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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 FHA: 580 VA: 620 Jumbo: 700 |
Minimum down payment | 3% |
State availability | Available in all states |
NMLS # | 3030 |
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:
Expect to pay about 2% to 5% of your home’s total cost in fees and other closing costs. Your fees may include:
Use the steps below to apply for a mortgage:
Rocket offers several refinance options. These include the option to shorten your loan term, lower your payment or cash out on your equity.
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.
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.
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.
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.
Review by
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.