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Rocket Mortgage

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Rocket Mortgage

Overall Rating

4.5

711 Customer Reviews

Summary

Rocket Mortgage has an excellent reputation for customer service and ease of use, as well as a unique in-house mortgage for which you can choose the length of repayment.

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Rocket Mortgage Review: A Detailed Look

By J.R. Duren

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

4.5 Stars out of 711 Reviews
5 Star:79% 4 Star:7% 3 Star:3% 2 Star:2% 1 Star:6%
89% Recommend This Company
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Posted on Jan 24, 2023

Recent problems with statements not coming to email or mail

By Deborah G., Yucaipa, CA, Verified Reviewer

We have had a good relationship with Quicken/Rocket Mortgage for eighteen years. We recently took out a remodel loan. We never received an invoice until today, January 17, 2023. I called to ask forgiveness for a late fee that was put on our account before we even received a bill! I have been in and out of the hospital after a life-changing fall and recovering from breast cancer and surgeries.

I need help with setting up our new account on twice-a-month billing we were promised to get a call once the account was set up in the system. We received no help and customer service was cold and unyielding and did not help me get set up correctly. We have received NO invoice by email or mail until January 17, 2023. Please help! We have had perfect credit for many years with your company.

Length of Use: 2+ years

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

Pros and Cons

No “pros” were specified in this review

Poor communication

Poor billing

Poor follow-up

Posted on Jan 10, 2023

Simple

By Jojn T., Pittsburgh, PA, Verified Reviewer

Easy to work with. Nice people to talk to, and respond quickly to answers and concerns. I would recommend trying them first before searching around too much.

Length of Use: 3–6 months

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

Posted on Jan 7, 2023

Wonderful experience

By Jon C., Trinity, AL, Verified Reviewer

Rocket Mortgage goes above and beyond to provide the best service and best products available. I would recommend Rocket Mortgage above all the rest of the competition for mortgage financing or refinancing.

Length of Use: 6–12 months

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

Pros and Cons

Service

Products

Communication

No “cons” were specified in this review

Posted on Dec 27, 2022

Easier than pie

By Michael S., Port Orange, FL, Verified Reviewer

It was so easy working with Rocket Mortgage. They made the whole process so simple. We highly recommend using Rocket Mortgage.

Length of Use: 2+ years

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

Pros and Cons

Easy to work with

Streamline process

Super fast closing

No “cons” were specified in this review

Posted on Dec 27, 2022

Home Loan

By Kenneth E., Granbury, TX, Verified Reviewer

This is our fourth experience with Rocket Mortgage. Every one of the times we used Rocket has been a wonderful experience. Sean, my lending broker, has been my go-to guy for the last 15 years. He has always treated me right and has looked out for me to get the right product at the right price. When interest rates drop to my advantage, he calls me to recommend refinancing to lower my house payment. We really enjoy working with Rocket.

Length of Use: 2+ years

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

Pros and Cons

Personable

Friendly

Keeping us informed along the whole process

No local office

Posted on Dec 27, 2022

Great people; changing terms

By Bryan F., Dover, AR, Verified Reviewer

Love the people and service provided and look forward to using them for many years to come.

Just slightly miffed that our cash-out-refi was so heavily impacted by home value and VA rules. What looked great initially was ultimately only about half as good.

I’d love for Rocket to be a bit more aggressive with re-fi and other loans.

Length of Use: 2+ years

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

Pros and Cons

Great people

Solid company

Flexible

Need more aggressive small loans

Credit improvement programs and packages

Posted on Dec 13, 2022

Taken advantage of

By Robert M., Houston, TX, Verified Reviewer

Very disappointed in Rocket Mortgage. They pulled a fast one on me one week before my closing after I was supposed to close two weeks prior. The first home I refinanced with Rocket Mortgage was a good experience. I used you guys to purchase my next home and started off a good experience, and ended with Rocket Mortgage taking complete advantage of me.

Length of Use: 2+ years

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

Pros and Cons

No “pros” were specified in this review

Being misled and lied to

Being taken advantage of financially

Posted on Dec 11, 2022

Overall, a nice experience.

By Michael C., Panama City, FL, Verified Reviewer

Got to work with very knowledgeable personnel and they were very helpful in the collection of needed data for refinancing application.

Length of Use: 2+ years

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

Pros and Cons

Responsiveness to inquiries

Accuracy of info

Knowledge of subject material

No “cons” were specified in this review

Posted on Dec 10, 2022

I bought a home, not just a house!

By Brandy G., Princeton, WV, Verified Reviewer

The Rocket teams were fantastic. They were very knowledgeable and friendly. The majority can be completed with their online based portal. I highly recommend it to anyone looking to purchase a home, regardless of your experience level. They provide guided assistance thru each step of the process and take the time to explain and answer any questions. I couldn’t be happier in my new home. Thanks Rocket!

Length of Use: 3–6 months

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

Pros and Cons

Easy to work with

Friendly

Knowledgeable

Tons of paperwork

Long timeframes start to finish

Posted on Nov 28, 2022

Helped until the end

By Mary S., Port Wentworth, GA, Verified Reviewer

Good experience. A couple of roadblocks along the way. But they stayed by me and helped me through until the end. They made it possible for me to finally own my home. Thanks!

Length of Use: Less than 3 months

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

Pros and Cons

Ease

People

Communication

A couple of road blocks

Title sister company

Posted on Nov 27, 2022

Helpful people at Rocket

By Marla B., Brundidge, AL, Verified Reviewer

After being told no so many times by other mortgage companies, I work with Toby and Randy with Rocket Mortgage and they were awesome working with them they were amazing. From the first day on the phone with Toby, he assured me that he was there and he would help me anytime with anything, he was just a call away. He made me feel like there was nothing he wouldn't help me with. I couldn't have asked for better people to work with.

Length of Use: Less than 3 months

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

Pros and Cons

Amicable

Generous

Knowledgeable

Enthusiastic

No “cons” were specified in this review

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