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Rocket Mortgage review

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Find the right mortgage online in minutes with the online experience offered by Quicken Loans.

This online venture owned by the well-established Quicken Loans offers conventional, jumbo and government-backed mortgages. And you can go through the whole process online.


Loan types Conventional, Refinance, Jumbo, FHA, VA, USDA
Minimum credit 620
Other minimum credits Conventional: 620
FHA: 580
VA: 620
Jumbo: 700
Minimum down payment 3%
Origination fee 0.5% to 1.0%
Other fees Rocket Mortgage charges a one-time “good faith deposit” on its home loans, payable by credit or debit card. A $400 to $750 fee covers your credit report, a home appraisal and loan processing fees.

Your deposit is refundable after you close your loan with Rocket Mortgage. It’s subtracted from your closing costs, so you pay less overall for your mortgage.

0.5%–1% origination fee.
Available States Available in all states


  • Verification in minutes
  • Fully online process
  • Fast turnaround
  • Multiple loan & repayment options


  • Application deposit
  • Some loan types unavailable
Rocket Mortgage looks good online. Trustpilot gives the service a 9.4 out of 10 based on more than 1,000 reviews. Most customers speak highly of its speedy application process and responsive customer service.

Rocket Mortgage’s parent company, Quicken Loans, earns a solid A+ from the Better Business Bureau. And of the 2,505 customer reviews as of this writing, a whopping 2,160 are positive — a nearly unheard-of breakdown when it comes to other lenders.

It’s not all rosy, however: Some borrowers warn of poor account communication among loan officers. Others report submitting the same documentation multiple times as a result.

Rocket Mortgage offers a variety of mortgage types, including:


Rocket Mortgage offers conventional fixed and variable mortgages. And the company’s OURgage program allows you to customize your loan term from 8 to 29 years for greater control over your repayment terms.


Rocket Mortgage offers refinance loans to help you lower your payments, shorten your loan term or cash out. Refinance loans are available for both primary residences and second homes or investment properties.


An FHA loan is backed by the Federal Housing Administration and designed for borrowers with low to moderate income. You can get approved for an FHA loan with as little as 3.5% down and you can often qualify with a lower credit score than you’d need for a conventional mortgage.


VA loans are available to military service members, veterans and some military spouses. These loans are offered by private lenders and guaranteed by the VA, and they can get you into a house with $0 down.


USDA loans are available for $0 down to homebuyers who meet federally designated income requirements and purchase a home in an eligible rural area. You can use the USDA website to check if your home qualifies.


A jumbo mortgage is a mortgage too big to be acquired by Fannie Mae or Freddie Mac, the two main government lenders. As of 2020, loans over $510,400 will generally be jumbo loans.

Rocket Mortgage offers jumbo loans up to $3 million.

Rocket Mortgage fees

Expect to pay about 2% to 5% of your home’s total cost in fees and other closing costs. Fees you may have to pay include:

  • Origination fee. This fee covers administrative costs and is generally about 0.5% to 1% of your loan.
  • Loan deposit. You may be charged a deposit of $400 to $750 to cover your credit report, appraisal and loan processing.
  • Ongoing fees. Read through the fine print carefully to find out if your specific loan type is subject to any ongoing fees or costs, like early repayment fees or late fees.
  • Third party fees. You may have to pay fees for services from third parties, like an application fee for your private mortgage insurance or taxes on the purchase of the home.


To qualify for a loan with Rocket Mortgage, you’ll need a minimum personal credit score of 580 if applying for an FHA loan, 620 if applying for a conventional or VA loan and 700 if applying for a jumbo loan. If you’re applying for a conventional mortgage, you’ll need at least a 3% down payment.

You may also need to be ready with an application deposit of $400–$750 and a down payment, depending on your loan.


To apply for a mortgage, you’ll need to provide:

  • Your full name and personal contact information
  • Your Social Security number
  • Pay stubs from the past 30 days
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years
  • Profit and loss statements (if self-employed)
  • A list of your assets, including savings, real estate, car titles and other investment records
  • A complete list of your debts, including student loans, auto loans, personal loans and credit cards

Pros and cons


  • Instant verification. Find out how much you might qualify for in minutes. Get a quote minutes after you apply online.
  • Fully online process. Unlike other loans, Rocket Mortgage’s convenient application, verification, documentation and funding take place online.
  • Flexible lending. With a variety of loan terms, you get more control over the lending process. And you can pay your loan off early without prepayment fees or penalties.
  • Fast turnaround. Rocket Mortgage suggests that most of its borrowers close their loan within a week of having their application approved.
  • Flexible repayments. Pay your loan off early without prepayment fees or penalties.


  • Application deposit. You’ll need to put down a deposit to apply, and the deposit goes towards closing costs if you seal the deal on your new Rocket Mortgage home loan.
  • Not all loan types are available. You can’t get a construction loan or mobile home mortgage through Rocket Mortgage.
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Case study: Gabrielle's experience

Gabrielle Pastorek profile photo
Gabrielle Pastorek
Staff Writer

I worked with a mortgage broker to buy my first home, and he found that Rocket Mortgage through Quicken Loans offered the lowest interest rate and best terms for my situation. Because I was a freelancer, my tax and employment documents were a bit more confusing than the average borrower. So, had I not worked with a broker, I would have had a tough time understanding the submission process.

My loan application process was fast and hassle-free. My interest rate was locked in, I chose the loan terms that I wanted, and I can make extra payments with no penalties or fees.

Rocket Mortgage’s online account and payment system is very intuitive and easy to use. My principal, interest, PMI and escrow payments are clearly graphed out, and making payments is as simple as clicking a button. There are also helpful info boxes throughout, explaining things like how to get rid of PMI. Overall, my experience with Rocket Mortgage has been a positive one.

How to get a home loan with Rocket Mortgage

From applying to funding, the process of getting a Rocket Mortgage takes place fully online.

What is Rocket Mortgage?

Rocket Mortgage is an online mortgage experience offered by Quicken Loans. Quicken Loans earns a solid A+ from the Better Business Bureau. And it has an average of 4.5 out of 5 stars on the BBB website, coming from 5,107 customer reviews as of August 2019.

Negative review center mostly around poor account communication among loan officers. Others report submitting the same documentation multiple times as a result.

Frequently asked questions about Rocket Mortgage

Expert review

Shannon Terrell

Review by

Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

Rocket Mortgage is good for first-time homebuyers, with helpful brokers and online tools. Its online application is quick and streamlined, making it a good choice for the tech savvy. But watch out for the application deposit that can be as high as $700.

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  1. Default Gravatar
    June 28, 2019

    what is the closing cost for refinance?

    • Avatarfinder Customer Care
      June 28, 2019

      Hi Gezae,

      Thanks for your inquiry.

      According to Rocket, there is no closing cost for a refinance loan with Rocket Mortgage. They’ll automatically roll all your closing costs into your loan to make refinancing more affordable.

      I hope this information helps.

      Kind regards,

  2. Default Gravatar
    April 29, 2019

    Do you allow refi for landlords rentals? If so, what is the LTV consideration, and other requirements?

    • Avatarfinder Customer Care
      April 30, 2019

      Hi Don,

      Thank you for reaching out to Finder.

      Here are the general eligibility requirements for taking out a loan with Rocket Mortgage.

      Minimum personal credit score of 580 for FHA loans, 620 for conventional and VA loans and 700 for jumbo loans
      Minimum down payment of 3% for conventional loans
      $400 to $750 application deposit

      For other specific requirements depending on the type of loan you want to take out, you may need to contact Rocket Mortgage directly. Hope this helps!


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