In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask an expert
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Rocket Mortgage
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

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask an expert

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
  • Conventional: 620
  • FHA: 580
  • VA: 580
  • Jumbo: 700
Minimum down paymentConventional: 3%
Approval turnaroundAs early as a week after your application is approved
AvailabilityAvailable in all states
FeesExpect to pay between 2% and 5% of your home’s total cost in fees and other closing costs, including:

  • Origination fee. About 0.5% to 1% of your loan to cover administrative costs
  • Ongoing fees. Read your loan’s fine print carefully for ongoing fees or penalties, like early repayment fees or late fees
  • Third-party fees. You may pay fees for services like an application fee for your private mortgage insurance or taxes on the home’s purchase

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:

  1. Answer questions about the property you plan to purchase.
  2. Sync your bank account, allowing Rocket Mortgage to access your income and other information to automate your application.
  3. 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.

1 - 2 of 2
Name Product Loan products offered State availability Min. credit score ‎
Rocket Mortgage
Not rated yet
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Apply online for free and lock in your rate for 90 days.
Veterans United
Not rated yet
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
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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

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Heather Finder

Staff writer

Hi there, looking for more information? Ask us a question.

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gezae

June 28, 2019

what is the closing cost for refinance?


Avatar

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?


Avatar

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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