About Rocket Mortgage

Launched in late 2015, Rocket Mortgage represents a fast, powerful—and completely online—mortgage and refinance experience that claims to “put the power in your hands.”

In fact, Rocket Mortgage’s parent company, Quicken Loans, claims they’ve reinvented the mortgage process by providing customers with loan approval in a matter of minutes. Simply answer a few quick questions and share your bank statements and paystubs, and Rocket’s proprietary software will pull your credit at no cost, while handling everything else.

In the end, Rocket claims to provide customers with an “intelligent, customizable mortgage solution” that’s custom built for your unique situation, and based on today’s rates. And although the Rocket Mortgage process is handled completely online, experts are always available to answer any questions.

Whether you’re looking to buy a new home or refinance your existing one, there’s no doubt that Rocket Mortgage’s ease of use is extremely appealing. After all, most of us have heard about (or experienced firsthand) the mountains of paperwork and glacial pace associated with most mortgage approvals.

When it comes down to it though, what can you realistically expect with Rocket Mortgage? Does it really represent something new? Are there better options? We’ll explore all of these questions in this review.

Now, since Rocket is owned by Quicken Loans, and they both provide mortgages, the first question you might have is: What’s the difference?

What’s the Difference Between Rocket Mortgage & Quicken Loans?

According to a November 2015 TechCrunch article, the Quicken Loans team started with the goal of helping someone obtain a mortgage while standing in line for coffee (it might need to be an extra long line though, as we’ll discuss next).

Currently, if someone wants to apply for a mortgage, they may be able to start the process by entering some of their information online. However, this information is then just sent off to a loan officer, who will begin the manual process of verifying income, etc. In other words, the same old thing you’ll find with most other lenders.

Instead, after 5 years of development using a team of 450 people (more than 1,000 people were involved in total), Quicken Loans released Rocket Mortgage at the end of last year. To accomplish their goal, Rocket Mortgage’s software crunches complicated numbers in a matter of seconds, while manually verifying information (such as asset and employment data). Then, customers will be able to see their interest rates and fees, as well as how changing the interest rates would affect their fees.

Rather complete the process on your phone? According to the company, Rocket’s software works just as well on mobile devices as it does on your desktop.

In a nutshell, Rocket Mortgage was developed by Quicken Loans to streamline the application process and make it easier, as well as provide complete transparency, without being required to talk with anyone

Let’s take a high-level overview at how the Rocket Mortgage process works.

The Rocket Mortgage Pre-Approval Process

To apply for a Rocket Mortgage loan, you’ll first need to create an account by entering your name and email address, and then choosing a password.

From there, you’ll move through a set of 8 different questions, such as:

  • Do you currently own or rent?
  • Do you already have a home picked out? Do you know how much you want to spend?
  • Are you married? If so, will your spouse be on the loan?
  • Where do you work?
  • … and more.

Depending on your answers to each of these questions, the remainder of the application will be tailored to suit your needs.

Rocket Mortgage Application ProcessThe Rocket Mortgage application process seems simple and straightforward, with much of the heavy lifting handled in the blink of an eye.

Remember how we talked above about everything being automated? As you’re entering information into the Rocket system, a whole lot’s going on behind the scenes.

For example, if you enter the address of a property you’re thinking about purchasing, Rocket’s system will automatically pull relevant information like tax history, assessments, and more. Similarly, after entering your personal information, the system will automatically search for your employer. Even once you reach the asset and credit information section, this information is verified in real-time using publically available information, as well as having each customer log in to their bank account directly through the app.

After you’ve completed the process (which will probably take less than 10 minutes, so it better be a long line for coffee!), Rocket Mortgage’s software will display the mortgage solutions you qualify for. At the bottom of the page, you can adjust sliders to immediately see how interest rates affect fees.

Like what you see? Press the button at the bottom of the screen to lock in your rate and send your application off for approval. From there, you should receive a response within about 30 seconds. If approved, you could close in as little as a week (depending on the speed of third-party vendors, of course).

Sure, this all sounds great, but does Rocket Mortgage’s application system work seamlessly in the real world?

Does Rocket Mortgage Work?

If you search online for Rocket Mortgage reviews, except for in-depth articles like the TechCrunch one referenced above, most of the results that appear will be related to the parent company Quicken Loans. And of those specifically related to Rocket, very few talked about the overall process.

With this in mind, TIME quoted Rocket Mortgage’s Product Lead Regis Hadiaris as saying:

“We can customize solutions based on income, assets, property, our products and pricing, interest rates, and underwriting guidelines,” Hadiaris says. “The system figures out the very best option for each client. No more assumptions. It’s true clarity in the process.”

However, this transparency doesn’t necessarily guarantee that you’re getting the “very best option.” As DoughRoller.net noted, although Rocket’s application and approval process might be much faster than with traditional mortgage lenders, this could create a big disadvantage; namely, that borrowers may take out a loan with a higher-than-necessary interest rate, potentially costing them thousands. Similar concerns were also expressed by RateZip.com.

In other words, Rocket Mortgage isn’t a comparison engine like Guide to Lenders, Fetcharate, or Better Mortgage, so you should still shop around to ensure you’re getting the best possible rate.

Related: Good Credit Score & How to Get There

From a company perspective, Quicken Loans seemed to have a mostly positive online customer reputation—considering that they boast about 6% of the total market share—with an A+ Better Business Bureau rating (as of 4/26/16). Of the company’s 1,300+ complaints, most seemed to reference problems with the product or service, although no further details were provided.

As we mentioned earlier though, Quicken Loans is one of the top players within the mortgage industry—certainly the biggest name in online home lending. They’re widely known for their top-notch customer support, and have won numerous awards from JD Power for #1 Client Satisfaction.

Now, the ultimate question is: Should you use Rocket Mortgage?

Is Rocket Mortgage Right for You?

Whether or not Rocket Mortgage—or any home lender, for that matter—is right for you depends primarily on your needs. Are you looking for near-immediate approval? Do you loathe the thought of having to speak to a loan officer? Have you already shopped around, so you can quickly compare Rocket Mortgage’s rates with leading competitors? In these instances, the benefits offered by Rocket Mortgage might be right up your alley.

On the other hand, is this the first stop in your mortgage journey? Are you self-employed with fluctuating income levels? Did you start a new business in the last year or so? Do you have poor credit? Looking for a loan to purchase a second home? In these instances, Rocket Mortgage might not be able to help you—or if they can (such as someone who’s self-employed), additional verification might be required, negating any potential time savings.

The bottom line is that Rocket Mortgage represents a huge leap forward in home lending technology, and there’s currently nothing out there quite like it. Whether or not this translates into something meaningful, though, depends on your specific circumstances.

Sign Up for HighYa Newsletter

Sign up for HighYa newsletter and get our best content delivered in your inbox as well as 3 free eBooks to help you save money and shop smarter. Enter your email below to get started!

172 Consumer Reviews for Rocket Mortgage

Average Consumer Rating: 4.5
Rating Snapshot:
5 star: 140 4 star: 12 3 star: 4 2 star: 4 1 star:  12
Bottom Line: 90% would recommend it to a friend
Showing 1-11 of 172
Sort reviews by:

  • Editor’s Note: It is our understanding that this company has been asking its customers to leave feedback on HighYa. We assure you that each of these reviews has still been subjected to the same verification & vetting process that all submitted reviews go through. Learn More Here
  • Communication and automated orders need major improvement

    • Fort Worth, TX,
    • Nov 16, 2018
    • Verified Reviewer

    From the beginning, I had an extremely difficult time getting estimates from our banker. We were first-time home buyers looking for a house - I needed to know what we could realistically afford. I had to ask for a standard breakdown of ALL closing costs (what all costs are included, not dollar amounts), if it included the earnest money, and even had to list out "what would a standard mortgage payment would be for - $170k, 180k, 190k, 200k, 210k, 220k, 230k" because I was not being given any dollar amounts. After the pointed question, I got an acceptable answer.

    We want to put an offer on a house! We have the address. I ask for an estimated mortgage payment amount. The paraphrased conversation is as follows:

    "Do you have a home insurance quote?"

    No, obviously not. We haven't put an offer in on the house.

    "If you can get a home insurance quote..."

    Not going to happen, we haven't even put an offer in on the house.

    "I really need the home insurance to give you an accurate quote..."

    I DONT NEED A QUOTE. YES, insurance varies from city to city. YES, it varies on if it's in a floodplain or not. I'm aware of all of this, I HAVE done my own research, believe it or not. I want an estimate. Use the average in Texas. Use a number higher than the average in Texas. I really, really don't care, I just need a ballpark amount to see if we can afford this house.

    "But taxes..."

    You also have access to look up tax records. So do I. But this is your job, not mine, and I'm not going to do your job for you.

    At this point, I'm irritated. I'm being asked to get quotes on home insurance and put an offer in on this house without being given an ESTIMATE, an IDEA of what my mortgage may look like. I was ready to walk away and find a new lender. I know our banker wanted to give us the most accurate information possible and I highly believe this is a result of Quicken Loans training, but these expectations are entirely unrealistic. Keep in mind this is still BEFORE we put an offer in on the house!

    Our banker was good at fixing things when I put my foot down and clearly laid out my expectations as a consumer and what I expected of him, making it clear that I don't play games, I'm not a pushover, and I'm not afraid to switch companies because this was not as easy as I was told by a family member who also used Quicken Loans. For an online company, communication is the most vital part of the entire process, and it's what this company is severely lacking the most.

    But we love the house, so we put an offer in and keep working with Quicken Loans. We are now in our 10-day option period. Phone call after phone call, I request text or email because I also have a job to do, and I'm not ceasing what I'm doing to make your workday easier or a little more convenient, and to talk through something that I can read for myself. Send it in a text or email, and I'm more likely to respond HOURS faster! So our banker did.

    Then I get Grace. Grace doesn't make it clear that we will still be working with Joe - I like Joe. I may have to pull information out of him piece by piece, but I trust that he's honestly just trying to do his best. But he's a banker, not a communications person, so I also understand that.

    Friday, 5 p.m., I get a text from my realtor who is on vacation that an appraisal has been ordered for our home. DURING our option period, BEFORE our home inspection, TOMORROW (a Saturday). We were notified by the other realtor because that is completely unusual. I look at my emails - no notification from Quicken Loans. But see, I'm still at work. So I have to wait to call an associate realtor that is in the office. He tells me to get a hold of someone and have them cancel it because it was our LENDER that ordered it (first time home buyers - I wasn't sure who ordered it). So I try to get a hold of Grace. No answer. I call Joe's work phone - no answer. So I call Joe, on his cell, at home, and he has to get online and cancel the order.

    1. It was an "automated order." To the Quicken Loans Software Team: Cancel that automation crap RIGHT NOW. I was so livid - that is essentially "my money" that you're spending by ordering an appraisal that we don't even know that we WANT yet because we haven't had the house inspected! If we were to back out of that contract and you ordered an appraisal without my approval or consent, you best believe I would not be paying for that.

    2. I got a response from someone "on behalf of Grace." Excuse me? No. That is the worst kind of customer service - basically "Grace doesn't want to deal with this, so I'm responding to you instead." Honestly, with that kind of service, I'm surprised anyone thinks this is an "easy process" unless they want to be completely hands-off the entire thing - which I am not that kind of person.

    3. I demanded that any decisions that would cost the buyer money be communicated to us for our approval first.

    The next day, my husband gets a call from customer service because he got onto our account and rated our experience so far as low as he could. He doesn't rate anything or give bad feedback EVER, so I was shocked when I found out that he was mad and frustrated for me (since he works in a classified area and is unable to handle the daily tedious tasks and communications). Talking to that rep, she said she bought her house through Quicken and she had the same communications issue. Cool - so it's a training problem. Management - take note. Your customer service training program for bankers (numbers people, not comms people, so this needs to be intensive and continuous) and loan specialists (I have no excuse for them) is AWFUL.

    Then Grace was replaced by Sasha. I made it clear that email and text are the best and only ways to communicate with me effectively (by now, that's so I can keep a written record of all communications). Sasha was great. I relayed to Joe when we were ready for our appraisal and asked for notification of when it was scheduled.

    I didn't get that notification.

    I relayed frustration to Sasha that I was not getting communicated to the level that I expected and was highly frustrated. FINALLY - Sasha turned off ALL automation so that she would personally email me updating me on various events.

    Does that take more company time?

    You betcha.

    Does that make the customer feel that people are actually looking at and taking care of the loan process instead of letting "automation" do all the work for them?

    Absolutely.

    Communication between Quicken and our realtor was also poor. She noticed they were great in the beginning and then stopped sending her the information that was being uploaded into our account.

    From then on, it was smooth sailing. But of course, from then on, there was nothing left to do except to close. I feel that I kicked and screamed my way through this entire process to get people to READ notes, to do due diligence, and even do their JOB. Just because it's an online company does not mean customers want to be hands-off. It means I don't have the time or ability to visit a brick-and-mortar building and expected a higher quality of communication.

    Will I use Quicken Loans again?

    Only if every single rep communicates with others assigned to the account of my communication preferences, expectations, and turns off the DANG AUTOMATION. So, probably not.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Great company!

    • Springfield, OH,
    • Nov 16, 2018
    • Verified Reviewer

    It was really easy to go through the process. The staff were attentive and answered all questions with patience and consideration. Everyone we worked with was courteous, and the overall process was amazing! Closing was done in my home and uploading documents to them was easy! Refinance rate was good, definitely would recommend to my friend and family.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Great experience but...

    • Texas,
    • Nov 15, 2018
    • Verified Reviewer

    Rocket loan was a pleasure to do business with. The use of technology, knowledgeable people, and communications made it easy.

    One thing that I found was that my wife was treated as a gender minority in the transaction. Especially at the closing. This was not an overt act, but my wife owns half of everything but was not treated as an equal. This needs to change to address both parties equally.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Couldn’t be happier!

    • Spring, TX,
    • Nov 15, 2018
    • Verified Reviewer

    From the very beginning, Mo was a pleasure to work with! From helping us through the process of selling our existing home as well as setting everything up for our new home, we couldn’t have asked for more! He’s a true asset to your organization.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Excellent staff to work with

    • Albuquerque, NM,
    • Nov 14, 2018
    • Verified Reviewer

    Amazing staff, well explained docs. Jeff and staff did explain every step that we were taking and executed in a professional and timely manner. I would recommend Jeff and all his staff to any of my family or close friends.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Incompetent and inflexible

    • Seattle, WA,
    • Nov 14, 2018
    • Verified Reviewer

    Quicken was not able to effectively handle a routine mortgage loan. James P made multiple mistakes and misinforming us, which ended up costing us more money and delayed our closing date. Quicken was unwilling to reimburse any of the wasted funds, despite the charges being their fault.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • My personal miracle

    • Glendale, AZ,
    • Nov 11, 2018
    • Verified Reviewer

    I was in an EXTREMELY bad loan. Cleverly worded so that after almost 8 years the house wasn't even recorded in my name! I applied to Quicken online and the response was that I owned no property. If it hadn't been for KIARA THORNTON repeatedly calling me until I finally picked up the phone (I had given up hope), I would have lost my house, just having been picked up by a predatory lender to add to the mess. Between Kiara, Vanessa Larkins and Vanessa at Amrock battling (literally, my mortgage holders did not want to cooperate, to put it politely), I get to keep my 103-year-old house that I love to death! The most incredible service, the most polite people, they were comforting me through my stress and distress. AMAZING people, AMAZING service and in light of how incredibly difficult this was to deal with, ASTONISHING and EUPHORIC outcome! I will NEVER be able to thank KIARA, VANESSA, and VANESSA for what they have done for me.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Refi - Rocket Mortgage

    • Aurora, CO,
    • Nov 10, 2018
    • Verified Reviewer

    Awesome experience - very quick and efficient. Super glad I refinanced my house - easy and closed under two weeks - from the day of my application to my closing date and disbursement date.

    I would definitely recommend this service to others! I also liked the feature that I had the option of either talking to someone or emailing. I prefer the email format, and that worked very well for me.

    Again, thank you.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Great experience

    • Canton, MI,
    • Nov 10, 2018
    • Verified Reviewer

    From start to finish, the process was easy and convenient. Customer service was excellent and online process was quick and easy. My favorite part of the process was that we were able to close at our home. All I have to say is, wow!

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Unexpected experience

    • Coral Springs, FL,
    • Nov 7, 2018
    • Verified Reviewer

    When I started this process with Rocket Mortgage, I did not know what to expect. You see the commercials and you think...is this hype just to get my business. Well, I'm here to say that it is not hype. This summer my wife and I decided to move from our current home and put it on the market. So I went on Rocket Mortgage and went through the loan qualification process, and we were approved for the amount we wanted almost instantly. With that, we waited until we listed our home. Well, our house sold faster than we expected. So we had to scramble and find something right away. We did and really wanted the place, but the seller wanted to close quickly...less than 30 days. We were concerned because our realtor said that typically does not happen. Well, surprise, surprise, it did. The personnel at Quicken Loans was very helpful and knowledgeable and moved the process right through, and we closed within the 30 days that the seller had requested. We do not think this would be possible without the assistance of the Quicken Loan reps. Thank you!

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


  • Good experience

    • Heyburn, ID,
    • Nov 4, 2018
    • Verified Reviewer

    I was a little reluctant to refinance my home with Rocket Mortgage. Then after I started the process, I was going to back out. But then I talked to Christine McIntyre and she explained everything to me and answered all my questions. She was very helpful. Very nice lady! We have closed on my mortgage and I am very happy with the results. Thank you.

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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


Showing 1-11 of 172

Write a Review for Rocket Mortgage!

Share your experience to help others shop smarter & discover great products.

Write a Review