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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66 Consumer Reviews for Rocket Mortgage

Average Consumer Rating: 4.3
Rating Snapshot:
5 star: 48 4 star: 6 3 star: 2 2 star: 1 1 star:  9
Bottom Line: 83% would recommend it to a friend
Showing 1-11 of 66
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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.
  • Good experience, except the appraisal

    • Plain City, OH,
    • May 23, 2018
    • Verified Reviewer

    Overall, we had a very good experience with Rocket Mortgage. Our credit score was not very good, but Rocket Mortgage was able to do a few things to work around this. We were able to re-finance our present mortgage and save over $300 per month with a 15-year refi. The people at Rocket Mortgage were very knowledgeable and very customer service oriented.

    The only negative aspect of the Rocket Mortgage experience related to the property appraisal. At first, we were told that we would not even have an appraisal since one had just been completed by Loan Depot a few weeks earlier. The Loan Depot appraisal came in at well above the loan amount ($380,000 appraisal vs. $180,000 loan amount), although below what we believe the true market value of our property is. In addition, the Loan Depot appraisal was performed for an FHA loan, which is typically more stringent than a for a conventional loan. In any event, Rocket Mortgage wanted another property appraisal, but told us they would "waive" the appraisal fee since we already paid for the Loan Depot appraisal.

    The Rocket Mortgage appraisal came in at substantially less ($325,000) than the Loan Depot appraisal, but once again well in excess of the $180,000 loan amount. But unfortunately, this was the appraisal that was used on the Rocket Mortgage loan documents and has become public record. In our estimation this is almost $100,000 below what we believe to be the actual market value of the property, so we are very upset about this.

    And the topper came when our Rocket Mortgage loan advisor told us that "waiving" the appraisal fee only meant that we didn't have to pay for it up front and that it would be rolled into the loan amount. That's when I pretty much threatened to pull out of the whole refi deal unless they deducted the appraisal fee completely. To Rocket Mortgage's credit, they did offer us more than the actual appraisal fee in credits on the refi, but the whole appraisal situation left us with a less than satisfactory feeling about the deal.

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

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  • Best ever!

    • Door County, WI,
    • May 21, 2018
    • Verified Reviewer

    I’ve bought a lot of houses over the years, and Quicken made this the best financing experience I’ve ever had! From the initial contact with a loan specialist until the day we closed and got the keys, everything was streamlined and seamless!

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

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  • Awesome

    I went to Rocket Mortgage thinking I would never be approved, but low and behold, I was. The entire team was so helpful at getting the loan to go through, it only took two months from start to finish, although two weeks of it my fault (work, family, dragging my feet on a couple of things). I am now a first-time homeowner, and I would definitely recommend them to anyone looking for a home loan.

    Thanks, Rocket, you all are awesome.

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

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  • Mortgage experience

    • Williamsburg, PA,
    • May 13, 2018
    • Verified Reviewer

    Rocket Mortgage is the way to go if you're looking for the future of business transactions. The meetings (calls) are simple and painless, the Rocket Mortgage app is easy to follow and use as your main mediator between you and your steps to a new home. The staff couldn’t be more helpful at answering any and all questions or concerns. I would recommend this service to anyone looking to finance their new home.

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

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  • Smooth and easy!

    From my first chat with Steve Cline he answered my questions, and when I unplugged my computer by accident, he followed up with a text and a time to talk by phone. He was upfront and transparent about what to expect from the process. Steve was available when I needed him and found him to be a great sounding board with concerns I had about the price range of houses we should be considering.

    I did as much of the upfront work through Rocket Mortgage before Steve and I spoke. Throughout, the home buying experience was a very easy system to navigate. My wife and I looked at a house on Thursday evening, made an offer Friday and signed off on it Saturday morning. I uploaded it to Rocket Mortgage, and Steve and I were on the phone that afternoon reviewing the additional documents we needed to sign.

    Once Lillian Ockstadt stepped in to make sure the process flowed smoothly from there, we were rocking and rolling towards a close. Lillian had us ready to sit at the closing table within two weeks. I think she mentioned once that it had been 11 days.

    From Steve to Lillian the process was easy to navigate, transparent and responsive to our needs and questions. Those two rock!

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

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  • 1 out 1 people found this review helpful

    Easy and painless!

    When I began looking at refinancing options, I really had no idea that I would qualify for anything. I did the quick quote on the Rocket Mortgage website more as an act of desperation than anything else. In no time I received a phone call and an email saying that Rocket Mortgage could probably help me out. Once I started to actually apply, everyone I spoke with was helpful and patient, and always professional. The process moved along rather quickly, and I was updated every step of the way. Rocket Mortgage was a lifesaver for me; I am so thankful that they were able to help me out. I would definitely recommend them to anyone who is looking for financing!

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

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  • Simple and great

    • Minnesota,
    • May 12, 2018
    • Verified Reviewer

    I had a great experience with Rocket Mortgage and Quicken Loans. Everyone I worked with was quick to respond. I appreciated that everything was done online. Simple, clean, easy to understand.

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

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  • Refinancing home

    They were very helpful every step of the way. They kept me informed by email and phone calls to make sure I understood what was happening. If one thing didn't work out, they went to another option and kept the process going. The web page they set up for you to follow along is easy to read and use. They make sure the access is easy too.

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

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  • Excellent service

    • Pinole, CA,
    • May 9, 2018
    • Verified Reviewer

    Everyone was very pleasant and helpful from the beginning to closing. It was easy to apply and receive emails on any information requested.

    Stacey was very professional and helpful.

    Thank you everyone.

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

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  • Quick to close, but SLOW to distribute funds

    The refinanced loan was easily obtained and scheduled for closing; however, I was not pleased that I didn’t get the $1000 “Loyal Customer” money applied to my closing. I was told that that money was only for those who received a new loan, not for those who refinance the loan (I could have received $1000 forgiven in closing costs from another loan institution).

    Also, it is advertised that they distribute funds within 3-5 days. It took them 8 days (6 workdays) after closing to pay off my old loan, causing me to have to make another payment on the old loan because it was auto-debit! (They said they will write me a refund check for that payment, but when?). So much for having a “free month” with no payment! They explained that North Carolina requires a longer time to process the loan, but that information was NOT DISCLOSED. In fact, the entire closing contract was based on a payoff before the end of the month, not into the next month.

    Another thing that may be an issue for those who haven’t closed on home loans before, the closing agent is simply a notary. All they are there to do is to notarize your signatures and they will not explain anything to you, nor will they answer any questions. If you have questions, you will have to call someone while you are trying to close on that loan.

    So, basically, it is easy to get the approved loan (with excellent credit and all documents needed), easy to get to closing, but don’t count on the 3-5 days to get your funds distributed. Also, be sure to get all your questions answered before you get to closing.

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

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  • Could not have gone more smoothly

    • Darlington, PA,
    • May 7, 2018
    • Verified Reviewer

    They answered all of my questions, took time to explain things, and responded quickly to any concern I had. They were able to save almost $400 a month, and for a single mom of two kids, that is a lot of money.

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

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