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Rocket Mortgage

Rocket Mortgage
Overall Satisfaction Rating 2.85/5
  • 5 stars
    13
  • 4 stars
    3
  • 3 stars
    9
  • 2 stars
    8
  • 1 stars
    14
Based on 47 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

Rocket Mortgage is a mortgage and refinancing company that offers 24/7 online services. With Rocket Mortgage, you can apply for and receive a mortgage or refinancing services online and get access to custom services and plans.

BOTTOM LINE

Rocket Mortgage offers 24/7 online mortgage and refinancing services. The company provides multiple mortgage types and gives you access to home loan experts without requiring you to leave your house.

PROS

  • Multiple mortgage types
  • Refinancing available
  • 24/7 services

CONS

  • No in-person services

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    Are you this business?

    What is Rocket Mortgage?

    Rocket Mortgage is an online mortgage provider that’s part of the Quicken Loans family. With Rocket Mortgage, you can apply for a mortgage or manage your current mortgage completely online. If you’re not sure which mortgage or refinancing type is right for you, you can reach out to one of Rocket Mortgage’s home loan experts, who are available to assist you 24/7.

    How does Rocket Mortgage work?

    If you’re interested in applying with Rocket Mortgage, visit its website to start the application process. Rocket Mortgage asks you a few questions to determine whether you qualify for its program. Some of the questions 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
    • Your credit score is

    Once you’ve entered this information, Rocket Mortgage asks for your name and email address. After you’ve been approved for a loan, you can make payments and manage your mortgage online through Rocket Mortgage’s website.

    Rocket Mortgage rates

    Rocket Mortgage’s rates vary based on a few factors, including your credit score, location, loan type and desired loan amount. The company doesn’t disclose its rates online, but its parent company Quicken Loans does show sample rates. To get an accurate estimate of your monthly mortgage payments, including interest rates and fees, visit Rocket Mortgage’s website and use the online mortgage calculator.

    Rocket Mortgage FAQ

    Is Rocket Mortgage the same as Quicken Loans?
    Rocket Mortgage is part of the Quicken Loans family.
    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.
    Will Rocket Mortgage hurt my credit?
    Getting a mortgage or refinancing with Rocket Mortgage may cause your credit score to drop initially, but your credit should return to normal as you prove your ability to pay it back.

    Is Rocket Mortgage good?

    Rocket Mortgage is a solid mortgage and refinancing company. As part of the Quicken Loans family, it offers a completely online mortgage process that lets you work with homebuying experts from the comfort of your current home. If you’re searching for a new mortgage or refinancing loan and meet the credit score requirements, we recommend checking out Rocket Loans.

    Rocket Mortgage Reviews

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    Page 1 Reviews 0 - 30
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 24, 2020

    Rocket Mortgage offers a Great mixture of personalized service from real humans and technology. The process was easy and quick and you know where you are at every step of the way. I recommend Quicken Loans to anyone looking to refinance.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 24, 2020

    Great agents. I closed with no issues. The team and the loan officers to the paper work excellent service. They answer all my questions regarding the loan, the agent called me and email me every day with updates on my loan.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Oct. 23, 2020

      I have used Quicken Loans for the last 20 plus years to buy and refinance our homes. They have always been great. The only glitch we had this time was the first portable Notary got lost and then was very rude when I finally got in touch with her. Quicken immediately took care of it and sent out another notary and she was pleasant.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Oct. 22, 2020

      From the start to end Dave was very helpful to get loan quick. We did most online without any trouble. When person came with paper to sign was also very nice and very fast with help. They were fast and helpful in getting loan. Thank you. Joseph **.

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      Rated with 2 stars
      Verified Reviewer Verified Buyer
      Original review: Oct. 24, 2020

      We closed on our loan 10/13, the whole process started 4/29.. Not sure who/what to blame for the long process, or possibly even blame Coronavirus. I know everyone was probably working as fast as they could, but, I would go weeks to 1 month without hearing from anyone. I was the one who had to call in for updates.

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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 19, 2020

      I had a mortgage with them, they solicited me to refinance. After harassing my wife and I with many calls, I finally took the call. I proceeded to finally hang up after an hour and a half call (I actually fell asleep while on hold). They then proceeded to call me for days, and even had me paged at my office to talk to them. In spite of this, I moved forward. Where they proceeded to tell me one thing, then change. In the end they cost me over $3k to close the refinance, that I never asked for.

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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 17, 2020

      So I purchased my home in 2019 and got a 3.625% interest rate via the VA. 1 year later Rocket offered me a 2.25%. My home appraised at 170k last year. Since then I have put 50k in upgrades into it. Which in turn should have raised the appraised value of my home. Well it came in 5k less. I have the only house in my area that decreased in value by improving it. I called Rocket after I seen the appraised, noticed closing costs went from zero to $5,500 then 8,500. I plead my case and got no response. They wouldn't answer my phone calls. I had to give them 500 for the appraisal that I later found out was not even needed in a streamline VA refi.

      I finally had to dispute the charge with USAA and they credited it back to my account. I think they are scammers and purposely low ball appraisals to make money. Stay clear of them. I went with cross country, zero $ out of my pocket, and my payment went down $200.

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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 15, 2020

      I started the pre-approval and that went off without a hitch. Once I put in my offer on the home I went into full approval and had no problem. Once we went into processing for closure things spiraled. The mortgage company dropped the ball while assuring me everything was fine by not ordering the appraisal which I paid for after receiving full approval of the loan, approximately one week in. After about 3 weeks of waiting for the survey, doing my personal inspections of the property in that 10 day window and getting bids, purchasing annual homeowners insurance things stalled. I contact them and they stated they were waiting on the title company. Title company told me they were waiting on them for the appraisal. I contacted Rocket again. Told them the title company informed me they were waiting on them.

      The processing dept stated that they were waiting on the appraisal report...an appraisal that was paid for by me and supposedly ordered by the loan officer the day I got full approval for the loan. The appraisal company had not submitted their report due to a "family emergency". Once my realtor contacted them for an update after I had contacted them I was informed the closing date was being moved back which caused me all kinds of problems as I had arranged for delivery of a POD for the day after closing. So, now I had to request an extension from the seller and pay additional rent on the home I rented as a transition home. Luckily, I was able to get the extension on both the rental and the closing w/ the seller. However it cost me an additional $1,400.00 and delays all of the vendors who were going to start working on my home once it closed.

      This was a slam dunk loan, I had all of my tasks completed within 8 working days. Someone at rocket dropped the ball. I got an alert from Rocket 2 days after my realtor's call that we had to do the extension...the appraisal had been scheduled...color me confused as I had been told a week-and-a-half earlier that it was already done and they were waiting on the report. Never do business with them again. Will be refinancing in a year to get rid of them as my lien holder. If they are this incompetent getting me the loan, I can't imagine what it will be like dealing with them to pay it. I regret not using my own bank. They carried the loan on my last home and it was a flawless process. I am too close to the finish line now and would lose the home if I withdrew at this point to get alternate financing. A relative recommended them who had dealt with Quicken before Rocket took them over.

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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 11, 2020

      I still can't find my existing acct. with Quicken Loans. Rocket Mortgage who merged with Quicken Loans are all about selling new loans, not taking care of your present customers. Sorry, Quicken was bought out by Rocket Mtg. All of my loans, credit cards, and other expenses have access to accounts online. But not Rocket Mortgage. You advertise as open 24/7 when I called on Sunday I received a voicemail you were closed, call back at regular hours or leave a message. Not good service. So, I would not recommend persons applying for new loans.

      3 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Oct. 10, 2020

      Originally went with them for simplicity, however we will never willingly use them again. Completely scammy and arguably unethical process when it came time to refinance. Waste of time and hundreds of dollars (thankfully not thousands). They spend serious amounts of marketing money to court you with an appeal to the simplicity, but from our experiences I advise friends and fam to start elsewhere if they can.

      4 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Oct. 2, 2020

      I've been a customer for almost 5 years and honestly things weren't too bad becoming a new customer but since then obviously you don't have any interactions and basically pay your mortgage payment. I was called to refinance by Rocket Mortgage with what sounded like a good rate and an easy process since I was already a customer. I will tell you that has not been the base at all! They have spent several months trying to do the refinance, they a have asked me for ridiculous items and have made me submit the same paperwork multiple times. I'm now thinking they don't really want me to refinance so they're stalling and making it difficult. Through this process I get no contacts, just the online buttons to interact with and when I ask questions it takes weeks for a response. I have referred many people to Rocket and am now embarrassed I did. That will no longer be the case! I will update once this all comes to an end.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 7, 2020

      I contacted RocketMortgage to refinance my house. The initial call and conversation with the loan officer was smooth and the loan officer was very responsive. Shortly after completing all my To-Do's on their website, my refinance went into a black hole. No more communication from my loan officer and they constantly ask for new things. Although they told me I was pre-approved, the finish line kept moving. I have to keep monitoring my application on their website to see if they assigned more To Do's.

      My loan process has taken so long, that some of my completed To Do's are coming back around for the second time. Honestly, I have no words to describe my frustration. They keep apologizing but no results. I think they have an automated bot that sends apology letters to all their customers. I wish I went somewhere else. It's been almost 2 months and counting.

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 4, 2020

      Rocket Mortgage completely screwed us on our attempts to refinance. We spoke with them in April and were approved. We were told to pay May and not pay June and the mortgage would transfer in July. We did as we were told. But come July our mortgage had not transferred and we were dinged for a late mortgage payment. They dragged their feet on this and kept coming back to us asking for current pay stubs since so much time had passed. We continued to give them everything they asked for as more and more time passed.

      Fast forward to today, September, 5 month later, and we receive a call from someone else at Rocket Mortgage telling us that we no longer qualify because our credit score dropped. Why did it drop you ask? Because we got dinged for a late mortgage payment. The payment Paul ** from Rocket Mortgage told us NOT to pay. So now our credit is screwed and we no longer have the options to refinance. Paul ** and Rocket Mortgage should be ashamed of themselves.

      4 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Sept. 2, 2020

      I have a mortgage with Quicken Loans/Rocket. I called about refinancing for information purposes as I didn't want to start the process and risk a hard pull on my credit which can lower one's FICO score. I decided to go ahead and do the refinance based on the historically low interest rates and the refinance fee that will go into effect 12/1/2020. The process was smooth up until I got my review of the loan origination fee and closing costs. The portion of the cost that was fees was $15,500. The portion that was prepaid insurance, taxes, etc was $4,500. This meant $20,000 in costs and fees to refinance.

      The loan officer was very aggressive trying to close the deal. I told him I was very disappointed in QL/Rocket, I would not allow this huge amount to be added to my loan, I would just go to Bankrate and find a calculator that would show me how to pay off the 17 years on my 20 year loan with them in 15 years. Sure I'm still paying 3.99% interest by not refinancing. But I'm sure the math will show that by paying off my 3.99% loan in 15 years may not cost me any more than paying $15,500 in closing costs and then 2.5% on that amount.

      It seems QL/Rocket is driving 15 year loans from my research. I refinanced with Q:L/Rocket in 2017 at 3.99% and the loan origination fees were about $6,500. I told Mr. ** I remember 2008 and all the shady mortgage practices. My brother is a foreclosure specialist in real estate, and I was intimately involved in how lame the mortgage companies and federal mortgage entities were run. I said "I wonder if we will be hearing about QL/Rocket a few years from now, just like other mortgage entities in 2008, and the prospect of shady practices". No response.

      It would be impossible to get any kind of estimate on what the closing costs would be. I have very little debt and a strong FICO. This was a straight refi with no cash out. Plenty of equity in the home like $200,00+ over the mortgage based on their appraisal. I think the QL/Rocket has gotten so big they have turned into a monster. Consumer Financial Protection Bureau will have the data based on consumer complaints. I encourage everyone to make a complaint for their tracking. Eventually with enough complaints, they can take action. **.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 28, 2020

      It was really bad. Their process is awful but I also am sympathetic that they are in an unprecedented time of low rates, high interest in their mortgages and refinance and probably a shortage of trained personnel. It’s a difficult time for all of us. We’re all in this together.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 27, 2020

      Rocket Mortgage set up a closing date for me and then on the day of they did not have all the paperwork ready and it fell through! We tried to set up another closing date had to wait a month and they changed me $1,000 more than the original amount, telling me that I had a good deal. Such a scam!

      8 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Aug. 25, 2020

      The experience started very smooth and positive with a quick preapproval. I uploaded all the requested documents timely. After that communication was slow. Ultimately being told a month into it they need 2 years of employment history. Needless to say this could have been said in the beginning to save all involved a lot of time.

      5 people found this review helpful
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      Rocket Mortgage Company Information

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