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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138 Consumer Reviews for Rocket Mortgage

Average Consumer Rating: 4.5
Rating Snapshot:
5 star: 112 4 star: 11 3 star: 3 2 star: 2 1 star:  10
Bottom Line: 90% would recommend it to a friend
Showing 1-11 of 138
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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
  • Helpful, quick and easy

    • Terre Haute, IN,
    • Sep 21, 2018
    • Verified Reviewer

    As a first-time home buyer, I wasn't sure what to expect. My loan specialist explained the whole process and made me feel a lot more comfortable. It was very easy to submit the paperwork necessary through the Rocket Mortgage page. It took 10 days from the time I first saw my house to be ready for closing. Everyone was astonished. I would definitely recommend Quicken!

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

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  • Simple and professional - would highly recommend

    • Ohio,
    • Sep 19, 2018
    • Verified Reviewer

    My experience with Rocket Mortgage was amazing. It was simple, everyone was professional that I dealt with, and I could easily reach people out of regular business hours which is HUGE for me. I hate having to answer (or make) calls during work - it feels like a disruption, and I have nowhere private to talk. But being able to call someone over the weekend or in the evening after work made a huge difference in how quickly I was able to get everything done for my mortgage. I would highly recommend Rocket Mortgage, ESPECIALLY to first time home buyers (like myself)!

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

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  • Painless purchase

    • Connecticut,
    • Sep 18, 2018
    • Verified Reviewer

    Rocket Mortgage is the only way to go with getting a lender. They have applied a tech-savvy approach to dealing with the documents, paperwork, and finances, so that their human beings are able to provide you with good bedside manner and a high-touch experience.

    The first time I bought a home, my lenders barked at me and made me feel like I was a jerk for ever wanting to buy a home.

    Rocket Mortgage restored my faith that, indeed, companies can also be human. What a refreshing and rare concept, these days.

    I will absolutely recommend them to all my friends and family.

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

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  • A otherwise traumatic experience made simple

    • Miami, FL,
    • Sep 18, 2018
    • Verified Reviewer

    What is sure to be a tedious process, racing against time, and with no certain outcome is what Rocket Mortgage made it simple through a very informative and transparent system.

    It all started with an online application, when a local bank at the last minute decided back off of that what they have approved to be ready to close in 30 days. I have watched the TV and online ads for Rocket Mortgage, so decided to fill up the online application. The same day I received a call from a Mortgage Banker and he walked me thru the initial process and got pre-approved overnight. After that their system kept us informed of what documents they were waiting for and what was pending from us.

    In less than 25 days got the final approval and we were ready for closing. Great experience! I would recommend anyone to use them.

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

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  • Great mortgage experience

    • Alexandria, LA,
    • Sep 16, 2018
    • Verified Reviewer

    My experience with Rocket Mortgage is that it is very user-friendly. Very easy to apply and submit information online by uploading documents through the portal. I did almost everything from my mobile phone. Very thought out and informative.

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

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  • Good process - closing team issues

    • Brighton, MI,
    • Sep 15, 2018
    • Verified Reviewer

    Rocket Mortgage was great to work with and each person I worked with individually was extremely knowledgeable in their part of the process, but nobody I worked with gave a clear picture of the entire process as a whole (i.e. preapproval to underwriting to additional documents to “debt verification” to closing). When assigned to the closing team it took them almost three business days to assign when my closing was four business days upon transfer. This almost delayed my closing and I believe it only stayed on track because of my constant calls, emails, and message posts to confirm the closing dollar figures. I had to wire money rather than get a certified check because of the delays and had to overestimate to ensure I was covered for closing funds. I personally coordinated the “closing” between the title company and Rocket Mortgage because the closing team and title company apparently kept missing each other, but both responded right away to me.

    Overall, great experience, until the closing team took over.

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

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  • Smooth

    • Kansas,
    • Sep 15, 2018
    • Verified Reviewer

    The process was simple, smooth, and effortless. Exactly the opposite of what you expect when purchasing a home.

    This was my second home purchase, and the first was bought the traditional way.

    For today's generation of home purchasers, we prefer technology. Apps. Forums. Chat functionality. All of the things that they offer.

    Well done breaking the stereotypes of the past.

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

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  • Home loan

    • Milwaukee, WI,
    • Sep 10, 2018
    • Verified Reviewer

    Everyone was extremely knowledgeable and helpful. If I called with a question, I would get a response right away. Reps explained everything in a way that was easy for me to understand.

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

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  • Efficient and friendly

    • Post Falls, ID,
    • Sep 10, 2018
    • Verified Reviewer

    I was on a tight timeline where the owners of our rental were moving in, giving us short notice to move out, so we decided to buy a house out of state. The urgency and concern that was put forth by the employees of Rocket was impressive. We managed to close in less than a month, being two days ahead of our required move out date.

    Everyone I interacted with was friendly, our real estate agent was impressed by the experience and the title company shared the "pile of paperwork" is often less for Quicken Loans, which was nice.

    I had an amazing experience overall, thank you.

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

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  • Loan process and friendly staff

    • Greenwood, IN,
    • Sep 8, 2018
    • Verified Reviewer

    From start to finish the loan process and all the staff I worked with were professional, courteous, and kept me informed throughout the process. It was a pleasant and very painless process form the initial application to the very end when I closed on two houses on the same day within four hours. Even when there was a $50.00 (due to a couple extra EFT transfer fees), discrepancy, the paperwork was redone and closed without me having to make any additional calls.

    All in all, I would highly recommend others to take a look at Rocket Mortgage as an option for either a purchase or refinance of an existing mortgage.

    Thank you for making the process transparent and pretty much painless!

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

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  • Smooth closing

    • Fayetteville, GA,
    • Sep 6, 2018
    • Verified Reviewer

    The online portal was great. I could see at any time what was needed and what was done. I have done this several times in my life and the old paper way I needed to call the person in charge and leave a message and wait to be called back.

    This was the best and smoothest closing I have ever been part of.

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

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