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Rocket Mortgage Review 2023

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At a glance

Rocket Mortgage


Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 580 for VA loans

Pros and cons

Checkmark Pros

  • Easy digital application process
  • Customer service regarding new loans available seven days a week via phone or chat
  • Offers home equity loans

Close X Cons

  • No branch locations
  • No USDA loans or home equity lines of credit (HELOCs)
  • Limited information about lender fees available online

Rocket Mortgage overview

Rocket Mortgage is a leading online mortgage lender in the U.S., closing $351 billion in loans in 2021. Headquartered in Detroit, Rocket parent Quicken Loans was founded in 1985 by Dan Gilbert. Rocket Mortgage is the industry’s reigning champ in loan volume. In 2021 (the latest full year for which stats are available), it was the largest originator by far, handling large numbers of conventional loans, FHA mortgages and VA mortgages.

In September 2022, in response to soaring interest rates, Rocket launched its Inflation Buster program, a temporary rate-buydown that lowers monthly payments for the first year of a loan.

Our Editor’s Take on Rocket Mortgage

Rocket pioneered the all-online mortgage application, and it still sets the standard in many ways. It’s ideal for borrowers looking to easily compare rates, learn more about the mortgage process and apply for a loan, all with a few clicks of the keys. Rocket borrowers can lock their rate for up to 90 days and get prequalified or verified approval letters seamlessly to help in their house-hunting efforts.

How Bankrate scored Rocket Mortgage

To determine Rocket Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.). We derived its overall score by considering three basic factors.

  • Affordability: Rocket Mortgage’s rates consistently run above Bankrate’s averages, and you’ll pay some lender fees for a loan.
  • Availability: Rocket works with borrowers nationwide, and it recently added home equity loans to its product mix.
  • Borrower experience: J.D. Power gives the lender its highest marks for customer satisfaction, in part thanks to its pioneering all-digital mortgage process.

Affordability: 4/5

Loan cost is a deciding factor for many borrowers. The affordability nature of loans differ from lender to lender, so comparing costs is key. Rocket Mortgage isn’t the cheapest option for getting a mortgage. The lender’s advertised rates are often higher than Bankrate’s national averages, and borrowers do pay lender charges, such as origination and rate-lock fees. These affordability factors differ from lender to lender, so comparing costs is key.

Availability: 5/5

Availability factors can make the overall mortgage-application process smoother or more challenging. Rocket Mortgage lends in every state in the country, and has a wide range of loan options that can serve just about every type of borrower. Plus, the lender accepts credit scores as low as 580 for FHA loans and VA loans, so those with subpar credit who are otherwise eligible for a loan could still qualify. The lender also offers the Fresh Start program to pair borrowers who need help improving their credit with financial consultants. The program is free and available by calling 800-769-6133.

Borrower experience: 4.9/5

Customer experience factors can help you know what to expect when you work with a specific lender. While Rocket Mortgage does have its share of customer complaints, the lender is still the frontrunner for customer satisfaction in the mortgage industry, according to J.D. Power. The lender is also the gold standard as far as experience. If you have a regular job, every part of the mortgage application process can happen online (if you’re self-employed, you’ll need to connect with a human at some point). The lender has a mobile app that allows you to get preapproved, upload documents and e-sign from your phone. If you want additional assistance, the lender offers customer assistance via online chat seven days a week.

Compare Rocket Mortgage to other lenders


Rocket Mortgage

Mr. Cooper


Bankrate Score:




Best for:

Borrowers looking to easily compare rates, learn more about the mortgage process and apply for a loan, all online

Borrowers looking for an online process, an easy-to-use app and a wide variety of mortgage options

Borrowers interested a quick closing and a wide variety of loan options

Loans offered:

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Conventional, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; investment property

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Min. credit score required:

620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 580 for VA loans

620 for conventional loans; 580 for FHA loans; 600 for VA loans

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans

Down payment:

3% for conventional conforming; 3.5% for FHA; zero for VA; 10%-15% for jumbo loans

3% for conventional conforming; 3.5% for FHA; zero for VA

3% for conventional conforming; 3.5% for FHA; zero for VA


Available in all U.S. states

Available in all U.S. states, Washington D.C., Puerto Rico and the U.S. Virgin Islands

Available in all U.S. states

Read full review:


Mr. Cooper Review

LoanDepot Review

To compare additional lenders, learn more about the Best Mortgage Lenders of 2023.

How to apply for a mortgage with Rocket Mortgage

You can apply for a purchase loan or a refinance on Rocket’s website. The company’s process is typical. Here’s a rundown on steps to take.

Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score helps you decide what type of loan to apply for. If your score is in the 600s, for instance, an FHA mortgage might be best for you.

Gather personal and financial documents. With any lender, you must supply documentation proving your income, assets and debts. These documents typically include:

  • Pay stubs from at least the past 30 days
  • W-2s from the past two years
  • Proof of any other income sources (such as bonuses or commissions, child support or rental revenue)
  • Account statements, including checking, CDs and retirement savings, from at least the past two months
  • Documents detailing any loans you currently have
  • Letters explaining any new loans you’ve taken out recently
  • Letters from anyone giving you a gift to use for a down payment
  • Court records if you’re recently divorced or dealt with something like bankruptcy or foreclosure
  • Contact info for your landlords if the lender wants to verify payment
  • ID (such as a driver’s license or passport), so lenders can verify your identity and that you’re a U.S. citizen. Foreign nationals can get financing, but it’s much more complicated.

Those who are self-employed might also need to include additional information and undergo an income audit. This might include asking an accountant to verify your income is stable by speaking with customers; reviewing business records, like P&L statements; or taking other steps.

Provide details about the property. If it’s a purchase mortgage, you’ll need to supply the address and submit to an appraisal. If you’re refinancing, you may or may not need an appraisal.

Refinancing with Rocket Mortgage

Rocket offers refinances, and the refi process is similar to the purchase process. Before you start, think about your goals. Are you refinancing to adjust your rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can create an account with Rocket and then apply for a refinance through the Rocket website or app.

Frequently asked questions about Rocket Mortgage

Who owns Rocket Mortgage?

Rocket Mortgage is owned by Rocket Companies, a publicly traded company formerly known as Quicken Loans LLC. The three largest owners of Rocket Mortgage Class A common stock are the institutional investors Invesco, Caledonia Investments and Vanguard Group, according to Rocket’s 2022 proxy. However, the Class D common stock that holds voting power is held entirely by company founder Dan Gilbert. You still might encounter the Quicken Loans name, and its website remains active, but Quicken and Rocket are one and the same.

What is the difference between an online mortgage lender and a traditional bank?

Rocket pioneered the concept of online loan applications and digitized paperwork, and it has stuck to that business model. Rocket — and the digital lenders that followed it — has no brick-and-mortar offices: If you want to speak to a loan officer, you’ll do so by phone. Traditional lenders have adapted to Rocket’s reshaping of the industry, so the application process with an old-school bank isn’t that much different from applying with an online lender nowadays However, traditional lenders do frequently offer the option of meeting in person at your local branch or office, and a greater chance of building a relationship with “your” loan officer.


Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.

Rocket Mortgage consumer reviews



Rating: 4.9 stars out of 5

374 reviews

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About consumer ratings

Customer service rating

Rating: 5 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Rating: 4.9 stars out of 5
Rating: 4.9 stars out of 5

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Written by

Jeff Ostrowski

Senior mortgage reporter

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor