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Rocket Mortgage

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Rocket Mortgage

Overall Rating

4.5

695 Customer Reviews

Summary

Rocket Mortgage has an excellent reputation for customer service and ease of use, as well as a unique in-house mortgage for which you can choose the length of repayment.

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Rocket Mortgage Review: A Detailed Look

By J.R. Duren

Updated on: Dec 3, 2019

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 website 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.

In this review, we will walk you through Rocket Mortgages rates and fees, the types of loans it offers, the application process, and what customers say about their experience, to help you decide if this lender is right for you.

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.

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

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, Rocket Mortgage offers a “Rate Shield” on 30-year, fixed-rate conventional, FHA, and VA loans.

Rocket Mortgage locks in the rate you get when their underwriting department 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.

Loan Types

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 for 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 service members.

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.

Loan 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 monthly payment projects are general. Also, it won’t require a credit check.

These are very rough estimates and most likely won’t reflect the actual loan you get from Rocket Mortgage.

Application Support

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

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

Customers have left extensive feedback about their experiences with Rocket Mortgage here on our website. The company has an average rating of 4.5-stars, with 88% of reviewers indicating that they would recommend Rocket Mortgage to a friend.

Common Compliments:

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

Common Complaints:

  • “Online” process required phone calls
  • Poor communication with an 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

The company has an excellent reputation for customer service. HighYa reviewers and J.D. Power give the company excellent ratings.

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.

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.

You’d have to get quotes from multiple lenders to find out how good of a deal you’re getting from Rocket Mortgage.

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.

Customer Reviews

4.5 Stars out of 695 Reviews
5 Star:80% 4 Star:7% 3 Star:3% 2 Star:2% 1 Star:6%
89% Recommend This Company
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This company is actively collecting reviews from its customers. All reviews submitted are subject to moderation and approval to ensure they meet our Review Guidelines.

Posted on Sep 21, 2022

Organized with all answers

By Jennifer P., Berlin, MD, Verified Reviewer

Jessica Callahan is the reason we keep coming back to Rocket. The process was seamless and responses were immediate. In the market now, you need a fast response more than ever or you could lose the house. Jessica and Geneva made that happen for us. Great Team!

Length of Use: 2+ years

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

Posted on Sep 11, 2022

Very helpful & informative

By Nicholas F., Locust Grove, VA, Verified Reviewer

Both Chris and Jennifer were a pleasure to work with! From the first phone call introduction with Chris, to the handoff with Jennifer, thru closing was a very smooth process and transition. If I had known it was going to be this easy, then I would've sold my house years ago!

Length of Use: 2+ years

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

Pros and Cons

Attentiveness

Responses

Smooth process

Interest rate provided

Posted on Sep 7, 2022

New loan experience was a breeze

By John C., Seymour, TN, Verified Reviewer

We had re-fied a few times with Rocket, and recently had our first experience with Rocket when purchasing a new home.

The entire process went smoothly. The entire Rocket team was extremely helpful from day one all the way through the follow-up calls I received a few weeks after the closing.

Highly recommend Rocket.

Length of Use: 2+ years

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

Pros and Cons

Ease of use

Friendly helpful staff

Online dashboard

No “cons” were specified in this review

Posted on Sep 7, 2022

Great job

By Albert H., New Jersey, Verified Reviewer

Fast, easy, and professional as advertised. I would highly recommend Rocket Mortgage. They will be my go-to mortgage company.

Length of Use: 6–12 months

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

Pros and Cons

Professional

Friendly

Fast

No “cons” were specified in this review

Posted on Aug 20, 2022

Great experience

By Michael M. , Saint Clairsville, OH

We had an amazing experience working with Jed Bulson and the team on the purchase of our new home. Jed was very knowledgeable and kept us updated throughout the process. He is a gem.

Length of Use: 2+ years

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

Pros and Cons

Knowledge of processes

Speed of communication

Professionalism and courtesy of staff we worked with

No “cons” were specified in this review

Posted on Aug 20, 2022

Great experience

By Jennifer L., Pueblo, CO, Verified Reviewer

We had a great experience with Rocket Mortgage. All the people we worked with were very professional and super helpful, and things went much faster than we expected. Closed two weeks early!

Length of Use: Less than 3 months

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

Posted on Aug 18, 2022

Only company with whom I worked

By Joanne R. , Cleveland, TN

From the start of the first phone call, you can work with your representative to get all your information in and work with their assistance to complete the paperwork and signatures online. So you practically get your loan approved in one day

I called them on Monday and had my money in hand by that Friday on one of my 4 transactions with them. They are always so knowledgeable and work to do exactly what you need. I have used their services at least 4 times.

Length of Use: 2+ years

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

Pros and Cons

Fast

Knowledgeable

Polite and enthusiastic about helping you

Hate paying the amount to open the loan

Posted on Aug 17, 2022

Easy to work with

By Richard B., Wisconsin, Verified Reviewer

They keep you up to date with the process until the end.

Everything ran smoothly. Easy to work with. The transaction went well!

Highly recommend their services!

Length of Use: 2+ years

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

Pros and Cons

The professionalism of the staff

No “cons” were specified in this review

Posted on Aug 1, 2022

Excellent service and attention to detail

By Leighann F. , Doylestown, PA

Rocket Mortgage is top-notch! From the first moment I inquired about a possible mortgage loan to after our loan closing (in less than a month!), we had 100% positive experiences. Every single Rocket Mortgage associate that we worked with was incredibly responsive, knowledgeable, efficient, and focused on making everything easy and stress-free! Also, a week after we closed, our loan associate called us personally to congratulate us and wish us years of memories in our new home! That level of detail meant so much to us! If we need another mortgage loan in the future, we will ONLY be using Rocket Mortgage!

Length of Use: 1–2 years

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

Pros and Cons

Responsive

Solution-oriented

Friendly

Helpful

I wish they could have used past data/records/information from a refinance that we had done on another property 7 months prior

Posted on Jul 27, 2022

The last finance

By Edward H., Manchester, NH, Verified Reviewer

The refinance went very well. No major hurdles. Dealing with the different agents went pretty well. Each had a piece of the puzzle, but we made it work.

However, with everything being paperless these days it seems strange that they still used paper checks in order for me to pay off some bills. From the time we closed until the checks arrived, the account balances were lower than the checks. Mailing the individual checks takes longer, and I'm still showing one account still open and payment due. Money sent directly to the accounts would solve this problem and make life easier for me.

Length of Use: 2+ years

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

Pros and Cons

They were fast on getting it done.

With everything being paperless these days it seems strange that they still used paper checks in order for me to pay off some bills.

Posted on Jul 23, 2022

Refinance

By Kimberly C., McDonough, GA, Verified Reviewer

They stuck with me all the way. We got some bumps, well, many bumps. But they never gave up. They helped figure out how we could get the refinance done and we did. They are an amazing team!

Length of Use: 3–6 months

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

Pros and Cons

The people

The way they do things

Always honest

No “cons” were specified in this review

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