Rocket Mortgage

I am a two-time Rocket Mortgage user. Once to refinance my house and the second to refinance the refinance to a lower mortgage. Both times the process was smooth and straightforward. The people involved were professional and helpful. The escrow signing was conducted at my house and went off without a hitch.

This was a much easier process than I have experienced in my previous house buying projects.

My only complaint to date is the way that Quicken Loans processes biweekly payments. On signing up for biweekly payments, I did not notice language that indicated that the interest of the loan is only calculated once a full month's loan payment has been submitted. Meaning that even though you have paid a portion of your mortgage, that payment will not affect your loan balance (principal and interest) until they have received a full month's payment.

Other than the additional payments that are made due to the biweekly schedule, there is no advantage of paying early.

The next annoying issue was that I wanted to know if this method of loan servicing had ever been litigated and to date, I have not received an answer. Quicken answered in a general way but not specifically the question.

It is for this reason that I cannot recommend Quicken Loans to a friend without a detailed explanation of the repayment terms.

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

Truly terrible underwriting experience, tainted the whole process for me. They didn’t have their stuff together and were not timely in resolving issues.

Length of Use: Less than 3 months

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

It took 5 months to complete the finance. The customer service reps were always pleasant to deal with, but I had to explain on 4 separate occasions that I did not have the option to send my verification of employment directly to Rocket Mortgage. This and other delays caused it to take over 5 months to complete the refinance.

Length of Use: 2+ years

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

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.

Length of Use: 2+ years

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

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.

Length of Use: Less than 3 months

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

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.

Length of Use: 1–2 years

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

The start of the process was wonderful, would have been five stars. We had to keep reaching out to keep the loan moving forward, if we weren't checking in daily I don't think the loan would have been finalized yet. Six months to refinance is a long period of time. Even the First Lady we were working with said the loan should have been done a long time before then. The fact we had to submit the same documents 4-5 times because the closing hadn't gone through and they weren't able to use those documents anymore because it had been too long. The closing was a little awkward.

Length of Use: 6–12 months

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

I started this process with the understanding that closing would be completed by no later than 12/31/20 due to tax savings. Throughout the process, I provided documentation as requested only to call days later to hear that the documents had not been received, however, they were visible online and in their app. Communication was at best mediocre and more times than not it only happened because I initiated it.

When I talked to a senior rep I was met with a disingenuous tone.

I wish I would have gone with my original lender. I am certain that they would have accomplished closing when I needed it to be done. I honestly felt that I was just another application being processed vs disabled veteran and paying customer.

Length of Use: Less than 3 months

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

I’m glad the house closed, but the experience getting there is one I would not repeat, and if I could have gotten the same rate elsewhere I would have done that.

I don’t like being lied to and Randall repeatedly did that when he told me over and over that an escrow holdback wasn’t Rocket’s decision. It is. I know that. My realtor knows that. Randall was rude, condescending, and treated me as though I was an imbecile when I was asking him to explain something I read ON the Rocket Mortgage website. After dealing with him, I didn’t want to speak to another person there.

This is an emotional process and we were dealing with a very difficult seller. There were absolutely things Rocket could have done to make the process easier and not only did they refuse, but they also treated me like garbage for even asking.

Furthermore, when I would ask for a supervisor I would get passed to a customer care team that was great at the “customer empathy” training, but absolutely did not solve any of my issues. Calling and lodging a complaint with someone who can’t fix it is a waste of time and gives the appearance of excellent customer service without actually giving it.

No, I did not enjoy this experience and I would not recommend Rocket after my experience.

Length of Use: Less than 3 months

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

I had to enter a ton of information just to get a quote. Which turned out not to be competitive. But the process was smooth if a bit long (20-30 minutes). Worth checking them out when shopping for a loan.

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

The refinanced loan was easily obtained and scheduled for closing; however, I was not pleased that I didn’t get the $1000 “Loyal Customer” money applied to my closing. I was told that that money was only for those who received a new loan, not for those who refinance the loan (I could have received $1000 forgiven in closing costs from another loan institution).

Also, it is advertised that they distribute funds within 3-5 days. It took them 8 days (6 workdays) after closing to pay off my old loan, causing me to have to make another payment on the old loan because it was auto-debit! (They said they will write me a refund check for that payment, but when?). So much for having a “free month” with no payment! They explained that North Carolina requires a longer time to process the loan, but that information was NOT DISCLOSED. In fact, the entire closing contract was based on a payoff before the end of the month, not into the next month.

Another thing that may be an issue for those who haven’t closed on home loans before, the closing agent is simply a notary. All they are there to do is to notarize your signatures and they will not explain anything to you, nor will they answer any questions. If you have questions, you will have to call someone while you are trying to close on that loan.

So, basically, it is easy to get the approved loan (with excellent credit and all documents needed), easy to get to closing, but don’t count on the 3-5 days to get your funds distributed. Also, be sure to get all your questions answered before you get to closing.

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