Rocket Mortgage Review - How It Works, Pros & Cons

By J.R. Duren
HighYa Staff
Updated on: Dec 3, 2019

About Rocket Mortgage

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 site 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.

These advantages make Rocket Mortgage seem like an easy choice for your next mortgage.

In our review of this company, we will walk you through Rocket Mortgages rates and fees, the types of loans it offers, the application process and what past customers say about their experience.

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.

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

These rates reflect the site’s most popular loans but not all of them. We will address all the loan products you can get through Rocket Mortgage in the next section.

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, it's important to know that Rocket Mortgage offers a "Rate Shield" on 30-year, fixed-rate conventional, FHA and VA loans.

Through this program, Rocket Mortgage locks in the rate you get when their underwriting department (they do an in-depth examination of your financial life) 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.

Available Loans

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 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 servicemembers. 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.

If your home is worth $299,000 and you owe $100,000, your equity is $199,000. Remember, though, that Rocket Mortgage’s cash-out refinancing has fees and requirements that will allow you to cash out less than 100% of your equity.

The Application 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/or monthly payment projects are general. Also, it won’t require a credit check. Remember, these are very rough estimates and most likely won’t reflect the actual loan you get from Rocket Mortgage.

Application Support

Even though the application process is online, 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/screensharing: Available on Rocket Mortgage website

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

Customer Reviews of Rocket Mortgage

HighYa reviewers have left extensive feedback about their experiences with Rocket Mortgage. At the time of publishing, the company had an average rating of 4.5 stars. Around nine out of 10 readers would recommend Rocket Mortgage to a friend.

In general, customer insight fell into the following categories

Common Compliments

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

Common Complaints

  • “Online” process required phone calls
  • Poor communication with 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: Rocket Mortgage Pros and Cons

Based on our research, we see some clear benefits and disadvantages of using Rocket Mortgage.

On the positive side, the company has an excellent reputation for customer service. HighYa reviewers and J.D. Power give the company excellent ratings.

Second, 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.

Finally, 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. In some cases it could be, but you’d have to get quotes from multiple lenders to find out how good of a deal you’re getting from Rocket Mortgage.

Independent mortgage brokers can shop around your credit/debt/income profile to multiple lenders to find the most competitive rate rather than one company’s most competitive rate.

Another weakness is that an online process is not ideal if you’re someone who values face-to-face interaction.

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 a equity-based line of credit without refinancing your home, Rocket Mortgage isn’t the best option.

If you prefer not to use an online lender but also want to get the best rate, Pearsall recommends getting loan offers from three different lenders, as the credit checks required for this will only minimally affect your credit score.


Read 262 Rocket Mortgage Customer Reviews and Complaints

Write a Review
Average Customer Rating: 4.5
Rating Snapshot:
5 star: 216 4 star: 14 3 star: 5 2 star: 6 1 star:  21
Bottom Line: 89% would recommend it to a friend
Showing 1-11 of 262
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  • Great experience

    • By Nicholas P.,
    • Lewiston, NY,
    • Oct 24, 2019
    • Verified Reviewer

    Working with the team at Quicken Loans was a great experience, everyone that I had the pleasure of working with was polite, kind and did everything that was expected. Even when there were a few bumps in the road with my application, the team at Quicken Loans made sure to get it handled in a timely fashion and we were able to close when expected.

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

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  • EASY, just like advertised

    • By Marvin P.,
    • Washington,
    • Oct 22, 2019
    • Verified Reviewer

    The agent, Charles, was extremely helpful in keeping on top of the process to qualify me for the loan. He even called us during his days off, to make sure that we understood what was going on, or to let us know what documents needed to be uploaded to Quicken Loans.

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

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  • First home purchase

    • By Megan J.,
    • Madisonville, KY,
    • Oct 21, 2019
    • Verified Reviewer

    Andrew Garcia-Garrison was an absolute pleasure to work with from day one. He made the buying process go as smoothly as possible and I really appreciate all his hard work! The only issue I had was actually with the title company not communicating with Quicken very well, so we had a few complications with the closing, other than that the experience was wonderful!! I will definitely refer others to Quicken Loans.

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

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  • 1 out 1 people found this review helpful

    Rocket Mortgage should be rated minus 1 in customer service

    • By Tom A.,
    • Timberlake, NC,
    • Oct 20, 2019
    • Verified Reviewer

    If you want a company that sends you false automated emails, requires you to keep sending the same information repeatedly, requires you to initiate any corrective action, takes over 90 days to complete a new mortgage, takes over 13 days to receive your money once the papers are signed, then this is your mortgage company. The initial team did good getting us started. The closing team dropped the ball after every turn. All my emails and phone conversations are available to Rocket Mortgage to review how our loan was handled. I hope they will learn from the many mistakes that were made at every turn. No one should be subjected to this treatment. They did not earn their thousands of dollars charge.

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

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  • 2 out 2 people found this review helpful

    Started out great

    • By Marti R.,
    • Washington,
    • Sep 20, 2019
    • Verified Reviewer

    It started out great with a very nice rep who gave me estimates and explained costs. He even offered us a "special" deal when I said the closing costs looked high. Then when we got closer to closing and the appraisal, I asked where the discount he offered were reflected in the loan estimate and suddenly no one would talk to me anymore. I had emails to prove the "deal" we were supposed to get, but you can't really prove something if no one is willing to talk to you. Some slick salesman who claimed to be our "advocate" took over and explained how things were going to cost even MORE than we thought and ignored any information about discounts offered by the previous guy. In the end, things didn't work out due to our appraisal coming in lower than expected (no one's fault), but we weren't desperate to make this happen, so it's probably a blessing in disguise. I will definitely be working with a different company in the future.

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

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  • 2 out 2 people found this review helpful

    DO NOT USE THIS COMPANY!

    • By Sharon B.,
    • 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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  • 2 out 2 people found this review helpful

    Acute mental distress

    • By Susan B.,
    • 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

    • By Iris B.,
    • 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

    • By Kelly R.,
    • 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

    • By Carrie E.,
    • 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!

    • By Teri R.,
    • 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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Showing 1-11 of 262

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