Rocket Mortgage Review 2026
Rocket Mortgage offers a wide selection of home loans and specialty programs that meet the needs of a variety of borrowers. As an online-only lender, it’s a good fit if you want an online mortgage experience but don’t want to give up the safety net of robust customer service — especially if you’ll need support after business hours or on weekends.
See how we reached our verdict below.
- Provides a streamlined online process from application to close
- Offers a wide range of loans, including programs for lower-income borrowers and those with less-than-perfect credit
- Publishes transparent information on rates and loan requirements
- Offers supportive and convenient customer service
- Interest rates are higher than competitors
- Doesn’t offer USDA loans or home equity lines of credit (HELOCs)
- Prequalification requires a hard credit check
- No in-person branches
Rocket Mortgage overview
Rocket Mortgage is an online lender headquartered in Detroit. As one of the nation’s largest lenders, it’s been in business for about 40 years (previously as Rock Financial and later, Quicken Loans). Rocket Mortgage consistently receives high rankings for customer satisfaction in J.D. Power studies.
- Areas of service: all 50 states and the District of Columbia
- Digital service: Online-only lender
- Headquarters: 1050 Woodward Ave., Detroit, MI 48226-1906
- Website: RocketMortgage.com
Rocket Mortgage rates and fees
Rates
Rocket Mortgage publishes its starting rates for its most popular loan options and offers personalized rate estimates based on customer-submitted information.
Its rates are on the higher end but still reasonably on par with other national banks. They typically average about 0.87 percentage points above the average prime offer rate (APOR) in 2024 — the APOR represents the lowest APR a bank will likely offer a well-qualified buyer in the current market.
But while Rocket may offer rates that are on the higher side, compared to some competing lenders, they’ve actually increased less than many others. From 2023 to 2024, Rocket Mortgage’s rate spread (the difference between its interest rates and the APOR) increased from 0.73 to 0.87, a relatively small 0.14 percentage-point jump. In contrast, Rate Mortgage and Better Mortgage’s rate spreads increased by 0.26 and 0.23 percentage points, respectively, in that same time period.
Fees
Rocket Mortgage doesn’t disclose its mortgage fees, but it does provide a broad estimate for total closing costs, expressed as a percentage of the home purchase price (a range of 3% to 6%). It also provides the cost of discount points in its published rates.
According to data from the Federal Financial Institutions Examination Council (FFIEC), the average total cost of a Rocket mortgage in 2024 was $7,562, including an average of $4,416 in origination fees. These costs are higher than the loan costs of some competing lenders — for instance, Rate and Better Mortgage’s total loan costs averaged $7,574 and $6,411, respectively, in 2024.
Rocket Mortgage offers a Welcome Home RateBreak to eligible borrowers. The program provides an interest rate reduction of 2 percentage points during the first year and 1 percentage point in the second year. In addition, Rocket Mortgage offers loan programs with reduced minimum down payments or closing cost credits.
What types of mortgage loans does Rocket Mortgage offer?
Rocket Mortgage’s conventional mortgages (nongovernment loans) include fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinances and cash-out refinances. The company’s conventional loan offerings also include HomeReady and Home Possible mortgages for income-eligible borrowers and its ONE+ proprietary program, which offers reduced minimum down payments or closing cost credits to qualifying borrowers.
Conventional loan qualification requirements
- 620 minimum credit score typically required
- 3% minimum down payment (1% for ONE+)
- Lower-than-50% debt-to-income ratio
Rocket Mortgage offers loans guaranteed by the Federal Housing Administration (FHA). FHA loan options include fixed-rate mortgages, ARMs, rate-and-term refinances and cash-out refinances.
FHA loan qualification requirements
- 580 minimum credit score
- 3.5% minimum down payment
Rocket Mortgage offers mortgages backed by the U.S. Department of Veterans Affairs (VA) to eligible service members, veterans and qualifying surviving spouses. VA loan options include fixed-rate mortgages, ARMs, streamline refinances, cash-out refinances and VA Native American Direct Loans (NADL).
VA loan qualification requirements
- 580 minimum credit score
- No down payment required
- Certificate of Eligibility (COE)
- 41% debt-to-income ratio
Rocket Mortgage’s Jumbo Smart loan program offers financing of up to $3 million with less documentation than typical jumbo loans. Options include fixed- or adjustable-rate loans and FHA and VA jumbo loans.
Jumbo loan qualification requirements
- 680 minimum credit score
- 10% minimum down payment
- 45% or lower debt-to-income ratio
Rocket Mortgage offers 10- and 20-year home equity loans with a minimum $45,000 loan amount. However, it doesn’t provide a home equity line of credit.
Home equity loan qualification requirements
- 680 minimum credit score
- 45% or lower debt-to-income ratio
Rocket Mortgage qualifications
| Credit score minimum | Conventional: 620FHA: 580VA: 580 |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: Under 50%FHA: undisclosedVA: 41% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Data collected under the Home Mortgage Disclosure Act shows that in 2024, approved Rocket Mortgage customers had an average loan-to-value (LTV) ratio of 70%, and about 82% of approved borrowers had a DTI ratio above 40%.
In 2024, Rocket Mortgage denied 18% of loan applicants. For reference, large lenders typically have denial rates ranging from the low teens up through the mid-thirties.
How to apply for a Rocket mortgage
1. Choose your loan type
Explore loan options at RocketMortgage.com by navigating to “Loan Options” in the menu and selecting “All Home Loans.” Once on the “Home Loans” page, you can further filter loan choices by clicking on “Buy a home,” “Refinance,” “Take cash out,” “Low credit,” or “Low down payment.”
2. Get prequalified
With Rocket Mortgage’s “prequalified approval,” you can get preapproved without submitting documents, but you’ll need to provide information about your income and assets and consent to a hard credit pull.
If you’d prefer to skip the hard credit pull, you can receive personalized loan options by answering a few simple questions — or get a rate estimate based on information you submit.
3. Submit a loan application
In addition to a prequalified approval, Rocket Mortgage offers a “verified approval.” Rocket Mortgage will fully verify your income and assets and do a hard credit pull for this preapproval option. Once your loan is approved, Rocket Mortgage allows you to lock your interest rate anytime.
Find out more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with Rocket Mortgage?
Yes, it’s safe to get prequalified with Rocket Mortgage, though it’s worth noting that the company’s prequalified approval goes deeper than the typical prequalification offered by many lenders. Rather than relying on user-submitted information, Rocket Mortgage’s prequalified approval requires a hard credit inquiry.
Rocket Mortgage’s customer service experience
As a purely digital lender, Rocket Mortgage’s primary communication is done online. You can apply for a loan through the company’s website anytime, or connect with a loan expert via live chat during specific hours (including during typical business hours and into the evening). Further, you can also speak with a loan expert by phone.
- Email: [email protected]
- Phone: 888-452-8179
Once you’re a customer or have applied for a loan, you can reach customer service via phone or online chat through your Rocket Account.
- Phone: 800-508-0944
With multiple avenues for communication and live agents available through extended evening hours and on weekends, Rocket Mortgage offers a convenient and accessible customer service experience, an advantage it holds over other lenders.
How does Rocket Mortgage compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
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Expert review from LendingTree.
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Expert review from LendingTree.
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| Minimum credit score | 580 | 580 to 620 | 580 to 620 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 0.87% | 0.28% | 0.19% |
| Loan products and programs |
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| Better for: | Borrowers with lower credit scores and those looking for low-down-payment options or other specialty loan programs. | Borrowers who want to visit a branch, who need fast closing and those looking for HELOCs. | Borrowers looking for quick rate quotes, prequalification without a hard credit pull or a HELOC. |
Rocket Mortgage vs. Rate
Both Rocket Mortgage and Rate are innovators in the mortgage industry — each lender claims to have launched the industry’s first digital mortgage. They offer similar products, with some differences in home equity products.
One notable difference between the two lenders is that Rocket Mortgage offers more specialty loan programs, particularly for lower-income borrowers and those with lower credit scores. Meanwhile, Guaranteed Rate’s minimum credit score is 620, even for loan products that typically have a 580 minimum credit score. Still, it’s also worth noting that Rocket Mortgage’s starting interest rates are higher than Rate’s.
Read more in our full Rate mortgage review.
Rocket Mortgage vs. Better Mortgage
Like Rocket Mortgage, Better Mortgage is an online-only lender offering standard loan options. And while Better Mortgage is a smaller lender, it does offer more competitive interest rates than Rocket Mortgage on some of its products. It also provides a preapproval without a hard credit pull, which may be attractive to those people who are just browsing or at the beginning of the home-buying process.
But even thought Better Mortgage is an online-only lender, its loan process isn’t fully digital. It doesn’t offer full e-closings, and only refinance customers can choose a hybrid closing. So if a purely digital experience is a priority, Rocket Mortgage has the advantage in that category.
Read more in our full Better Mortgage review.
How LendingTree rated Rocket Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Rocket Mortgage’s scorecard:
- Publishes rates online
- Offers standard mortgage products
- Includes detailed product info online
- Shares resources about mortgage lending
- Provides an online application
Frequently asked questions
Rocket Mortgage’s process is entirely digital, from application to closing (the company does offer a hybrid closing in states where remote closings are not permitted). While exploring loans, you can also chat with a loan expert online. And after becoming a Rocket Mortgage customer, you’re able to manage your loan and contact customer service online and via the company’s app.
Rocket Mortgage is a legitimate lender, in operation for about 40 years and licensed in all 50 states and the District of Columbia. You can view more info about Rocket Mortgage’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a Rocket Mortgage will initially cause your credit score to drop, as would a new loan with any lender. Credit scores typically rebound within a year with consistent and on-time payments.
Rocket Mortgage scores 4.6 out of 5 stars on Trustpilot, based on more than 39,000 reviews, which lands the lender in the “excellent” category; 82% of its reviews are five stars. Customers with positive reviews cite Rocket Mortgage’s high level of support, excellent communication and easy process.
On the other hand, critical reviews mention frustrations with the length of the process, hiccups with closing and inconsistency in communication.
Rocket Mortgage has an A+ Better Business Bureau rating, which doesn’t consider customer reviews.
Compare Multiple Prequalification Offers