About Rocket Mortgage

By HighYa Staff

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.

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Read 231 Rocket Mortgage Customer Reviews and Complaints

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Average Consumer Rating: 4.6
Rating Snapshot:
5 star: 193 4 star: 14 3 star: 5 2 star: 5 1 star:  14
Bottom Line: 91% would recommend it to a friend
Showing 1-11 of 231
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  • 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
  • Much better than anticipated

    • Hastings, MI,
    • May 16, 2019
    • Verified Reviewer

    Hands down the easiest mortgage experience I’ve ever had. Staff at Rocket Mortgage went above and beyond to get this deal done, and the loan closed in around 30 days, exactly as promised. Great product, clear direction and information. Perfect for those who don’t have a lot of time. They stayed in contact with myself and my realtor every step of the way. Will definitely use them again!

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

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  • Deal of a lifetime with the communication of Hellen Keller

    • Metairie, LA,
    • May 15, 2019
    • Verified Reviewer

    My wife and I received a fantastic deal with help from low mortgage rate at the time. Again, couldn’t be happier with the outcome of the costs. However, when it comes to communicating it was just shy of embarrassing. For example, we found out 24 hours before we were supposed to close that it would be in 24 hours which was the wrong date from "expected closing" if only my representatives would have read that the date was 4/25 as requested by the owner...a month before. I also caught the 1st guy Brandon trying to bait and switch me with the origination price, after he was so fast to have my wife and I e-sign everything. I have to assume he’s a used car salesman because he specifically said our loan wouldn’t be sold off to another party. Well, that took about a week. If an HR representative reads this they should listen in on what he tells customers, just my recommendation. After he was caught dead to rights I said I wouldn’t move forward unless his manager steps in. He did, said some nonsense about "after 12 am the rates didn’t lock." I guess the e-signature on the document labeled "rate lock" doesn't mean what it implies. Next, I was handed off to a woman named Kim, for the situation she did as good as someone could. Her miss was on straightening out my homeowner's insurance that Brandon whiffed on. If anyone needs evidence of these events I made a copy, but they should all be in the original documents with the loan. I'm only recommending this because of the monetary deal we got, I felt I was in a timeshare presentation for the remainder.

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

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  • Great service

    • Brookfield, WI,
    • May 14, 2019
    • Verified Reviewer

    All agents that I worked with made themselves available at all times of the day which was great in the fast-paced market in my area. They were great about communicating with me and answering all my questions. They explained the entire loan process in a way I could understand, I trusted them.

    The website and app were extremely easy to use. It was nice to have a central place to upload all of the necessary documents and background information. The notifications were great so we wouldn't lose any time. Thank you Rocket Mortgage for helping me get in my first home as a single parent!

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

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  • Approval was easy but from that moment to closing it was a complete nightmare

    • Clearwater, MN,
    • May 14, 2019
    • Verified Reviewer

    I don't like to do this; being in sales for as long as I have and apart of a customer service oriented group I understand that obstacles comes up and sometimes the ish hits the fan. In this particular case, I do not believe bad luck, or accidental circumstances were the culprit, instead it was negligence, lack of basic banking knowledge and a group of associates that know less of the mortgage process than this customer. Granted my experience is heavy in commercial lending and I have a strong banking background spanning many years, but the actual process of keeping me informed to the inability to understand state-specific requirements was baffling.

    To be more specific, my loan changed...multiple times. I mean my specific product I was sold due to the banker's lack of knowledge in regards to their own policies on approval methods. The next headache came from my actual closing costs - this was on both Amrock, the sister company to Rocket Mortgage for the title company, as well as Rocket Mortgage themselves. They worked together to be wrong at the same time and refused to listen to reason, information I sent them links to for Minnesota and more. It took intervening by my buyers for my home's title company to get them on the same page and even with that they ultimately didn't adjust their numbers and I had to take my closing on the sale into my own hands by calling my buyer's title company directly and begging them to fix the issues to which the lady over there actually did! She didn't need to do that over at TitleSmart in Forest Lake, MN, but she did it all and fixed everything as far as costs were concerned and what party paid for what.

    My largest concern from all this isn't even for me, but rather for the hundreds of thousands of people who have far less than I do that may have been screwed out of their hard earned money. I legit think that Amrock owes customers hundreds of thousands of dollars if not millions in refunds for costs that they made their clients pay that didn't exist. You would think part of that was just Amrock, but no, Quicken was just as much a part of my emails and phone calls and their insistence that I was wrong when I ultimately was right is why you should never choose to work with Rocket Mortgage along with their sister company for the title.

    The ease of the online application and approval process was completely void after the headaches that followed. Don't make my mistake - go with your local bank.

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

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  • Short close process

    • Sugar Land, TX,
    • May 14, 2019
    • Verified Reviewer

    The close process was super short. The team worked weekends and holidays to expedite the process. There was great communication via e-mail, text, and conversations with myself, real estate agent, and the title company. I was even given a credit of $1k for being a returning customer. Overall experience was fantastic! I definitely recommend Quicken Loans for any mortgage need.

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

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  • Rocket Mortgage loan

    • Texas,
    • May 14, 2019
    • Verified Reviewer

    The whole process was very easy, documentation requirements laid out step by step. Very responsive both via web and phone. Would definitely use them again. Website navigation is clear and simple.

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

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  • Great

    • Massachusetts,
    • May 10, 2019
    • Verified Reviewer

    I will and already have recommended Rocket Mortgage. The website was very easy to use. Communication with the loan people was top notch! The whole process went extremely smooth and we closed exactly on time, which being a realtor myself know that an on-time closing does not always happen. I will definitely be using you again in the future. Thank you for your professionalism and for your speedy process.

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

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  • Awesome lender!

    • Arlington, TX,
    • Apr 30, 2019
    • Verified Reviewer

    We couldn’t have been more pleased with Quicken and the entire transaction. Everybody that we dealt with was reliable, responsible, and quick to respond and thorough in answering any questions that we had. Having it all online made it very helpful because everything was documented as we went along, which made it very transparent. It was very easy to see how things were moving along and the communication was very clear.

    We never felt like we were anonymous or not a priority because we never met anybody face-to-face. Quite the contrary. They worked with our title company, and our real estate attorney and made sure that the transaction went smoothly and met all the deadlines that we required.

    I highly recommend Quicken and Rocket Mortgage.

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

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  • Super responsive/helpful

    • Indiana,
    • Apr 30, 2019
    • Verified Reviewer

    Working with Quicken was great! As a first time home buyer, they made the process extremely easy. We worked with Ben Belloli and he was super helpful and responsive. When we ran into an issue at closing, Ben was there with immediate help. Also, it is so nice to have the online program to see what items we still need to complete.

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

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  • Great online experience

    • Paducah, KY,
    • Apr 24, 2019
    • Verified Reviewer

    First time using an online mortgage company. This was a great experience. Very easy to contact people, submit documents, and see how our loan process was moving forward. Loved that I could do this at any time of the day to fit my schedule. Will definitely use Quicken/Rocket Mortgage again if we buy another home in the future. Will recommend this to anyone I know looking at buying a home.

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

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  • Excellent service

    I recommend Rocket Mortgage to anyone who is buying a home. Every person I talked to was professional, polite and knowledgeable. If I had questions, they were quick to respond. You have to be organized and provide the documents they ask for in a timely manner. Once you do that, they take care of the rest.

    Thank you to Trevor Tweedley and Macon Gore.

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

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Showing 1-11 of 231

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