Gregg A. S.
Plain City, OHMember since May 2018

Reviews (1)


    • May 23, 2018
    • Verified Reviewer

    Rocket Mortgage

    Good experience, except the appraisal

    Overall Experience:

    Overall, we had a very good experience with Rocket Mortgage. Our credit score was not very good, but Rocket Mortgage was able to do a few things to work around this. We were able to re-finance our present mortgage and save over $300 per month with a 15-year refi. The people at Rocket Mortgage were very knowledgeable and very customer service oriented.

    The only negative aspect of the Rocket Mortgage experience related to the property appraisal. At first, we were told that we would not even have an appraisal since one had just been completed by Loan Depot a few weeks earlier. The Loan Depot appraisal came in at well above the loan amount ($380,000 appraisal vs. $180,000 loan amount), although below what we believe the true market value of our property is. In addition, the Loan Depot appraisal was performed for an FHA loan, which is typically more stringent than a for a conventional loan. In any event, Rocket Mortgage wanted another property appraisal, but told us they would "waive" the appraisal fee since we already paid for the Loan Depot appraisal.

    The Rocket Mortgage appraisal came in at substantially less ($325,000) than the Loan Depot appraisal, but once again well in excess of the $180,000 loan amount. But unfortunately, this was the appraisal that was used on the Rocket Mortgage loan documents and has become public record. In our estimation this is almost $100,000 below what we believe to be the actual market value of the property, so we are very upset about this.

    And the topper came when our Rocket Mortgage loan advisor told us that "waiving" the appraisal fee only meant that we didn't have to pay for it up front and that it would be rolled into the loan amount. That's when I pretty much threatened to pull out of the whole refi deal unless they deducted the appraisal fee completely. To Rocket Mortgage's credit, they did offer us more than the actual appraisal fee in credits on the refi, but the whole appraisal situation left us with a less than satisfactory feeling about the deal.

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

    1 people found it helpful

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