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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194 Consumer Reviews for Rocket Mortgage

Average Consumer Rating: 4.6
Rating Snapshot:
5 star: 160 4 star: 13 3 star: 4 2 star: 5 1 star:  12
Bottom Line: 91% would recommend it to a friend
Showing 1-11 of 194
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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
  • Simple process. Also, the staff was helpful, knowledgeable, and courteous.

    • New Mexico,
    • Jan 19, 2019
    • Verified Reviewer

    I did an equity refinance. I found the process quick and easy.

    I was expecting a long and drawn out loan, but to my surprise, I was closing in 30 days. This was even around the busy holiday season.

    I liked being able to do the majority of the process online. All documentation was scanned and loaded onto the secure website. No stress.

    Quicken Loans was able to give me a loan estimate on my first contact. This helped me with making my decision.

    Simple and stress free. Thank you!

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

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  • 1 out 1 people found this review helpful

    Mortgage

    • New York,
    • Jan 17, 2019
    • Verified Reviewer

    Easy - walked me through all the steps, very convenient, was able to everything online. Very knowledgeable and friendly staff. I would recommend people to check out Rocket Mortgage before going to a bank.

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

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  • 1 out 1 people found this review helpful

    Awesome

    • Detroit, MI,
    • Jan 17, 2019
    • Verified Reviewer

    Every member of the mortgage team I worked with, starting with Avery Wyer to Gloria Williamson, were awesome and so helpful! They were all very knowledgeable about what they are doing!

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

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  • 1 out 1 people found this review helpful

    Good job guys and thank you

    • Indiana,
    • Jan 15, 2019
    • Verified Reviewer

    I just refinanced my home and it was my first time so I was clueless. Quicken and Rocket Mortage guys took time to help me with the whole experience. Each person involved was very friendly, easy to talk to, and was eager to answer any questions that I had. Everyone seemed to know their job well and was very knowledgeable and quick with replies, which was very impressive. Job well done Quicken and Rocket Mortgage! Keep up the good work, and thank you.

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

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  • 1 out 1 people found this review helpful

    Fast and smooth house purchase loan

    • Cape Coral, FL,
    • Jan 12, 2019
    • Verified Reviewer

    Derek was excellent from cradle to grave, he kept me informed and was upfront with expectations. The same also applies to the entire crew that assisted me. I was able to do it all online and use the app for status updates and document uploads. Very easy and painless, closed in three weeks.

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

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  • 1 out 1 people found this review helpful

    Made house buying simple!

    • Pennsylvania,
    • Jan 11, 2019
    • Verified Reviewer

    Honestly, my husband and I didn't know the first thing about buying a house, but Rocket Mortgage and Quicken Loans made it foolproof to upload everything we needed. We always knew what we had to do and someone reached out to us if something was time sensitive. We're now proud homeowners!

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

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  • 1 out 1 people found this review helpful

    Really good service, easy to use, good people

    • Utah,
    • Jan 4, 2019
    • Verified Reviewer

    My experience working with Rocket Mortgage has been nothing but positive. Everyone I worked with worked quickly to get me through the mortgage process, and I ran into zero hangups along the way. My real estate agent and my title company even remarked on how helpful and quick the process was compared to how long everything usually takes. We were even able to close on the purchase two days early. I talked to several mortgage companies and none were able to match or beat Rocket Mortgage's interest rate, either.

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

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  • Excellent

    • Milwaukee, WI,
    • Jan 3, 2019
    • Verified Reviewer

    We were a bit apprehensive about applying for our refinance online, however, from start to finish, the process was quick and easy with Rocket Mortgage.

    They were very professional and customer focused. We were kept up to date throughout the entire process. I would definitely use them in the future.

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

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  • Excellent service!

    • Denver, CO,
    • Dec 31, 2018
    • Verified Reviewer

    As a first-time home buyer moving to a new city, acquiring a home loan is a scary process, but Dan Valentini made it so easy and painless! I was surprised by how simple it was to upload all my documents online to get pre-approved, and have everything ready to go for when I found a place. In a tight market, it was helpful to be able to move so fast once I found a home. Dan was very attentive, he called me frequently and always made sure I understood everything that was happening. Thank you for making my first home buying process enjoyable!

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

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  • First time home buyer

    • Fremont, IN,
    • Dec 22, 2018
    • Verified Reviewer

    From the very beginning, I was given as much information and assistance as possible. The whole process was completed very quickly. My team was very efficient and helped me get everything done while going above and beyond to ensure I was able to get the home I wanted.

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

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  • Refinance process was very smooth.

    • Tennessee,
    • Dec 21, 2018
    • Verified Reviewer

    We did a cash-out refinance to get rid of high-interest consumer debt and it's going to be a huge benefit for us. Quicken made the process easy and straightforward, the people we dealt with were helpful and professional, and we were able to get it done quickly (something like 10 days from application to closing, I think). I'm very happy with the outcome.

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

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Showing 1-11 of 194

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