Rocket Mortgage Review: How It Works, Pros & Cons

By J.R. Duren
HighYa Staff
Updated on: Dec 3, 2019

About Rocket Mortgage

Rocket Mortgage is the mortgage application platform of Quicken Loans. You get an in-app and online experience that emphasizes ease-of-use and competitive mortgage rates.

In addition to providing you with a seamless way to get a mortgage and process your application, Rocket Mortgage is part of Quicken Loan’s standing as the highest-rated and biggest mortgage lender in the nation.

A site like this is a relief for homebuyers who find the entire process of getting a mortgage overwhelming and intimidating. Not only does Rocket Mortgage emphasize a fluid application but they also lend directly to you (in most cases) rather than giving you multiple rates from other lenders.

These advantages make Rocket Mortgage seem like an easy choice for your next mortgage.

In our review of this company, we will walk you through Rocket Mortgages rates and fees, the types of loans it offers, the application process and what past customers say about their experience.

Editor's note: While Quicken Loans and Rocket Mortgage have two different names, their websites offer one thing: mortgages. Any mortgage you click or tap on Quicken Loans’ site will take you to Rocket Mortgage.

Rocket Mortgage’s Rates

Rocket Mortgage’s rates will include two numbers: the interest rate and the APR.

The interest rate is the base rate for your loan. However, when you get a mortgage you’re not just paying interest, you’re paying a variety of fees separate from your down payment and closing costs.

Because of this, Rocket Mortgage and other lenders give you an APR that reflects how much your actual interest rate is after you include the fees.

These fees, says Adam Pearsall, branch manager and mortgage broker at Florida-based Lending Hand Mortgage, usually encompass an application fee, underwriting fee, administration fees, third-party processing fees and credit report fees.

Here are Rocket Mortgages rates and APRs at the time of publishing. The APR is listed first, then the interest rate:

  • 30-year fixed: 4.395% APR/4.125%
  • 15-year fixed: 3.986% APR/3.500%
  • 30-year fixed FHA: 4.767% APR/3.750%
  • 30-year fixed VA: 4.083% APR/3.625%
  • 5-year ARM: 4.445% APR/3.750%

These rates reflect the site’s most popular loans but not all of them. We will address all the loan products you can get through Rocket Mortgage in the next section.

Can You Get the Best Rates with Rocket Mortgage?

Lenders like Rocket Mortgage will take your metrics—credit scores, down payment, etc.--and pair you with one of their loans.

The interest rates Rocket Mortgage gives you may not always be the lowest, Pearsall said, but you won’t know it unless you get a loan estimate from other companies.

Some of what influences this is Quicken Loan’s internal need for certain mortgages one week and other mortgages the following week, Pearsall said.

Some weeks, Quimay need to get loans for people with credit scores above 720 and 20% down payments. If that’s the case, you’ll get a competitive rate for those loans because Quicken Loans wants your business.

However, if your credit scores don’t fit that profile, Quicken Loans may raise the rate on loans they don’t necessarily need. This decision could make your mortgage slightly more expensive than a competitor.

Let’s say various factors lead Rocket Mortgage to raise rates on a mortgage that put it 0.25% higher than a competitor.

For a $300,000, 30-year fixed-rate mortgage with a 5% down payment, you’d pay an additional $15,000 in interest over the life of the loan for a 0.25% increase.

RateShield Interest Rate Lock

Whichever rate you receive, it's important to know that Rocket Mortgage offers a "Rate Shield" on 30-year, fixed-rate conventional, FHA and VA loans.

Through this program, Rocket Mortgage locks in the rate you get when their underwriting department (they do an in-depth examination of your financial life) approves your loan. If your loan's rate goes up between approval and closing, your rate stays the same. If it goes down, then you get a lower rate.

This is a great guarantee because loan rates can go up and down on a weekly and even daily basis.

Available Loans

Rocket Mortgage provides the following types of loans, all of which have their own requirements for down payments, credit scores and other factors:

Conventional Loans

These are mortgages not related to a government program. They often give you the best rates but don’t have as many options for low or no down payments. Their interest rates are fixed and variable. Fixed rates remain the same the life of your mortgage, while variable rates (“adjustable rates”) rise and fall based on the interest rate published by the Federal Reserve.

FHA Loans

These mortgages are part of the Federal Housing Administration. They give you mortgages that require down payments as low as 3.5% if you have a credit score of at least 580. However, that down payment jumps to 10% if your credit score is 550 to 579.

This program requires that your home meet certain safety standards, too, which means your home search has to be more selective than a search with a conventional mortgage.

Each of these loans has its own set of requirements for credit scores, down payments, debt-to-income ratio and certain derogatory marks on your credit history.

While FHA loans provide you with lower down payments, they also have a big disparity between the APR and interest rate because of various additional fees they charge.

VA Loans

These mortgages are part of the Department of Veteran Affairs’ efforts to provide affordable housing for servicemembers. The loans have very generous down payment requirements--0% in many cases--along with no private mortgage insurance and limits on closing costs.

USDA Loans

The United States Department of Agriculture offers these loans for homes that are located outside of urban areas. This loan has specific requirements for how much money you can earn, how much the home costs and what your down payment is. To find out which areas in your region are eligible, use the USDA’s property eligibility search tool.

YOURGage

This loan allows you to choose your repayment term from 8 to 29 years. This is a useful feature because most loans have repayment periods of 15 or 30 years. Down payments are as low as 3% and the interest rate is fixed.

Rates for 8-year YOURgages can be as low as 2.75%, a chat representative told us. These loans are a good option if you have enough extra income to pay off your loan faster but don’t have enough money saved up to make a big down payment.

Jumbo Loans

This final group of loans is specially designed for homes whose sale price is significantly higher than the national average. Because these loans are so big, they present more risk to the lender.

Therefore, lenders require higher credit score requirements and other standards to increase the chances you’ll follow through on your payments.

Mortgage Refinancing

In addition to mortgages for buying homes, Rocket Mortgage provides mortgages for refinancing your home.

You typically research refinancing when mortgage rates are lower than they were when you bought your home. The lower interest rates usually equate to lower monthly payments.

Rocket Mortgage’s refinancing program gives you options for loans with lower interest rates (when possible). They also allow you to get a new mortgage with a shorter repayment period. Your payments will go up with a shorter repayment period, but you’ll pay off your loan faster.

Rocket Mortgage gives you the option for a cash-out refinance, too. This option is based on equity: the difference between what your home is worth and what you owe.

If your home is worth $299,000 and you owe $100,000, your equity is $199,000. Remember, though, that Rocket Mortgage’s cash-out refinancing has fees and requirements that will allow you to cash out less than 100% of your equity.

The Application Process

Rocket Mortgage’s website and app frame their application process in three ways: ready to buy, ready to look and ready to explore rates.

Ready to Buy

The first category will put you into Rocket Mortgage’s online mortgage application. This is an extensive application asking you in-depth questions about your finances. This application requires a hard credit check.

Ready to Look

If you’re starting your home search, Rocket Mortgage will give you a “pre-approval”, which is an official statement from Rocket Mortgage saying how big of a loan you can most likely get based on preliminary information you provide. Some realtors may require this letter before you work with them in the early stages of your home search. Pre-approvals don’t require a hard credit check.

Preliminary Rate Research

The final option is to get a basic set of loan amounts based on how much house/monthly payments you can afford. This application is very limited because the home price and/or monthly payment projects are general. Also, it won’t require a credit check. Remember, these are very rough estimates and most likely won’t reflect the actual loan you get from Rocket Mortgage.

Application Support

Even though the application process is online, you can reach out to Rocket Mortgage customer service if you have questions:

  • By phone: (855)207-9072
  • By email: support@rocketaccount.com
  • By chat/screen-sharing: available on Rocket Mortgage website

Having support available within seconds is an excellent benefit of using Rocket Mortgage. There are crucial questions about income, debt and other financial factors that you need to answer accurately to make your application go smoothly.

Once you’re done with your application, Rocket Mortgage will assign you an account specialist to help you through your application.

Your loan officer will alert you of important deadlines, too: home inspection, appraisal, earnest money, etc.

Finally, self-employed applicants will have to talk with a loan specialist over the phone rather than doing an online application. They’ll ask you questions and explain to you the

Analysis of Customer Reviews

HighYa reviewers have left extensive feedback about their experiences with Rocket Mortgage. At the time of publishing, the company had an average rating of 4.5 stars. Around nine out of 10 readers would recommend Rocket Mortgage to a friend.

In general, customer insight fell into the following categories

Common Compliments:

  • Account representatives were friendly and professional
  • Loan process was easy
  • Excellent communication
  • Digital application and uploads made loan process easy

Common Complaints:

  • “Online” process required phone calls
  • Poor communication with account specialist
  • Pushy initial interactions with account specialists
  • Delayed closing dates

These summaries of good and bad reviews come in the context of a 10:1 good-to-bad review ratio. So, while the bad reviews can cause fear, the proportion of the good to bad reviews indicates you’re very likely to have a good experience with Rocket Mortgage.

Another important thing to note is that the good reviews spanned both home purchases and mortgage refinances, which means the company’s customer service is consistent across multiple products. You’ll probably get the same level of treatment whether you’re buying a home or refinancing a mortgage.

The excellent reviews Rocket Mortgage receives on HighYa corroborates Quicken Loans’ perennial standing as the top mortgage originator (lender who gives mortgages directly to buyers/homeowners) in the J.D. Power U.S. Primary Mortgage Origination Satisfaction Study.

The study is based on an independent investigation of experiences and feedback from actual customers.

The Bottom Line

Based on our research, we see some clear benefits and disadvantages of using Rocket Mortgage.

On the positive side, the company has an excellent reputation for customer service. HighYa reviewers and J.D. Power give the company excellent ratings.

Second, Rocket Mortgage’s online process makes applying for a mortgage simple and efficient. You can upload documents through your online account and get notifications about important deadlines.

Finally, Rocket Mortgage’s YOURgage gives you multiple term lengths. If you’ve got the financial means to take advantage of this program, you can save considerable money by paying off your loan sooner.

The downside to using Rocket Mortgage is that, in most cases, you will receive Rocket Mortgage’s best rate and their best rate isn’t always going to be the best rate on the market. In some cases it could be, but you’d have to get quotes from multiple lenders to find out how good of a deal you’re getting from Rocket Mortgage.

Independent mortgage brokers can shop around your credit/debt/income profile to multiple lenders to find the most competitive rate rather than one company’s most competitive rate.

Another weakness is that an online process is not ideal if you’re someone who values face-to-face interaction.

Finally, Rocket Mortgage has limited refinancing options. They do not provide home equity lines of credit, nor do they provide home equity loans. So, if you’re someone who wants to take out an equity-based line of credit without refinancing your home, Rocket Mortgage isn’t the best option.

If you prefer not to use an online lender but also want to get the best rate, Pearsall recommends getting loan offers from three different lenders, as the credit checks required for this will only minimally affect your credit score.


Customer Reviews

Start your review of Rocket Mortgage:
  • 311 Customer Reviews
  • 88% Recommend This Company
4.5 out of 5
5 star: 80% 4 star: 6% 3 star: 2% 2 star: 2% 1 star: 8%

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We have a zero-tolerance policy for fake reviews, and companies cannot control or alter any reviews at any time.

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  • Error after error, delay after delay

    • By Al V.,
    • Illinois,
    • Jun 30, 2020
    • Verified Reviewer
    Overall Experience:

    Like many others, it all started great. 35 days later and an error by the mortgage banker, Jerry, calculating an escrow and we are still not closed when he told us we would close in 2 weeks. No communication and you have to hunt down the documents for insurance and employment verification yourself or it will take them forever. Even then our HR person had to call 4 different times over 4 days because she couldn't get to a live person to tell them yes...we work there.

    At one point I had to explain to our mortgage lender why it makes sense to absorb closing costs by taking a higher rate if you have a short term ownership period. Are you kidding me?

    Pros and Cons:

    • No “pros” were specified in this review
    • The lack of communication
    • Incompetence
    • Lack of customer service

    Bottom Line: No, I would not recommend this to a friend


  • Fair price, pretty quick turn around

    • By Mike L.,
    • Illinois,
    • Jun 23, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    From the time we applied for the refi to closing was pretty quick. Closing costs seem astronomical, especially seeing as how Quicken already had our first loan. There was a slight issue with interdepartmental communication that delayed our closing about a week, but we worked through it.

    Pros and Cons:

    • Easy
    • Expensive
    • Communicate delays

    Bottom Line: Yes, I would recommend this to a friend


  • Painless process

    • By Robert M.,
    • Wappapello, MO,
    • Jun 21, 2020
    • Verified Reviewer
    • Length of Use: 3–6 months
    Overall Experience:

    Rocket Mortgage was easy and convenient to use as I travel for work. Everything was handled digitally with little effort. The team was open and honest about everything and helped me find the best version of a mortgage for my situation and goals.

    Pros and Cons:

    • Easy to work with
    • Timely
    • Accurate
    • Wait times for information update
    • Lack of detailed info in dashboard

    Bottom Line: Yes, I would recommend this to a friend


  • Great experience!

    • By John M.,
    • New Hope, AL,
    • Jun 19, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    If you are looking for an easy, no-hassle way to buy a house, then look no further. Mike, Karen, and the rest of the team were quick and efficient! They walked us through each step of the process and worked to not only meet our closing date, but they expedited it when we had the chance to close early! Straightforward and wonderful experience!

    Pros and Cons:

    • Ease
    • Simple processes
    • Consistent communication
    • No “cons” were specified in this review

    Bottom Line: Yes, I would recommend this to a friend


  • Refinance

    • By Rodney P.,
    • Milton, VT,
    • Jun 19, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    I had the worst experience with Rocket Mortgage ever. They not only lie to you or don't have an answer to your question, they are a bunch of crooks and put you through hell with non-essential information and look to someone to help you which results in more and more info to gather as they string you along until enough is enough and give up. I would not recommend them to anyone or if you have time to run through worthless info that they need you to go through just to shut you up. I would look into another company, maybe one who is truthful and not put you hell as they say "next" to torture another going truthful soul. They get a -10 in my book.

    Pros and Cons:

    • No “pros” were specified in this review
    • They are all a bunch of liars!

    Bottom Line: No, I would not recommend this to a friend


  • First experience was better

    • By Ann B.,
    • Colorado Springs, CO,
    • Jun 18, 2020
    • Verified Reviewer
    • Length of Use: 1–2 years
    Overall Experience:

    This is my second loan with Rocket. The first one was so easy, quick, and efficient, with excellent communication. This time, not so much. I don't know if it was due to COVID, or what, but the communication was bad - I would get different answers to my questions, was asked for documents that didn't pertain to my situation multiple times until someone finally acknowledged that I couldn't provide financial documents for the company I work for. Even the closing was bad - we scheduled it, weren't sent the dashboard website link, it was canceled after having been delayed two times, due to "technical issues" getting the docs to the title agent, and finally took place 8 hours after it was originally scheduled, with me having to text, email and call to get it figured out. The final person from Rocket that I dealt with was great.

    Pros and Cons:

    • Online dashboard
    • Easy payment online
    • Bad communication
    • Asking for a P&L statement from my employer
    • Making me load the same documents multiple times

    Bottom Line: No, I would not recommend this to a friend


  • Rocket Mortgage

    • By Ryan S.,
    • Katy, TX,
    • Jun 18, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    Was overall a pleasant experience. It can be an anxious process during normal times. Adding in extreme market volatility and pandemic issues made it that much tougher. Christian was helpful and attentive throughout which made all that easier to deal with.

    Pros and Cons:

    • Online process
    • Remote closing
    • Helpful staff
    • Small issue with understanding my accounts that delayed things, but mostly insignificant

    Bottom Line: Yes, I would recommend this to a friend


  • Efficient and impressive

    • Length of Use: Less than 3 months
    Overall Experience:

    Impressed with the efficiency of all handling our loan! They made it easy and kept us up to date and checked in to make sure we were doing all necessary for the process.

    Pros and Cons:

    • Efficient
    • Professional
    • Trustworthy
    • No “cons” were specified in this review

    Bottom Line: Yes, I would recommend this to a friend


  • Our experience refinancing our home

    • Length of Use: 2+ years
    Overall Experience:

    We will have to say that after this loan I would recommend Quicken Loans and Rocket Mortgage to everyone.

    Joe Malek was a pleasure to work with. We KNOW he is saying that was the hardest loan to get finished and is probably saying not another call from them. But he answered each and every call and tried to make everything run smoothly.

    He has the knack of making all is right in the world. He has a great personality over the phone. He laughed with us and cried with us but all came out right in the end.

    He was professional in every way and is a great asset to your company.

    If any of our friends or neighbors ask we will recommend him and his team to them.

    Thank you.

    Pros and Cons:

    • Easy to work with
    • Always available
    • Gets you the best deal possible
    • Still have to charge us

    Bottom Line: Yes, I would recommend this to a friend


  • New home without real estate agent

    • By James W.,
    • North Fort Myers, FL,
    • Jun 8, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    We were just looking for a new home while on vacation in Florida and a great opportunity presented itself sooner than we thought. Contacted Rocket as I have my current home which I am keeping with Rocket Mortgage. They qualified me within hours and we bid on this home without a real estate agent. We had a long lead time to close due to COVID-19, as the seller had to find a new home. Rocket worked with us and their support with out an agent was fantastic. All started on February 27th and closed on May 20th and at a great rate.

    Pros and Cons:

    • Speed of reacting
    • Helpfulness through the process
    • Suggestions on terms to get the best mortgage to fit our circumstances
    • Attention and responsiveness of my mortgage broker and coordinator
    • Dashboard online to keep up with the process
    • Hand off process with others at times was a bit cumbersome, maybe due to pandemic and most working remotely
    • Use of their sister title company Amrock was not ideal for both the seller and us

    Bottom Line: Yes, I would recommend this to a friend


  • Refi

    • By Wendy O.,
    • Henderson, NV,
    • Jun 3, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    It was excellent! Everything was so easy. Everything was done online except for one visit to our home from a Notary. We received regular updates online and was given to opportunity to call if we had questions. I would highly recommend this service to our family and friends.

    Pros and Cons:

    • How easy the whole process was
    • We received regular updates
    • It was mostly online
    • No “cons” were specified in this review

    Bottom Line: Yes, I would recommend this to a friend


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