Rocket Mortgage Review 2024
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
580 to 680
0% to 3.5%
Conventional, FHA, VA, jumbo, home equity loans, specialty loan programs
- 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 is a pioneer in digital mortgages and consistently ranks high 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, terms 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.
The lender’s rates are higher than other national banks, typically averaging about 0.73 percentage points above the average prime offer rate (APOR) in 2023. The APOR represents the lowest APR a bank will likely offer in the current market.
From 2022 to 2023, Rocket Mortgage saw the rate spread (the difference between its interest rates and the APOR) increase from 0.42 to 0.73, a 74% jump. By contrast, some competing lenders showed a rate spread decrease from 2022 to 2023.
Fees
Rocket Mortgage does not disclose its mortgage fees but does provide a broad estimate for total closing costs, expressed as a percentage of the home purchase price (a range of 2% to 6%). The lender 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 2023 was $8,122, including an average of $4,665 in origination fees. These costs are higher than the loan cost and origination fees across competing lenders — $7,304 and $3,613, respectively.
What discounts does Rocket Mortgage offer?
Rocket Mortgage offers a Welcome Home RateBreak to eligible borrowers. The program provides an interest rate reduction of two percentage points during the first year and one percentage point in the second year. Additionally, Rocket Mortgage offers multiple loan programs with reduced minimum down payments or closing cost credits.
What types of mortgage loans does Rocket Mortgage offer?
Rocket Mortgage offers a variety of home loans, including:
Conventional loans
Rocket Mortgage’s conventional mortgages (non-government 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 proprietary programs, BorrowSmart Access, Purchase Plus and ONE+, which offer reduced minimum down payments or closing cost credits to qualifying borrowers.
Conventional loan qualification requirements
- 620 minimum credit score
- 3% minimum down payment (1% for ONE+)
- 50% or lower debt-to-income ratio
FHA loans
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
VA loans
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, rate-and-term refinances, cash-out refinances and VA Native American Direct Loans (NADL).
VA loan qualification requirements
- 580 median credit score
- Generally no down payment required
- Certificate of eligibility (COE)
- 60% or lower debt-to-income ratio
Jumbo loans
Rocket Mortgage’s Jumbo Smart loan program offers financing up to $2.5 million with less documentation than typical jumbo loans. Options include fixed- or adjustable-rate loans, rate-and-term refinances and cash-out refinances. The lender also offers VA jumbo loans.
Jumbo loan qualification requirements
- 680 minimum credit score
- 10% to 20% minimum down payment
- 45% or lower debt-to-income ratio
Home equity loans
Rocket Mortgage offers 10- and 20-year home equity loans from $45,000 to $500,000. The lender doesn’t provide a home equity line of credit.
Home equity loan qualification requirements
- 680 minimum credit score
- 50% 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. maximum | Conventional: 50%FHA: undisclosedVA: 60% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
While Rocket Mortgage is transparent with its mortgage requirements, nationwide data reveals what application profiles the lender approves. Data collected under the Home Mortgage Disclosure Act shows that in 2023, approved Rocket Mortgage customers had an average loan-to-value (LTV) ratio of 73%, and about half (49%) of approved borrowers had a DTI ratio below 40%.In 2023, Rocket Mortgage denied 19% 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 loan
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” or “Take Cash Out.”
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 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.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.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. You’ll also have the option to link your application to your bank accounts, which will provide a more accurate preapproval.
Rocket Mortgage’s customer service experience
As a purely digital lender, Rocket Mortgage’s primary communication is 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. Additionally, you can 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.
- Email: [email protected]
- Phone: 800-603-1955
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 lenders.
How does Rocket Mortgage compare to other lenders?
|  |  |
|
|---|---|---|---|
| LendingTree’s rating | Back to our Rocket Mortgage summary | ||
| Minimum credit score | 580 to 620 | 620 | 580 to 620 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3% |
| 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 2023. The higher the number, the more expensive the loan. | 0.73% | 0.02% | -0.04% |
| Loan products and programs |
|
|
|
| Better for: | Borrowers with lower credit scores and those looking for specialty loan programs. | Borrowers with higher credit scores and those looking for renovation loans or HELOCs. | Borrowers looking for a quick preapproval without a hard credit pull and those wanting a HELOC. |
Rocket Mortgage vs. Guaranteed Rate
Both Rocket Mortgage and Guaranteed 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. Guaranteed Rate’s minimum credit score is 620, even for loan products that typically have a 580 minimum credit score. It’s also worth noting that Rocket Mortgage’s starting interest rates are higher than Guaranteed Rate’s.
→ Read more in our full Guaranteed Rate mortgage review.
Rocket Mortgage vs. Better Mortgage
Like Rocket Mortgage, Better Mortgage is an online-only lender offering standard loan options. Although Better Mortgage is a smaller lender, it offers 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 just browsing or at the beginning of the home-buying process.
While Better Mortgage is an online-only lender, its loan process isn’t fully digital. The lender 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.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow 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
= 0 points = 0.5 points = 1 point
Frequently asked questions
Rocket Mortgage’s process is entirely digital, from application to closing. (The company offers a hybrid closing in states where remote closings are not permitted.) While exploring loans, you can also chat with a loan expert online. After becoming a Rocket Mortgage customer, you can manage your loan and contact customer service online and via the company’s app.
Rocket Mortgage is a legitimate lender, operating 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 4.7 out of 5 stars on Trustpilot, based on more than 34,000 reviews, which lands the lender in the “excellent” category; 82% of the lender’s 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 does not consider customer reviews.