Rocket Mortgage overview
Rocket Mortgage by Quicken Loans is a leading online mortgage lender. The lender offers a broad selection of purchase and refinance loan options, and a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 29 years.
For homeowners who want to refinance, Rocket Mortgage has a cash-out refinance option, as well. Reverse mortgages, for homeowners 62 years and older, are also available through affiliate company One Reverse Mortgage.
Headquartered in Detroit, Quicken Loans was founded in 1985 by Dan Gilbert, who today acts as Quicken Loans’ chairman. The company gained prominence in the last few years by adopting technology that allows borrowers to apply for loans completely online through Rocket Mortgage. The online lender completed the first remote closing in Michigan using Remote Online Notarization (RON) and the Nexsys Clear Sign eClosing platform.
Rocket Mortgage offers the customary menu of loan options, and borrowers can apply for mortgages and lock in rates completely online. Borrowers can easily check their loan application anytime online through the Rocket Mortgage app.
- Conventional fixed-rate mortgages
- Adjustable-rate mortgages (ARMs)
- FHA loans
- Jumbo loans
- Cash-out refinancing
Rocket Mortgage lender fees include origination fees, rate-lock fees and closing costs. These expenses vary by loan type and taxes.
Closing costs can include title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and survey fees.
Minimum borrower requirements
Rocket Mortgage generally follows the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement.
Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.
For FHA and VA loans, those requirements are set by the government. You can find them here:
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