What Is Rocket Mortgage?

By J.R. Duren
HighYa Staff
Updated on: May 28, 2018

Rocket Mortgage is an online mortgage lender from Quicken Loans that provides purchase mortgages and refinancing of mortgages you already have.

The company’s marketing places a heavy emphasis on how easy it is to use their site, how approachable they make mortgage information and, on top of that, how they have a consistent track record of excellent customer service.

Quicken Loans is based in Detroit and is the flagship name in the online lending business. Their lending services include mortgages, personal loans and more. Their services also include expense management, too.

In this review, we’ll talk about how Rocket Mortgage works, the types of loans the site offers and what their reputation is among customers and independent rating agencies. We’ll wrap up with a quick section on the site’s pros and cons, as well as who we think the site is good for.

How Rocket Mortgage Works

In most cases, Rocket Mortgage is an entirely online process through which you apply for your mortgage.

You’ll go to their site or their app and tell them where you’re at in the mortgage process. To make it simpler, Rocket Mortgage gives you three choices:

  • Researching how much you can afford
  • Getting a pre-qualification approval
  • Applying for a mortgage to buy your home

These situations are appropriate, in our opinion, because most homebuyers find themselves preparing to look for homes, actively looking for homes or putting an offer in on a home and, hopefully, hearing from the buyer that their offer is accepted.

If you’re preparing to start your home search, you want a rough idea of how much house you can afford. Rocket Mortgage’s estimation for how much you can afford actually has two parts: what you can afford and how much cash you’d need to buy a home, as paying for a house includes providing a good-faith payment, a down payment (in most cases) and closing costs.

We tested the “What you can afford” tool. The site asked us for the city and state in which we wanted to buy our home, our pre-tax income, monthly debt payments, how much we had for a down payment and closing costs and our credit score.

Based on the fictitious information we provided ($75,000 income, $1 monthly debt obligations, $10,000 down payment) the site told us we could afford a $79,000 mortgage.

What was interesting is that it seems like Rocket Mortgage bases how much you can afford based on your down payment, as the estimate they gave us had one specific section titled, “You need around this much for a down payment and closing costs: $10,000.”

We tested our theory by bumping up the down payment/closing cost cash to $40,000. Rocket Mortgage told us we could afford a $365,000 mortgage, which confirmed our theory.

This means that your credit scores and monthly debt obligations, according to Rocket Mortgage’s estimate tool, aren't’ nearly as important as how much money you can put toward closing costs and a down payment.

In reality, our research indicates that there are a wide variety of factors included in your mortgage amount, including your credit scores, your monthly debt obligations as well as what state and federal down payment assistance programs there are. The site also doesn’t seem to take into account loans that may not require a down payment.

Now, if you’re ready to move to the next step and get a pre-qualification/pre-approval, you’ll have to provide more concrete evidence of your debt obligations and your income. Rocket Mortgage will then take this information and draft an official letter that tells real estate agents the mortgage for which you can most likely qualify. Having this letter is a standard requirement for a serious home search.

The final step in their process is applying for a mortgage, which is a significant and time-consuming process in which Rocket Mortgage will do a deep dive of your finances and credit history, match those up with mortgages that fit your profile and then choose one that works best.

Rocket Mortgage will use your online account as the epicenter of your application; it’s where you’ll upload the documents they request and where you can keep track of where you’re at in the process. IT’s also where you can correspond with Rocket Mortgage customer service reps if you have questions about the process.

If you chose a bank or brick-and-mortar mortgage company, you’d most likely correspond with your loan officer via email and provide documents via email and/or the mortgage company's online portal.

Who Can Use Rocket Mortgage?

According to their website, the following types of borrowers can apply for a mortgage, although there is no guarantee Rocket Mortgage will approve your application:

  • Credit score of at least 580
  • Self-employed (process will be a hybrid of online and phone calls)
  • Condo purchases (process will be a hybrid of online and phone calls)
  • Military

There are certain types of purchases that the lender won’t provide loans for: mobile homes, prefabricated homes and new construction loans.

Types of Loans Rocket Mortgage Offers

Earlier we said that Rocket Mortgage provides purchase mortgages, refinancing and home-equity mortgages.

The four types of loans they offer are conventional, FHA, VA and Jumbo. Conventional loans are loans that aren’t part of a special government program.

FHA loans are loans the Federal Housing Administration provides. The down payments on these loans are 3.5 percent and the minimum credit score for that amount is 580. These loans come with certain requirements for the condition of the home, too, According to Investopedia, roof and attic issues, electrical problems and certain hazards may require fixing before the sale can take place, per FHA guidelines.

VA loans are loans from the Department of Veterans Affairs. Down payments are, in some cases, not required and the terms of the loan are designed to be helpful, financially speaking, for military families.

Jumbo loans are special loans created for homes that are significantly more expensive than the average sale price of a home in that state. They have slightly different requirements than FHA loans and VA loans.

If there’s one bit of advice we could provide here, it would be for you to research down-payment assistance programs in your state. There may be programs available that can help pay for some or all of your closing costs and there’s no guarantee that Rocket Mortgage will offer these programs as an option.

Rocket Mortgage’s Other Home Loans

In addition, to purchase mortgages, Rocket Loans will refinance existing mortgages you have. Refinancing is a popular option for those who can qualify for an interest rate that’s lower than what they received when the lender approved them for their first mortgage.

Reputation Among Customers and Independent Rating Agencies

According to their website, the company has been J.D Power’s top mortgage originator (the people who give you the mortgage) for the past nine years and the top mortgage servicer (the people who oversee your monthly payments) for the past five years.

J.D. Power is an independent research firm that polls past customers of companies from a variety of industries and then provides rankings for those companies based on customer feedback.

Their 2018 U.S. Primary Mortgage Origination Satisfaction Study ranked Quicken Loans as the top mortgage originator, beating out competitors like Fairway Independent Mortgage (#2), PrimeLending (#3) and others.

J.D. Power’s 2018 U.S. Primary Mortgage Servicer Satisfaction Study placed Quicken Loans at the top, too, where the lender beat out TD Bank and Huntington National Bank. In fact, Quicken Loans was the only company in the study to earn five “Power Circles”, which, according to J.D. Power, means the company is “Among the Best” as opposed to the “Better than most” four-circle ranking.

As far as customer reviews go, Rocket Mortgage has a stellar reputation in the Google Play and iTunes stores. At the time of publishing, the company’s Android app had an average of 4.4 stars from more than 2,300 reviews. Its iTunes app has an average rating of 4.8 stars from more than 29,000 reviews.

Our belief is that the combination of positive reviews from both mobile platforms as well as consistent excellence in J.D. Power rankings indicate that you will more than likely have a positive experience using Rocket Mortgage to get a mortgage.

The Bottom Line – Is Rocket Mortgage Right For You?

Based on our research, we believe that Rocket Mortgage’s greatest strength is its reputation. The fact that they’re an all-online mortgage lender isn’t anything new. However, it’s their dominance of customer reviews and independent rankings that seems them apart.

The site’s downside is that they don’t offer home-equity lines of credit or home equity loans, two products that are popular for those who want to leverage the equity in their home (what your home is worth minus what you owe).

In general, we think this is a great site for someone who wants the convenience of applying for a and processing a mortgage online without the hassle of phone calls and in-office visits. Keep in mind, though, that their site notes that self-employed individuals will have to participate in phone calls in order to complete their mortgage application.

However, if you’re someone who prefers face-to-face contact, wants to ask a lot of questions and wants to become an expert in mortgages, Rocket Mortgage may not be the best fit simply because you can’t have any face-to-face contact with the person or team who is processing your loan.

If you don't’ have a lot of mortgage knowledge but still want to use Rocket Mortgage, take a moment to read through our in-depth mortgage guides that employ the insight of experts and solid analysis to give you important takeaways for your home-buying journey:

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Read 257 Rocket Mortgage Customer Reviews and Complaints

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Average Consumer Rating: 4.5
Rating Snapshot:
5 star: 213 4 star: 14 3 star: 5 2 star: 6 1 star:  19
Bottom Line: 90% would recommend it to a friend
Showing 1-11 of 257
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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.
  • DO NOT USE THIS COMPANY!

    • Glenpool, OK,
    • Aug 20, 2019
    • Verified Reviewer

    Everything was fine when I started out, but when it was to the closing agent, everything went wrong. He would tell me and my title company that he had everything that he needs in order to close on my house by the date I requested. By the next EVENING, he would call me to say that he needed something else, but by the time he would call me, it was too late to contact who I needed and get it taken care of and eventually this caused the closing date to be delayed by 3 days. Unfortunately, this caused two other closings to be delayed and left everyone in a lurch. Terrible service and was lied to on several occasions.

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

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  • Acute mental distress

    • Pittsburgh, PA,
    • Aug 1, 2019
    • Verified Reviewer

    I sent all my paperwork in the first day. It's been about 6 weeks and all the underwriters have done is mess around with petty BS like the URL not being printed on the statement and it's now 2 business days before I was supposed to close and they have done nothing but cause acute mental distress and a logistical nightmare. Hate them and don't even care if I get the house now.

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

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  • 0 out 1 people found this review helpful

    Refi

    • Antioch, CA,
    • Jul 22, 2019
    • Verified Reviewer

    Well, the first day my sister-in-law helped me get started. From the start it was great. My agent was Kyle, what a beautiful young man. It was like he only wanted the best for me like he was my family. His communications along with his spirit were simply AWESOME. And anyone after him were as beautiful. My appraiser was great and also the young lady that did my closing. Quicken Loans/Rocket Mortgage was AWESOME to work with. I will continue to work with them in the future. Much love to you all.

    Thank you.

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

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  • 0 out 1 people found this review helpful

    Home purchase

    • Aledo, TX,
    • Jul 17, 2019
    • Verified Reviewer

    My husband and I purchased a new home in Aledo, Texas with a loan from Rocket Mortgage. The experience was so easy and painless! This was actually our second home loan from Rocket Mortgage as we also did a refinance on our previous home. The process of providing and receiving documents is very quick, easy, and reliable. The ease of the Rocket Mortgage technology greatly contributes to the ease of the entire process. Everyone we worked with was so helpful and courteous. Each step of the process was explained so we knew exactly what to expect. Post-closing, once our mortgage was available in Quicken Loans, again, the technology makes everything easy and accessible. We recommend Rocket Mortgage/Quicken Loans to everyone we know.

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

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  • 0 out 1 people found this review helpful

    Refinanced home

    • Florida,
    • Jul 13, 2019
    • Verified Reviewer

    I am very happy with the streamlined process and with Jake Bevilacqua at Quicken Loans. I was going to refinance years ago and I am glad I waited. Been in my home 13 years and bought at the height of the real estate boom then the crash...my home is finally worth more than I paid. They have made the process so easy and efficient for working people...no scanning documents, just link your info and they do the rest. I would recommend Jake and Quicken Loans to anyone who doesn't want a headache in this process.

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

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  • 1 out 2 people found this review helpful

    Great experience!

    • California,
    • Jul 10, 2019
    • Verified Reviewer

    Refinancing was extremely easy and very quick. Online application was easy, uploading documents was quick and efficient. From application to signing was eight days, close was three days later...AMAZING!

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

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  • 0 out 1 people found this review helpful

    AWESOME!

    • West Deptford, NJ,
    • Jun 27, 2019
    • Verified Reviewer

    From start to finish, Shane Hamper proved to be a GIANT asset to Quicken Loans. He ALWAYS answered my questions in a very timely manner, even on weekends! The time it took to get the entire process completed was also incredible! I cannot recommend Shane and Quicken enough!

    Thank you!

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

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  • 0 out 1 people found this review helpful

    Amazing experience

    • Holly Ridge, NC,
    • Jun 26, 2019
    • Verified Reviewer

    After seeing commercials for Rocket Mortgage, my wife and I decided to give it a shot. So glad we did! The application was very easy and the process was so smooth from start to finish. The lines of communication could not have been any better. Using the app keeps you up to date with what’s going on and what’s needed for the loan. Devon and Lindsay were awesome from start to finish. They always communicated with us and returned our calls or emails within minutes. We had no idea when applying for a mortgage the level of customer service we’d get from such a huge company would be this awesome. We closed on our home and couldn’t be happier with how flawless Rocket made it for us. Thanks again Devon Sommer and Lindsay Barlow!

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

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  • 1 out 1 people found this review helpful

    Read the fine print on your points - Quicken doesn't check to be sure their numbers are correct

    • Illinois,
    • Jun 21, 2019
    • Verified Reviewer

    Quicken's online application and portal are easy to use, and the banker assigned to our loan was easy to connect with at non-business hours. These were high points, and their rates were competitive.

    These were important selling points for us, and they were important. However...

    My loan estimate/closing disclosure was incorrectly calculated, resulting in the fee showing as an entire point higher than it should have, four times.

    Each time this happened, I was the one to catch it, and I had to be the one to call it out and request a correction. Each time, our banker apologized profusely and promised it would be corrected immediately. And, it was. But repeat three times, and it gets stale.

    This made me wonder how many other customers suffer this same issue, but don't notice it because they don't take the time to read every single piece of fine print like I do. Our banker always referred to it as some sort of glitch in the system, not calculating things properly. As I'm sure you can imagine, this got old quickly, especially because (as already noted) I was the one to catch this every time.

    Never once did our banker spot it first. The lack of pro-activity in this regard keeps me from scoring this review more highly.

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

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  • 0 out 1 people found this review helpful

    Quick, easy, and efficient.

    • Silverdale, WA,
    • Jun 20, 2019
    • Verified Reviewer

    This is our second loan through Rocket Mortgage (Quicken Home Loans) and they again continue to exceed expectation. Our loan manager was prompt, courteous, and walked us through the easy process. 99% of everything is digitized, which is convenient for our lifestyle. We don't have to take time off of work or away from family to go into a building to turn paperwork in. We scan necessary documents, upload them, and we're done. We will continue to come back to Rocket Mortgage for our needs.

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

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  • 0 out 1 people found this review helpful

    Best refi ever!

    • Fresno, CA,
    • Jun 18, 2019
    • Verified Reviewer

    My previous experiences (with other lenders) were nightmares. That being said, I was dreading going thru the refinancing process. We started the process online with Quicken.

    This turned out to be the best experience ever because:

    1. The online interface is simple to use and easy to see what needs to be done next.

    2. When we did have phone call interactions, the Quicken Loans rep knew us by name and was familiar with where we were in the process. We weren’t ever put on hold, or transferred. It was as if they actually knew who we were and cared about us.

    3. Each part of the refi process was broken down into steps. Each step was communicated to us along with an estimated time frame for completion. We also were informed about what was going to happen next. It was such a relief not to be stuck out in refi limbo.

    4. Several refi options were presented to us. We had a basic idea of what we wanted going into the process, but really appreciated having those options available. Made me feel like I was able to pick the best option for us - without pressure or haggling.

    5. When it came to signing papers - we did that in our own home. Our signing took about 30 minutes, and the notary was friendly and knowledgeable. Yes please!

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

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Showing 1-11 of 257

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