Rocket Mortgage by Quicken Loans review April 2018 | finder.com

Rocket Mortgage review

Find the right mortgage online in minutes with Rocket Mortgage from Quicken Loans.

If you’re a fan of podcasts or ride public transportation, you’ve likely heard a Rocket Mortgage ad or two.

This ubiquitous online venture owned by the well-established Quicken Loans can quickly and easily connect you with lenders offering fixed or adjustable-rate mortgages of up to $3 million — in minutes. The twist? You can do it all online, from applying through vetting and funding.

Rates last updated April 20th, 2018
Details Features
Rocket Mortgage
Rocket Mortgage
  • Rates as low as 4.033%
  • FHA, VA, jumbo and more
Get approved fast without all the hassle and paperwork. Go to site More info

Product details

FeatureDetails
Product nameRocket Mortgage by Quicken Loans
RatesFixed, adjustable
Fixed-rate terms8–30 years
Adjustable-rate terms5, 7, and 10 years
Repayment typePrincipal and interest
Fees$400–$750 Good Faith Deposit for cost of credit score, home appraisal and processing fees
Loan purposesOwner-occupied, investment, construction, refinancing
Maximum loanUp to $3 million
Customer servicePhone, email and online chat available seven days a week

 

Pros and cons

Pros

  • Instant verification. Find out how much you might qualify for in mere minutes.
  • 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.
  • Multiple loan options. Get connected to offers for jumbo mortgages, FHA loans and VA loans at fixed and adjustable rates.
  • Cover nearly any home. Find jumbo loans with fixed or adjustable rates starting at $424,101. Borrow up to $3 million to refinance an existing property or buy a new one.
  • Flexible repayments. Pay your loan off early without prepayment fees or penalties.
  • Fast turnaround. Get a quote minutes after you apply online.

Cons

  • 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.

What types of loans does Rocket Mortgage offer?

Type of loanDetails
Conforming
  • Fixed-rate terms of 15 and 30 years
  • 7/1 and 5/1 adjustable-rate terms
  • No prepayment penalties
Jumbo
  • Fixed- and adjustable-rate terms
  • Borrow from $424,100 to $3 million
  • Refinance up to 90% of your home’s value
  • Requires credit score of 700+
FHA
  • Government-backed loan through HUD
  • Fixed-rate terms of 15, 20, 25 and 30 years
  • Adjustable-rate terms of 5 years
  • Requires credit score of 580+
  • Refinance up to 97.75% of your home’s value
  • Down payments as low as 3.5%
VA
  • Sponsored by Dept. of Veterans Affairs
  • For active servicemembers, veterans and spouses
  • Fixed- and adjustable-rate terms
  • 0% down payment options
  • Refinance up to 120% of your home’s value
  • Jumbo VA loans available up to $1.5 million
  • Requires credit score of 620+
YOURgage
  • Fixed-rate loan only
  • Terms of 8 to 20 years
  • Refinance up to 97% of your home’s value
  • Borrow up to $424,100
Home Affordable Refinance Program
  • Government-funded refinancing program
  • For homeowners with up-to-date mortgage payments and guaranteed loans through Fannie Mae or Freddie Mac originated before 2009

 

What types of fees come with this loan?

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.

What’s the difference between Quicken Loans and Rocket Mortgage?

Quicken Loans owns Rocket Mortgage, reinventing a proprietary lending process so that it’s fully online, with experts available if you need them. Rocket Mortgage’s advertising suggests you can “push button, get mortgage.”

Both offer mortgages and are accredited loan lenders, but the main difference is that getting a mortgage through Rocket Mortgages is a simpler process. You apply, are vetted, submit documents, find guidance and get your money without stepping foot in a building or speaking with anybody in person. Approvals in minutes seals the deal.

What do customers really say about Rocket Mortgage?

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.

How do I apply?

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

 

I got the loan. Now what?

  • Follow up with Rocket Mortgage. Because Rocket Mortgage is entirely online, it’s a good idea to confirm your loan’s details with a mortgage specialist. Talk with a live loan rep online or by phone seven days a week.
  • Keep up with payments. Understand your loan schedule to avoid missing a payment. If you run into financial difficulties and can’t make a payment, reach out to a mortgage specialist as soon as possible to discuss your options.

Bottom line

Rocket Mortgage automates the online mortgage application process to offer borrowers speedy access to a range of home loan options.

While it lacks the brick-and-mortar structure of institutional lenders, it offers same-day loan approval, and you can manage your loan conveniently online.

But before you sign a contract, compare mortgage options with other lenders to get the most affordable you’re eligible for.

 

Frequently asked questions about Rocket Mortgage

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site