Rocket Mortgage Review: How It Works, Pros & Cons

By J.R. Duren
HighYa Staff
Updated on: Dec 3, 2019

About Rocket Mortgage

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 site 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.

These advantages make Rocket Mortgage seem like an easy choice for your next mortgage.

In our review of this company, we will walk you through Rocket Mortgages rates and fees, the types of loans it offers, the application process and what past customers say about their experience.

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.

Rocket Mortgage’s 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% APR/4.125%
  • 15-year fixed: 3.986% APR/3.500%
  • 30-year fixed FHA: 4.767% APR/3.750%
  • 30-year fixed VA: 4.083% APR/3.625%
  • 5-year ARM: 4.445% APR/3.750%

These rates reflect the site’s most popular loans but not all of them. We will address all the loan products you can get through Rocket Mortgage in the next section.

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, it's important to know that Rocket Mortgage offers a "Rate Shield" on 30-year, fixed-rate conventional, FHA and VA loans.

Through this program, Rocket Mortgage locks in the rate you get when their underwriting department (they do an in-depth examination of your financial life) 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.

Available Loans

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 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 servicemembers. 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.


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.

If your home is worth $299,000 and you owe $100,000, your equity is $199,000. Remember, though, that Rocket Mortgage’s cash-out refinancing has fees and requirements that will allow you to cash out less than 100% of your equity.

The Application 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/or monthly payment projects are general. Also, it won’t require a credit check. Remember, these are very rough estimates and most likely won’t reflect the actual loan you get from Rocket Mortgage.

Application Support

Even though the application process is online, you can reach out to Rocket Mortgage customer service if you have questions:

  • By phone: (855)207-9072
  • By email:
  • By chat/screen-sharing: available on Rocket Mortgage website

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

HighYa reviewers have left extensive feedback about their experiences with Rocket Mortgage. At the time of publishing, the company had an average rating of 4.5 stars. Around nine out of 10 readers would recommend Rocket Mortgage to a friend.

In general, customer insight fell into the following categories

Common Compliments:

  • Account representatives were friendly and professional
  • Loan process was easy
  • Excellent communication
  • Digital application and uploads made loan process easy

Common Complaints:

  • “Online” process required phone calls
  • Poor communication with 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

Based on our research, we see some clear benefits and disadvantages of using Rocket Mortgage.

On the positive side, the company has an excellent reputation for customer service. HighYa reviewers and J.D. Power give the company excellent ratings.

Second, 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.

Finally, 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. In some cases it could be, but you’d have to get quotes from multiple lenders to find out how good of a deal you’re getting from Rocket Mortgage.

Independent mortgage brokers can shop around your credit/debt/income profile to multiple lenders to find the most competitive rate rather than one company’s most competitive rate.

Another weakness is that an online process is not ideal if you’re someone who values face-to-face interaction.

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.

If you prefer not to use an online lender but also want to get the best rate, Pearsall recommends getting loan offers from three different lenders, as the credit checks required for this will only minimally affect your credit score.

Customer Reviews

Start your review of Rocket Mortgage:
  • 300 Customer Reviews
  • 89% Recommend This Company
4.5 out of 5
5 star: 80% 4 star: 6% 3 star: 2% 2 star: 2% 1 star: 8%

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  • Updated review

    Redeemed by CEO Bill Parker

    • By GJHC,
    • Ohio,
    • Jun 26, 2017
    • Verified Reviewer

    I reached out to the CEO after searching for his contact information. He called me and emailed me back. He justified my complaint and said they are working towards fixing all of the issues I brought to their attention.

    The bottom line is, I do not have to pay anything extra, and I can continue as I was doing before the changes on their end become official. I was impressed that he got back to me. The company has it right in corporate, they just need to make some changes in customer service, which he assured me they would do.

    Despite my complaints, the overall process of completing the loan and receiving the money is phenomenal. Many companies would have completely ignored my complaints because "policy is policy." Bill Parker took the time to listen and understand that each customer's concerns really mean something. Thanks Bill!

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

    • Previous review
    • Jun 19, 2017

    Don't do business. Shady practices!

    Horrible customer service, no access to management for complaints, fees associated with making bi-weekly payments, fee every time you make a payment by check, no partial payment options, no desire to assist you in making it convenient to pay off your loan. I could go on and on, but suffice it to say that if I could go back I wouldn't do business! I will have to pay nearly $600 extra because I don't want the automatic withdrawal payment method and instead choose to pay bi-weekly.

    I was told there are no employees above the team leader (Brittani) that I spoke with to whom I could voice my concerns. "We're a small company." "We're a new company." Trust me, you will be a short-lived company based on your policies. If I could give a negative star, I would.

    (read moreread less...)

  • Great experience

    • By Mo Money,
    • Clearwater, FL,
    • Jan 7, 2018
    • Verified Reviewer

    I am a real estate agent who has worked with banks, mortgage brokers, and I used Rocket myself. Fantastic! Haters can hate; good service and great rate.

    What I like is that they tell you up front what the rate is and the expectations. No hocus-pocus. Trust me, I have closed 150 plus transactions, and I have seen it all.

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

  • Rocket Mortgage is very good

    It was very easy from beginning to end, and also very fast. Other people that I know that bought houses couldn't believe how fast my loan process went. And also, what a low APR I got. If you ever have questions, it is very easy to get answers either over the phone, text, email, or their phone app or website.

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

  • Effortless!

    From the moment that I started my online chat until the moment that I closed, I can honestly say that I've never had a more seamless process done with regard to my mortgage. When everyone else said "no," Quicken Loans Rocket Mortgage said "yes!" This is the easiest financial process that I've been through since owning my home!

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

  • Friendly, knowledgeable staff who worked with us through every step!

    Every team member I encountered was courteous and always expressed they were here to help with every aspect. I absolutely loved the Rocket Mortgage website where documents and messages could be uploaded instantly! Very convenient! Responses were always timely, and the staff was there to answer any questions and very prompt on any additional info needed and how they could help you obtain the information. Great experience! I would definitely recommend to anyone.

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

  • Excellent and fast service

    I've been interested in refinancing my home for a while, but I did not feel like going through the process. On a whim, I put in my info for a Rocket Mortgage quote. I was approved instantly but was still hesitant. I completed the paperwork quickly, which consisted of a quick application completed all online and submission of pay stubs and tax returns. There were a couple of things that came up where they asked for a letter of explanation. I prepared and signed a letter, which was reviewed the same day.

    Everything that was requested, which wasn't much, was reviewed within 24 hours of submission. The process was very transparent. I was able to see the status of every item along the way. I started the application around January 17th. I closed around February 4th. My loan was paid off on February 11th (yes, I know that was a Sunday, but that was the day my balance was updated to $0).

    The process was smooth, quick, and efficient. I would definitely use Quicken/Rocket Mortgage again.

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

  • Home purchase

    • By Douglas Kidd,
    • Titusville, FL,
    • Feb 15, 2018
    • Verified Reviewer

    I had a very good experience with Rocket Mortgage. Everything was organized, and I liked the to-do list on the website to manage the myriad of documents required.

    ALL of the people I interacted with online we courteous, knowledgeable and professional. They answered my questions quickly and with enough depth to allow me to understand why a document was needed or how long processes should take during the mortgage commitment process.

    I have bought and sold close to 10 homes in the last 45 years. This process was the simplest and most accurate I have experienced in all that time.

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

  • Awesome service!

    • By Joe Jermann,
    • Washington,
    • Feb 19, 2018
    • Verified Reviewer

    I was skeptical when we started as it just seemed too easy, but this mortgage option is a no-brainer. It was seamless and painless. We were constantly contacted as to where the process was, what we needed to do, what the next steps were, and what to expect; the customer service was top notch. I will use Quicken/Rocket Mortgage for all mortgage needs in the future. Bravo Quicken!

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

  • My experience with Rocket Mortgage

    My wife and I have been a customer for 15 months and have had several experiences with the Corporate Office regarding property taxes. I am 100% military disabled and do not pay property taxes in Tennessee. With the requirement to escrow, the tax, and my situation, it was handled most efficiently and with no problems reducing my home payment because of the reduced escrow needed. Everyone I have dealt with has been very professional and excellent customer service response. I would recommend Rocket Mortgage based on my experience with them.

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

  • My house buying process

    I am glad I chose Quicken Loans for my house buying needs. They were great and I would recommend anyone to try them first. No long waiting period and very courteous staff. And they help you gather everything you need in your process. Big thank you to Ms. Tiffany E. She was great. Thank you all very much. I am very satisfied with my home.

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

  • Refinance walking the talk

    You see advertisements where claims are made and only dream that you get half of what is promised. With Rocket, we got 100% of what was promised, no hassles, and extremely professional individuals who are dedicated to making this process a great customer experience. I could not be happier with this. I refinanced and closed in two weeks!

    Phone calls were returned the same day within hours. Emails returned promptly. Acknowledgement of documents received almost instantly.

    We were very pleased with our experience. It was everything promised and then some. Rachel Davis was superb; she explained everything and answered all questions.

    Thanks for a great journey!

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

Showing 1-11 of 300

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