Rocket Mortgage by Quicken Loans review 2019 |

Rocket Mortgage review

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Rocket Mortgage
  • Complete your application online.
  • Many loan options.
  • Get a quote minutes after you apply.

Compare rates

Compare and get a mortgage from companies like Rocket Mortgage.

Compare now’s rating: 4.1 / 5.0


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.

Name Rocket Mortgage
Description Streamline your mortgage from quote to final payment — all from your computer or phone.
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3%
Origination fee 0.5% to 1.0%
Other fees 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.


  • Instant verification.
  • Fully online process.
  • Fast turnaround.
  • Multiple loan options.


  • Application deposit.
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.

Do I qualify for a loan with Rocket Mortgage?

To qualify for a loan with Rocket Mortgage, you’ll need a minimum personal credit score of 580 if applying for a FHA loan, 620 if applying for a conventional or VA loan and 700 if applying for a jumbo loan.

You’ll also need to be ready with an application deposit of $400–$750 and a the down payment depending on your loan.

Compare to other lenders

Name Product Min. down payment Origination fee
Connect with vetted home loan lenders quickly through this online marketplace.
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

What can I expect with a Rocket Mortgage home loan?

  • Preapproval. With Rocket Mortgage’s streamlined application process, you can secure loan preapproval in just a few minutes.
  • 90-day rate lock. After your loan has been preapproved, you can lock in your rate for up to 90 days.
  • Maximum loans. Rocket Mortgage offers fixed- and adjustable-rate jumbo loans of up to $3 million.
  • Fast turnaround. Rocket Mortgage suggests that most of its borrowers close their loan within a week of having their application approved.
  • Flexible repayment. Pay off your loan in full at any time without having to worry about prepayment fees or penalties.

Are there any special programs?

  • FHA loan. With a credit score of 580 or higher, you could qualify for a fixed- or adjustable-rate FHA loan with Rocket Mortgage.
  • YOURgage. Rocket Mortgage’s YOURgage allows you to customize your loan term from 8 to 29 years for greater control over your repayment terms.
  • HARP loan. If your home is declining in value, you may be able to refinance through Rocket Mortgage with this government-funded program.

Pros and cons


  • Instant verification. Find out how much you might qualify for in mere 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.
  • 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.
  • Flexible repayments. Pay your loan off early without prepayment fees or penalties.


  • 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.

How do I get started?

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

Eligibility requirements

  • 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

Required documentation

  • Your full name and personal contact information
  • 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

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.

Case study: Gabrielle’s experience with Rocket Mortgage

profile pic

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 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.

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

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews and borrower experience.

Read the full methodology of how we rate home loan providers.

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2 Responses

  1. Default Gravatar
    DonApril 29, 2019

    Do you allow refi for landlords rentals? If so, what is the LTV consideration, and other requirements?

    • Avatarfinder Customer Care
      johnbasanesApril 30, 2019Staff

      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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