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Rocket Mortgage

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Rocket Mortgage

Overall Rating

4.5

595 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 595 Reviews
5 Star:78% 4 Star:7% 3 Star:4% 2 Star:2% 1 Star:7%
88% Recommend This Company
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Posted on Dec 6, 2021

Amazing service!

By Deven H., Highland, MI, Verified Reviewer

Ryan was very attentive and personable. Great knowledge of the market and interest rates. Quick and easy closing! I would recommend Quicken to all of my friends and family!

Length of Use: 2+ years

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

Pros and Cons

Friendly service

Attentive and caring

Quick and easy

No “cons” were specified in this review

Posted on Dec 5, 2021

Home refinance

By Mark S., Ontario, OR, Verified Reviewer

This was the smoothest financial process that I have ever done. The people involved were extremely helpful, professional, and just plain friendly. Especially Jeorge Mendez! He was available at ALL times. He went the extra mile to make things happen smoothly. A++ to all involved.

Length of Use: Less than 3 months

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

Pros and Cons

Jorge Mendez

It was a very simple process

They got me a great interest rate

No “cons” were specified in this review

Posted on Dec 5, 2021

Painless refinance experience

By Kristen A., Brooklyn, NY, Verified Reviewer

With the help of Alex Makki, I got a great deal on my refinance. Alex was friendly, helpful, and patient with my questions. Overall, the process was smooth and not stressful, from the application process through to the closing.

Length of Use: 2+ years

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

Pros and Cons

Easy to apply

Easy to close

No “cons” were specified in this review

Posted on Dec 3, 2021

Rocket comes through again

By Norman V., San Diego, CA, Verified Reviewer

We have used Rocket Mortgage since we bought our house in 2005. They have helped us navigate from one loan configuration to the next with great rates and without exorbitant fees. We have no complaints from initial contact to monthly servicing, especially since the mortgage now pays itself so we can go about enjoying life.

Length of Use: 2+ years

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

Pros and Cons

Really helpful people

Very competitive rates

Go out of their way for the customer

No “cons” were specified in this review

Posted on Nov 30, 2021

If you're looking for a mortgage company I recommend Rocket

By Kathleen S., Norton Shores, MI, Verified Reviewer

Everyone was knowledgeable, friendly, and happy to help. They walk you through each step. It was so easy and working with Rocket Mortgage was the best part of selling and buying a new home.

Length of Use: 1–2 years

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

Pros and Cons

How simple it was, documents uploaded right away

Great customer service

Friendly

No “cons” were specified in this review

Posted on Nov 30, 2021

A nightmare

By Bryan T., Florida, Verified Reviewer

The only reason I will give an average review is thanks to my care specialist Jessica Vast. She was awesome. Other than her, most employees were careless, inefficient, or incompetent and unhappy with their jobs.

Length of Use: Less than 3 months

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

Pros and Cons

Care specialist Jessica V

Incompetence of so many employees

Lack of interest to deliver good service

Lots of departments that don’t communicate

Posted on Nov 25, 2021

Great up until closing then delays.

By Aleksandr M., New York, Verified Reviewer

Very easy-to-use app. Instant help on the phone when needed. And all was done well. Until closing, when there were 4 rescheduled days due to 4 different reasons all on Rocket's side. Thankfully it all worked out well in the end.

Length of Use: Less than 3 months

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

Pros and Cons

Ease of the application

Communication

Rates

Disorganized closing schedule

Posted on Nov 25, 2021

Efficient and professional service

By Jason H., Cottontown, TN, Verified Reviewer

I have purchased four homes and this transaction rises to the top in terms of ease of use and outstanding customer service!

Length of Use: Less than 3 months

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

Pros and Cons

Promptness to follow up

Ease of use

Fast closing

No “cons” were specified in this review

Posted on Nov 23, 2021

Easy and efficient

By Rachel G., Canton, NC, Verified Reviewer

This process was so painless. Someone was always available to answer questions in a timely manner. No running around, so chasing people down, and they every extremely transparent through everything.

Length of Use: Less than 3 months

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

Pros and Cons

Easy

Fast

Transparency

No “cons” were specified in this review

Posted on Nov 23, 2021

Streamlined process at Rocket Mortgage

By Anne B., Hilliard, OH, Verified Reviewer

The process for obtaining a loan is as easy as possible, beginning with the initial contact with the person who answers your questions and provides the estimated quote for your loan. Ours was Chris Waterstreet, Executive Banker, who took every call/email and addressed all of our questions.

The website information and lists of TO DO Tasks, both for the client and RM, were detailed and easy to understand. It is easy to upload all of the requested documents and keep track of how the loan was progressing. Amrock handled our closing, and it went very smoothly and was scheduled at our convenience. It was easy to contact Amrock with questions before and after closing.

We had an attorney on the phone during closing in case we had questions. All documents were available before closing, and closing documents and account information is available on the RM website. Every person I have contacted at RM was personable and professional. It truly was a pleasure doing business with RM.

Length of Use: 2+ years

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

Pros and Cons

The Rocket Mortgage website is easy to use

All documents are available on the Rocket Mortgage website

The employees were very competent in answering questions correctly and always had a pleasant attitude

No “cons” were specified in this review

Posted on Nov 23, 2021

Rocket Mortgage rocks!

By Allen H., West Columbia, SC, Verified Reviewer

Rocket Mortgage was fast, accurate, and very willing to help. Every time I needed to ask a question someone either was available or readily available in a very fast manner. All of my questions were answered, everything was done online except for the final signing, and quick. Highly recommend Rocket Mortgage. They even got me a lower interest rate than other people could. All of the customer service reps were very helpful and very knowledgeable.

Length of Use: 2+ years

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

Pros and Cons

Easy-to-use site

Task lists posted

Quickness to process

No “cons” were specified in this review

Showing 1-11 of 595

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