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Rocket Mortgage review

Find the right mortgage in minutes and fully online.

Rocket Mortgage, the new company name for 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 it offers are limited, and this lender charges you a large deposit just to apply.


Loan products offeredConventional, Jumbo, FHA, VA, Refinance
Minimum credit scoreConventional: 620
FHA: 580
VA: 620
Jumbo: 700
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #3030

Our take on Rocket Mortgage

Rocket Mortgage is the largest home lender in the US for a reason. It’s a good choice for first-time homebuyers, offering helpful brokers and online tools to walk you through the process.

Its online application is quick and streamlined, making Rocket Mortgage a solid choice for homebuyers who like to independently work online. But after you apply, you can choose whether you want to work in-person with a mortgage broker or continue the fully online process.

But if you need a specialty loan or help to work around the standard qualifying requirements, this lender will be of little help. Rocket also doesn’t offer home equity products. And you shouldn’t apply unless you’re certain you’ll be approved, as its application deposit can be as high as $700.

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:

  1. Navigate to the Rocket Mortgage website and select Home Purchase.
  2. Select the type of property and choose Next.
  3. Step through the options, answering questions about the property you plan to purchase.
  4. Enter your personal information and create an account.
  5. Follow the prompts to sync your bank account, allowing Rocket Mortgage to search your income and other information to automate your application.
  6. View your customized loan options and select your loan to submit your application.

What types of mortgages can I get through Rocket Mortgage?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Refinance options available through Rocket Mortgage

Rocket offers two refinance 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 to either lower your payment or pay off your loan sooner.

Alternatives to Rocket Mortgage

Rocket Mortgage is a solid choice if you want to apply online and get answers fast. It offers the standard loans you’d expect to see from a nonbank mortgage lender. But if its high application fees and lack of specialty mortgages are a concern for you, there are alternatives.

For a borrower looking to tap their home’s equity, for example, Rocket’s only option is a full refinance. If you’d rather borrow against your equity, US Bank offers both home loans and home equity lines of credit (HELOCs) with flexible loan amounts and no closing costs to qualifying borrowers.

Active military or veterans looking for a mortgage loan may want to look to a lender that specializes in VA loans, such as Veteran’s United. And borrowers who need a USDA loan or have some other specialized consideration might want to consider a lender like New American Funding.

Whether you choose a specific lender or use a lender marketplace, comparing your options is the best way to make sure you’re getting the best home loan for you.

1 - 5 of 5
Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1429243)
Conventional, Jumbo
Not available in: AZ, HI, MA, MO, NV, UT
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
(NMLS #1136)
HELOC, Home Equity loans
Available in all states
Connect with vetted lenders quickly through this free online marketplace.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.
Freedom Mortgage
(NMLS #2767)
Freedom Mortgage
Conventional, Jumbo, FHA, VA, USDA, Refinance
Available in all states
A lender that excels in FHA and VA loans, offering low down payment options to borrowers.

Compare up to 4 providers

Rocket Mortgage reviews and complaints

As of July 2022, Rocket Mortgage has a 3.9 out of 5 star rating from Trustpilot based on more than 4,000 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 has been accredited with the Better Business Bureau (BBB) since 1986 and has an A+ rating as of July 2022. Of the 1,745 BBB customer reviews, Rocket Mortgage has earned a 2.57 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. Rocket has closed 978 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. 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

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 submitting 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 without penalties or fees.

Rocket Mortgage’s online account and payment system is very intuitive and easy to use. My principal, interest, private mortgage insurance (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. In 2021, Quicken rebranded, changing the official company name to Rocket Mortgage.

It redesigned itself 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, Rocket pledged to donate $1,000 for every touchdown an NFL team scored in November. As of November 23, 2020, Rocket made $231,000 in donations.

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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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