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Rocket Mortgage

Rocket Mortgage
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Overall Satisfaction Rating 4.18/5
  • 5 stars
    307
  • 4 stars
    73
  • 3 stars
    60
  • 2 stars
    30
  • 1 stars
    39
Based on 509 ratings submitted in the last year

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.

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.

PROS
  • Online convenience
  • Refinancing options
  • Available nationwide
CONS
  • No in-person services
  • No construction loans

Top Rocket Mortgage Reviews We Found

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 documents and correspond via the Rocket Mortgage app was extremely quick and easy…

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 they could provided a better rate... And then they delivered.

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Rocket Mortgage View Rates 

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?
  • 3,054,201 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 - 30
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.

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    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.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 17, 2021

    I am happy with the overall experience we (my husband and I) had. Representatives were quick to assist us and answer our questions/concerns. We were kept informed of the process most of the time and communication was great between us and representatives. However, at one point we were repeatedly delayed in closing on the house due to a lack of communication between the other parties (sellers lawyer, sellers agent) and it took several attempts and weeks to obtain an update. There was a lot of phone tag. I do not feel that Quicken Loans was entirely responsible, so you may not have to do anything to improve, but you may wish to keep a record if it happens again to warn other customers of possible delays when dealing with specific companies. Regardless, we will keep quicken loans in high consideration if we require any future loans.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2021

    When I first applied I spoke with somebody and their communication wasn't the best. They took a long time to respond and my questions weren't clearly answered. So I decided to shop around a little bit and was ready to move forward with another lender and then rates were beginning to dip so I thought I would reach out once more to Quicken. This time I was greeted by Dimitry and she was much more pleasant and helpful. She was able to get me a lower rate that I was originally quoted and she was able to get our PMI removed. She was also able to get all of our closing costs put into the loan so we didn't have to come out of pocket at all. After that, it seemed as the process just flew by and our loan was closed. At the end of it all we got a great rate and lowered our payment significantly.

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    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!

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 15, 2021

    From start to finish this was such a smooth stress free process. We were notified of anything they were doing or we needed to do in a timely manner. The agent answered any questions I had promptly and closing was a breeze. I couldn’t have asked for a better refinance process.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 15, 2021

    Everyone was very helpful and pleasant. David was right on my? And answer me in a timely manner. I would em recommend this at everyone that needs help. My experience was fast and very helpful putting us back in track with our mortgage.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 15, 2021

    We loved that everything was done electronically and how easy the process was. Every person we spoke to was friendly and knowledgeable. From application to closing we were impressed. We highly recommend Rocket to anyone that is looking to purchase or refinance a home.

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: April 13, 2021

    We have been customers for many years and have refinanced a few times. I was always impressed and have sent you customers over the years with my recommendations. However, this time, refinancing two homes was one disappointment after another. First of all I wanted to do both refinances at the same time but they landed up being 2 weeks or more apart. Secondly, information requested was ridiculous since we were already good customers and you had all of our information, including if we were Americans or had Green Cards. Rates were higher than I thought based on currently available rates at other banks.

    The transition team had different people calling me asking for the same information, the first closing Notary was very confusing and had us changing our passwords so many times we lost track. She took both copies that we signed with her and we always were left one. She made a few phone calls to get clarification on what we were doing or supposed to be doing. The second Notary was much better but she too had to make numerous calls because none of the "new" passwords worked because she told us the process had changed from two weeks ago, even though Quicken sent us both emails before and on the day of closing, telling us to use the process that we had used 2 weeks prior. She said she had been having issues at other closings.

    We had to pay at the first closing and got almost the same money back (or will get back) on the second. There was no talk of "points" anywhere up to the closing and then then there they were. Since we didn't get the best rates advertised (and we have excellent credit and especially with you), we had to buy down the rate with more money. The whole process was very confusing, very long and very disappointing. Even something as simple as a pen and a nice folder were missing at the closing.(like we got in the past). I was tense at both closings and it was something that I always felt was seamless in the past. Finally there was money in the escrow accounts of the old mortgages and there is no mention of when and if that money will be returned to us. So, high accolades in the past, this time not so.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 13, 2021

    Refinancing our mortgage was so quick and easy with Rocket Mortgage and Quicken Loans! Our representative was awesome to work. He was fast and always available to help when we needed it. The whole process took less than 30 days.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 12, 2021

    From the moment I contacted Rocket Mortgage to the end of the process I was notified of every step. The app helped me to look at what was going on with the process. Contacted me with pleasant genuine care for my process. Robert ** was my contact. Got the process done in less than 30 days. Thanks.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 11, 2021

    My wife and I were very well received by agent Brent ** and his team; we were never in the "dark." From the onset... to finalization, we were aided.. truthfully, and and patiently advised, of the peculiarity of our situation. Everyone we called and talked to, and contacted us... was polite, delightful, and professional! Thank you too much... for this experience.!!!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 11, 2021

    I was originally messing around and thought I would see if I could get pre approved and sure enough I did. From start to finish it was easy. If I had a question someone always got back to me with a quick answer. My wife and I are extremely happy with the service and the layout of the app for uploading docs. With me being in Iraq and my wife at home we thought this would be extremely stressful but it was a great experience for us first time home buyers.

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    Rated with 1 star
    Verified Reviewer
    Original review: April 9, 2021

    1 yr later after closing I’m getting contacted. Sam ** told me, "Do I have your permission to update your credit information in my system?" Somehow that means they can pull my credit 1 yr after I closed! Bad service all together! Misleading and deceitful!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 9, 2021

    Quicken Loans started out as just a question and turned into a wonderful experience of purchasing my first home. Everyone I talked to was very informative and very pleasant. They truly made my experience stress-free. They even called to check on me as an individual during the process and asked me if I had questions. They gave me prompt answers and I never had to 2nd guess anything I had to do or complete. I would highly recommend for anyone to use Quicken Loans. It was easy, fast and very professional.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 8, 2021

    Aaron ** with Rocket Mortgage was attentive, helpful, and most importantly available. I was able to do most of my loan application online, through the website or app. Communication was near constant, even taking into account different time zones. I closed on my home within 30-days, and if really needed, I have no doubt Aaron and his team could have done it sooner. There isn't enough praise I could lend. From amazing rates and fees to downright spectacular service, Rocket Mortgage is definitely the way to go.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 7, 2021

    Quicken Loans was great. Super fast and wonderful customer service. My loan officer (Pat **) was awesome. Anytime I had a question he always responded promptly and was very thorough. I would definitely recommend Quicken loans to family and friends.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 7, 2021

    Rocket Mortgage really went above and beyond our expectations. As first time homebuyers, my husband and I were so scared. We had no idea what we were doing and because we were doing a private sale, we didn't have realtors to assist us. They were thorough in explaining things, quick, informative and professional. We'll definitely recommend them to our friends and family!

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

    Quick and simple, and very helpful people. Online processing was easy. My mortgage consultant was easy to reach via email and explained everything that needed to be done. The closing was also quick and simple and I would recommend Rocket Mortgage to my friends.

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

    Rocket Mortgage made my remortgage quick and easy. One of their representatives reached out to me to let me know they could offer a lower rate. I had recently had a pay increase, so now I also had the option to refinance at a 15 year term instead of the original 30 year I had, so now I will be able to pay several thousand less over the long term in interest and fees. Very satisfied at how easy it was to manage everything from my end.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: April 3, 2021

    For the most part the process went smoothly. However, 2 issues stand out which marred the closing. In the first, I submitted paperwork and placed phone calls indicating I was not required to have Flood Insurance. For some reason, the issue was not addressed and I had to fix it post closing. The second issue continues to confound me. In short, I was refinancing my house and removing my ex-wife from the deed. I had also set up a trust that the house was going into. A individual I spoke with, at Amrock, said they were only set up to handle removing my ex-wife. He said I had to hire an attorney to put the house into the pre-established trust. I subsequently discovered that was not true, the house could have very easily been taken care of as I wanted, and I would have saved myself $25 and 2 hours of time.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 1, 2021

    The experience was easy! Everyone we dealt with was very helpful and nice. The app made the process very easy to do as well. The process was also very quick and required minor work on our part to complete. Would recommend to anyone.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 1, 2021

    We went from inquiring about a refinance to closing on the loan in just over 2 weeks. The entire process was fast and efficient. Loved the daily notifications, and the to do list in the Rocket app. Our rep, Christopher **, always seemed to be available and answered every question quickly. This is the future of mortgages, and banks will be hard pressed to keep up with the amazing technology and efficiency.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 31, 2021

    Buying a home can be stressful under normal circumstances. Quicken Loans made the experience as easy & stress-free as possible! Everyone I communicated with at Quicken was friendly, professional and very responsive. They answered all my questions, offered up additional information & advice, and seemed genuinely concerned and interested in doing everything within their power to have the home purchase go as smoothly as possible...and it did! I highly recommend Rocket Mortgage/Quicken Loans to anyone interested in buying a home. A+ customer service!!!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 31, 2021

    Working with Jeffrey ** was a pleasure. He was knowledgeable and friendly and was able to answer every question we threw at him. He walked us through the process and never left us hanging during the "waits" that are a natural part of the process. I'd whole-heartedly recommend him and if we ever have to look at mortgage products again, I'll seek him out.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 29, 2021

    It was so great. Because of the horror of getting a mortgage, I hesitated for a very long time to inquire about a refinance. The process was quick, mostly easy and the people were friendly and patient. I had a slight hiccup, but it was an old brain learning to do something new. They were kind and helped me figure it out.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 29, 2021

    Ruth ** did a great job being efficient and informative! She was able to guide me through the steps very simply and quickly. The overall process was also very straightforward and easy to work through. I'll look forward to future mortgages with Quicken / Rocket Mortgage!

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    Rated with 1 star
    Verified Reviewer
    Original review: March 25, 2021

    I applied for mortgage to buy a home in NM because of job offer; I work closely with Agent AlDbouk who requested 15-20 documents regarding my current assets, bank statement, income tax, pay stubs. I diligently uploaded everything he asked me. Then I travel across the state from NJ to NM to find a home and place an offer. Now after 3 weeks I discover he has done nothing with all my documents. Then he tells me as healthcare worker that I don't qualify for a mortgage.

    I am in my 50s in same career since year 1993 and this guy telling me he can not verify my income because I am currently working as independent contractor. He never ask for a employment verification, to me its prejudice against me, my name, my ethnicity. I am extremely disappointed in Rocket Mortgage to have hired such a person. I will make sure he receives a picture of me in front of my New home w Loan from another Lender. The whole application process was waste of my precious time.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 25, 2021

    At Rocket Mortgage/Quicken Loans don't expect to be treated as a valued client. You are nothing but another number to this organization. They only have robots that read a script so don't ever expect to be treated with respect or have your concerns or issues actually listened to and taken seriously. I would absolutely not recommend anyone work with this dishonest organization for any reason.

    6 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 25, 2021

    Using Rocket Mortgage to refinance my mortgage had been a phenomenal experience! They were very professional and timely, always keeping me informed of any additional information that I needed to provide and the overall status/progress of the entire process. Every step, from getting a quote to loan approval to house appraisal to setting up closing, was the easiest and most straightforward thing. I would 100% recommend using Rocket Mortgage to anyone!

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    Rocket Mortgage Company Information

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