Rocket Mortgage overview
Rocket Mortgage is a leading online mortgage lender in the U.S. 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, Rocket Mortgage parent Quicken Loans was founded in 1985 by Dan Gilbert, who today serves 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 in 2021.
Borrowers looking to easily compare rates, learn more about the mortgage process and apply for a loan, all online
- 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.
Rocket Mortgage has an A+ rating from the Better Business Bureau and a 3.9 rating out of five stars from Trustpilot. It was ranked second by J.D. Power for customer satisfaction in mortgage origination in 2021.
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. 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 application and track your loan. If you’re 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.
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Breakdown of Rocket Mortgage overall review score
- Affordability: 4/5
- Availability: 4.3/5
- Borrower experience: 5/5
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.