Rocket Mortgage
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Rocket Mortgage

 4.0/5 (1690 ratings)
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Rocket Mortgage
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Written by Jessica Render
Edited by Cassidy McCants

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 through the company’s website or mobile app. Rocket Mortgage’s Home Loan Experts are available by phone if you need assistance. The company markets itself to those with good credit who plan to buy a home or refinance within the next six months.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
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  • 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.

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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  Rocket Companies family, which includes sister brands Rocket Homes, Rocket Auto and Rocket Loans. Founded in 1985 as Quicken Loans, the Detroit-based company officially changed its name to Rocket Mortgage on July 31, 2021.

You can complete the application process at your own pace entirely online, and Rocket Mortgage will show you recommendations based on your information. Representatives are reachable by phone if you have questions. Known for its fully digital homebuying and refinancing experience, Rocket Mortgage has closed over 5 million loans.

Rocket Mortgage loan types

Learn about some of the most popular Rocket Mortgage loan 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 Experts over the phone or online via chat.

  • FHA loans: Minimum down payment of 3.5%. Minimum credit score of 580. Maximum loan amount is based on location.
  • VA loans: Eligible U.S. service members, veterans and surviving spouses can secure a home loan with a $0 down payment. Minimum credit score of 620 to qualify.
  • 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.
  • Fixed-rate and adjustable-rate mortgages: Options for both 30- and 15-year fixed-rate home loans as well as adjustable-rate mortgages (ARMs), which typically offer low introductory rates and can benefit borrowers who want to own their home for just a few years and pay down their principal faster. Rocket ARM requirements include a minimum 620 credit score with a DTI of 50% or lower.
  • 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 April 2022, purchase rates on a 30-year mortgage are at 4.5% (4.736% APR). Refinance rates start at 3.875% (4.32% APR) for a 15-year term. To get an estimate of your monthly mortgage payments, including taxes and insurance, Rocket Mortgage offers a free online mortgage calculator on its website.

Approval odds will vary based on your credit score, down payment and the type of loan you apply for. There’s no cost to find out if you can get approved, but expect to pay fees if you decide to move forward. Like with other lenders, origination fees can be anywhere from 0.5% to 1% of the total loan amount — 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 costs 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 or mobile app, you can learn about your mortgage options, find accurate interest rates, get approved and manage payments.

The application process begins online. You have to 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. These 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 and Washington, D.C. Rocket Mortgage loans are not available in Puerto Rico or anywhere outside the U.S. at this time.

Is Rocket Mortgage the same as Quicken Loans?

Quicken Loans officially changed its name to Rocket Mortgage on July 31, 2021. 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?

At this time, Rocket Mortgage does not 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.

Does Rocket Mortgage have an app?

The Rocket Mortgage mobile app is accessible for both iOS and Android phones. With the Rocket Mortgage app, you can electronically sign your entire mortgage application, manage payments and autopay and get customizable push notifications to know when payments are due. The app is free and highly rated by users in both the App Store and on Google Play.

Is Rocket Mortgage good?

Rocket Mortgage is a solid mortgage and refinancing company. It has an overall good rating on our site — currently at 4.0 — 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 Rocket Mortgage credit requirements, we recommend checking it out.

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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?
  • 3,848,927 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
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.

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    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.

    2 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.

    11 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.

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

    Per the subject header, I endeavored to purchase my first home during pandemic leveraging my VA loan benefit and was unsure of what to expect during process. Although I did a fair amount of due diligence, there were inevitably hurdles which arose that I had to clear; fortunately, my mortgage officer, Travis ** (and his team), were an absolute pleasure to work with during this time. They were forthcoming, patient, timely, professional, and personable. Each step along the way, I was provided clear guidance with what to expect, which made my online purchase of a home a seamless experience. I was told by many that due to current market conditions, buying a home was going to be a challenge - to say the least. To make things more interesting, I lived in Maryland and was purchasing in Florida or Georgia. Travis and team were not deterred; he said let’s go for it.

    After being provided with agents in multiple areas thru Rocket Mortgage team, I was linked with a buyer's agent in Kingsland/St Mary’s Georgia, Sheila **, who was an absolute pleasure to work with. Sheila’s background as a lawyer proved invaluable during this time as she was able to parse thru all the required documents with beautiful competency. I could go on and on about my experience, but just know that I started this process in May 2021 and closed on my wonderful home in a wonderful school district on 23 Jul 2021!!! My family and I now have a new lease on life due to the mortgage servicing infrastructure of Rocket mortgage - they just had it all; a true one stop shop and an absolute pleasure to work with.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 1, 2022

    Marsello and the team was there to help and assist me with all my needs every step of the way. Rocket Mortgage as a company does a great job with educating their staff and making sure their clients are satisfied.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 30, 2022

    Michael was great. No pressure, direct and to the point....which I like. He did not hesitate if I had any questions and no question was too small for him to answer. Nice customer service experience. Great experience. I would not hesitate to contact him again if I am in need of any type of refinancing.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 29, 2022

    Getting a mortgage is never a fun process, but the folks I worked with at Rocket made this as pain free as possible. They answered the phone whenever I called, were responsive over text message, and made sure that I knew exactly what I needed each step of the way. I would absolutely use Rocket again.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 29, 2022

    Overall a very awesome and great experience. This was my first home purchase and Rocket made it very easy and pain/worry free. Everything was smooth, the customer service was impeccable. Nothing but the very best to say. I highly recommend these guys

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 29, 2022

    Great experience, went much more quickly than expected and results were highly satisfactory. Got a great interest rate and a shorter term. Really helped make our lives easier and far less complicated as the refi allowed us to pay off several other debts and free up some much needed funds.

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    Rocket Mortgage Company Information

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