs, and we actually received the exact numbers that we were originally quoted online. I would definitely recommend them to others in the future.

    9 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 11, 2021

    The refinance took a lot longer than I expected. I did have some unique pieces that caused some of the delays, but I feel like if an actual person communicated with me about what they needed I could help get things accomplished faster. They would be waiting for something like employment verification for a week and then I would reach out via email or message board and ask them what was going on and then 3 more days would pass and they would say they needed my work to call them to verify my employment, it would be done within hours, not days. This happened on more than 3 occasions.

    I felt like the communication piece could be improved, I wish there was a person that we could talk to, to get questions answered and clarifications. My person that I did call when I got frustrated with the process was Douglas ** and he was great. He was always patient with me and got me answers quickly, within minutes usually. He was great. I liked the use of the App and seeing the process, just wish I could be more involved with it. I can help.

    11 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 6, 2020

    Overall my experience was good. The main room for improvement would have been with my banker. While trying to close on my loan I was trying to have a payment towards a stormwater fees removed because my condo association pays it. My banker did not follow through and at closing I had to work with a specialist who recommended I close my loan and request to have that payment removed afterwards, which I did. At that point it only took a couple calls/emails and a couple of documents and the fee was removed. I don't understand why this couldn't have been done during my application process. Otherwise my banker was fine. Everyone since then has been great. It was a minimal fee and not doing a. Ew escrow analysis is only a minor inconvenience since I now have only about $8 a month going to escrow for nothing but it could have been solved earlier in my opinion. Thank you to everyone who helped work this out!

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 22, 2021

    My boyfriend and I were looking to refinance our house. Rocket Mortgage made it SO easy. They told us exactly what we needed, the app alerted us when they were on the next step and the closing signing came to us! Great experience overall.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 22, 2021

    I loved Rocket Mortgage. I was in a short 30 day window to find another loan mortgage company. Thankfully my girlfriend thought of Rocket Mortgage and we gave them a try. Andrew was transparent, concise, and responsive. As I went through escrow, I was assigned to a specialist for each stage. I felt I had a whole team helping me through my first home. Their app is user friendly and they have tasks between me and Rocket Mortage. I would definitely recommend Rocket Mortgage to my friends.

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2021

    Here's the issue. Rocket Mortgage outsources customer service to the customer. The applicant must do most of the work and if the customer isn't computer savvy and doesn't have a scanner, the process is work intensive and stressful. Plus, given that Rocket doesn't have branches and many employees, your rates are not much, if any, less than traditional lenders. Older mortgage seekers should steer clear of Rocket.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2021

    Refinancing through Rocket was straightforward and seamless. We utilized the task lists extensively. Also, we were very pleased with both the interactions with our personal consultant as well as with the online chat experience. Thank you for helping us reach our goal of refinancing our home.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2021

    I was very impressed by how quickly and easy my refinance was by all involved. Thank you!! From the beginning to the end they were very courteous and professional and made my refinancing experience very comfortable. I would highly recommend Rocket Mortgage!!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2021

    I had a fantastic experience with my refi! Allison ** was great to work with and her prompt responses were very much appreciated. We were able to close in just under a week. The only hiccup was in getting the payoff amount from our previous lender. We ended up requesting it ourselves and having it faxed over. Not a bad mark on you. I have already recommended Rocket to friends thinking about refinancing their current loans.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 21, 2021

    It was a good experience except for waiting way too long to close. I would suggest having at least a couple different title companies you work with when it comes to states that you know take longer. Mine was a refinance and it took longer than when I initially bought the place which had a few delays. Just a thought for future clients.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 20, 2021

    We had a great experience from start to finish. I couldn't believe how fast it was. I love the online application, the ease of uploading documents and the ability to chat with a RM associate. Patrick ** was my point of contact and he was great to work with. We are very happy with Rocket Mortgage and have been recommending others to them!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 20, 2021

    Excellent service. Communication was great. The whole process was easy from start to finish. Having the closing at the house was very convenient. The online to do list keeps you up to date and moving forward. There was zero pressure from anyone involved which made the process very pleasant.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 20, 2021

    Hello our loan contact Shawn was awesome. Then the Closing team was on it. It was the most seamless experience I have had. I would recommend to use your service in the future. I have already recommend a friend for her refinance. The app was seamless for uploading documents and communication on where we were in the process.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 19, 2021

    I had compared a few companies and Rocket was willing to negotiate very quickly to be the best available. After accepting, the refinance was almost painless and signing everything from our house was a total bonus that worked amazingly well for us and our kids!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 18, 2021

    Perfect people that we dealt with. Whatever I was told they came through. Wonderful Co. I will pass it on to everyone I can. It was fast and no dragging of their feet. They needed something. I got it for them and that was it. It only took 3 weeks to complete.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 18, 2021

    This was a Rocket closing process. Everything happened in less than 20 days, from initial contact till releasing funds. This was a Home Equity Loan with an excellent customer service team. Everything was handle very professional. Keeping you informed all the time with current and future steps. All I can say is Thank You.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 15, 2021

    We have a wonderful experience. It was fast easy and we couldn't be happier. We have been working with Navy Federal for over 9 months just to adjust terms on our VA loan to take advantage of lower rates. It was horrible. I so fed up after resubmitting same document for 4th time in same 20day period that I was ready to totally give up. I stumbled onto to the Rocket site and decided to give it a try. Took less than 1 month and we were closing with better interest rate 0.5% lower than Navy Federal had offered.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 15, 2021

    Marcus and the rest of the team worked expediently to complete the refi process. They were extremely helpful in answering any questions along the way, and keeping me abreast of any changes. The entire process took less than a month for completion of paperwork, in-home appraisal, closing, and receiving funds in my bank account. Will recommend highly to anyone.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 15, 2021

    Ernie ** was responsive and friendly from day one of the process. He understood that we need to refinance to avoid a balloon payment and he responded with a sense of urgency. Our process took less than 30 days from start to closing. The updates and the portal were very helpful. We had one closing glitch, but the problem was solved. I highly recommend this process.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 15, 2021

    I had a great experience from beginning to end. Everyone from Rocket Mortgage ​was very helpful and knowledgeable. They let you know what information they need and make it very easy for you to provide it to them. It was as simple as taking pictures with your phone and sending it. Stress free experience all the way around.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 14, 2021

    Experience was great. Very easy to contact persons who were involved in the process. I would definitely recommend Rocket Mortgage for my family and friends. I will definitely try to refinance my other two homes with Rocket Mortgage. Have a good day!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 14, 2021

    Rocket Mortgage team was great! Communication was amazing and the process was easy and transparent. Would recommend without hesitation! Chris was always available and helped me through the process as a first-time refinance. He and the team were able to answer all of my questions in real-time.

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 14, 2021

    The process was pretty fast, but after the appraisal was completed, there was a mishap. The banker and I was supposed to have communication once the appraisal was done because I initially wanted more money on the loan so I could put into the house. He said because he doesn't get notified after the appraisals are done, I would have to wait 6 months to be able to do a cash out refinance before I could get what I originally wanted. So not happy about that. He didn't offer to fix it so, it may be something that he cannot do by the time I spoke to him on 10/6. Closed on home on 9/27.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    Everything went smoothly. Communication was great. Overall a very good experience. From the first contact to the final closing, everyone was polite and knowledgeable. I would not hesitate to recommend or use Rocket Mortgage again. The rates were competitive and experience was quick and easy.

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    Good experience but the closing process was horrible until we went to Veronica **. She made your company look really good. The one representative during the process did not seem very interested in providing service. Veronica really impressed us. She should be promoted.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    My experience with Rocket Mortgage was great from starting the process until then end. Everyone was so helpful and made things so easy for me. Whenever I had a question, I would call and was taken care of almost immediately. I will definitely recommend Rocket Mortgage to my friends and family.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    Great customer service, worked with me very patiently, very time efficient, they initiated the process by finding me a good offer. Took time to explain everything to me. Helped me throughout the entire process by answering all my questions. Thank you so much!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    Very good rates, but most impressive service focus. Appraisal, closing and supporting documents were all processed on time. My seller was very eager to finalize and close quickly, and Rocket was key in being able to meet tight timelines. There are a number of appropriate follow-ups and surveys, all of which were recorded as stellar. I have and continue to recommend Rocket. My attorney at closing also emphasized how good Rocket has been recently with numerous other closings in which she was involved.

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    Rocket Mortgage Company Information

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