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Rocket Mortgage
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Rocket Mortgage

 4.2/5 (745 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?
  • 3,299,282 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: 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 30, 2021

    I was thrilled with the process of closing my loan. I was able to upload all documents within the first 24 hours without any issues, and the whole process went super fast. I called a few times about questions I had on the paperwork and someone was able to take my call right away and answer them. Everyone was so nice and professional. Even the initial quoting process was great because the person negotiating the loan terms was doing what was best for us. They didn’t push us to take cash out, they simply listed our options and asked us for our feedback on what would work best for our lifestyle. I am so happy we went with Rocket Mortgage. I also love the online site because it’s super easy to use and I already scheduled for additional payments to my principal each month with no hassle. No more written checks for me to pay off my mortgage early!!

    2 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.

    5 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.

    8 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!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: July 23, 2021

    I never applied but I was offered refinancing, this experience was not very good, a lot of miscommunication and the moment I have agreed to the refinancing I was left in limbo, not a very good thing to just keep asking the representatives, because they say different thing and if you don't read and research it yourself you end up hanging. If not for the delay team Mr Noah G. who has been very helpful to process my closing. Couple of reps when I called was not very helpful at all. I would not want to go through this kind of experience again in the future.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 21, 2021

    Rocket Mortgage was smooth and painless. Got us the rate we were looking for and closed extremely fast. Vey streamlined. I have already recommended rocket mortgage to a few neighbors and they are already in the process of refinancing. Everyone is very pleased.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 20, 2021

    My experience with Rocket Mortgage was fantastic! This was my third experience in either a new mortgage or refinancing my home. I will NEVER EVER use another mortgage lender. Rocket Mortgage/Quicken Loans is a trustworthy company that adheres to good lending practices.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 20, 2021

    Quicken was referred to me by a family member, and I would certainly recommend to anyone. The process was smooth and easy, it was extremely convenient being able to load all of the documents online, and how the processing team communicated via text. Their responsiveness and willingness to support with any questions I had made the entire process painless. And on signing day, they had a notary come to my house, which was very convenient. My only feedback for improvement would be that sometimes I received calls or texts from other members of the team that I was not familiar with, and, since there are a lot of people working on different pieces, it felt like too many people to be in contact with sometimes.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 20, 2021

    I have purchased and had many home loans so I understand the process and know what questions to ask. In our case we own companies, so our mortgages is a little more complicated. Prior to unlocking our credit scores I asked them the following questions.

    1. Do you know how to read business tax documents?

    2. We purchased corporate building in 2020 so there is additional credits against our corporate taxes that may show a decrease in profit. This is normal due to closing costs and other expenses. It is the way corporate taxes work.

    The company representatives acted as if they worked on commission. Looking for a sale and did not listen. After providing all the documents, opening our credit reports (scores in the 800s). They did not understand the tax returns on the corporate side, and due to system errors the rate was not locked in. I documented all of this and loaded into the system the screen shots showing the system issues, inability to login, and work with the system. After 2 weeks the load officer, stated that this is a system issue and had the IT team fix it. It was not only an issue for us but other customers.

    The rate then stated expired and since it jumped a percentage, ROCKET MORTGAGE will lose money. However they provided another reasoning. The reviews online looked good, which is why I am writing this. I want a company that can understand our mortgage requirements, understands the situation since they underwrite the mortgage and can provide a valid assessment of whether the situation is to complex.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2021

    Thank you for the opportunity to share in this review. When I first attempted to apply for a refinance I filled out the information online. My first contact was Mr. ** in Arizona. He was more than helpful in answering my questions. I believe I contacted him twice and was able to give precise answers to my questions. Then there was time during the process when I needed to contact the help desk to fix a incorrect setup on a form. They fixed almost instantly. They were more than patient and courtesy.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2021

    Andrew and the rest of the team was amazing! I couldn’t have done this without their support and being there every step of the way! Andrew went above and beyond any lender me or my realtor has ever seen (she’s been in the business for 15 years)!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2021

    A very easy process made better by each person who worked on our mortgage. I thank each of them for making this one of the best opportunities that we have had in the life of our house. Even our closing was easier than getting a car!!!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2021

    From the initial inquiry to the final closing, the process was smooth and all our questions were answered promptly and clearly, helping us to ensure we were making the best decisions. We are very satisfied and have no regrets about using Rocket Mortgage for our refinance.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2021

    I had a great experience. Everything was made easy. Communication was clear, concise, and helpful. Uploading documents was very easy, and I could log into my Rocket account and see exactly what I needed to do so that the loan stayed on schedule. Once I found my home, everybody at Rocket showed excitement and seemed genuinely happy for us. It was an excellent experience.

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

    Corey was especially helpful and patient. I struggle with computers and he was very helpful. I started this process several months ago but abandoned it because of online process challenges. I'm so thankful my agent was Corey, he could not have been nicer or more helpful.

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    Rated with 1 star
    Verified Reviewer
    Original review: July 13, 2021

    I started my refi with Rocket Mortgage, I filled the application and submitted all the documentation with Matilda the mortgage broker, She told me everything was fine and she had all the documentation needed. Next I got a call from Alex a loan consultation person from Quicken loans being very rude demanding more documentation or the loan will be denied. At this point I decided that I'm not going to be passed from one agent to another. A day later I got another call from Quicken loans agent asking me the same questions I was asked by the two previous agents. Rocket Mortgage or Quicken Loans make promises they can't keep and when they cant deliver you just got a ding on your credit file. Scam Scam Scam. If you can go directly to the mortgage company yourself cut out the middleman and save money.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 13, 2021

    I’ve have several refinancing situations with Quicken Loans and the process is quick, and they always keep you informed every step of the way. The people I’ve dealt with are knowledgeable, courteous, and extremely professional. I’d recommend Quicken to anyone considering a loan or refinance.

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

    The initial customer service rep was awesome. The second customer service rep never returned my call and a third personal who contacted made me feel embarrassed of our financial situation when I asked her a questions. My understanding was that I was contacted by the second and third because my initial person was on vacation and they were helping out. Amrock appraisal person was "ok". He had to come back to take more pictures and seemed annoyed when I asked a question. The closing attorney was unprofessional, impatient, and rushed. He had another appointment scheduled 30 minutes from when ours started and he was rushed and upset because or our lack of tech knowledge. I offered several suggestions and he kept saying he doesn't have time. I couldn't wait for him to leave my house.

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

    Generally, I would rate all services as topnotch! My mortgage assistant was available at all times. There was one small communication glitch that I wish had been more clear. In this fast and furious market, I agreed on the minimum down payment required to move forward and then do a recast! I understood that the recast could be done immediately after closing! Then when I contact the processor to do the recast, he said no. That I had to wait for 2 monthly normal payments to be recorded! I have been a loyal customer for many years and found this to be a black mark. Anyway, I will abide by the request and then on 9/1 immediately request the recasting to be done.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 12, 2021

    Overall wonderful service. Good people, well trained. The title closing made my day as they came to the house. The mortgage manager quickly addressed my concerns and sent real estimated of the cost.. This was a process as I considered another vendor.

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

    I never even thought to use my home equity for bill consolidation until approached by Rocket. It turned out perfectly. I am having surgery and will be out of work for 8 weeks. This consolidation will ease my bill payments so I won’t have to worry during my recovery I was helped with every step. Instructions were clear and easy and closing was in my home.

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

    It was fast and everyone I worked with was friendly and knowledgeable! There were no problems that couldn’t be resolved! I was well informed on every step and process of the loan. Thank you for your assistance in refinancing my mortgage!!

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

    I loved the Rocket Mortgage experience!! Love the app that kept me informed regarding the refi process. I tried refinancing w/ Guaranteed Rate. I applied with them in late Feb, locked early March and still couldn't get my closing set up until June. They then kept delaying the closing within a 1/2 hour of the closing time. I switched to Rocket and closed in 10 days. Bravo Rocket Mortgage!

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

    We began the process just considering possibilities by exploring online. We provided basic information and were immediately connected with an agent that did great work helping us explore options. Jennifer worked out a great plan, followed up with us through the entire process and the refinance was closed within two weeks. The new loan will save us thousands of dollars!

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

    Refinance of my loan was a great experience. The entire process from start to finish was approximately 2 weeks. Zack and team did a great job in pre-qualifying my account and meeting my refinance needs. I would definitely recommend Quicken to a friend.

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

    Everyone I dealt with was very polite and professional, knew all the answers to my questions. They asked me if I had any problems to feel free to call them if I had any questions. From the start of the process to the very end everyone was great and pleasant.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 8, 2021

    I have always enjoyed working with the Rocket Mortgage/Quicken team with one exception. The team that handles your condo verification process needs some work. My last two refinances have been held up in this department with no communication to the customer service team or me.

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

    Kristina ** and Joseph ** were terrific! They kept the process moving and kept us well informed in what needed to happen next. The website is easy to use and there weren’t too many emails. We would definitely use Rocket again!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 6, 2021

    Great and reliable service for the best rates in the market, constant communication through the process, available to speak and support the process during extended schedule, very convenient tools for uploading and signing documents. Definitely improving the Real State purchasing process, a very streamline mortgage, from start to finish.

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    Rocket Mortgage Company Information

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