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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. Rocket Mortgage now also includes Quicken Loans, which recently rebranded to Rocket. Note that some consumer reviews may still reference Quicken Loans.
Pros & Cons
- Largest U.S. mortgage lender by 2021 numbers
- Available nationwide
- 100% online application
- No in-person services
- No construction loans or HELOCs
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.
“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...Read full review
“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...Read full review
Our Editor’s Take on Rocket Mortgage
Rocket Mortgage is recommended for tech-savvy borrowers who value convenience and speed in the mortgage process. Borrowers can apply for a mortgage, upload documents and track their application progress from any device, which makes buying a new home convenient even in your busy season. Rocket Mortgage is recommended for someone who wants to quickly compare rates and terms from multiple lenders.
Those who prefer personalized service or face-to-face interaction with loan officers may not enjoy working with Rocket Mortgage since there are no physical branches. Additionally, if you are looking for a construction loan or need a home equity line of credit (HELOC), a different mortgage company will be a better fit.
ConsumerAffairs has collected 1,547 reviews and 3,487 ratings.
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Reviewed June 9, 2023
I have worked with Rocket on two separate occasions. I cannot speak to actually getting a mortgage with them, but they communicate well, and they put everything up front. The first time, I was working to buy my first home, and they seemed like the best lender to go with. Their terms were the best for my situation, and they kept up with me and what was going on with me and encouraged me in my own work to get what I needed to start a mortgage with them.
The second time, since I was unable to get a home at that time, I sought them out to see what they could offer this time. Again, nothing had changed with the level of service and coverage, but they were not the best company for me to go with just personally. Unfortunate, because I think I would have great service down the road. They even appreciated the fact that I didn't just "leave them on open," and invited me back should it work for me with no pressure. Thanks, Rocket Mortgage! Highly recommended!
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Reviewed Feb. 23, 2023
Amazing and above and beyond experience. I couldn’t be more happy and well taken care of every step I took. I don’t know how I would have done this without the help from Rocket Mortgage and especially Sam **. Wow. He is a blessing and I don’t have enough words to say. The best there is. Was an honor to have him as a person to walk me through a world of unknowns but will say his name loud and I couldn’t be more happy. He said he would get me in a home and he did. Was like holding my hand and guiding me along every step of the way. This man is a great representation of your company and proud to say I know him. Thank you for everything.
Reviewed Feb. 13, 2023
My experience with Rocket Mortgage was beyond anything I could have imagined! When I originally bought my house in 2017, the experience was long, tedious and frustrating. I have actually put off a refinance for over two years simply because I didn’t want to deal with the process again. From my first day, Sam ** was constantly available, extremely helpful and quick, and total throughout the whole process I probably spent less than 30 minutes on the phone which was incredible and such a positive for me. Everything was extremely easy and convenient, I’ve told everyone who will listen to me to never buy or anything finance through anyone else. Thank you for making this process such a breeze! I will absolutely be back for any addictions mortgage needs.
Reviewed Jan. 13, 2023
Andreas ** was absolutely world class from the start of the loan process all the way through to the day of closing. He was available to me day and night and held firm with every promise that was made. Anytime we needed an escalation he personally sought out PJ and resolved the issue within what usually turned out to be an hour or two. Even at closing when I know I was supposed to be working with someone from that team, Andreas took my calls both at work and on his cell. He made Rocket Mortgage look hands down the best world class in customer service in the industry. I would strongly recommend anybody in my Family or Friends to rocket as long as the professionals were in line with how Andreas conducted himself. I give Andreas and Rocket a 11/10 and definitely a 5 star rating!!!
Reviewed Dec. 22, 2022
I was extremely nervous to utilize an online mortgage company. It seemed so impersonal. For some this is the biggest purchase you ever make in your life. I will, and already have recommended Rocket Mortgage. Ashli, and Scott were top of the line. Any time I had a question, it was answered. They were knowledgeable, sincere, and efficient. Going with an online company I really thought it would be a lot of phone tag, emails, and waiting. I never waited more than an hour before someone replied, or called me to touch base. That’s not including the touch bases to reassure me that everything was moving along as planned, or to just check in and see if I needed anything.
Staff makes the world of difference; they are a representation, and extension of who your company is. I couldn’t have been more impressed by a team than I was given. Thank you for guiding me along to achieving a life long dream. Your team didn’t just guide me in buying a house, they helped me fulfill a dream, and buy a home that I will make priceless memories in for years to come.
Reviewed Nov. 14, 2023
Had the unfortunate pleasure to communicate with Jose ** a riple Crown Banker with Rocket Mortgage. I told him I was only interested in a home equity loan and then proceeded with application, exchange of documents, credit check and more. 5 days later after I called and emailed and did online chat, Jose finally responds with an offer to refinance my house. Of which I did not ask for, then as a response to my email asking for the home refinance offer; he informs me that Rocket mortgage does not offer home equity loans in my state. Could have saved alot of time, by just stating that in the opening prior to engaging in worthless banter. Would highly suggest another lender, this one starts off by deceiving potential clients.
Reviewed Nov. 12, 2023
I reached out to Rocket Mortgage via online application form. I will say that they did call me bright and early the next morning and the first lady that was on the phone was very pleasant. however she transferred me over to this gentleman. Who seemed more interested in calling me stupid for looking at my credit report. and advise me. I should never look at my own credit report as I’m too dumb to do so I spent at least 15 to 20 minutes on the phone and he continue to assault my intelligence even after I warned him, his words were coming off, abrasive and arrogant. I don’t know.
What type of training you guys put the people through but as this will be my first time buying a home I will make sure to tell everybody. I know you never use this company because it was the absolute worst customer service experience I have ever had in my life, and that being said, I have been in customer service for the last 20 years. Overall, I left a foul taste in my mouth. If you’re thinking of using this company don’t. That gentleman was totally unprofessional. Thankfully I have found a loan officer who is professional and courteous and local this evening. Who is more than happy to help me buying my first house. Your loss Rocket Mortgage.
Reviewed Oct. 30, 2023
At first they were okay and the end of the day they will ask nonsense documents.. But I did my closing recently MJXLending with the owner itself Kos.. He is very helpful. Don’t go ROCKET MORTGAGE. I won’t deal with them ever.
Reviewed Oct. 27, 2023
Rocket Mortage told me they would get me the lowest rates possible which made me jump at the chance to work with them. They asked for a good faith deposit which was explained as a hold which I would receive back just to make sure the company was not wasting their time. Long story short it did not go through. Then when asking about the return of my deposit I was told it would be less the credit check and apprasial. After 2 weeks of not receiving it back called them back they said well actually the apprasial was 685 dollars so we took a loss. Seriously a scam. I will never recommend this company they are not upfront about their business practices and definitely make sure you are not well informed. For those who it did work out for kudos to you. But I feel they should always be upfront regarding money regardless of your financial situation. An expensive lesson of 500 has been learned.
Reviewed Oct. 27, 2023
I did a refi with Rrocket Mortgage about 3 years ago. For the first year it went all right, But as time went on it got worse. The past year and some have been a nightmare. In May I had a financial hardship hit me when I had a knee replacement and had to stop working for a while, but I Was able to get help with my mortgage from an agency that gives a one-time voucher which gave me enough to pay about one and a half times a mortgage payment. Rocket mortgage didn't ask me how I wanted it dispersed. They just took it up on themselves to disperse it as they chose.
The rep who did it got it messed up and it had to be recalculated. The lame-minded girl who did it moved a bunch of payments around and messed up my payment history very badly. When you go on to the website and look at my payment history it's very hard to make heads or tails of even my realtor/accountant is having trouble figuring it out. It appears like the way it's been moved around there are payments that have been credited and debited and now they're saying that I missed one of my mortgage payments. I told them, I am very adamant when it comes to watching over my finances, bills, mortgage payments and everything as such. I would have known it if I had missed a mortgage payment.
So now as my accountant and I go over it we see where there are some debits and credits that don't make any sense, and they are in my favor. So they have created this mess. And now they say I am behind and are forcing me to pay it. I do not do automatic payments and I have stressed time and again over recorded conversations (so they say) on the phone with their customer service reps (who are absolute tyrants) I have literally been threatened to have my condo repossessed over this one payment behind if I didn't get it paid by the end of the month. So I spoke to a lady in resolutions named Michelle. It took three times talking to her that she finally told me it is our desire to work with you to keep you in your condo not to take you out of it.
If you don't get the payment which is behind (which I'm not even sure it is) paid by the end of the month we will work it out with you. So that set my mind at ease a little knowing that if I absolutely had to have a little more time to make up what they say I'm behind, I could. That was 2 days ago I spoke with her on October 25th. So I wake up this morning on October 27th and they have automatically taken the funds out of my account and overdrawn it grossly! I am so upset I can't even believe they would do such a fraudulent corrupt thing such as this, after I told them time and again on recorded calls DO NOT ever take money automatically out of my account! And they absolutely did it anyway!
If I can't get this fixed today I am going to go to every entity I can find to report them for these fraudulent and corrupt activities against me!! Unbelievable that they are so desperate. All of this, over one payment that they claim I am behind! If I could go back and put my mortgage back with Morgan Chase I would so most definitely do it! Beware of this company in their desperate and corrupt activities!
How we rated Rocket Mortgage
Rocket Mortgage scored excellent in several areas, including rates, application process and requirements. Many reviewers felt they were getting the best rate and the fast, online application process made buying a home easier.
Reviewers did have issues with Rocket Mortgage’s costs and fees and many felt blindsided by these costs. We rated the lender low for that aspect because Rocket Mortgage should publish closing costs on its site and have transparent closing costs listed at the beginning of the process. Buyers who do not know the costs until the end feel stuck because they just want to finish the homebuying hurdle and get the keys.
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 — lower than the national average. For reference, the national average across that period was 2.96%, according to Freddie Mac.
Many reviewers said they got a good rate on either their home purchase or refinance. While the market plays a huge role in what current rates are, one Virginia customer felt they got a good deal: “Times were looking bleak with the market noticed looking great and rates going up. But Rocket came through and had the lowest rate I could get for a 30yr fixed.”
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.
- 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.
Rocket Mortgage average home purchase rate vs. national average
|Year||Difference from national average|
Application process: Excellent
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.
The ease of the application process was a highlight in many of our customer reviews. Some common words were “easy,” “straightforward,” and “fast.”
This Nevada reviewer said, “From start to finish in my home mortgage application process, we were treated with courtesy and respect by all of the Rocket Mortgage team. It was almost effortless and it was a real pleasure having them handle a normally stressful procedure.”
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
|Mobile document upload|
|Publishes minimum rate on website|
|Rate lock||90 days|
|Pre-qualification (no hard credit pull)||X|
|Certified approval letter|
Loan types: Good
Rocket Mortgage offers a variety of mortgage products, including conventional loans, government-backed loans (like FHA and VA loans) and refinance loans.
We rated Rocket Mortgage as good for loan types because it does not offer construction loans or HELOCs. When this Kansas homeowner refinanced, the existing HELOC on their home was automatically closed despite getting mixed answers from Rocket Mortgage and the original HELOC company.
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
|Home purchase applications||264,613||189,895||203,116|
|Home purchase loans closed||193,308||133,642||144,852|
|Home purchase applications denied||26,144||26,438||28,129|
|Home purchase preapprovals denied||930||1,511||1,385|
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.
We rated Rocket Mortgage as excellent for requirements because our many reviewers agreed it was easy to qualify for a new loan or refinance. According to 2021 data, over 70% of individuals who requested a loan were able to get one through the lender.
“They made it easy for me to get my loan quickly and successfully close without any issues, also their high-tech approach by allowing customers to manage requirements via the dashboard is amazing,” said one reviewer.
Another reviewer with a fair credit score was impressed that they could qualify for a refinance with Rocket Mortgage: “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.”
Cost and fees: Poor
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.
We gave Rocket Mortgage a poor rating for cost and fees because many reviewers were put off by the lack of fee transparency and the high costs tacked on at the end of the loan process.
One reviewer applied for a refinance and was happy with the initial loan estimate, however, the actual refinance cost them more than expected: “When it came to the actual loan process there was an additional $5,000.00 added to the loan estimate. On a $240,000.00 loan. An extra 2.1%. I was already facing higher fees due to my credit rating.”
Another reviewer said, “I would give 5 stars, but it seems like there were hidden fees in my loan.”
Compare Rocket Mortgage to other companies
|Rocket Mortgage||New American Funding||AmeriSave Mortgage|
|# of reviews||1,547||830||5,548|
|Purchase options||Conventional, jumbo, FHA and VA loans||FHA, USDA, conventional, refinance, HELOC and reverse||FHA, VA and USDA loans|
|Refinancing options||Cash-out, rate and term||Cash-out, rate and term, cash-in||Cash-out, rate and term|
|Minimum credit score||580 for government-backed loans; 620 for conventional||580 to 640||600 to 620|
|Read Reviews||Read Reviews||Read Reviews|
Rocket Mortgage 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.
Rocket Mortgage Company Information
- Company Name:
- Rocket Mortgage