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Rocket Mortgage Home Loan Review

Rocket Mortgage is an online mortgage lender owned by Quicken Loans that offers an online, self-service mortgage process.

Aly J. Yale Updated February 23, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Rocket Mortgage is an online mortgage lender owned by Quicken Loans, the nation’s highest-rated mortgage servicer for six years running, according to J.D. Power.

Though Rocket Mortgage borrowers apply for their loan through the company’s digital platform, Quicken Loans actually processes the loan.

Rocket Mortgage offers a totally online-based application. Borrowers can choose to connect with a Rocket Mortgage representative via phone if desired, but it’s not necessary, and the entire loan process can be completed online for most borrowers.

Rocket Mortgage isn’t one of our partner lenders, but you can use Credible to compare prequalified rates from Quicken Loans and other lenders in just a few minutes.

But before you decide if Rocket Mortgage is right for you, here’s what you should know:

  • Rocket Mortgage home purchase review
  • Rocket Mortgage refinancing review
  • How Rocket Mortgage can improve
  • Compare multiple lenders first

Rocket Mortgage home purchase review

Best if:

  • You want a self-service, fully digital mortgage process
  • You have at least a 580 credit score
  • You have a traditional job with a W-2
  • You’re not buying a mobile or manufactured home

Rocket Mortgage offers all types of mortgage loans, including FHA, conventional, VA, and jumbo mortgages. You can buy a primary home, second home, condo, or investment property through their online process, but not a mobile home or manufactured home. They also require a credit score of at least 580 to qualify.

One of the biggest perks of Rocket Mortgage is that its online application and pre-approvals are up and running 24-7, so you can apply, gauge your mortgage options, and lock in your rate on your own schedule.

Ultimately, Rocket Mortgage says it’s best if you’re close to purchasing a home before you use its service. If you’re six months or more from buying a home, consider using a mortgage calculator to help gauge your price range before you begin shopping for one.

Once you’re closer to purchasing, you can apply for a mortgage pre-approval with Rocket (or another lender of your choice).

Learn More: How to Get a Mortgage Pre-Approval

If you’re considering Rocket Mortgage for your home purchase, here’s what you should know:

Mortgage programsFHA, conventional, VA, jumbo
Rates and fees2% to 5% in closing costs
Min. down paymentUsually at least 3%, though it depends on the type of mortgage loan you choose
Min. credit score580
Eligible properties
  • Investment properties
  • Condos
  • Second homes
  • Not mobile homes
  • Not manufactured homes
Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

Find Rates Now

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Rocket Mortgage refinancing review

Best if:

  • You want your closing costs rolled into your new loan balance
  • You want to lower your payment, take cash out, or shorten your loan term
  • You have at least a 580 credit score
  • You’re not refinancing a mobile or manufactured home

Rocket Mortgage also offers refinancing on primary homes, second homes, investment properties, and condos. Mobile and manufactured homes are ineligible.

You can choose to refinance to lower your payment or rate, take cash out of your home, shorten your loan term, or a combination of any of these in some cases.

The company offers a variety of refinance programs, including FHA streamlines and VA Interest Rate Reduction Refinance Loans (IRRRLs). Rocket Mortgage does not offer home equity lines of credit (HELOCs).

The biggest benefit of refinancing with Rocket Mortgage is that your closing costs can be rolled into the loan balance, making your refinance significantly more affordable upfront.

Just be careful here: Financing your closing costs will mean a higher loan balance and, ultimately, that equates to more interest paid over the life of the loan.

If you’re thinking about refinancing with Rocket Mortgage, here’s what you need to know:

Mortgage programsConventional, FHA, FHA streamline, VA, VA IRRRL, jumbo
Refinance optionsRate and term, cash-out
Min. cash to closeNone (all upfront costs are rolled into the new mortgage)
Min. credit score580
Eligible properties
  • Investment properties
  • Condos
  • Second homes
  • Not mobile homes
  • Not manufactured homes

Find Out: How Much Down Payment Do You Need to Buy a House

Find out if refinancing is right for you

  • Actual rates from multiple lenders – In 3 minutes, get actual prequalified rates without impacting your credit score.
  • Smart technology – We streamline the questions you need to answer and automate the document upload process.
  • End-to-end experience – Complete the entire origination process from rate comparison up to closing, all on Credible.

Find My Refi Rate
Checking rates will not affect your credit

Trustpilot

How Rocket Mortgage can improve

  • Be more accommodating to the self-employed. The company could make its online process more friendly to self-employed borrowers.
  • Be more upfront with terms and eligibility. Being more upfront about the exact eligibility requirements and terms offered on each loan product would be beneficial. Currently, borrowers have to fill out an entire online application to see what types of loans, rates, and terms are available.

See: First-Time Homebuyer Tips: 10 Mistakes to Avoid

Compare multiple lenders first

It’s important to remember that Rocket Mortgage is only one option when it comes to refinancing your mortgage or buying a house. To ensure you’re getting the best loan and rate, it’s critical to shop around and compare several mortgage lenders before making a decision.

Although Rocket Mortgage isn’t one of our partner lenders, you can use Credible to help you compare prequalified rates from Quicken Loans and other lenders in just a few minutes.

 


The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About the author
Aly J. Yale

Aly J. Yale is a mortgage and real estate authority and a contributor to Credible. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.