Rocket Mortgage
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Rocket Mortgage

 4.0/5 (1865 ratings)
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Rocket Mortgage
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Written by Jennifer Schurman
Edited by Cassidy McCants

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.

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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?
  • 4,008,659 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 - 5
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.

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    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.

    6 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 3, 2021

    I decided to go with Rocket to help me with a loan on my first home purchase, since my father has used them for refinances on his home multiple times. I first worked with Amber ** and she was amazing. She explained everything during the approval process and made sure I was comfortable and happy with my loan. She made my life so easy.

    During closing I worked with Franciscka **, and she was good as well but I did get a little frustrated with her. A few days before closing, a bunch of documents were needed that I had previously uploaded to my profile. I don't think that the closing team looked closely at the documents that I previously uploaded with Amber. I feel like the stress that we dealt with right before closing could have been easily avoided if they reviewed my documents and brought up any issues a week or so before my closing date, and not three days before. Overall I have had a good experience and will be referring future homebuyers to Amber.

    14 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 9, 2021

    My experience with Rocket Mortgage while refinancing my home was great. The process was very easy and my banker, Erin **, was helpful in starting the loan process and answering any questions. I only give 4 stars instead of 5 because the second half of my experience was not great. A promotion was supposed to be added, and when I inquired about it with several customer service reps and my bankers, they either did not know about it or provided completely conflicting information. The lack of knowledge on the part of rocket mortgage was disappointing, and long story short I did not get a promotion that would have been of great value to me after closing the loan. The mishandling of the situation and lack of any one willing to attempt to do something to fix the issue has honestly made me think I will go elsewhere for future mortgage needs when I purchase another home or refinance in the future.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 23, 2022

    I loved working with Joshua **, he is the best. He makes certain whatever he tells you is consistent with what is being done. I like that. He goes the extra mile for you. Nothing but good vibes. The team was a little unorganized, but asked for the highest rating, without providing a service.

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

    I had a great experience, my loan officer was the most helpful during the whole process. He made sure that if I had any questions that he did not mind to help. He was absolutely informative on everything, and communicated well with my realtor and selling agent.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 21, 2022

    I can't believe I own a home thanks to Rocket Mortgage. My broker agent Adrian **, went above and beyond in helping my dream become a reality. I thought owning a home would be too much for me to handle but Rocket Mortgage helped in all aspects of buying a house. They found me a good mortgage rate, and the lawyer to close the deal. Thank you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 14, 2022

    Hi we refinanced our loan and they were super helpful and very kind as well. I would highly recommend them to anyone that is looking for help or a loan. Our daughter also has a loan with them as well.

    Maxine

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 14, 2022

    Working with Steve and crew was great. I was always kept in the loop as to the progress of my refi. In today's world it was comforting to have a great company that still has great customer service. Thank you.

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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