Rocket Mortgage provides quick loan application decisions, an entirely conducted online procedure, and an amazing learning center to help its customers. Even if there is a possibility that your credit score may be altered the moment you submit your application, the quotation that you get as a consequence will be one of the most accurate quotes you can acquire.
Our recommendations to the best mortgage lenders and mortgage refinancing firms rightfully highlight Rocket Mortgage, a division of Quicken Loans, for its exceptional ease of use. What sets Rocket Mortgage different from its rivals is its ease of use. The Rocket Mortgage app is crucial to this procedure since it allows you to manage your account whenever and wherever you choose by giving you access to your loan and refinancing options 24/7.
In addition, the platform features a comprehensive learning center that is at its core. This center provides users with information on how to obtain a mortgage or refinance their property, in-depth explanations of commonly used acronyms and terms, and great tips on making the most of their investments and refinance options. Legitimate conditional permission may be granted minutes after applying, and you probably won’t even need to discuss it with anybody. This is because the website is geared toward providing quick, efficient, and real-time digital engagement, and it does an excellent job of meeting all of these criteria.
Because applying for a loan via Rocket Mortgage will affect your credit score, you should first be sure that it is the platform you want to use, or else you should be prepared to lose between three and five points on your score before you begin. In light of the above, it subsequently gives an accurate quotation that, rather than just being an estimate of what you may anticipate, is a solid offer that can be utilized to help make a choice that is in your best interests. Calculators are another option available if you want to obtain a general concept of your expenses before committing to a solution offered by Rocket Mortgage. Still, you don’t want your credit score to be negatively affected in the process.
When you get a mortgage refinancing with Rocket Mortgage, you have the option of taking out a loan for cash, bringing your payment terms down to a lower amount, bringing them up to a higher amount, or creating your own custom mix of these three options. Conventional loans, FHA loans, Veteran’s Administration loans, and jumbo loans are all available via the platform.
Key Features
- Application process: Simple, available online, and in-person
- APR: Depending on the kind of loan, this might vary
- Fees: Closing costs typically account for two to five percent of the overall cost of a house. Cost of origination
- Calculators, service, and support: mortgage calculator, refinancing calculator, learning center, app, and easily accessible customer service and support
Application Process
- Get results quickly
- Possible to accomplish all online
In the same way that the application procedure for Reali and SoFi can be completed entirely online, Rocket Mortgage allows customers to do the same thing. You will likely need to meet with one of their loan consultants to complete extra questions if you are self-employed or wish to pursue a loan option that doesn’t match regular requirements. This is the case even if you want to continue with the application process.
You will require your banking and financial information and information about your employment and social security number before you can begin the procedure. After that, all that has to be done is login onto the website, choose the option that applies to your situation (mortgage or refinancing), and you’re done. It will not take very long, and helpful hints will be supplied at various points along the journey.
Credit Score Requirements
It is possible to be accepted for a loan with Rocket Mortgage with a credit score as low as 580 if you can fulfill the other qualifying requirements. However, if you use your FICO Score – which can be slightly different from the score used by the company that issues your credit card – it may be worthwhile to try to qualify even if you believe your score is slightly below 580. This is because your FICO Score can differ slightly from the score used by the company that issues your credit card. Keep in mind, however, that applying for a Rocket Mortgage may have little impact on your credit score and may cause it to drop by between 3 and 5 points.
Other Requirements
- A deposit equal to 3% of the total purchase price
- Details on income and employers are provided
When it comes to the amount of money you need to put down to purchase a house with Rocket Mortgage, a lot of it relies on the kind of loan you get and the property’s price. As a rule of thumb, it is recommended that you have a down payment equal to or more than three percent of the property’s price.
You will need to provide details about your income and work, your Social Security number, and a valid email address to apply for the loan. Online banking credentials or details about the total balance of each account to be reviewed for eligibility will also be required. That might be money in the bank, a retirement account, investments, or anything else of value. (Check U.S. Bank Mortgages review)
Interest Rates and Charges
- It is difficult to locate information on fees
- You need to fill out an application to get pricing
There is no charge connected with seeing your mortgage suggestions or being accepted; however, getting information regarding APRs and costs might be difficult from the Rocket Mortgage website. Even with loans that need no down payment, such as VA loans, it is recommended that you set aside between 2% and 5% of the purchase price to cover closing fees; nevertheless, this is about all that is provided upfront.
In its place, you will be required to establish an account before you can truly dive into your expenses and estimations, with the amount and nature of the loan, your credit score, and interest rates all playing a factor in deciding how much you will spend to borrow the money. If you only want a fast overview of the available prices, you could find this frustrating. However, the company’s devotion to giving a tailored rate might be considered a good aspect of the business.
Service
- Website that is both simple to browse and informative
- The app enables administration around the clock
The Rocket Mortgage website is simple to browse, with several large buttons, a learning center, and a frequently asked questions area that is organized very effectively. You may call them if you have any more questions that need to be asked, and the counsel and information provided are understandable and instructive. A search button would also be a nice addition to a digital platform; nonetheless, two onsite calculators – one for refinancing and one for affordability – can be utilized to acquire an approximative sense of the expenses associated with your transaction.
Those interested in applying for a mortgage may do it digitally with a single touch of their finger using the Rocket Mortgage app. Existing customers can use the app to easily manage their mortgage payments, bank accounts, and autopay settings. All your loan documentation, including bills and tax forms, is available online anytime. You can set up notifications to remind you of important dates, like when payments are due or when there are adjustments to your escrow account.
What Users Say
On Trustpilot, a website that compiles ratings and reviews left by users, Rocket Mortgage has earned a rating of 3.6 out of 5 stars. Out of the close to 3,000 evaluations, an astonishing 65 percent of respondents rated the quality of service they got as Excellent. The simplicity of the application process and the helpfulness and professionalism of the company’s customer care representatives are both often praised aspects of the company. Many of the clients who were less than satisfied had issues with the timing of the closure of their loans. Because Rocket Mortgages is a subsidiary of Quicken Loans, any evaluations of the business that appear on ConsumerAffairs are connected to the parent organization.
Rate Transparency
Rocket Mortgage’s rates page includes illustrative interest rates for fixed-rate home purchases and refinance loans. Its current interest rates and APRs for 30-year fixed-rate mortgages, 30-year FHA, VA, and jumbo loans, and the number of points you would need to pay upfront to acquire a certain rate and APR combination are all shown there.
You may also pick “see legal disclosures” to understand the assumptions that Rocket takes to compute those rates (for example, that the loan is for a single-family house that will be used as a main residence); nevertheless, viewing sample prices is not the same as receiving customized rates.
You’ll need to start the application process online with Rocket Mortgage to get rates tailored to your specific circumstances. Even Rocket’s form of pre-qualification, which they call “pre-qualified approval,” involves a rigorous credit investigation, so before you apply for a loan with Rocket, you should be sure that you are considering the possibility of using Rocket as a lender.
You may want to learn more about SoFi Mortgage.
Is Rocket Mortgage A Reputable Business?
According to J.D. Power, Rocket Mortgage has been recognized as the best lender for customer satisfaction for the last 11 years in a row, and it was named the second-best lender in 2021. In addition, the Better Business Bureau has awarded it its highest possible score of A+. The BBB assigns a company’s reliability rating based on how it handles consumer complaints, how truthful its advertising is, and how transparent it is about its business procedures.
In 2019, the United States Department of Justice demanded that the parent company of Rocket Mortgage, Quicken Loans, pay $32.5 million to settle allegations of mortgage fraud. According to the allegations made by the Justice Department, Quicken Loans authorized mortgage applications when it shouldn’t have done so. Quicken Loans has never confessed to having engaged in mortgage fraud despite paying the penalty.
Is It Hard to Get A Rocket Mortgage?
Compared to other mortgage lenders, the prerequisites for getting approval from Rocket Mortgage are around par. You’ll need a credit score of at least 620 to qualify for an FHA loan; however, some borrowers have been approved with scores as low as 580. A person with credit problems in the past may not find the greatest option to be with Rocket Mortgage.
Should You Get A Mortgage With Rocket Mortgage?
The user-friendly and visually appealing platform that is Rocket Mortgage provides a fast and simple path to mortgage and refinancing quotation comparisons while remaining in the convenience and privacy of their own home. An outstanding level of assistance is integrated into every stage of the application process, and the material made accessible on the website is of the highest quality.
Some people are dissatisfied with the lack of openness about the interest rates and costs, which are not revealed until after an application has been submitted. This may also have a marginal influence on your credit score. The quotation that is generated as a result of this, on the other hand, will give you a great sense of the deal that you can eventually anticipate receiving, and you will be glad for the additional control that is accessible to you via Rocket Mortgage app.
