Rocket Mortgage review
- Minimum credit score
- Conventional: 620
FHA: 580
VA: 620
Jumbo: 700 - Minimum down payment (Conventional)
- 3%
- State availability
- Available in all states
Our verdict
A fully digital mortgage with low rates, but you'll have to look elsewhere for specialty loans.
Rocket Mortgage provides conventional, jumbo and government-backed mortgages using an entirely digital process, from getting a quote to making your first mortgage payment. Its digital system means you can get your quote in minutes and close within a week of your application approval. But this lender doesn't offer home equity products, and it requires a hard credit check to get pre-approved.
Best for: Qualified borrowers looking for a digital experience and quick decision.
Pros
-
Learn how much you can qualify for in minutes
-
No prepayment fees
-
Most loans close within a week of application approval
Cons
-
Doesn't offer USDA loans
-
Pre-approval requires a hard credit inquiry
Details
Features
| Loan products offered | Conventional, Jumbo, FHA, VA, Refinance |
| Minimum credit score | Conventional: 620 FHA: 580 VA: 620 Jumbo: 700 |
| Minimum down payment (Conventional) | 3% |
| State availability | Available in all states |
| NMLS # | 3030 |
What makes Rocket shine?
Rocket is the largest mortgage lender in the US for two reasons: It’s quick and it’s easy.
Rocket has a digital application process that’s straightforward to use and a full customer service staff to help if you get stuck anywhere. You’ll get a quote and know how much you qualify for when you apply, and you can close your loan within a week of your application approval.
Also, Rocket’s streamlined application process syncs to your bank and investment accounts to search for your financial information, so you don’t have to gather documents and fill out a lengthy loan application yourself.
Where Rocket falls short
Rocket only offers conventional and government-backed loans, with no specialty options or USDA loans. The lender also doesn’t provide home equity loan or HELOC products, which means you’ll have to do a full refinance to access your home’s equity with Rocket.
Rocket’s pre-approval process also requires a hard credit check, which can affect your credit rating.
Mortgages offered by Rocket
- Conventional
- FHA
- VA
- Jumbo
Refinancing options
- Cash-out refinance. Tap into your home equity by replacing your current mortgage with a loan for more than you owe, and take the difference as cash.
- Rate and term refinance. Refinance to get a better interest rate or change your loan term
Rocket loan details
| Minimum credit score/credit range |
|
| Minimum down payment | Conventional: 3% |
| Approval turnaround | As early as a week after your application is approved |
| Availability | Available in all states |
| Fees | Expect to pay between 2% and 5% of your home’s total cost in fees and other closing costs, including:
|
How to qualify for a Rocket mortgage
Rocket Mortgage is fairly transparent about its eligibility requirements for a mortgage loan. For example, its FICO score requirements vary depending on the loan you want.
- FHA loans — minimum 580 credit score
- Conventional — minimum 620 credit score
- VA loan — minimum 580 credit score
- Jumbo loan — minimum 700 credit score
If you’re applying for a conventional mortgage, you’ll need at least a 3% down payment.
Required documentation
While Rocket is a digital lender that uses your bank to fill in most of your application, you’ll still want to have the following information ready when you apply:
- 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
- List of assets, including savings, real estate, car titles and investment records
- List of debts, including student loans, auto loans, personal loans and credit cards
How to apply
To apply over the phone, call 888-329-4989. Or get started by creating an account through Rocket Mortgage’s site:
- Answer questions about the property you plan to purchase.
- Sync your bank account, allowing Rocket Mortgage to access your income and other information to automate your application.
- View your customized loan options and select your loan to submit your application.
How Rocket Mortgage compares to other lenders
Use our table to compare Rocket Mortgage’s rates, terms and features to other popular loan providers. Select See rates to visit the lender’s site and get started.
Rocket Mortgage reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 2.35 out of 5 stars, based on 1582 customer reviews |
| Trustpilot Score | 3.4 out of 5 stars, based on 4,352 customer reviews |
| Customer reviews verified as of | 07 June 2023 |
Most customers speak highly of Rocket’s easy and speedy application process. Many also focused on the lender’s responsive customer service and knowledgeable agents.
While most reviewers have good things to say, some borrowers warn of poor account communication among loan officers and report submitting the same documentation multiple times as a result. Other complaints reported the lender’s hard credit pulls for refinancing negatively affected the borrower’s credit score.
Your reviews
Heather Finder
Staff writer
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Bella Finder
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,
Bella
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Don
April 29, 2019
Do you allow refi for landlords rentals? If so, what is the LTV consideration, and other requirements?
johnbasanes Finder
April 29, 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!
Cheers,
Reggie
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gezae
June 28, 2019
what is the closing cost for refinance?