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:
  • 381 Customer Reviews
  • 86% Recommend This Company
4.4 out of 5
5 star: 76% 4 star: 7% 3 star: 3% 2 star: 3% 1 star: 9%

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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.
  • Refinance to lower rate

    • By William B.,
    • Leesburg, VA,
    • Dec 4, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    Great, seamless, painless, and way too easy. Would not know why you would want the hassle. Told all my family and friends. Don’t have anything more to say but this requires a lot more letters than I needed.

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


  • Best. Mortgage. Company. Ever!

    • By Nell L.,
    • Greensboro, NC,
    • Dec 1, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    First-time buyer here! These people made it the easiest, and most trouble-free experience I could have ever imagined! I LOVE these people!

    Pros and Cons:

    • They were so good, my realtor was impressed!
    • She is even going to recommend them to other clients.
    • Mr. Miller, and Mr. Gore
    • No “cons” were specified in this review

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


  • Quick and easy

    • By Gregory L.,
    • Glenwood Springs, CO,
    • Nov 26, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    Rocket Mortgage allowed us an easy and painless refinance of our house, taking advantage of the unprecedented low interest rates. The result is more monthly cashflow with minimal impact on equity already built.

    Pros and Cons:

    • Getting it started online saved lots of time
    • Working with a motivated and proactive loan officer made a huge impact
    • Minimal hoops to jump through - no need for a re-appraisal
    • This type of loan still costs money
    • The amount we had to borrow was significantly more than the payoff on the previous loan

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


  • Linda's mortgage

    • By Linda D.,
    • Lafayette Hill, PA,
    • Nov 24, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    This was the easiest mortgage/refinance that I have ever done. I have always dealt directly with a bank so was unsure about how this worked. Two of my friends who have been in banking and finance personally recommended Rocket/Quicken Loans. I was so impressed with how helpful and professional everyone was. I have already recommended you to several people. Thank you to all involved.

    Pros and Cons:

    • So well organized
    • Got back in a timely fashion
    • Kept me up-to-date where we were in the process
    • Everyone was very friendly and helpful throughout the process
    • No “cons” were specified in this review

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


  • Total disappointment

    • By Jerome B.,
    • Yorktown Heights, NY,
    • Nov 24, 2020
    • Verified Reviewer
    • Length of Use: 1–2 years
    Overall Experience:

    Quicken cost me a lot of money, which went straight to them in the form of interest. The agent who initially contacted me acted like a used car salesman. Quicken called me three times in one year to get me to refinance with the last attempt offering me a substantial rate reduction at the cost of $6,800 in points.

    Pros and Cons:

    • Ease of uploading documents
    • The contact representative acts like a used car salesman
    • I had to repeatedly ask for an estimated date of closing

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


  • Tedious and lengthy

    • By George S.,
    • Niceville, FL,
    • Nov 22, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    The people I spoke with were courteous and helpful. However, the process is very drawn out because there are numerous "teams" that have to review the application and get more and more data. Either there are not enough people on each team or the hand-off between teams is not smooth. I believe the process took over 2 months to complete. The first closing date had to be canceled because two hours before the appointment the agent informed us that we had to have a witness present. Had we been told even the day prior we could have arranged that. And then that agent became ill and had to send an alternate, who did a good job wading us through all the necessary forms.

    So, to recap - knowledgeable people worked with us but there were too many teams and each team seemed to need some new data that hadn't been on the many lists. Give us the entire list of required documents upfront so we can gather the data together earlier.

    Pros and Cons:

    • People were helpful mostly
    • Too many "teams" involved, draws out the process
    • What is our "order number?" Our loan number?

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


  • Bill's 2020 Refinance

    • By Vernon S.,
    • Boulder, WY,
    • Nov 21, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    In general, the experience was very good. Working with Devin was a very good experience, and I enjoyed speaking and working with him. My main dissatisfaction was the amount of time it took. Some of it perhaps was pandemic related, but with regards to Rocket Mortgage getting my loan payoff amounts to move forward, they were unable to get them. We lost at least 2 weeks, maybe more, because Rocket Mortgage did not reach out to me, to get them earlier when the wheels were spinning. Once I inquired into what was taking so long, I was told that I should get them, which I promptly did (I had them in my hands in 30 minutes), and uploaded them, and we moved forward finally. I believe that a quick recognition of the problem by Rocket Mortgage, and communicate the issue to me, would have saved a few weeks time in the process.

    Pros and Cons:

    • The people were very nice to work with, especially Devin Meyer, and DeJuan Vann, both of whom I worked with and spoke to
    • The dashboard was very helpful, and easy to use.
    • Once the closing was set up, and funding date established, they were completed seamlessly and on time.
    • I just think that more communication would be beneficial.
    • The dashboard could be improved by providing more status information/updates.
    • Also providing information on problems being encountered.

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


  • I had to manage the process

    • By Matthew S.,
    • Gainesville, VA,
    • Nov 20, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    There were a lot of aspects I had to manage, and if I hadn’t, it would have cost me greatly! My prior mortgage wasn’t paid. The payment was returned due to an “error” outside my control. No one knew until I started calling around. The settlement paperwork wasn’t correct and the correction caused delays. Oh, and the title company double-paid my property taxes. Now I have to manage the refund. I’ve had to manage more with this refinance than any other mortgage to date.

    Pros and Cons:

    • Deal was great
    • Liked the ease of paperwork to get approved
    • People are friendly
    • My prior mortgage didn’t get paid off
    • I had to do all of the management and follow up
    • Errors were made which created more work for me

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


  • Couldn't imagine a better experience

    • By Jason M.,
    • Troy, MI,
    • Nov 19, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    From start to finish, it was quick and easy. My loan officer truly cared about my situation and found me the best deal. Then it was only a couple of weeks before I was closing. I just can't believe how fast and easy it was.

    Pros and Cons:

    • Helpful
    • Easy
    • Fast
    • No “cons” were specified in this review

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


  • Awesome experience

    • By Stella M.,
    • Springfield, VA,
    • Nov 18, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    This is my third occasion to use Rocket Mortgage. All three have been stress-free with no glitches. Definitely will use them again when needed.

    Pros and Cons:

    • Responsive
    • Professional
    • Knowledgeable
    • No “cons” were specified in this review

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


  • Quicken Loans couldn’t get their rocket to launch

    • By Dan B.,
    • California,
    • Nov 15, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    Refinanced my primary home with Quicken Loans when the government began offering HARP loans over 8 years ago. A year ago they sold the loan to another company that promptly bungled the annual escrow reconciliation and overcharged me some $200 per month for a whole year before catching their error and refunding the escrow overage.

    Spring of this year, in an effort to lock in a 30-year fixed rate and take out some cash from my 14-year-old spec home, I thought I’d give Rocket Mortgage another chance. The Rocket sputtered and crashed. After paying the required $500 “appraisal fee” and applying for an 80% $70000 cash-out loan, I was informed that my house didn’t appraise high enough to qualify for this loan. At this point, my assigned loan specialist went mute. After pointing out that the out of town (and county) house appraiser seemed to go out of his way to “lowball” his estimates appraising my home $70000 lower than an identical house just one street over, I was assigned a supposed loan specialist to reach a solution. The Rocket's solution was to keep all of the $500 application fee, and deny my access to the documents and appraisal which I paid for.

    Fast forward two months, I received the exact same loan through LOAN DEPOT, not only was it easier (less paperwork required and fast turnaround) but their appraiser, a local company, appraised my property at $50000 higher than the Rocket. After another week of battle with yet another Rocket customer care agent, I was grudgingly refunded less than half of my $500 (the actual cost of the appraisal). I was also promised a hard copy of Rockets appraiser comps which they are supposedly required to do by law. You guessed it, I never received them. My only solace is knowing I prevented a friend of mine from making the same mistake of using Quicken Loans.

    Pros and Cons:

    • Competitive rates
    • Didn’t do business in good faith, offered no solutions to problems that arose
    • Poor/no technical support when their system couldn’t upload PDF files sent from iPhone
    • Rude and uncooperative customer care associates
    • Lied when promised to send appraisal

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


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