Rocket Mortgage overview
Good for: Borrowers looking to easily compare rates, learn more about the mortgage process and apply for a loan, all online
Rocket Mortgage is a leading online mortgage lender in the U.S., with its parent, Quicken Loans, the nation’s top loan originator in 2020. The lender offers a broad selection of purchase and refinance options, including a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 29 years, and cash-out refinancing. Headquartered in Detroit, Quicken Loans was founded in 1985 by Dan Gilbert, who today acts as chairman. The lender gained prominence in recent years by adopting technology that allows borrowers to apply for loans completely online through Rocket Mortgage, which Quicken Loans officially adopted as its name after July 31, 2021.
- Rate-and-term, cash-out and streamline refinancing
- Investment property
Rocket Mortgage’s lender fees can include an origination fee, rate-lock fee and other closing costs. These expenses can vary by loan type, taxes and other factors.
Rocket Mortgage advertises mortgage rates on its website and updates them daily. The rates include a breakdown of how the rate has changed in the last day and in the past year.
Quicken Loans has an A+ rating from the Better Business Bureau and Rocket Mortgage has a 3.8 rating out of five stars from Trustpilot. Quicken Loans has received the highest customer satisfaction ranking from J.D. Power for 11 consecutive years for mortgage origination, and for seven consecutive years for mortgage servicing.
Borrowers can get preapproved online instantly with what Rocket Mortgage terms a “Prequalified Approval,” which assesses your credit only, or request a “Verified Approval” that involves an evaluation of your income and assets, as well. After creating an account, you’ll be asked for information related to the loan and property in question, along with your credit and financial standing. You can complete this process through the Rocket Mortgage app, which allows you to e-sign the loan application and track your loan. If you’re still in the process of exploring options, Rocket Mortgage also has a robust library of educational articles and several calculators on its website.
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. 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:
Refinancing with Rocket Mortgage
After creating an account, you can apply for a refinance through the Rocket Mortgage website or app. As of July 2021, Rocket Mortgage’s refinance rates were slightly higher than the national average for 30- and 15-year fixed-rate loans.
Not sure if Rocket Mortgage is right for you? Consider these alternatives
- LoanDepot review: An online lender that reimburses the appraisal fee if you refinance a second time
- Freedom Mortgage review: Another high-volume lender offering first-time homebuyer programs and other loans
- Mr. Cooper review: Also has an app where you can check your loan application status and make payments
- United Wholesale Mortgage review: If you’re working with a mortgage broker, this wholesale lender is a leader in the industry
- Costco Mortgage review: A marketplace that offers discounted fees to Costco members through partnerships with various mortgage lenders
Breakdown of Rocket Mortgage overall review score
- Affordability: 14.75/15
- Availability: 12/15
- Borrower experience: 15/15
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.