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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93 Consumer Reviews for Rocket Mortgage

Average Consumer Rating: 4.4
Rating Snapshot:
5 star: 72 4 star: 7 3 star: 3 2 star: 1 1 star:  10
Bottom Line: 86% would recommend it to a friend
Showing 1-11 of 93
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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. Learn More Here
  • Awesome service!

    • Pearl, MS,
    • Jul 9, 2018
    • Verified Reviewer

    To begin, we were a little skeptical about using an online out of state mortgage company. However, after starting the process, we would not have wanted to experience this any other way. Quicken Loans made uploading documents hassle-free and we could only imagine the trips that we would have had to make had we dealt with a local mortgage company. Up until closing and then afterward, they were very informative and they explained all documents fully. We felt very confident in their team and we will definitely recommend family and friends!

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

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  • 1 out 1 people found this review helpful

    Not quite all positive

    • Barrington, NH,
    • Jul 3, 2018
    • Verified Reviewer

    The process was fast and fairly easy, with most communication through a secure website that was available 24/7. Some phone calls were needed. Closing was handled conveniently, even though I was on travel when a company representative came to my location with all the papers needing signing.

    On the negative side, it was never made clear just what steps in the overall process were coming next and their timing. And though always available, the listing of charges, fees, taxes, etc., was not discussed and explained in detail. Also, there was a prevailing sense of urgency, seemingly without cause.

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

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  • Wonderful service

    • Lubbock, TX,
    • Jul 2, 2018
    • Verified Reviewer

    Every person I worked with was informative, helpful, knowledgeable, and provided wonderful service! They made the process so easy and everything so clear that even a first-time home buyer felt comfortable and assured with the overwhelming process. Wonderful service that I would recommend to anyone interested in buying a house!

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

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  • #1 in Mortgage

    • Ft. Lauderdale, FL,
    • Jul 2, 2018
    • Verified Reviewer

    I’ve bought property before but I was shocked at how easy and fast Rocket Mortgage made things. It was the most painless mortgage I have ever gotten. Everyone that you deal with is nice, polite, and helpful. They are very competitive with their interest rates also. So thankful for this experience. Thank you Tim Isles and staff. You are all the best.

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

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  • Great, fast, understandable service

    • Chantilly, VA,
    • Jun 30, 2018
    • Verified Reviewer

    I was looking for a way to utilize some of the equity in my home to pay off some credit cards but didn't want yet another loan. Ryan at Quicken Loans ran me through a couple of options for refinancing. The process was quick, and any questions I had were answered fully and within a day. Due to a job change, I'm going to be looking for a new home and will definitely be contacting Quicken for assistance.

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

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  • Would recommend Rocket Mortgage to anyone

    • Dumont, NJ,
    • Jun 30, 2018
    • Verified Reviewer

    Honestly, nothing is more stressful than closing on a home, but Rocket Mortgage made the experience so much easier. Having a team dedicated to you at all times of day to answer any question you may have is invaluable. The team working on my closing were tremendous, very polite and helpful throughout the process. The portal gives you up-to-date information on the status of your loan and any missing items. Seriously, why would you go anywhere else?

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

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  • Peace of mind

    • New Jersey,
    • Jun 27, 2018
    • Verified Reviewer

    From start to finish, the entire process is made easy as a result of total sharing of information and communication along the way. My schedule was met as I was out of town and they were very accommodating.

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

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  • All promises met.

    • Seattle, WA,
    • Jun 26, 2018
    • Verified Reviewer

    I always hesitate to give 5-star reviews because it seems any service or product could always be better. In this case, we couldn't think of any reason to give fewer than five stars.

    Rocket Mortgage provided stellar service all the way through the process. Our rep, Steve Simcak, was great, knowledgeable, and actually found us a better deal than we expected.

    Generally, Rocket staff was responsive to our requests, questions, and needs. We couldn't believe how quickly we went to closing. It's so nice when a company delivers what it says it will.

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

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  • 1 out 1 people found this review helpful

    Review of new mortgage

    • Auburn, ME,
    • Jun 26, 2018
    • Verified Reviewer

    Excellent customer service, my team working on my new mortgage was amazing. Very helpful and always available. I am grateful for their knowledge and support making what could have been difficult a smooth journey.

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

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  • 1 out 1 people found this review helpful

    Better than local!

    • Indiana,
    • Jun 25, 2018
    • Verified Reviewer

    Living in a small town, we tried to keep our business local. We had been trying to get a mortgage through our local bank for over a year. Our first application was denied due to the appraisal "comparison data was insufficient;" a problem out of our control. The next application was started with a different lender, but the same bank, who refused to offer a fixed rate, but the bank was "waiting on a better offer" for us.

    Out of frustration, and after hearing several positive reviews about Rocket Mortgage, we applied online. The process was similar to the local bank, so we thought we already knew what to expect during the application. What we experienced was so much better! We spoke with Brad and Ryan who were both amazing and made the process so much smoother than what we hoped for. Rocket Mortgage and Quicken Loans accomplished in 30 days what it took the local bank over a year to never even finish! (We also got a better interest rate that is also fixed!) We are so thankful we applied!

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

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  • Review

    • Austin, MN,
    • Jun 24, 2018
    • Verified Reviewer

    It was nice working with the team I did. They were very fast at responding, knowledgeable, and took their time helping us do what we needed to do.

    Closing was a bit of a mix up as we were told an estimated closing cost but when it came time to close jumped up $2000. But they explained why and how.

    I would suggest they increase their estimated closing cost even more for these type of times. As they told us they always estimate high.

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

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Showing 1-11 of 93

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