Rocket Mortgage review
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Rocket Mortgage, owned by Quicken Loans, provides a variety of mortgage products with a process fully online, from getting a quote to making your first mortgage payment. But the home loan types offered are limited, and this lender charges you a large deposit just to apply.
|Loan products offered||Conventional, Jumbo, FHA, VA, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment||3%|
|State availability||Available in all states|
Rocket Mortgage requirements
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. There’s also an application deposit of $400 to $750, depending on your loan.
To apply for a mortgage, you’ll need to provide:
- 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
Costs and fees
Expect to pay about 2% to 5% of your home’s total cost in fees and other closing costs. Your fees may include:
- Origination fee. This fee covers administrative costs and is generally about 0.5% to 1% of your loan.
- Application fee. 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 home’s purchase.
How to apply for a mortgage with Rocket Mortgage
Use the steps below to apply for a mortgage:
- On the website, select Home Purchase.
- Select the type of property and click Next.
- Step through the options, answering questions about the property you plan to purchase.
- Enter your personal information and create an account.
- Follow the prompts to sync your bank account, allowing Rocket Mortgage to search your income and other information to automate your application.
- View your customized loan options and select your loan to submit your application.
What types of mortgages can I get through Rocket Mortgage?
Other mortgage products offered by Rocket Mortgage
Rocket offers several refinance options. These include the option to shorten your loan term, lower your payment or cash out on your equity.
How Rocket’s mortgage products compare to other lenders
Rocket Mortgage offers all the standard loans you’d expect to see from a nonbank mortgage lender. But if you want to tap into your home’s equity, you’ll need to refinance, as Rocket doesn’t offer home equity lines of credit or loans against your home equity.
This lender does offer a Verified Approval program that pays you $1,000 if, after you’ve been approved for a loan, the loan fails to close through no fault of your own.
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Rocket Mortgage reviews and complaints
As of November 2020, Rocket Mortgage has a 3.4 out of 5 star rating from Trustpilot based on more than 2,500 reviews. Most customers speak highly of its speedy application process and responsive customer service. The poor reviews mostly center around refinance applications and frustrations with the pace of the application process.
Rocket Mortgage’s parent company, Quicken Loans, has been accredited with the Better Business Bureau (BBB) since 1986 and has an A+ rating as of November 2020. Of the 1,930 customer reviews, Quicken has earned a 3.67 out of 5 stars.
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. Quicken has closed 816 customer complaints over the last three years.
Pros and cons of Rocket Mortgage
- 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.
- No prepayment fees. 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.
- 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 USDA-backed loan, a construction loan or a mobile home mortgage through Rocket Mortgage.
- Hard credit inquiry. Applying for a mortgage loan includes a hard credit inquiry, which can lower your credit score.
Case study: Gabrielle's experience
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.
What is Rocket Mortgage?
Rocket Mortgage is an online mortgage lender launched in 2016 by the largest online loan provider in the US, Quicken Loans. It was designed to create a fully online experience where you don’t have to speak to a loan officer or representative unless you want to. Rocket Mortgage streamlines the application process by syncing to your bank and investment accounts to search for the information, so you don’t have to gather documents and fill out a lengthy loan application yourself.
In November of 2020, Rocket launched its Six for Service program to end veteran homelessness. Working with AHomeForEveryVet.org, Rocket has pledged to donate $1,000 for every touchdown scored by an NFL team in November. As of November 23, 2020, Rocket made $231,000 in donations.
Frequently asked questions
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.
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.