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.

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210 Consumer Reviews for Rocket Mortgage

Average Consumer Rating: 4.6
Rating Snapshot:
5 star: 174 4 star: 14 3 star: 4 2 star: 5 1 star:  13
Bottom Line: 91% would recommend it to a friend
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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
  • Easy and fast

    • Marietta, GA,
    • Mar 18, 2019
    • Verified Reviewer

    After starting initially with another lender who started requesting documents we knew were not necessary to be scanned and uploaded and then returning them back to us for more information, we started to get worried that they were not up for the challenge of meeting our quickly approaching closing date. We contacted Rocket, who approved us through underwriting in under 24 hours using just some easy online tools to verify our assets, employment, and tax history. We were sitting around for over a week with our clear to close before our closing date. We closed on our new home at the closing table in 7 minutes. Would definitely recommend.

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

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  • Amazing customer service

    • Waukesha, WI,
    • Mar 17, 2019
    • Verified Reviewer

    Rocket Mortgage was so easy to work with to get our house refinanced. They were personable and very friendly and helpful. When we had questions, they were answered immediately. We had one issue which we discussed and resolved quickly and easily. I highly recommend Rocket Mortgage!

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

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  • 1 out 1 people found this review helpful

    New home purchase

    • Missouri,
    • Mar 15, 2019
    • Verified Reviewer

    This is the first time I applied for a home loan online. The people at Quicken Loans were very patient with me and my lack of technology skills. This was a great experience, and everyone I dealt with was very knowledgeable and courteous. They made the process easy. I would highly recommend Quicken Loans to anyone with home buying needs.

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

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  • Very easy process

    • Syracuse, NY,
    • Mar 12, 2019
    • Verified Reviewer

    We are very happy with how the journey to refinance was handled from start to finish. With the bulk of Q/A done online and a phone call on occasion, we were able to complete everything in about 2 months. Extremely happy with all the help from Rocket Mortgage on making this journey as easy as possible.

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

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  • Applying for a mortgage

    • Oscoda, MI,
    • Mar 6, 2019
    • Verified Reviewer

    From beginning to end it was a quick process. Everyone was very helpful and quick to respond to any questions that we had. If someone wasn't sure about something, they got the answer quickly.

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

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  • Positive experience, great customer service, definitely recommend

    • Congers, NY,
    • Mar 5, 2019
    • Verified Reviewer

    We chose Quicken Loans after the process with another online lender wasn't working for us. My husband and I were impressed to see the ease of going through the steps online, and the speed at which we received communication. Questions we had were quickly answered, and there were basically no glitches from pre-qualification to closing. Definitely highly recommend.

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

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  • Good experience

    • Coram, NY,
    • Feb 18, 2019
    • Verified Reviewer

    Everything went very smoothly. I am very pleased with the process. Everyone I dealt with from Quicken was courteous and knowledgeable.

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

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  • Refinance of home

    • Ann Arbor, MI,
    • Feb 18, 2019
    • Verified Reviewer

    We truly had a quick, streamlined and worry-free refinance process with Rocket Mortgage. From start to finish, that is closing, the whole process was professionally executed in less than 3 weeks. The entire team associated with our refinance was prompt to reply to our questions and concerns. Highly recommend Rocket Mortgage.

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

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  • Warning, honest review of a first home buyer and lessons learned

    • PNW,
    • Feb 15, 2019
    • Verified Reviewer

    As a first home buyer, I was contacted by Glen Woodward when applying for Quicken Loans. In our conversation he seems very nice and was very assuring that I would be taken care of. We even agreed on the rate lock on a rate that was below the current market average. So far so good. Quicken Loans/ Rocket Mortgages advertise a "Rate Shield" at which they advertise - "Lock Your Interest Rate Lock your rate for up to 90 days and protect your monthly payment from going up while you search for the right home. If rates go up, your rate stays the same. If rates go down, your rate drops. Either way, you win!" You will hear this over and over if you are put on hold on their phone service.

    A couple months later, I finally find a house and it's now time to close and wrap things up. I get updated disclosures of the loan but my rates are still the same from two months ago. The market averages have dropped around .5% to 1% since my rate lock. Expecting what has been advertised, I wrote an email asking what is going on, I was later told wait for their pricing sheet to update. Finally after a week, I another call from a different broker asking if I had questions, and I asked for some kind of update on my new rate based on what was advertised by "Rate Shield." I was told it was the same as when I first signed up two months ago.

    This prompt me to investigate my options. And here is where all my lessons begin teaching me the world of brokers and how they work for lenders. They are salespeople who earn their commissions by the fees they can mask into your estimates. Glen Woodward is no exception in double or even triple dipping into tacking on fees...such as $850 application fee or $300 underwriting fee (these are the same as origination fee). Also hyperinflating the appraisal fee to $850, which they are typically only $400 to $500.

    And to further add to the crooked "30-year veteran," after my final call with the other broker, Glen attempted to woo me with a new "lower rate" that he had management sign off on. But when you look over the estimate, the fee went up $1000 because he tacked on further points to the origination fee, which pretty much a standard.

    So in the end, I chose not to proceed. I am now out $500 and this is my own fault for being a first home buyer. So if you want to pay more closing cost to have a shady broker collect a fat commission off you and for them to not follow what they advertise by all means go ahead with Quicken Loans\Rocket Mortgage. In the end, they are no different than any other company that has a systematic broker between the buyer and lender.

    My $500 lesson for first home buyers:

    1) Shop around, get as many loan estimates you can at least 3 and compare them.

    2) Research the fees that are on the loan estimates, you can find out which are "junk fees" such as Glen attempted on me.

    Never give money until you did step 1) and 2).

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

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  • Great job team!

    • Maryland,
    • Feb 14, 2019
    • Verified Reviewer

    I had a fantastic experience with QL from start through closing. When shopping the market for a lender, I was originally only focused on getting a good rate, but I quickly learned there's a lot more to getting a loan than the rate. The whole application process was super smooth, and as we got closer to closing QL made everything super smooth with excellent communication. It was never difficult getting in contact with anyone I needed and the online tools made everything so easy. As a first time home buyer, I am very happy to have worked with QL.

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

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  • Great team

    • Monterey, CA,
    • Feb 12, 2019
    • Verified Reviewer

    Everything went as planned. I was surprised when the cost of the loan went up right before we signed docs, but once I brought it up it to Jon, it was changed back to what we agreed on. We never heard from anyone when the loan funded and still haven't. We thought that was a bit odd, but everything worked out fine. Very efficient process you have and it was nice to not have to go back in forth with a broker.

    Satisfied customer.

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

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