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Rocket Mortgage
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Rocket Mortgage

 4.2/5 (908 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?
  • 3,392,606 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: 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.

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    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.

    7 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.

    7 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.

    10 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!

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 22, 2021

    We found it to be a quick and very easy process to do a refinancing with them. Always a pleasure to work with. Would recommend them if you are considering a refinancing or changing your mortgage to them. Have referred other family members and colleagues to do their refinance with them.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 22, 2021

    Overall an ok experience. I love The digital aspect of how I can Upload my documents and review what needs completed. But, what I didn't Like was throughout the process someone new was handling my account what felt like every other day. I had Conversations with 4 different people that I can Remember and when I had A question it couldn’t be answered by the new person because they don’t know why my account was the way it was from the old person. Example: originally I was Quoted a 2.99 interest rate. A week later my paperwork said 3.25 and when I asked About it they didn’t know why it was like that and my question was just lost in translation.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 22, 2021

    We had an outstanding experience completing the mortgage process with Rocket Mortgage. The licensed representative was very professional, patient and had very clear communication skills. He listened to understand our goals and objectives and delivered options to exceed our expectations. We would highly recommend the Rocket Mortgage team, thank you for 5-star customer service!

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

    Rocket Mortgage is so awesome! Refinancing my house was so easy and SO fast. Within 2 weeks we closed on our new loan with a lower interest rate and payment amount, even after getting cash out. Thank you Rocket Mortgage!

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 21, 2021

    Got a great rate. But they got my address wrong TWICE on the paperwork which meant I had to take time out of work three times. Original paperwork signing, first correction, then second correction. What mortgage company can't get an address right? They're now, 9 months later, bombing me with phone calls to refinance despite me saying no. They've even gone so far as to phone my former employer looking for me. To the point my former manager texted me to see what was going on. Even worse, my former employer is a hospital. So if you want a company who can't get your address right and ties up hospital phone lines during a pandemic, the Rocket Mortgage is right for you. Got a great rate though.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 18, 2021

    Rocket Mortgage agents continue to exceed expectations! Our initial purchase and two refinances have been with them and our financial status gets better every time. We will definitely be using Rocket Mortgage for all of our future needs. Thanks again!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 18, 2021

    Great experience. Very easy. Everything was online, red tape was minimized and everything was clear. Easiest loan process I’ve ever experienced and communication was excellent. I would definitely recommend Rocket Mortgage to others, and I would work with Rocket to secure another mortgage.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 18, 2021

    I think the service could be a little bit quicker and a little more better for the customer and the closing needs to be quicker and y'all need to be able to be on the same page. I'll talk to several people over the course of a loan and it was very frustrating.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 18, 2021

    Loan agent was great at explaining each step in detail. Everything went smoothly and it was easy to follow along. Display of information on website was easy to find and To-Do list made it clear what was needed from me.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 17, 2021

    Rocket Mortgage was wonderful in helping us get into our new home. They were patient with us as buying in this market was absolutely crazy, but they were always available, even after normal hours. They were incredibly fast with approvals and paperwork and really made the entire process so much easier, and that was really nice after having 8 different offers on 8 different houses turned down.

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

    The persons helping with my new loan were diligent in helping me get the best new mortgage for myself. They were skillful in knowing how to help me in completing paperwork in a timely manner. They were available and knowledgeable to answer each question I had.

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

    I truly appreciate the help and support James and his team provided for me with setting up my refi. I felt that the team was concerned about me and my needs. Service was kind, caring and professional by everyone I had contact with. Rocket Mortgage is improving on customer satisfaction and making Americans trustworthy of the housing industry again. Thank God. Amen.

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

    Everyone from underwriting to closing was professional and super responsive. David ** and Katy ** were extremely proactive and gave updates along the way. They ended up needing to make one last minute correction to paperwork but closing went smoothly and was on time. Definitely recommend!

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

    RocketMortgage and Quicken Loans made the whole process simple, convenient, fast and easy on my part. They saved me money now and in the future that will help me towards my retirement, giving me a great sense of comfort. The communication flow was constant via both text, calls and emails to keep me up to date on the status on each stage of the process. Anything that I needed to do was completely explained in simple language and the purpose was made clear.

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

    Thank you very much for the outstanding work of your team. I especially want to thank Amy ** for all the support she provided me during the process. It didn't matter what my question was, she always had an answer for me.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 14, 2021

    Starting out online is quite simple. The first contact to set expectations and assist on finding a home was very helpful. After that.... things got confusing. We had to work with multiple people that all seemed to do the same job. No one seemed to know what the last one was doing. At times, it became frustrating, however the last woman we worked with was fabulous and made things easier to understand and was VERY PROMPT in responding (Latisha L.). We were able to purchase a home after many, many showings.

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

    Rocket Mortgage engages people into thinking they will do everything they can for them until the papers are signed. When you try to get in touch with them they say “Oh well we are an autonomous. You find everything you need our our customer page”. No one calls or emails back for days. This was never told to us, neither was the fact that they charge $500 for an appraisal and then they tell you it will be done and back in 11 Days. That again is a lie. Became never got a true appraisal.

    After I sent a nasty gram we are told "Oh it will be done today," then we are told it was just data not an appraisal. This is after four more days of trying to get someone to get back to us or tell us what is happening. I don’t know is the motto for Rocket Mortgage. I sent an email to Customer relations as well as the CEO, and the CEO had one of his minions call us. He gave us the typical song and dance. After this we told them to shove it and went with another company. They should be shut down!

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Sept. 13, 2021

    It was all good till I started getting spam mail on my mailbox looking like final notices. It's absolutely disgusting to use those tactics. I do not want life insurance. I already have life insurance. Stop your evil ways! If you want people to get your stuff then prove it is worth getting. This just comes off as desperate!

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 10, 2021

    Too many redundant papers for my liking. It was a refinance, six months from original purchase. It took way too long to get the final group to sign off. Money owed me was in my account in an inefficient amount of time. Had I had to pay, you wouldn’t of closed had I didn’t bring funds. This experience was not satisfactory to my liking.

    2 people found this review helpful
    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 10, 2021

    This is my 3rd loan w/ Quicken/Rocket. Y’all are typically phenomenal. This time everyone was except my mortgage banker. Very - unavailable. Did not reply to calls or messages for NUMEROUS days. Even closing agents helped to attempt to reach him. Seemed very disinterested in my Loan. Did not listen to what I asked for and I ultimately settled for a different loan in order to have the process finalized. Feel free to call me if you’d like. I’m happy with my home. Thankful the process is over. Not a good experience. Expect and have received amazing service before. I typically don’t complain. I do understand the market is crazy. No excuse.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 10, 2021

    The process was less stressful than I thought. My financing agent Kwesi ** was always encouraging thru the ups and downs and always was in communication with us. Even though everything was done thru phone calls and emails I felt like I knew and trusted him. I'd highly recommend Rocket Mortgage to anyone interested.

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

    Everyone we dealt with was professional and courteous. The process was hassle free and quick. If we ever need services in the future we will definitely be a repeat customer. Will absolutely recommend Rocket Mortgage to all family and friends

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

    The staff at Rocket Mortgage was friendly, helpful, and knowledgeable. Rocket Mortgage worked smoothly and expeditiously, and left no surprises at the end. I was very pleased with the entire process, in fact I referred my sister who is currently in the process too.

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

    I could not fathom how easy the refi process was compared to all others. Shellen ** was AMAZING! Her professionalism and friendliness was infectious. Every process was easy and geared to servicing MY needs. Everything from the appraisal to the mobile mortgage notary to sign the papers was incredibly efficient.

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

    I cannot believe how easy it was to refinance with Rocket Mortgage. Our contact went through all of our option. It was so easy to upload the necessary information. I was kept up to date on the process and we closed in less than 3-weeks.

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    Rocket Mortgage Company Information

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