Rocket Mortgage Review: A Detailed Look

By J.R. Duren
HighYa Staff
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

Start your review of Rocket Mortgage:
  • 335 Customer Reviews
  • 88% Recommend This Company
4.4 out of 5
5 star: 78% 4 star: 7% 3 star: 2% 2 star: 2% 1 star: 8%

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We have a zero-tolerance policy for fake reviews, and companies cannot control or alter any reviews at any time.

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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.
  • Inconsistent communication and customer service

    • By Annie T.,
    • Washington, DC,
    • Sep 17, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    The mortgage support specialist that I started working with months ago was very helpful in the selection of the loan and the origination of the refinancing process. However, it was very hard to get in touch with him after the process was started. I also used the dashboard chat feature many times to try to find out why the process to get ready for closing was taking so long. Although someone typically responded in a few days, they never were able to explain the holdup. I finally spoke to my original mortgage support specialist a few months in, who patched me through to another office that indicated the employment verification request slipped through the cracks. They jump-started the request for information from my employer, but it still took almost another month to have this finalized. In the meantime, I was notified that I was being transferred to a new mortgage support specialist, who I called to check on the status. He returned my voicemail the same day, but his tone was incredibly patronizing, and he told me there was nothing more he could do/no timeline he could give me since the final process was done by a third party and out of his hands. He said I would just need to wait, even though I had been waiting without any answers for more than two months at this point.

    As a result, I started a new loan request with another bank. I only ended up sticking with Quicken because they managed to schedule my closing two weeks after that phone call and before my second loan application was finalized. If it weren’t for the convenience factor of the online interface and the fact that I was already with Quicken, I probably would have walked away.

    Pros and Cons:

    • The convenient and secure online interface
    • The fact that they don’t ever transfer the loan
    • How quick the online application process was
    • How inconsistent the communication I received was
    • The rude tone of one individual in particular (Jim L)

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


  • Great experience

    • By Thomas S.,
    • Plymouth Meeting, PA,
    • Sep 17, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    I was very happy with the experience I had with Quicken. The process was mostly electronic which made it very convenient and easy. Usually closing on a mortgage is an unpleasant and complicated process. Quicken made it easy and a generally pleasant experience. I was so glad that I refinanced with the new lower APR and used Quicken!

    Pros and Cons:

    • Very convenient and easy to use
    • Mortgage baker was very professional and efficient
    • Rates and fees were competitive
    • The time to pay off my creditors seemed long
    • It was not easy to find out how long it would take to pay off creditors

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


  • There is no worse mortgage company

    • By William R.,
    • Tucson, AZ,
    • Sep 16, 2020
    • Verified Reviewer
    • Length of Use: 6–12 months
    Overall Experience:

    I started an application in March. Months went by while they asked for the same paperwork for 3 months. I would receive a "3 days to close" message followed by requests for more info. Finally I begged to be let out and they refunded my money. The next day I received a call asking me to come back. That was 5 MONTHS AGO. Now its' requests for paperwork, wait 2 months, ask for more paperwork. All the while holding a deposit keeping me from taking my business elsewhere. At this stage, I am sending letters begging to STOP the process, no luck. $500.00 gone, no mortgage.

    Pros and Cons:

    • Nice reps
    • Dishonest
    • Stalling
    • Expensive

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


  • Greatest experience

    • By Lourdes N.,
    • Florida,
    • Sep 16, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    Very fast, no delays or unnecessary inquiries. I have had four mortgages before and the experience with Rocket Mortgage has been the greatest. Your loan processors are the ones that make your company great. Bob R is an asset to your company. The best, cordial, knowledgeable, respectful; I have no words or space to describe him. Thank you for the great experience.

    Pros and Cons:

    • Bob R.
    • Fast
    • Communication
    • No “cons” were specified in this review

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


  • Very easy process!

    • By Connie A.,
    • Gainesville, GA,
    • Sep 15, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    Refinancing my home was simple and easy. Everything is done electronically. The closing attorney visited in my home and it was so convenient!

    Pros and Cons:

    • Ease of process
    • Electronic process
    • Closing attorney comes to me
    • No “cons” were specified in this review

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


  • It worked just fine and I could deal with things as I had time

    • By Paul R.,
    • Socorro, NM,
    • Sep 10, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    I needed this loan during an exceptionally busy time in my life. I needed a solution that I could pursue while balancing home and work demands that were reaching a crescendo given the pandemic and "return to school" and the culmination of a large project at work. I saw the Rocket Mortgage ads and tried it. It was straightforward to go through the process and I got my loan in about a month. Sure it was not without its hiccups, but it did seem smoother than previous mortgage experiences.

    Pros and Cons:

    • I could apply online whenever I had the time
    • The Rocket Mortgage website kept track of where I was in the process
    • The people helping me were responsive to calls and texts
    • Not knowing the process that I would be passed between a team of people
    • Although I had a condensed closing time, my loan was funded one day later than expected
    • I have no idea if the rate I got was very competitive, but I suppose that is my own fault

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


  • Amazing!

    • By Clint M.,
    • Carson, CA,
    • Sep 9, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    I can’t believe how easy and pain-free my entire experience was. From the initial application until the final closing, I couldn’t be happier. Thank you.

    Pros and Cons:

    • Easy to use
    • Information given right away
    • Always someone to help
    • No “cons” were specified in this review

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


  • Prompt and easy to work with

    • By Charles W.,
    • Ashburn, VA,
    • Sep 9, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    This is a customer-first company. The wonderful job done by Marissa for our loan process was most welcome. She was professional and willing to help ease us through the steps we needed to proceed.

    Pros and Cons:

    • The friendly people
    • Well informed and speedy process
    • We were able to sign closing papers in our home
    • No “cons” were specified in this review

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


  • Refinance

    • By Frederic D.,
    • Charleston, SC,
    • Sep 8, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    My rep was very polite and knowledgeable...he thoroughly guided me through the refi process as well as the Rocket team. When I did have questions they were promptly answered. The process as a whole went like clockwork and was stress-free.

    Pros and Cons:

    • Transparent
    • Communicative
    • Helpful
    • My closing rep wasn't notified to bring a witness to closing

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


  • Refi

    • By Shirley H.,
    • Whittier, CA,
    • Sep 4, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    Overall experience was really good, however, there was one thing that is the reason I am not giving you five stars. At the end of my refi it took forever for them to get my payoff letter, to the point I had called my current lender to ask what was going on and they advised me that they had sent the letter, and they gave me the name of the person they sent it to as well as a copy of the letter, which I forward to Jake A, who is the person who started my refi, so we could get the ball rolling and get this done. And lo and behold, I got a date for closing.

    Pros and Cons:

    • Easy to do business with
    • Easy to submit documents
    • Notified via email when something was needed and able to download it
    • Felt that everybody was efficient through the process except at the end

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


  • Amazing

    • By Ronald J.,
    • Wake Forest, NC,
    • Sep 2, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    It was amazing from start to finish. From the ease of use of the website to the amazing human support. The rates beat out every other option we had. We would highly recommend this company and process to anyone.

    Pros and Cons:

    • Website technology
    • Rates
    • Human support
    • No “cons” were specified in this review

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


Showing 1-11 of 335

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