About Rocket Mortgage
Rocket Mortgage (NMLS #3030) offers an online application process to help borrowers get home purchase loans and refinances. You can apply for a mortgage and manage the loan completely online through Rocket’s website or mobile app, and the company’s representatives are available by phone if needed. Rocket Mortgage is a popular option for refis in particular.
Overall Satisfaction Rating
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- Online convenience
- Refinancing options
- Available nationwide
- No in-person services
- No construction loans
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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I started the pre-approval and that went off without a hitch. Once I put in my offer on the home I went into full approval and had no problem. Once we went into processing for closure things spiraled. The mortgage company dropped the ball while assuring me everything was fine by not ordering the appraisal which I paid for after receiving full approval of the loan, approximately one week in. After about 3 weeks of waiting for the survey, doing my personal inspections of the property in that 10 day window and getting bids, purchasing annual homeowners insurance things stalled. I contact them and they stated they were waiting on the title company. Title company told me they were waiting on them for the appraisal. I contacted Rocket again. Told them the title company informed me they were waiting on them.
The processing dept stated that they were waiting on the appraisal report...an appraisal that was paid for by me and supposedly ordered by the loan officer the day I got full approval for the loan. The appraisal company had not submitted their report due to a "family emergency". Once my realtor contacted them for an update after I had contacted them I was informed the closing date was being moved back which caused me all kinds of problems as I had arranged for delivery of a POD for the day after closing. So, now I had to request an extension from the seller and pay additional rent on the home I rented as a transition home. Luckily, I was able to get the extension on both the rental and the closing w/ the seller. However it cost me an additional $1,400.00 and delays all of the vendors who were going to start working on my home once it closed.
This was a slam dunk loan, I had all of my tasks completed within 8 working days. Someone at rocket dropped the ball. I got an alert from Rocket 2 days after my realtor's call that we had to do the extension...the appraisal had been scheduled...color me confused as I had been told a week-and-a-half earlier that it was already done and they were waiting on the report. Never do business with them again. Will be refinancing in a year to get rid of them as my lien holder. If they are this incompetent getting me the loan, I can't imagine what it will be like dealing with them to pay it. I regret not using my own bank. They carried the loan on my last home and it was a flawless process. I am too close to the finish line now and would lose the home if I withdrew at this point to get alternate financing. A relative recommended them who had dealt with Quicken before Rocket took them over.
I still can't find my existing acct. with Quicken Loans. Rocket Mortgage who merged with Quicken Loans are all about selling new loans, not taking care of your present customers. Sorry, Quicken was bought out by Rocket Mtg. All of my loans, credit cards, and other expenses have access to accounts online. But not Rocket Mortgage. You advertise as open 24/7 when I called on Sunday I received a voicemail you were closed, call back at regular hours or leave a message. Not good service. So, I would not recommend persons applying for new loans.
Originally went with them for simplicity, however we will never willingly use them again. Completely scammy and arguably unethical process when it came time to refinance. Waste of time and hundreds of dollars (thankfully not thousands). They spend serious amounts of marketing money to court you with an appeal to the simplicity, but from our experiences I advise friends and fam to start elsewhere if they can.
I've been a customer for almost 5 years and honestly things weren't too bad becoming a new customer but since then obviously you don't have any interactions and basically pay your mortgage payment. I was called to refinance by Rocket Mortgage with what sounded like a good rate and an easy process since I was already a customer. I will tell you that has not been the base at all! They have spent several months trying to do the refinance, they a have asked me for ridiculous items and have made me submit the same paperwork multiple times. I'm now thinking they don't really want me to refinance so they're stalling and making it difficult. Through this process I get no contacts, just the online buttons to interact with and when I ask questions it takes weeks for a response. I have referred many people to Rocket and am now embarrassed I did. That will no longer be the case! I will update once this all comes to an end.
I contacted RocketMortgage to refinance my house. The initial call and conversation with the loan officer was smooth and the loan officer was very responsive. Shortly after completing all my To-Do's on their website, my refinance went into a black hole. No more communication from my loan officer and they constantly ask for new things. Although they told me I was pre-approved, the finish line kept moving. I have to keep monitoring my application on their website to see if they assigned more To Do's.
My loan process has taken so long, that some of my completed To Do's are coming back around for the second time. Honestly, I have no words to describe my frustration. They keep apologizing but no results. I think they have an automated bot that sends apology letters to all their customers. I wish I went somewhere else. It's been almost 2 months and counting.
Rocket Mortgage completely screwed us on our attempts to refinance. We spoke with them in April and were approved. We were told to pay May and not pay June and the mortgage would transfer in July. We did as we were told. But come July our mortgage had not transferred and we were dinged for a late mortgage payment. They dragged their feet on this and kept coming back to us asking for current pay stubs since so much time had passed. We continued to give them everything they asked for as more and more time passed.
Fast forward to today, September, 5 month later, and we receive a call from someone else at Rocket Mortgage telling us that we no longer qualify because our credit score dropped. Why did it drop you ask? Because we got dinged for a late mortgage payment. The payment Paul ** from Rocket Mortgage told us NOT to pay. So now our credit is screwed and we no longer have the options to refinance. Paul ** and Rocket Mortgage should be ashamed of themselves.
I have a mortgage with Quicken Loans/Rocket. I called about refinancing for information purposes as I didn't want to start the process and risk a hard pull on my credit which can lower one's FICO score. I decided to go ahead and do the refinance based on the historically low interest rates and the refinance fee that will go into effect 12/1/2020. The process was smooth up until I got my review of the loan origination fee and closing costs. The portion of the cost that was fees was $15,500. The portion that was prepaid insurance, taxes, etc was $4,500. This meant $20,000 in costs and fees to refinance.
The loan officer was very aggressive trying to close the deal. I told him I was very disappointed in QL/Rocket, I would not allow this huge amount to be added to my loan, I would just go to Bankrate and find a calculator that would show me how to pay off the 17 years on my 20 year loan with them in 15 years. Sure I'm still paying 3.99% interest by not refinancing. But I'm sure the math will show that by paying off my 3.99% loan in 15 years may not cost me any more than paying $15,500 in closing costs and then 2.5% on that amount.
It seems QL/Rocket is driving 15 year loans from my research. I refinanced with Q:L/Rocket in 2017 at 3.99% and the loan origination fees were about $6,500. I told Mr. ** I remember 2008 and all the shady mortgage practices. My brother is a foreclosure specialist in real estate, and I was intimately involved in how lame the mortgage companies and federal mortgage entities were run. I said "I wonder if we will be hearing about QL/Rocket a few years from now, just like other mortgage entities in 2008, and the prospect of shady practices". No response.
It would be impossible to get any kind of estimate on what the closing costs would be. I have very little debt and a strong FICO. This was a straight refi with no cash out. Plenty of equity in the home like $200,00+ over the mortgage based on their appraisal. I think the QL/Rocket has gotten so big they have turned into a monster. Consumer Financial Protection Bureau will have the data based on consumer complaints. I encourage everyone to make a complaint for their tracking. Eventually with enough complaints, they can take action. **.
It was really bad. Their process is awful but I also am sympathetic that they are in an unprecedented time of low rates, high interest in their mortgages and refinance and probably a shortage of trained personnel. It’s a difficult time for all of us. We’re all in this together.
Rocket Mortgage set up a closing date for me and then on the day of they did not have all the paperwork ready and it fell through! We tried to set up another closing date had to wait a month and they changed me $1,000 more than the original amount, telling me that I had a good deal. Such a scam!
The experience started very smooth and positive with a quick preapproval. I uploaded all the requested documents timely. After that communication was slow. Ultimately being told a month into it they need 2 years of employment history. Needless to say this could have been said in the beginning to save all involved a lot of time.
Rocket Mortgage Company Information
- Company Name:
- Rocket Mortgage