Rocket Mortgage: 2023 Home Equity Review
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At a glance
- Customer Experience
About Rocket Mortgage
$45,000 - $350,000
Min. credit score
10 years-20 years
Funds available in
Rocket Mortgage features
Here's a breakdown of some of the benefits and drawbacks of Rocket Mortgage home equity loans.
Rocket Mortgage overview
Rocket Mortgage is the biggest mortgage lender in the U.S. Formerly known as Quicken Loans, it is headquartered in Detroit, along with operating mortgage origination offices in Cleveland, Ohio and Phoenix, Arizona. Rocket Mortgage lends to borrowers in all 50 states and Washington, D.C. In 2022, it launched its first home equity loan product.
Rocket Mortgage snapshot
|Home equity loan types||Home equity loan|
|Credit score minimum||680|
|Repayment terms||10 years-20 years|
|Average time to approval||Undisclosed|
How Bankrate rates Rocket Mortgage
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
- While home equity loans are a new product for Rocket Mortgage, the lender’s track record with its other home loan offerings indicates that borrowers loved their experience. The lender scored highest in customer satisfaction with mortgage origination in J.D. Power’s most recent survey.
- Rocket Mortgage is known for its convenient loan application process, which you can complete via mobile app, and the lender offers online approvals.
- Some other lenders offer a wider range of repayment terms, such as five years to 30 years. Rocket Mortgage’s 10- and 20-year options don’t allow for as much flexibility.
- You won’t find the lender’s current home equity loan rates or closing costs on the Rocket Mortgage website.
Types of fees charged
It’s unclear what fees are associated with Rocket Mortgage’s home equity loans at this time. Many home equity loans come with at least some fees and closing costs (origination fee, appraisal fee, title fee and discount points), so when comparing home equity offers, be sure to ask what costs you’ll need to pay.
Home equity loan products offered
Rocket Mortgage offers fixed-rate home equity loans between $45,000 and $350,000 with two repayment terms: 10 years and 20 years. You can borrow up to a combined loan-to-value (CLTV ratio) of 90 percent (between your first mortgage and the home equity loan).
How to qualify for a home equity loan with Rocket Mortgage
Rocket Mortgage requires a median credit score of at least 680 for home equity loans. 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 45 percent. You’re allowed one late payment on your primary mortgage in the last 12 months to still be eligible for a home equity loan. The outstanding amount on your primary mortgage and the amount you borrow with a home equity loan cannot exceed 90 percent of your home’s value.
How to get started
To learn more about Rocket Mortgage’s home equity loans, you can complete an application online, contact a loan officer by phone at 833-326-6018 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.