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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- 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.
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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
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- Rocket Mortgage