Mortgage
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Rocket Mortgage Review

Updated on:
Content was accurate at the time of publication.

5 stars

  Minimum credit score: 580 to 620

  Minimum down payment: 0% to 3%

  Available loan products and programs: Conventional, FHA, VA, jumbo, home equity loans

  Our verdict: Rocket Mortgage is 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.

ProsCons

  Provides a digital-first approach running on time-tested systems and apps

  Brings a lot of flexibility to the customer service process, catering to those who may need off-hours support or prefer text to phone

  Offers a strong array of loan programs

  Doesn’t offer home equity lines of credit (HELOCs) or USDA loans

  Doesn’t disclose lender fees

  No brick-and-mortar locations

Rocket Mortgage is one of the largest mortgage lenders in the United States and has been in the online mortgage game since way back in 2015. The company was developed by Quicken Loans to give borrowers a digital mortgage experience that provides guidance and support throughout the entire home buying process.

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

Conventional

  • Purchase loans are available in 15- and 30-year fixed-rate terms. Adjustable-rate mortgages (ARMs) are also an option and come with 7- and 10-year fixed-rate periods.
  • Rate-and-term refinances with Rocket Mortgage offer homeowners the chance to lower their monthly payments or speed up their journeys to owning a home outright.
  • Cash-out refinances are also offered for those wishing to borrow against their home equity.

FHA

  • Purchase loans backed by the Federal Housing Administration (FHA) are available for those with a minimum credit score of 580 and who can afford a 3.5% down payment. Variable-rate, as well as 15- and 30-year fixed-rate, options are available.
  • FHA cash-out refinances allow you to leverage your home equity in order to pursue other large financial goals. The minimum required credit score for a cash-out refi FHA loan is 620, but if paying off debt is your goal, Rocket Mortgage may lower the credit score requirements in some cases.

VA

  • Purchase loans are available through the Department of Veterans Affairs (VA) to qualifying veterans (or their qualifying family members) and typically don’t require a down payment.
  • Rate-and-term refinances, including VA streamline refinances, are available for veterans, even if they don’t already have a VA mortgage. However, if you want to utilize a streamline refinance and your first mortgage wasn’t with Rocket Mortgage, you’ll have to meet more stringent credit requirements.
  • VA cash-out refinances with Rocket Mortgage allow you to borrow up to 90% or 100% of your home equity, depending on your credit score.

Home equity

  • Home equity loans are available for those wishing to tap their home equity and can be used for first or second homes. They come with fixed interest rates, which means a steady monthly payment that won’t bring any bad surprises.

Jumbo

  • Borrow up to $2.5 million with a jumbo purchase loan, as long as you can maintain a debt-to-income (DTI) ratio of 45% or less and a loan-to-value (LTV) ratio of 80%-89.99% — which means you’ll need to make a down payment of anywhere between 10% and 20%.

Special programs

  • Choose any loan term from eight to 29 years through the YOURgage® loan program.
  • Personal loans are easily available through sister company Rocket Loans.
  • Real estate agent matching services, provided through Rocket Homes, can help you find prescreened real estate agents who are experts in the neighborhoods where you want to find a home.

Rates

Rate information is available on Rocket Mortgage’s website for a variety of loan types and terms. They also give you the option to get rate quotes tailored to your financial situation, but — as is fairly standard for lender sites — you won’t be able to do so without divulging your contact information and creating an account.

Rocket Mortgage’s rates are on the higher side of the range we see with large, national banks that issue a lot of home loans. On average, the rates offered by Rocket Mortgage came in around 0.42 percentage points higher than the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points over the APOR.

Fees

Rocket Mortgage provides only general information about lender fees and costs rather than an itemized list of the actual fees they charge. However, we do know that the average total cost of taking out a mortgage with Rocket Mortgage was $7,494 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included an average of $4,568 in origination fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

Rocket Mortgage offers a powerful digital experience that you can access through an app or a browser. This means that you can complete a loan application online and then follow its progress anytime, from anywhere. Preapproval isn’t 100% automated — you’ll have to speak with someone after applying — but the application is digital.

How to boost your loan approval odds

Rocket Mortgage doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Rocket Mortgage approved customers who — on average — had a 70% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio under 40%.

In that same year, Rocket Mortgage denied about 19% of its mortgage applications. That’s fairly low when compared with other large, national mortgage lenders. For comparison, some large lenders have denial rates in the mid-thirties or even mid-fifties.

As mentioned above, you can apply and track the progress of your loan online 24/7 and even make payments and view all of your loan documents within the Rocket Mortgage app. If anything comes up, you’re able to message customer service through the app at any time. If you’d prefer to speak to someone, you can call (800) 603-1955 on both weekdays and Saturdays or chat with customer service online until midnight every day of the week.

Rocket MortgagePenFed MortgageAmeriSave Mortgage
Lender rating
Minimum credit score580 to 620620 to 650600 to 700
Minimum down payment0% to 3%0% to 3.5%0% to 3.5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Home equity loans
  • Conventional
  • FHA
  • VA
  • Jumbo
  • HELOC
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Cash-out refinance
  • Solar financing
Rate spread*0.42%0.11%0.34%

*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) each lender offered to mortgage customers in 2022. The higher the number, the more expensive the loan.

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: 5/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

 = 0 points   ⭕ = 0.5 points    = 1 point

Today's Mortgage Rates

  • 6.91%
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