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Rocket Mortgage is still new to the home equity game and its offerings are fairly limited. Also, applicants have to be down with an all-digital experience. Still, most customers seem to enjoy working with Rocket, thanks to its fine-tuned online application process and speedy customer support.
A pioneer in online lending (it introduced the first fully digital mortgage experience in 2015), Rocket Mortgage launched in 1985. Since then, it has closed more than 7.5 million loans: It is one of the largest mortgage lenders in the U.S. Historically focused on purchase and refinance mortgages, the company launched its home equity loan offering in 2022.
In June 2024, Rocket launched an automated valuation model for home equity loans. Replacing traditional appraisals in certain states, the software uses existing property details to generate a home’s estimated value. It’s available on home equity loans up to $400,000.
In March 2025, Rocket announced its acquisition of Mr. Cooper, another online lender, for $9.4 billion. Mr. Cooper also offers home equity loans throughout the U.S., so the deal will augment Rocket’s presence in the home equity financing space.
Rocket Mortgage offers fixed-rate home equity loans between $45,000 and $500,000 with four repayment terms: 10 years, 15 years, 20 years and 30 years. The company has a tiered structure for how much equity a borrower can tap, based on the borrower’s credit score:
Rocket Mortgage’s fees and above-average rates causes it to score a low 1.6 out of 5 for affordability.
Because of a nationwide footprint and a range of credit scores that can cater to different types of borrowers, Rocket Mortgage scores a 4.1 for availability.
Rocket Mortgage offers top-notch customer service and an easy online application, but the company’s failure to share rate ranges and specific closing costs causes it to score a 3.2 out of 5.
Before you apply for a home equity loan with Rocket Mortgage, check your credit score. The company will let borrowers with lower scores (680 or above) borrow up to 80 percent of their home’s value when combined with a primary mortgage, while a 700 will get you approved for up to 85 percent. If you have a 740 or above, you’ll be eligible for up to 90 percent of that equity.
If you and your partner or spouse are both listed on the loan application, the lower of your credit scores will dictate your eligibility and borrowing terms. You’ll also need a debt-to-income (DTI) ratio that doesn’t exceed 50 percent. Add up all your regular monthly payments for your first mortgage, your credit cards and any other outstanding debts to determine if you’re spending less than half your monthly income on all those responsibilities.
You’re going to need to have enough equity in your home to take out a loan of at least $45,000.
To learn more about Rocket Mortgage’s home equity loans, you can complete an application online, contact a loan officer by phone at 888-452-8179 or reach out via the lender’s online chat tool, available Monday to Friday from 7 a.m. to midnight ET and Saturday and Sunday from 8 a.m. to midnight ET.
Rocket Mortgage has one of the best reputations in the mortgage business. The company boasts a 4.7 out of 5 stars on Trustpilot based on more than 30,000 reviews. Additionally, Rocket sets the gold standard for servicing loans, too: The company ranked in the top spot in J.D. Power’s most recent Mortgage Servicing Satisfaction Study, scoring more than 100 points above the industry average. It has managed to elude many of the woes that have impacted other lenders such as data breaches and lawsuits from customers (the company did, however, recently settle a legal case related to employee pay).
Customers rave about Rocket Mortgage’s “streamlined” online application process, specifically highlighting how user-friendly the platform is: “Can get pre-approved, upload documents, and even e-sign from [a] smartphone.” And when customers do need to work more closely with a loan officer, they generally praise the “quick” assistance they receive: Reps “walk you through step by step,” “to make sure you get the loan that’s a good fit.”
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Rocket Mortgage
NMLS: 3030
Bankrate score
3.0
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
4.5
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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$45,000-$500,000 |
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Min. credit score required |
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680 |
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Repayment terms |
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10 years-30 years |
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Funds available in |
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3 days |
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Recent customer review |
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Customer review No reviews available yet. N/A |
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NMLS: 3030
4.5
25 ratings
88% of customers would recommend this lender.