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 274 Rocket Mortgage Customer Reviews and Complaints

Write a Review
Average Customer Rating: 4.5
Rating Snapshot:
5 star: 223 4 star: 14 3 star: 6 2 star: 7 1 star:  24
Bottom Line: 88% would recommend it to a friend
Showing 1-11 of 274
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  • This company is actively collecting reviews from its customers. All reviews submitted are subject to moderation and approval to ensure they meet our Review Guidelines.
  • Worst customer service ever, do not use this company!

    • By Raymond T.,
    • Illinois,
    • Mar 23, 2020
    • Verified Reviewer

    Absolute WORST customer service. Don't ever make a payment using the website. If you try to cancel a payment entered in error they will debit it anyway and no one will go the extra mile to resolve if the payment is one day past the due date. Additionally, they will stonewall you from speaking with anyone in management. I'm a paying client and they give you all the standard customer service stonewalling, no manager is available, I'm the highest person you can speak with, yada yada. Never again will I tell another soul anything good about this clown show. Everyone is nice when they are trying to get you to sign the contract but if you need customer service and it doesn't fit their cookie-cutter policy NO ONE WILL DO ANYTHING TO HELP BUT THROW THE POLICY UP AS DEFENSE FOR DOING NOTHING. Do not use this mortgage company!

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


  • Rocket Mortgage is fantastic

    • By Anthony C.,
    • Woodstock, GA,
    • Mar 23, 2020
    • Verified Reviewer

    Very effortless experience in my mortgage refinance. This is my 5th refinance across two different homes, and hands down easiest and the best interaction ever. I love the app's easy-to-use features.

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


  • Pretty easy.

    • By Mike B.,
    • Louisville, KY,
    • Mar 19, 2020
    • Verified Reviewer

    Alex was amazing to start with. He was able to get our application processed quickly. We were in a bit of a time crunch due to some extreme circumstances. He was patient, knowledgeable, and handled things with the utmost professionalism. Next in line was India and she was every bit as awesome. She reached out frequently and always had pertinent information and updates. Overall working with Quicken Loans was a perfect choice and I do recommend it to anyone working on any type of mortgage.

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


  • Home lending and closing

    • By William H.,
    • San Antonio, TX,
    • Mar 17, 2020
    • Verified Reviewer

    Worked with my Quicken team 2.5 months prior to closing to get everything squared away in hopes of a smooth closing.

    Less than 24 hours before closing we received a call telling us our closing was canceled because additional paperwork was needed. This deflated us as we had been working with them for 2.5 months and then right before closing we get this news. However, we hustled and got the paperwork in and the closing was pushed from a Friday to the following Monday.

    Closing went seamless and we thought all was well. A day later we noticed that our homeowner's insurance debited our account. After speaking with our insurance provider and a Quicken rep we found out that the underwriter neglected to write in our first year's worth of insurance in for our escrow. Once again this was extremely disheartening because Quicken had 2.5 months to plan for this closing and yet we still have a hiccup.

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


  • Awesome service

    • By Tracy W.,
    • Chestertown, MD,
    • Mar 17, 2020
    • Verified Reviewer

    Kelly at Quicken was wonderful. She quickly answered any questions and made the process simple. We did a refinance and within 30 days we closed. I started to refinance through my old mortgage company, didn’t like the level of customer service and gave quicken a call. Best decision ever!

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


  • Scam

    • By Stanley C.,
    • Georgia,
    • Mar 14, 2020
    • Verified Reviewer

    Rocket Mortgage states that they are there for you, that's BS. I got behind, I applied for a hardship to modify my loan, filled out the app, their offer was to skip 3 payments, add ten years to loan at a higher payment, what a deal huh? I turned it down, paid everything overdue and am current now, they will not take escrow off of my loan because on the hardship app even though I did not agree I signed pages 5/9 agreeing to escrow for a modification. I turned it down, now stuck with an escrow they refuse to remove. Rocket is not there for you, do not think otherwise.

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


  • Horrible customer service! Horrible company! TOO BUG to care.

    • By Terry R.,
    • Florida,
    • Mar 13, 2020
    • Verified Reviewer

    This should have been my second mortgage with Quicken. The first was years ago and went very smoothly. This one was a nightmare. I was strung along, lied to, deceived, and you stole my money. Their underwriting was a joke. They tried to say my co-ap didn't live on the subject property. I provided multiple evidence, they were wrong and still they lied. The appraisal process was a joke. Three months later and I still do not have a correct appraisal and they kept my money, refunding a part as a courtesy after I threw a fit. They are thieves. Who would expect someone to pay for something they never got? Only Quicken. I will NEVER USE THEM AGAIN! They are horrible to deal with and simply tooooo big to give a crap about their customers. Run, do not walk, away! I would give them a ZERO rating if it was an option.

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


  • So simple

    • By Carrie T.,
    • Green River, WY,
    • Mar 12, 2020
    • Verified Reviewer

    I dreaded the thought of buying a home and didn't even want to begin the process. Rocket Mortgage made it so simple I was worried I was missing something. Thank you Rocket Mortgage, you guys rock!

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


  • Disappointed in Quicken Loans

    • By Steve B.,
    • California,
    • Mar 9, 2020
    • Verified Reviewer

    I am a two-time Rocket Mortgage user. Once to refinance my house and the second to refinance the refinance to a lower mortgage. Both times the process was smooth and straightforward. The people involved were professional and helpful. The escrow signing was conducted at my house and went off without a hitch.

    This was a much easier process than I have experienced in my previous house buying projects.

    My only complaint to date is the way that Quicken Loans processes biweekly payments. On signing up for biweekly payments, I did not notice language that indicated that the interest of the loan is only calculated once a full month's loan payment has been submitted. Meaning that even though you have paid a portion of your mortgage, that payment will not affect your loan balance (principal and interest) until they have received a full month's payment.

    Other than the additional payments that are made due to the biweekly schedule, there is no advantage of paying early.

    The next annoying issue was that I wanted to know if this method of loan servicing had ever been litigated and to date, I have not received an answer. Quicken answered in a general way but not specifically the question.

    It is for this reason that I cannot recommend Quicken Loans to a friend without a detailed explanation of the repayment terms.

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


  • Review

    • By Frederick B.,
    • Holiday, FL,
    • Feb 20, 2020
    • Verified Reviewer

    Excellent service and very professional, thank you for all of your help and patience with us. Please keep up the great work!

    My wife and I are very happy with the help all of you have provided in getting our mortgage.

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


  • Mortgage refi

    • By Carol C.,
    • Fayetteville, GA,
    • Feb 19, 2020
    • Verified Reviewer

    This was my second refi with Rocket Loans. All three processes have been painless, efficient, and fast. I have bought several homes over the years and the process has historically been cumbersome and drawn out. I’m so glad Rocket Loans has developed a formula for making the process painless.

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


Showing 1-11 of 274

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