Rocket Mortgage review 2024

When applying for a mortgage, comparing several lenders can help you get the best rate, terms, and loan product possible. If you’re looking for a lender with rate transparency, an intuitive website, and a myriad of home financing options, Rocket Mortgage could be worth considering.

Formerly known as Quicken Loans, Rocket Mortgage is one of the country's largest full-service online mortgage lenders. It offers mortgage loans in all 50 states and Washington, D.C. Loan types include conventional, fixed-rate, adjustable-rate, FHA, VA, jumbo, home equity, and refinance loans.

Best for: Rate transparency and availability

Rate transparency: Rocket Mortgage is upfront about its rates for both home financing and refinancing. Prospective borrowers can see today’s mortgage rates on the lender's website, or get a free rate estimate based on their financial and credit circumstances. This can be useful if you’re still shopping around and trying to find the most affordable home loan.

Availability: While based in Detroit, Michigan, Rocket Mortgage services loans in all 50 states and Washington, D.C. It is not available to borrowers in Puerto Rico or beyond the United States, however. The lender doesn’t have any physical branches open to the public but prospective borrowers can still inquire about the lending process via phone, online chat (AI-powered assistant), or by logging into their Rocket Mortgage account.

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

Rocket Mortgage: Pros and cons 

If you’re thinking of working with Rocket Mortgage there are a few key advantages and disadvantages to take into account: 

What to consider before applying

Before applying for a mortgage with any lender, make sure you’re familiar with the lending process. Take stock of your credit and financial situation to see what you could qualify for and what you could improve. Here are the main considerations with Rocket Mortgage:

• Your credit score and interest rate: Rocket Mortgage’s interest rates — for home financing and refinancing — are visible on the website. The best rates are generally available to those with better credit score.
• Overall affordability: Rocket Mortgage’s rates are only part of the bigger picture. Calculate any lender fees — like origination fees — and upfront closing costs or down payment requirements. Get a monthly payment estimate to make sure you can comfortably afford to take out a Rocket Mortgage home loan.
• Debt-to-income ratio (DTI): Your DTI is the percentage of your gross income that goes toward your monthly debts. Rocket Mortgage recommends a maximum DTI of 45%. Calculate your DTI by adding up your monthly debts and dividing the result by your pre-tax monthly income.
• Down payment amount: Rocket Mortgage offers loans with as little as 0% to 3% down. However, your down payment amount can affect your interest rate and monthly payment. Generally, a larger down payment means lower monthly payments and lower costs over the life of the loan. For conventional loans, you also need at least 20% down to avoid private mortgage insurance (PMI).
• Other requirements: Generally, Rocket Mortgage requires a minimum credit score of 580 to 620 — though some loans have higher requirements. You’ll also need at least two years of work history and proof of stable income.

How to apply for a loan with Rocket Mortgage 

1. Get your documents: To get started, be prepared to provide your email address, banking details, income and employment information, and Social Security number. If you’re applying with a co-borrower, you’ll need their information, too.
2. Review Rocket’s home loans: Compare the lender’s options to see which one works best with your situation. Read through each loan’s requirements and fees carefully.
3. Begin the application process: Select “Apply Now” on Rocket Mortgage’s main website to begin the application online. The process begins with a pre-approval, which gives you a better idea of your eligibility and rates. Rocket Mortgage will verify your income, assets, and credit — which might lower your credit score by a few points — but it can help you stand out from the competition when you’re ready to make an offer on a home.
4. Speak with a home loan expert: You may need to speak with a lending specialist at different points throughout the process. You can do this via phone or by logging into your Rocket Mortgage account.
5. Shop around and make an offer: Start shopping for a home in your price range. When you find one, make an offer. Once your offer is accepted, you can formally apply for the loan.
6. Begin the underwriting process: Rocket Mortgage may request additional information or documentation throughout the lending process. Depending on the loan type, you may also need an appraisal.
7. Close on your home: Once approved for financing, you’ll get a closing disclosure at least three business days before your closing date. Review it and reach out to the lender if you have any questions. On closing day, you’ll sign your mortgage documents and pay closing costs and fees.

How to qualify for a loan with Rocket Mortgage 

Each of Rocket Mortgage’s home financing products has its own requirements, but here’s what you’ll typically need to qualify for a mortgage:

• Proof of income and employment: This can include bank accounts, tax returns, W-2s, or recent pay stubs. You’ll generally need to demonstrate at least two years of consecutive employment.
• Assets and liabilities: Provide any documentation related to your assets and liabilities, including cash, property, and investments. Rocket Mortgage will use this information during the underwriting process.
• DTI: Try to keep your DTI below 45%. You may qualify for some loans, like 30-year fixed-rate loans, with a maximum DTI of 50%, but a lower number will ensure you’re not stretching your budget too much.
• Credit score: Your credit score will determine what loans you’re eligible for, though most loans require a 620 minimum credit score. You may qualify for other options, like FHA loans, with a credit score as low as 580. Jumbo loans require a credit score of at least 680.
• Down payment: You’ll need 3% down for most Rocket Mortgage loans. FHA loans have a 3.5% minimum down payment requirement. With the ONE+ Program, you could qualify with as little as 1% down.
• Closing costs: These are generally required at closing and can be up to 6% of the cost of your loan. Closing costs typically include underwriting, appraisal, title search and insurance, taxes, and homeowners insurance.

How to refinance with Rocket Mortgage

Here’s how refinancing works with Rocket Mortgage:

• Determine your home’s value: Schedule an appraisal, consult a real estate agent, or search online to find out the value of your home.
• Get a rate quote: With a Rocket Mortgage refinance, you can check the current rates on the lender's website. Provide information about yourself and your home to receive an estimate.
• Apply online: You can apply for refinancing online. Rocket Mortgage will examine your assets, income, and work history. A home loan officer can help you through the process.
• Close on your loan: Unlike with mortgage financing, you might not need to pay upfront closing costs; Rocket Mortgage may roll these fees into your loan so you don’t have to pay as much upfront. The lender might require a new appraisal, however. Once this is done, head to closing and sign any final documents to complete the transaction.

How Rocket Mortgage compares 

Consider Rocket Mortgage if you want a lender with nationwide availability, online support, and rate transparency. Whether you’re shopping for a new home or refinancing, you’ll be able to see the rates and fees upfront — a huge benefit as you shop around. Take a look at how Rocket Mortgage compares to other lenders. 

Rocket Mortgage FAQ 

How competitive are Rocket Mortgage’s rates?

For the most creditworthy borrowers, Rocket Mortgage’s interest rates are slightly lower than the national average. Beyond that, the lender touts its streamlined online application process and transparent interest rates.

What types of loans does Rocket Mortgage offer?

Rocket Mortgage offers the following mortgage loan types: conventional, fixed-rate, adjustable-rate, jumbo, VA, FHA, and home equity loans. It does not offer construction loans, USDA loans, or home equity lines of credit. It also doesn’t offer financing for mobile or manufactured homes.

How is Rocket Mortgage’s customer service rated?

Rocket Mortgage has an A+ rating from the Better Business Bureau and is accredited. It has 4.7/5 stars on Trustpilot and an “Excellent” rating. ConsumerAffairs gave it a 3.5/5 rating.

Are there any hidden fees with Rocket Mortgage mortgages?

Rocket Mortgage doesn’t have any hidden fees. It may, however, charge between 3% and 6% in closing fees. There may also be an origination fee ranging from 0.5% to 1% of the loan amount.

How easy is it to apply for a mortgage with Rocket Mortgage?

You can easily complete Rocket Mortgage’s application process online. You can also get pre-approved online. Throughout the process, you can also speak with a loan expert via phone, online chat, or your Rocket Mortgage account.