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Rocket Mortgage

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Rocket Mortgage

Overall Rating

4.5

666 Customer Reviews

Summary

Rocket Mortgage has an excellent reputation for customer service and ease of use, as well as a unique in-house mortgage for which you can choose the length of repayment.

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Rocket Mortgage Review: A Detailed Look

By J.R. Duren

Updated on: Dec 3, 2019

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 website 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.

In this review, we will walk you through Rocket Mortgages rates and fees, the types of loans it offers, the application process, and what customers say about their experience, to help you decide if this lender is right for you.

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.

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

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, Rocket Mortgage offers a “Rate Shield” on 30-year, fixed-rate conventional, FHA, and VA loans.

Rocket Mortgage locks in the rate you get when their underwriting department 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.

Loan Types

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 for 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 service members.

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.

Loan 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 monthly payment projects are general. Also, it won’t require a credit check.

These are very rough estimates and most likely won’t reflect the actual loan you get from Rocket Mortgage.

Application Support

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/screen-sharing

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

Analysis of Customer Reviews

Customers have left extensive feedback about their experiences with Rocket Mortgage here on our website. The company has an average rating of 4.5-stars, with 88% of reviewers indicating that they would recommend Rocket Mortgage to a friend.

Common Compliments:

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

Common Complaints:

  • “Online” process required phone calls
  • Poor communication with an 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

The company has an excellent reputation for customer service. HighYa reviewers and J.D. Power give the company excellent ratings.

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.

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.

You’d have to get quotes from multiple lenders to find out how good of a deal you’re getting from Rocket Mortgage.

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

Customer Reviews

4.5 Stars out of 666 Reviews
5 Star:79% 4 Star:7% 3 Star:3% 2 Star:2% 1 Star:6%
89% Recommend This Company
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Posted on May 26, 2022

Easiest mortgage ever

By Jackson W., Atlanta, GA, Verified Reviewer

This was nuts. You even have a slider so you can set the loan to whatever length you wish. It was amazing. And the staff was so easy to work with and the app was awesome. Honestly, the entire process might have taken a couple of hours total to complete. So easy.

Length of Use: Less than 3 months

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

Pros and Cons

Easy

Reliable

Helpful

No “cons” were specified in this review

Posted on May 25, 2022

Upon a recommendation

By Carolyn B., Vacaville, CA, Verified Reviewer

From the first phone call received after contacting Rocket Mortgage, my experience was and continues to be, exceptional, to say the least. The professionalism and kindness, in spoken and written communications, during the mortgage loan process were genuinely pleasant each and every time. I am most grateful to Dana, who was my first contact and had the patience of a saint, and who made what I initially perceived was going to be an unpleasant experience into an unexpected pleasure.

Length of Use: Less than 3 months

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

Pros and Cons

Communication – keeping me updated on each process along the way and explaining those processes

Professionalism – each person that reached out along the process was always professional in their written or voice communications

Kindness – thank you for instilling kindness in the workplace

No “cons” were specified in this review

Posted on May 23, 2022

Mortgage and refinance

By Inbavannan R., Dearborn Heights, MI, Verified Reviewer

Fast, friendly, and responsive!

Handled my original loan as well as recent refinance with remarkable agility and were very communicative throughout the process!

Length of Use: 2+ years

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

Pros and Cons

Speed

Best online experience

Responsiveness

Cost higher than credit unions

Posted on May 19, 2022

Quick process

By Robert B., Delaware, Verified Reviewer

They were always available to take my calls, texts, and emails. Very quick and transparent process. Took the time to answer all my questions in great detail.

Length of Use: Less than 3 months

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

Pros and Cons

Quick service

Answered all my questions

Fees

Posted on May 18, 2022

Home refinance, unbelievable service

By Mark Z., Kingsford Heights, IN, Verified Reviewer

Rocket Mortgage has to be one of the most organized financial processes available for the everyday consumer. Most importantly the direct human contact complemented with technology is unbelievably, positively effective. My expectations were met, plus the speed and with accuracy in which everything was done were outstanding. Daniel Morales was a true pleasure to work with.

Length of Use: Less than 3 months

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

Pros and Cons

Human interaction. All my calls, texts, emails were met in a timely manner.

I knew what was going on at all times.

Technology was very seamless and simple to use.

Daniel was in Miami and too far to visit in person.

Posted on May 17, 2022

Refinance

By David B., Gridley, CA, Verified Reviewer

This was our 3rd time working with Rocket on a mortgage/refinance. The staff has and was very friendly, professional, and caring about every step.

Length of Use: 2+ years

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

Pros and Cons

Professionalism

Friendliness

Information sharing

No “cons” were specified in this review

Posted on May 16, 2022

Great service

By Aubrey J., Cheboygan, MI, Verified Reviewer

My overall experience with Rocket Mortgage has been wonderful. They gave been our mortgage company since 2015 and don't think we have had one issue they haven't professionally and compassionately solved for my family and I.

Length of Use: 2+ years

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

Pros and Cons

Brenda Lucas

Compassion

Knowledgeable

Professional

Supportive

No “cons” were specified in this review

Posted on May 14, 2022

Well, that was painless

By Justin T., Bronson, FL, Verified Reviewer

A year ago my wife and I purchased a HUD house with an FHA Rehab loan, through a brick-and-mortar mortgage company. That. Was. Painful. Four months of being shoved off on the next Junior level person, and none of the information that you gave the previous person or worked out with them made its way to this next person, etc., etc.

Fast forward 8 months later, we were looking to refinance out of our horrible FHA mortgage. We called several companies to compare everyone’s “apples to apples”. Rocket wasn’t the cheapest, but from the start, their customer service really made an impression. They answered all my questions, they got back to me when they told me they would. They ended up matching our best offer, and the fact that they service the loan for its life made a difference to me because it’s annoying as hell getting a letter in the mail that your mortgage has been sold and you need to set up new payment terms with a new company, etc., etc.

Length of Use: Less than 3 months

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

Pros and Cons

Custom service

“Pricing”

In-house servicing

No “cons” were specified in this review

Posted on May 14, 2022

Mind bending speed

By Adam A., Des Moines, IA, Verified Reviewer

From quote to closing in 22 days. $25k in my pocket. Only 6 hours total spent scanning and uploading docs. Any questions are answered within minutes. So professional and efficient. Just amazed with Rocket for this refi.

Length of Use: Less than 3 months

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

Pros and Cons

Speed

Ease of communication

Ease of document uploading

No “cons” were specified in this review

Posted on May 13, 2022

Glad it’s over

By D'Ann J., Reno, NV, Verified Reviewer

I’m glad the house closed, but the experience getting there is one I would not repeat, and if I could have gotten the same rate elsewhere I would have done that.

I don’t like being lied to and Randall repeatedly did that when he told me over and over that an escrow holdback wasn’t Rocket’s decision. It is. I know that. My realtor knows that. Randall was rude, condescending, and treated me as though I was an imbecile when I was asking him to explain something I read ON the Rocket Mortgage website. After dealing with him, I didn’t want to speak to another person there.

This is an emotional process and we were dealing with a very difficult seller. There were absolutely things Rocket could have done to make the process easier and not only did they refuse, but they also treated me like garbage for even asking.

Furthermore, when I would ask for a supervisor I would get passed to a customer care team that was great at the “customer empathy” training, but absolutely did not solve any of my issues. Calling and lodging a complaint with someone who can’t fix it is a waste of time and gives the appearance of excellent customer service without actually giving it.

No, I did not enjoy this experience and I would not recommend Rocket after my experience.

Length of Use: Less than 3 months

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

Pros and Cons

Online portal

No “cons” were specified in this review

Posted on May 5, 2022

A great experience! Call Rocket Mortgage!

By John C., Yorktown Heights, NY, Verified Reviewer

I’d been approached last summer about refinancing by the big blue bank that was my mortgage holder. It was such a negative experience that I withdrew my application and lost $500 for the appraisal. They were difficult and the terms were not worth pursuing. I had given up on the thought of refinancing.

At the beginning of March 2022, a co-worker and I were having a conversation and he was telling me I should go with Rocket Mortgage and how great of an experience his was. At the same time, my wife had spoken to a family friend who is in banking and was told by them to call Rocket Mortgage. So on 3/8/22, I called on a whim while we were watching TV and saw a commercial. I had a great conversation and numbers were run and options were given. It was a great call. The ball was rolling. I downloaded the app, completed my tasks, and closed on 4/1/22, less than a month after the process began! They were even able to hold the closing in Florida while we were visiting my mom.

Just a wonderful experience from beginning to end. I’m now a Rocket mortgage cheerleader recommending them to anyone who’ll listen. Making that call was a life-changing experience that will ultimately save me almost $1400 a month!

Length of Use: Less than 3 months

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

Pros and Cons

The people were knowledgeable

The app is fine-tuned and incredible

The whole experience was positive and relaxed

Sometimes I’d get emails with tasks that hadn’t been updated on the app at the same time, it seemed to have a bit of a delay

Showing 1-11 of 666

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