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Rocket Mortgage: 2026 Home Equity Review

Written by

David McMillin,

Edited by

Andrea Coombes, CFP®

Expert verified

Updated on Mar 26, 2026

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NMLS: 3030

Bankrate score

3.2

Our methodology

Customer score

1.0

Read reviews

SCORE BREAKDOWN

Affordability

1.0

Availability

4.1

Borrower experience

4.4

EDITOR'S TAKE

Rocket Mortgage is still relatively 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.

PROS

• Strong track record of excellent customer satisfaction
• Easy-to-navigate website, simple online application process
• Available everywhere (although higher-priced loans are not available in New York)

CONS

• Lack of transparency with fees, APRs
• No HELOCs

Affordability

1.0

Availability

4.1

Borrower experience

4.4

• Strong track record of excellent customer satisfaction
• Easy-to-navigate website, simple online application process
• Available everywhere (although higher-priced loans are not available in New York)

• Lack of transparency with fees, APRs
• No HELOCs

Find competitive home equity rates near you

Rocket Mortgage overview

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 and 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.

Home equity loan products offered

Rocket Mortgage offers fixed-rate home equity loans between $45,000 and $500,000, with repayment terms ranging from 10 to 30 years. The company has a tiered structure for how much equity a borrower can tap, based on the borrower’s credit score:

680: 80%
700: 85%
740: 90%

How Bankrate scored Rocket Mortgage

Affordability: 1.0 star

APR: Rocket Mortgage tends to charge rates that are significantly higher than the national average home equity loan rates.
Fees: Rocket Mortgage doesn’t share a list of its fees for home equity loans. In general, borrowers can expect home equity loan closing costs of between 3% and 6% of the total loan amount, according to a Rocket Mortgage blog post.

Rocket Mortgage’s lack of fee transparency and above-average rates earned it 1 out of 5 stars for affordability.

Availability: 4.1 stars

Loan products: Rocket Mortgage only offers fixed-rate home equity loans (no HELOCs).
Footprint: The company offers home equity loans nationwide.
Credit score: You’ll need at least a 680 credit score to qualify for a home equity loan with Rocket Mortgage. But to be eligible to tap the most equity (up to 90%), you’ll need a score of 740 or higher.
Loan minimum: Rocket Mortgage’s $45,000 minimum is higher than that of many other lenders. And if you live in Iowa, it’s even higher: $61,000.

With a nationwide footprint and a range of credit scores that caters to many borrowers, Rocket Mortgage scores 4.1 for availability.

Borrower experience: 4.4 stars

Rate transparency: Rocket Mortgage doesn't share regularly updated rates for its home equity loans, and while it gives a general range of closing costs, it’s tough to figure out exactly how much you’ll need to budget.
Convenience: Rocket Mortgage’s all-digital application is one of the main reasons that people enjoy working with the lender to secure primary mortgages, and that same level of online ease applies to home equity loans. Borrowers can also access an app to manage their accounts.
Customer service: The company scored well above the industry average in J.D. Power’s 2025 study of mortgage origination customer satisfaction. Plus, Rocket offers extended hours for support with new loans. Representatives can be reached by phone at 888-452-8179, available Monday through Friday from 7 a.m. to midnight ET, Saturday from 9 a.m. to 8 p.m. ET, and Sunday from 9 a.m. to 7 p.m. ET. Existing clients can call 800-508-0944 for assistance; those hours of operation are slightly different (Monday to Friday, 8:30 a.m. to 9 p.m. ET and Saturday, 9 a.m. to 4 p.m. ET). Customers can also reach out via the lender’s online chat tool.

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 brought its score down to 4.4 out of 5 for borrower experience.

How easy is it to contact Rocket Mortgage?

We called recently and were connected to a representative in about a minute. (Note: There’s an automated menu when you first call, but no specific option to learn about home equity loans; if you remain on the line, you’ll be automatically connected to someone who can help.)

Rocket Mortgage reputation

Rocket Mortgage has one of the best reputations in the mortgage business. The company scores an A+ from — and is accredited by — the Better Business Bureau. The company boasts a 4.6 out of 5 stars on Trustpilot based on more than 39,000 reviews. Rocket sets the gold standard for servicing loans, too: The company ranked in the top spot in J.D. Power’s most recent study of mortgage servicing satisfaction , scoring more than 100 points above the industry average.

Rocket Mortgage in the news

In Oct. 2025, Rocket completed its acquisition of Mr. Cooper, another online lender, for $14.2 billion. Mr. Cooper also offers home equity loans nationwide, so the deal strengthens Rocket’s presence in the home equity financing space.

Rocket acquired real estate company Redfin in July 2025 in an all-stock deal valued at $1.75 billion in equity.

To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
1. Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
2. Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10%
3. Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%
Learn more about our methodology.

Compare Rocket Mortgage with other lenders

Selected lender Rocket Mortgage NMLS: 3030 Bankrate score 3.2 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 1.0 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. Read review	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. Read review
Loan amount
$45,000-$500,000
Min. credit score required
680
Repayment terms
10 years-30 years
Funds available in
3 days
Recent customer review
One of the worse business out there Here is why I’m no longer a customer of Rocket Mortgage. Communication is extremely important to me, and it’s usually the deciding factor in whether I stay with a company or move o... Lorenzo

To help you make the most informed decisions, our home equity lender reviews team suggests an alternative home equity lender for each lender reviewed. In most cases, this alternative 1.) shares the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rates highly for Bankrate Score. In the event more than one lender meets these standards, we suggest the one with the higher Bankrate Score.

Rocket Mortgage customer ratings and reviews

NMLS: 3030

1.0

1 ratings

Knowledge

Level of service

Professionalism

Responsiveness

0% of customers would recommend this lender.

of 1 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Rocket Mortgage: 2026 Home Equity Review

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