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.

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.

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: support@rocketaccount.com
  • 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:
  • 301 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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  • Do not believe the hype!

    Overall Experience:

    My husband qualified for a VA loan, but we had concerns about closing costs.

    We contacted our Rocket Loan Representative via phone to his direct number and explained our hesitations. We asked him to please call us with alternative financing options.

    The only response we received from him was an unrelated-to-the-issue email stating that we could close on our next home sooner if we sent him the documents needed! Not a word regarding other loan options, not even a phone call!

    It wasn't until AFTER I left a two-star rating that he tried to call us. (We had wanted nothing to do with this company anymore!).

    He texted that he had other loan options but that WE didn't call him back! Really? That's not our job!

    We secured someone local in a local office with a local phone number.

    Please, don't believe the hype! Any loan company can preapprove you. Anyone can sell you anything. Let them do the work!

    Stay away from Rocket!

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


  • I will NEVER recommend anyone use this company

    Overall Experience:

    I applied for a mortgage through this company earlier this month and was pre-approved. Come less than three weeks later, I find out the company withdrew the approval. How did they tell me the company was rescinding the approval. With a phone call? No. With an email? No. I logged into my account to see a message saying the vague message about being "sorry they could not be my mortgage provider." This is completely unacceptable behavior for a mortgage company.

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


  • Not an online process!

    Overall Experience:

    No different than any other mortgage company. You still have to talk to a person although they don't tell you this until AFTER they have pulled your credit. Waste of time and a credit pull. Should've waited and gone with my bank!

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


  • Hard credit hit no matter what they tell you

    Overall Experience:

    I filled out an online application which clearly states that there would be a "soft inquiry" of your credit and instead they did a "hard hit" on my credit causing my credit score to drop. Then they denied that the disclosure is on the website!

    I wouldn't recommend this company; there are too many other legitimate mortgage companies out there!

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


  • False advertising

    • By Ed Eargle,
    • Mooresville, NC,
    • Sep 20, 2017
    • Verified Reviewer
    Overall Experience:

    Advertising says "Fast, Powerful, Completely Online." I filled out what was asked and, after a few days with no letter of approval as they said, I was told that "the website had an error" and I had to call. So, not fast, not powerful and DEFINITELY not completely online. Feels like a bait-and-switch to me. If I wanted to call, I'd have called my bank. "Approval in as little as 8 minutes." Nope.

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


  • Horrible

    • By Cocoa Nut,
    • Charlotte, NC,
    • Oct 10, 2017
    • Verified Reviewer
    Overall Experience:

    The quick and easy process is not quick and easy for you but is for them. They get your information and do a hard inquiry in your credit, and you still have to talk to someone on the phone for at least half an hour. You jump through the usual hoops that you have to do with a bank, but they give you the loan that's best for them, not you. Avoid at all costs.

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


  • Hard to deal with and pushy

    Overall Experience:

    From the very beginning, they were rude and pushy.

    I talked with a guy named Mike Yaldoo and told him I was shopping around before making a decision and wanted to see if he could give me a good faith estimate sent to my email. Absolutely no other company had a problem with giving me a complete breakdown of the estimated costs, but Mike did.

    He gives me a rate and wants to immediately get started with all the paperwork. I say “Ok great, but can you send me a breakdown of the costs so I can compare it with other companies and then make a decision?” His response: “What, are you calling me a liar?”

    I had my dad in the room to help me with the whole process because I am a first time home buyer. My dad gets on the phone and calmly says to Mike, “No, not calling you a liar Mike, just want a good faith estimate on paper.” It took a little more talking before he told me that I needed to log in to Rocket Mortgage to see the breakdown.

    Mike calls me later when I don’t have my dad around and tries to take advantage of that and makes me tell him if he even has a chance at being chosen and tries to make me choose him right there, telling me that my closing date is very tight and we needed to get started NOW. It just made them sound desperate for customers, and at that point, I was set on not choosing them. They had the highest rate of all the other mortgage companies and were rude and pushy. I wish I did not waste my time even calling them.

    But it didn’t stop there. They continued calling me non-stop. I did ignore the calls at first because I didn’t want them trying to push me and I just really didn’t want to deal with them again. But one day they call from a different number, and I answer. I tell them I went with someone else. Now, anyone else would have left it at that, but no, not Quicken Loans/Rocket Mortgage. They say “Oh we caught you just in time!” And try to transfer me to someone to talk more. I hung up.

    My closing date was in less than two weeks at that point. I don’t understand why they thought they could convince me to change at that point in the process, especially when they made a big deal of the tight schedule when I had a month to close. I’m writing this review now because they JUST tried to call me again, after I’ve told them no. I’m fed up with them.

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


  • Regret applying

    • By Chad Joubert,
    • Lafayette, LA,
    • Apr 15, 2018
    • Verified Reviewer
    Overall Experience:

    I applied on the 4th and got a so-called pre-approval. On the 5th I sent in what was asked on to do list, and that is as far as I have gotten. Jo, the person assigned to me, has not given me any answers. And tomorrow will be the 10th.

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


  • Charged unjustified $250 loan subordination fee at closing on Quicken Loan

    Overall Experience:

    Generally, the process was OK, although very slow.

    At closing, I got hit with a $250 fee for a loan subordination fee when no loan was subordinated. I complained to my rep who didn't fix the issue.

    I sent a certified letter with my complaint to Jay Farner, Quicken CEO on 4/12/18. No response yet. If I don't hear back from Farner and get a rebate on this $250, I intend to take legal action against Quicken as well as filing complaints with the Better Business Bureau, the Consumer Financial Protection Bureau, and other regulatory entities.

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


  • All hype and horrible follow through!

    • By Annette K.,
    • Maryland,
    • Jun 14, 2018
    • Verified Reviewer
    Overall Experience:

    My husband and I decided to try Quicken to refi our rental property in South Carolina. We applied the week between Christmas and New Years Day in 2017. We received a call in mid-January that we were approved and that we could expect to close on the refi on January 31st.

    That day came and went and we called for an update on the expected closing date and we were told our loan process has been transferred to another staff member and that we need to talk to that person. We contacted our new loan processor, and he told us that there was a delay and that closing would be on February 7th. We were Ok with that.

    We never heard from Quicken and called a few days later to find out there was another delay, but they never bothered to notify us. Our attorney in South Carolina told us she has never heard anything from Quicken about our loan to schedule a closing.

    We called again. By this time our loan had been transferred to a third person and he told us that the closing was now scheduled for February 28th. That day came and went and our attorney still told us she had not heard anything from Quicken.

    We called again, and we were told that we had a new contact person but that we can always get an update on the process by checking the Rocket Mortgage website. We did not know that they were processing our application through Rocket Mortgage.

    In March we were told that our loan was at the underwriters but that they were missing some paperwork. They told us what they needed, and we asked why they never told us about this back in January. They had no answer except that the other Quicken staff should have told us what documents they needed back in early January.

    We sent Quicken everything they needed the same day via email and by overnight FedEx. We received a call from our newest Quicken contact and he told us he had received everything and things should move ahead very fast now. Our attorney still had not heard from Quicken about a closing date, and it was mid-March.

    The last week of March we received a call from a new contact person at Quicken. He told us the loan has been put on hold because we never sent them any of the documents we were asked for. I told him that we sent everything both email and FedEx the same day the documents were requested. He said they cannot find any of them.

    Since the loan had now passed through five different people at Quicken, our paperwork had been lost and no one knew who to blame. We told the new contact the name of the person that let us know he had received all of the documents and he no longer worked for Quicken. We sent another FedEx overnight to Quicken, and our attorney notified us that she had now been contacted about a closing date. We finally went to closing in early April.

    Our 30-day closing turned out to be just over 100 days. Quicken told us we would be receiving a customer satisfaction survey soon after we closed on the loan but that never happened. I'm sure they didn't want to hear the truth.

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


  • Buyer beware

    • By Ben P.,
    • Waltham, MA,
    • Oct 26, 2018
    • Verified Reviewer
    Overall Experience:

    I got pre-approved by several lenders, and I decided not to use them until after going through the entire pre-approval process. Their service was ok, their product was awful. The rates were competitive, but the fees were at least 300% more than the next guy. I had to really inquire to figure out why my mortgage with them would be $100+ per month for 30 years to figure it out and they were non-committal on answering why.

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


Showing 1-11 of 301

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