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Rocket Mortgage Review
Rocket Mortgage is the online mortgage lender that used to be known as Quicken Loans. It offers mortgages in all 50 US states, including the following products:
Rocket is also offering a few affordable mortgage products that can help those with lower incomes become homeowners:
- Its ONE+ mortgage allows down payments as low as 1% with no mortgage insurance, and includes a 2% grant from the lender. This mortgage is available nationwide, but only those who earn 80% or less of the area median income can qualify.
- The Purchase Plus program offers a credit of up to $7,500 to offset your down payment and closing costs. This program is only available in specific census tracts in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.
- Rocket also offers Freddie Mac's BorrowSmart Access program, which includes a $3,000 credit for your down payment. This program is only available in certain counties within the following metro areas: Atlanta; Chicago; Detroit; Memphis; Miami; Philadelphia; St. Louis; El Paso, Houston, and McAllen, Texas.
To apply with Rocket, you can get started online. If you prefer to talk over the phone, give the lender a call during the following hours:
- Monday through Friday: 7 a.m. to midnight ET
- Saturday: 9 a.m. to 8 p.m. ET
- Sunday: 9 a.m. to 7 p.m. ET.
You can chat online with an automated assistant 24/7. Talk online with a live representative Monday through Friday from 7 a.m. to midnight ET, or weekends from 8 a.m. to midnight ET.
Rocket Mortgage Interest Rates and Fees
Based on Personal Finance Insider's review of Home Mortgage Disclosure Act data, Rocket Mortgage interest rates are right around average compared to other lenders.
In 2022, the average borrower getting a conventional loan with this lender paid $4,703 in origination charges, according to our review of HMDA data. This is around the average compared to other lenders.
To explore the lender's mortgage rates, go to its website and navigate to the "Rates" page. From there, you can see sample rates for a handful of mortgage types for both new purchase and refinance loans.
Note that these sample rates include discount points, which you'll pay for at closing to lower your rate. If you get a mortgage with no points, you'll likely pay a higher rate than what you see here.
To see a personalized rate quote, you'll need to fill out a form and provide your phone number.
Rocket Mortgage Overall Rating
Loan Types: 4 out of 5
This lender offers a solid range of different types of mortgage loans, though there are a few popular loan types, like USDA loans and construction loans, that it doesn't offer.
Affordability: 4.5 out of 5
We like that Rocket has multiple mortgage options for borrowers with less money for a down payment. With this lender, you can get a regular conforming loan with just a 3% down payment, or its ONE+ loan with just 1% down. It also allows credit scores down to 580 on its VA loans, which is lower than many other VA mortgage lenders.
Customer Satisfaction: 4.9 out of 5
This lender has a 4.7 out of 5 stars on Trustpilot, based on over 15,000 customer reviews. It also ranked No. 2 in J.D. Power's 2023 US Mortgage Origination Satisfaction Study, which measures customer satisfaction.
Trustworthiness: 5 out of 5
We found Rocket to be a trustworthy lender, with an A+ rating from the Better Business Bureau, no recent major scandals, and a long history of being in the mortgage industry.
Rocket Mortgage Pros and Cons
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One of this lender's biggest strengths is its extremely user-friendly online experience. The initial application takes just a few minutes to complete, and you can view your loan details online or using the mobile app. We're also fans of the mortgage options it offers, which includes affordable mortgage programs and flexible term lengths.
Because it puts such an emphasis on its online offerings, this probably isn't a good lender for you if you want the option to visit a physical branch and work with your loan officer in person — Rocket doesn't have any in-person branches. There are also a few popular loan types that Rocket doesn't offer, so be sure it offers the loan you want before you apply.
Is Rocket Mortgage Trustworthy?
Rocket Mortgage has good online customer reviews and an A+ rating from the BBB. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices.
Rocket Mortgage ONE+
Rocket Mortgage's ONE+ mortgage program allows borrowers to get a 1% down mortgage, which is below the typical 3% you'd need for a conforming loan. The lender provides the other 2% in the form of a grant.
You won't need to pay for private mortgage insurance on this loan, making it even more affordable. To qualify, you'll need at least a 620 credit score and you can't earn more than 80% of the area median income. You can use Fannie Mae's Area Median Income Lookup Tool to see if you're eligible.
Rocket Mortgage Home Equity Loan
The lender recently started offering a home equity loan for borrowers who are looking to tap into the wealth they have in their home without having to refinance their mortgage.
Borrowers can get a home equity loan from this lender for between $45,000 to $350,000. You'll need a credit score of at least 680 to qualify and a debt-to-income ratio below 45%.
Rocket Mortgage Borrower Insights
Personal Finance Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Rocket. Overall, we think that it's a strong lender that many borrowers will have a smooth experience with. However, we did notice some common themes when reviewing borrower experiences.
Keep in mind that Rocket is a large mortgage lender — according to the Consumer Financial Protection Bureau, it was the largest mortgage lender by number of loans originated in 2022. Because of this, you may not get the same smooth service and ease of communication that you'd get with a smaller, local lender. However, Rocket does rank highly in customer satisfaction, and many borrowers have good experiences with this lender.
Knowledgeable and Professional Teams
Many positive customer reviews mention how smoothly the process went thanks to their loan officers and other company representatives they worked with. They say Rocket employees guided them through the process and had good communication.
Poor Help With More Complicated Loans
Other previous customers have said that Rocket Mortgage isn't as adept when it comes to mortgages that have details that make them slightly more complex, like if you're buying a less common property type. In some cases, borrowers say they've had trouble getting issues resolved with company reps.
Too Many Phone Calls
Some borrowers and prospective borrowers have complained that Rocket inundated them with repeated phone calls. In fact, Rocket is currently facing a class-action lawsuit for making unsolicited phone calls. The lender has said the suit is "baseless," according to HousingWire.
Issues With Preapprovals
We've seen some complaints from both borrowers and real estate agents that borrowers will sometimes obtain a preapproval from the lender only to have trouble getting the loan fully approved later down the road.
Often, a preapproval is only as good as the information the borrower provides. If information that is self-reported isn't 100% accurate, it can mess with your ability to get approved once an underwriter looks at your application.
Compare Rocket Mortgage
Rocket Mortgage vs. Better Mortgage - Product Name Only
Both Rocket Mortgage and Better provide a live online chat feature, which is convenient if you don't like talking on the phone.
Better makes it easy to see customized rates without signing up for an account first. It also provides you with a preapproval letter within 24 hours, whereas Rocket's turnaround time for letters varies.
If customer service is important to you, you might prefer Rocket Mortgage, which ranked No. 2 in J.D. Power's 2023 US Mortgage Origination Satisfaction Study. Better ranked below average in the study.
Rocket Mortgage vs. Guild Mortgage - Product Name Only
Guild Mortgage is unavailable to residents of New Jersey or New York, so if you live in either of those states, Rocket is the clear choice.
Rocket Mortgage FAQs
Is Rocket Mortgage good?
Rocket Mortgage is a good choice if you're comfortable with an online application process. The company has strong customer service reviews, so you may like it if customer support is a high priority.
What is the downside to Rocket Mortgage?
The lender doesn't offer certain types of mortgages, including USDA loans. It also doesn't have physical locations, so if you want to walk into a branch to speak with someone in person, you're better off using a different lender.
Are Rocket Mortgage fees high?
The fees are lower than what many brick-and-mortar lenders charge. Fees often vary depending on your situation, so ask an employee for a complete list of fees.
How hard is it to get a Rocket Mortgage loan?
Rocket Mortgage's mortgage approval requirements are average compared to other mortgage lenders. You'll need at least a 620 credit score, though you may qualify for an FHA loan with a score as low as 580. This lender might not be the best choice for someone with a rocky credit history.
What bank owns Rocket Mortgage?
Rocket Mortgage, formerly known as Quicken Loans, is a part of Rocket Companies. It was founded in 1985 by Dan Gilbert.
Is Rocket Mortgage legit?
Yes, Rocket Mortgage is a real mortgage lender that's licensed to lend in all 50 states.
Why would someone use Rocket Mortgage?
Rocket Mortgage is a good choice for borrowers who value a convenient online experience and a reputation for good customer service. But it might not be the best choice if you need a less common type of mortgage, or if you have a rocky credit history.
Does Rocket Mortgage do HELOCs?
Rocket Mortgage doesn't currently offer HELOCs.
Is Quicken Loans Rocket Mortgage?
Rocket Mortgage used to be known as Quicken Loans, but it officially changed its name in 2021.
Why You Should Trust Us: How We Reviewed Rocket Mortgage
To review Rocket Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.