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Rocket Mortgage Review 2022

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Rocket Mortgage was developed by Quicken Loans to give borrowers a fully digital online mortgage experience. Rocket Mortgage’s platform is designed to allow borrowers to shop for their mortgage online and get preapproved in minutes by creating an account, with customer service available from the initial loan application to managing your monthly payments once the loan closes.

The company is headquartered in Detroit and offers its products and services in all 50 states and the District of Columbia.

Who is this lender for?

Rocket Mortgage is a good fit if:

  • You want a completely online mortgage experience.
  • You need to discuss your loan options after business hours or on weekends.
  • You want up-to-date online information about current mortgage rates.

9.5/10 Lendingtree’s mortgage lender rating  

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. 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 “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative.

Here’s how we scored Rocket Mortgage:

  = 1 pt    = 0 pts

  1.   Application online
  2.   Product info online
  3.   Rates listed online
  4.   Helpful articles about mortgages/homebuying
  5. Standard product offerings (Conventional/FHA/USDA)
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability
  9.   Licensed in at least 35 states
  10.   After-hours and weekend access to loan officers

Rocket Mortgage pros and cons


  You can apply for and close your purchase or refinance loan completely online

  You can reach a loan officer after regular business hours and on weekends

  You can qualify for a VA loan with a credit score as low as 580


  You won’t find any home equity loan or HELOC options

  You’re limited to FHA and VA government-backed loans — Rocket Mortgage doesn’t offer USDA loans

  You won’t have an option for any in-person service

Rocket Mortgage borrowing requirements

Minimum credit score580 FHA and VA 620 Conventional
Minimum credit score
  • 580 FHA and VA
  • 620 Conventional
Minimum down payment
  • 0% VA
  • 3% Conventional
  • 3.5% FHA
Loan products and types
  • Conventional
  • FHA
  • VA
  • Jumbo
Special programs offered
  • Personal loans through sister company Rocket Loans
  • Loan programs with loan terms ranging from eight to 29 years

Rocket Mortgage rates and fees

Rocket Mortgage publishes daily rates on its website for 30- and 15-year fixed-rate conventional loans, as well as VA and FHA 30-year fixed-rate mortgages. The quoted rates included mortgage points at the time of this review, allowing you to “buy down” to a lower interest rate.

Rocket Mortgage’s website doesn’t provide information about lender fees, but estimates total closing costs may range between 3% and 6% of the home price.

Rocket Mortgage products


Rocket Mortgage offers conventional purchase and refinance loans, with guidelines set by  Fannie Mae and Freddie Mac. You’ll need a 620 credit score and will pay private mortgage insurance (PMI) if you have less than 20% equity when you buy or refinance. PMI pays back lenders for losses if you can’t pay your mortgage and they foreclose.

You’ll need a minimum 580 credit score at Rocket Mortgage to refinance or buy a home with a loan insured by the Federal Housing Administration (FHA). Current FHA borrowers may be able to refinance with no appraisal or income documents through the FHA streamline refinance program.

Military borrowers may be eligible for no-down-payment mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). Although Rocket Mortgage only requires a 580 minimum credit score for a purchase loan guaranteed by the VA, you’ll need at least a 620 score if you want to lower your rate with a VA interest rate reduction refinance loan (IRRRL).

Loan terms on Rocket Mortgage’s website feature 15- and 30-year fixed-rate mortgage options. However, Rocket Mortgage customers can choose their own term ranging from eight to 29 years with the Quicken Loans® YOURgage®.

Rocket Mortgage doesn’t currently offer a 5/1 adjustable-rate mortgage (ARM), according to its website. Although the website references typical initial ARM periods of five, seven and 10 years, it doesn’t provide information about whether Rocket Mortgage currently offers them.

First-time homebuyer programs include conventional 3% down purchase loans through Fannie Mae and Freddie Mac, as long as you meet the program income limits in your area. Eligible military servicemembers may take advantage of Rocket Mortgage’s 580 credit score minimum to buy a home through the VA loan program with no down payment. The minimum is significantly less than the 620 minimum score most VA-approved lenders require.

Although FHA guidelines allow lenders to make loans to borrowers with scores between 500 and 579 with a 10% down payment, Rocket Mortgage sets their minimum score at 580 regardless of down payment.

Special programs 

The QuickenMortgage® YOURgage® program gives borrowers the unique option to choose a term between eight and 29 years, versus the standard 10-, 15-, 20-, 25- and 30-year options most lenders offer. Borrowers with a 620 credit score, 3% down payment and maximum 50% debt-to-income (DTI) ratio may qualify for the YOURgage loan (your DTI ratio is a measure of how much of your monthly income is spent on your mortgage and other monthly debt).

Personal loans with loan amounts of up to $45,000 are offered if you don’t want to take out a new loan on your home. They are available through Rocket Loans — sister company to Rocket Mortgage. The rates are fixed and the balance is paid in equal monthly installments. There are no prepayment penalties and the terms are typically three to five years.

How does Rocket Mortgage compare to other lenders?

Rocket MortgageAmeriSave MortgageFairway Independent Mortgage
Minimum credit score 
  • 580 FHA and VA
  • 600 FHA and VA
  • 600 (FHA with 3.5% down)
Minimum down payment 
  • 0% (VA)
  • 0% (VA and USDA)
  • 0% (VA and USDA)
Loan products and types 
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
Special programs offered 
  • Personal loans
  • Custom loan terms ranging from eight to 29 years
  • Solar financing
  • Reverse mortgages
  • Physician loans
Lender ReviewAmeriSave MortgageFairway Independent Mortgage


Today's Mortgage Rates

  • 5.95%
  • 5.76%
  • 3.31%
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