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Rocket Mortgage

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Rocket Mortgage

Overall Rating

4.4

435 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

4.4 Stars out of 435 Reviews
5 Star:75% 4 Star:8% 3 Star:4% 2 Star:3% 1 Star:8%
87% Recommend This Company
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Posted on Feb 27, 2021

Smooth and painless

By Hailey L., Lakebay, WA, Verified Reviewer

This was the quickest, easiest, and painless refi we’ve ever done! The app is incredibly informative and kept me up to speed on what was happening with the loan.

Length of Use: Less than 3 months

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

Pros and Cons

Quick

No “cons” were specified in this review

Posted on Feb 24, 2021

Excellence

By Manuela F., Canal Winchester, OH, Verified Reviewer

I was impressed on how efficient everything was from beginning to end. Very professional and quick response to phone calls.

Would highly recommend for purchase and refinance. The banker I dealt with, Michael, was superb and had excellent communication skills. Thank you for a smooth transition with our refinance.

Length of Use: Less than 3 months

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

Pros and Cons

Efficiency

Professional

Courteous

No “cons” were specified in this review

Posted on Feb 23, 2021

Customer service

By Kara B., Alexandria, IN, Verified Reviewer

Dan and the rest of the Rocket Mortgage team kept me informed every step of the way. They made it a quick and painless process. We are very satisfied with our experience.

Length of Use: 2+ years

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

Pros and Cons

Seamless process

Most of the paperwork was completed online

Assigned one contact person

No “cons” were specified in this review

Posted on Feb 23, 2021

Love Rocket Mortgage

By LaDonna H., Phoenix, AZ, Verified Reviewer

So happy I switched to Rocket Mortgage! It is easy to do transactions, see my account and pay my mortgage! I have recommended them to friends several times. This has been less of a hassle than the traditional sit-down method!

Length of Use: 2+ years

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

Pros and Cons

Convenient

Friendly and helpful staff

Communication

Hubby’s signature line was on my login which confused me

Posted on Feb 23, 2021

It's easier on TV.

By Steve O., Loudon, TN, Verified Reviewer

Overall not bad. Too often attachments seemed to get lost. I'm glad that I copied our original contact on everything. A lot of back and forth with our trust. It was difficult to speak with our second contact person. Voice messages and emails took several days before we heard back about several issues. The independent closing agent was great but we still haven't received our final closing documents and deed. Final thought is after going over all the numbers, it still looks like we are owed about $270.00.

Length of Use: 3–6 months

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

Pros and Cons

Our original contact Mike Calhoun was great.

The website gave us poor numbers and then all the calls started from Quicken to tell us they could do better.

Somehow attachments were lost several times.

Delays from our contact when questions and answers were going back and forth.

Posted on Feb 23, 2021

Best company ever!

By Susan I., Pennsylvania, Verified Reviewer

Loved every moment. Great customer service. The whole process was smooth. Patient with the customer while they are looking to send in their documents. My thanks go to Bill, my loan officer, he guided me through the process, very diligent and smart, he definitely knew what he was doing.

Length of Use: 3–6 months

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

Pros and Cons

Patience

Quality work

Keeping their word

No “cons” were specified in this review

Posted on Feb 23, 2021

Home buying process as easy as 1, 2, 3!

By Thomas D., Halethorpe, MD, Verified Reviewer

From start to finish my team went above and beyond to help me with absolutely anything and everything. From reaching out to the seller's side when issues arose, to making sure I understood each step, and making sure I closed on time, the whole process with Rocket Mortgage was amazing! 10 out of 10 recommend!

Length of Use: Less than 3 months

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

Pros and Cons

Knowledgeable

Responsive

Genuine care for the client

No “cons” were specified in this review

Posted on Feb 22, 2021

Very slow process

By Lonnie F., San Francisco, CA, Verified Reviewer

Very slow process with long periods of inactivity. Multiple re-submissions involved due to the slowness of the process. Very little communication during these delays (other than the communication initiated by my asking what you all were doing that was taking so long). Now using Better.com for a different refinance of an investment property I own - cleaner, smoother, and faster process with much better communication.

Length of Use: Less than 3 months

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

Pros and Cons

Online portal

Slow

Long periods with no communication

Repeat submissions required of updated docs

Posted on Feb 20, 2021

Mortgage

By Chris S., Wurtsboro, NY, Verified Reviewer

Everyone at Rocket Mortgage was so helpful throughout the entire process. The mortgage dashboard was so easy to check your status on your loan. I will definitely recommend Rocket Mortgage!

Length of Use: Less than 3 months

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

Pros and Cons

Customer service

Easy to navigate

Always in contact

No “cons” were specified in this review

Posted on Feb 19, 2021

Fantastic

By Megan B., Tucson, AZ, Verified Reviewer

We couldn't be happier with their customer service and professionalism. We were continually updated throughout the entire process and never left to wonder what was needed or where we were in the process. Took less than 3 weeks from start to finish. We would highly recommend!

Length of Use: Less than 3 months

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

Pros and Cons

Professionalism

Respectful

Timely

No “cons” were specified in this review

Posted on Feb 18, 2021

Couldn’t be easier

By Derrick H., Colorado Springs, CO, Verified Reviewer

The ease of the loan process is impressive. My refi was relatively simple but I never thought it would go as quickly and as painlessly as it did.

Length of Use: Less than 3 months

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

Showing 1-11 of 435

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