Loans > Rocket Mortgage Review

Rocket Mortgage Review

Rocket Mortgage is a leading online lender that provides a world-class experience through its use of technology and customer support.

Reviewed by
Updated January 10, 2022

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Imagine this: you’re stuck repaying a loan that eats away at your income for the next 30 years. It offers no flexibility and hits you with hidden fees. You want to fix this and go online looking for a solution, but the support takes too long to respond, and the answers are unhelpful anyway.

Want to jump head first into a new loan now? Of course not. 🚨

The number of people buying homes increased 2.4% over July – the third consecutive monthly increase – and housing sales are now up more than any period since December 2006! At the same time, the latest stats show housing prices are tempering. But, wait – don’t rush in just yet!

Investing time into finding a mortgage that offers flexibility, and transparent rates will save you a lot of headache down the road, and will prove key to your family’s financial health.

Rocket Mortgage is a leading mortgage lender, with a track record of offering people like you a world-class experience. The lender uses technology to transform, what was once a lengthy and arduous process, into a quick, simple, and hassle-free one. 🏡

Let’s take a deeper dive into how much a top-class experience will cost, what loan rates and loan terms you could access, and crucially – where this lender falls.

Rocket Mortgage is a fully online lender and application process offered by Quicken Loans. The lender has a high customer satisfaction rating, along with a user-friendly process. Loans of up to $3 million can be accessed, once the minimum credit score and eligibility criteria are met. 

Fast Facts

  • Minimum Credit Score: 580+
  • Interest Rate: 2.99% to 4.08%
  • Application Length: 30 minutes
  • Loan Range: 8 to 30 years
  • Loan Amount: Up to $3 million
  • Highlight: Completely online process
  • Best for: Those with good credit


  • Fees: 8/10
  • Usability: 10/10
  • Flexibility: 9/10
  • Customer Service: 10/10
  • Credibility & Trust: 10/10
  • Overall: 9.5/10
Visit Rocket Mortgage on Rocket Mortgage’s website

What is Rocket Mortgage? 

Rocket Mortgage is a fully online, leading mortgage lender, and a product of Quicken Loans. But this isn’t just any lender — our research indicates Rocket Mortgage is the top mortgage lender available. Importantly, the following will explain why.

Rocket Motgage offers a wide selection of purchase and refinance loan options. Potential borrowers will appreciate YOURgage, a flexible term product, that gives you some room for movement by allowing you to create your own terms, starting at eight and going up to 30 years.

Homeowners looking to refinance could benefit from Quicken Loans cash-out refinance option. There are also reverse mortgages available for homeowners 62 years and older. The firm is headquartered in Detroit, and founded in 1985.

Over the past couple of years, Quicken Loans has become a force to be reckoned with due to its adoption of technology that allows borrowers to apply for loans fully online, through Rocket Mortgage, its affiliate partner. 

Further changes came at the beginning of October, when Rocket Mortgage partnered with to create a new tech platform. Its aim is to direct interested home buyers to Rocket Mortgage’s pre approval process.

Both companies operate as part of Rocket Cos. Inc., which went public during the summer of 2020.

Overview & Summary

  1. Rocket Mortgage is a product of Quicken Loans and a leading online mortgage platform, offering a wide selection of purchase and refinance loan options.
  2. Rocket Mortgage is available to U.S. citizens in all 50 states. It is not available to those in Puerto Rico, or anywhere else outside the U.S.
  3. The lender charges origination fees, closing costs, and rate-lock fees. All of which will vary depending on taxes, and your loan type.
  4. Rocket Mortgage has been awarded the top mortgage origination for 10 years running. It won first place for mortgage services for the past 6 years.
  5. Rocket Mortgage does not offer Home Equity loans, or Home Equity Lines of Credit (HELOCs), it has limited low down payment eligibility and no physical branches.

Quicken Loans and Rocket Mortgage Explained

Quicken Loans, the Detroit based mortgage lender recently announced a complete rebranding program to be finished before the end of 2020. This will be a huge step forward in the technologies and services it offers. Quicken loans will adopt the new name of Rocket Pro TPO (third party organization) so that it can better align with Rocket Mortgage. 

Bob Walters, President and COO of Rocket Mortgage said,

“Rocket Mortgage has truly set itself apart from the rest of the industry because we have taken an incredibly difficult and labor-intensive process and distilled it into a simple technology platform that allows clients – and now our partners – to have unmatched visibility and communication.”

Walters continued,

“As we continued to grow and evolve our business, we always looked forward to the day when we could extend its reach to our broker partners, who play such an important role in helping clients achieve the American Dream of homeownership.”

This lender’s ability to stay ahead of the game, adopt new technology to improve its services, and meet its customers’ needs have all compounded to position it as the number one Mortgage Lender in the U.S.

What Are the Pros and Cons of Rocket Mortgage?


  • Online and phone customer service available
  • Loan options include fixed-rate, adjustable-rate (ARM), VA, FHA, USDA, flexible-term and jumbo mortgages
  • Down payment as low as 3% offered
  • Mortgage refinancing available
  • Float-down rate lock available


  • No face-to-face interactions with lenders
  • No home equity loans or home equity lines of credit (HELOCs) offered
  • Limited information on fees
  • Rates not always competitive

What Type of Loans Does Rocket Mortgage Offer? 🏘

  • Conventional fixed-rate mortgages
  • Adjustable-rate (ARM) products
  • VA and FHA loans
  • Jumbo mortgages
  • Cash-out refinancing

As you might have guessed, the Rocket Mortgage product selection is the same as Quicken Loans. This gives you lots of options, no matter what loan type you’re considering. Here are the options available:

Fixed-rate Mortgage

This is a popular mortgage type that has a steady interest rate for the lifetime of the loan. This means that your interest payment and monthly principal won’t change, which can be helpful for budgeting.

Federal Housing Administration (FHA) loan

The FHA loan is helpful for those with lower credit scores and limited down payment funds to qualify for a home loan. Rocket Mortgage loans can be accessed with credit scores as low as 580, as long as you meet the eligibility criteria.

Adjustable-Rate Mortgage (ARM)

The ARM loan is a loan with an adjustable interest rate. Once you have reached the end of your initial fixed term, the interest rate can rise or fall once a year. You’ll find five-year or seven-year ARMs through Rocket Mortgage. 

Jumbo Loan

Okay, so this loan is a Quickens Loans one, and you might need to speak with a Rocket Mortgage rep. Jumbo loans are given to those with mortgages above the conforming loan limit in the area you want to buy your house in. 

For this, you will need a minimum credit score of 700 to qualify, in addition to a good debt-to-income ratio. If you qualify, you could access a loan of up to $3 million.

If you want to access loans with higher limits, make sure you keep an eye on your credit score. Especially throughout COVID-19, more people have been reporting unexpected changes in their score. To avoid this, there are some quality credit monitoring companies that help safeguard your credit, and alert you of any suspicious activity.

Veteran Affairs (VA) loans

The VA backs these loans for qualified veterans and active duty service members. Rocket Mortgage offers 30, 20, and 15-year fixed-rate loans as well as five-year ARM VA loans. You can also find jumbo VA loans at Quicken. Some of the benefits of this type of loan include no down payment or monthly private mortgage insurance. 

Cash-out Refinancing

This takes advantage of the equity you’ve gradually built and offers cash in exchange for taking out a bigger mortgage. In other words, it allows you to borrow a larger sum than what you owe on your mortgage and you can keep the difference.


This is a conventional loan option that is customizable. You can choose your loan term of between eight to 30 years, to suit your financial situation. It also gives the option to put as little down as 3%. With YOURgage, you also have the option to refinance up to 97% of your home value.

All loans mentioned are dictated by Quicken Loans. What does this mean? Well, you will see the loan lineup of typical non-bank lenders. 

The conventional loans and government backed loans – VA, FHA, and USDA – are available for refinance and with fixed or adjustable rates. There are no home equity loans or home equity lines of credit (HELOCs) available.

Rocket mortgage doesn’t offer reverse mortgages, but one of its affiliated companies, One Reverse Mortgage, does.

What’s the Minimum Credit Score for Rocket Mortgage? 🔎

  • 620 for conventional and (generally) for VA loans
  • 580 for FHA loans
  • 760 for jumbo loans on purchases, 700 for refinance

In most cases, conventional loans require a FICO score of 620 or more, and a 3% down payment. That said, anything lower than a 20% down payment will require a private mortgage insurance (PMI) requirement.

To get the best rates, you will need to start working on repairing your credit. You can do this by working with one of the leading credit repair companies, though be mindful that there are pros and cons to each.

Potential borrowers could get approved with a credit score of just 580, once the eligibility criteria is met. The lender advises you to keep in mind that it may use a different credit scoring system then the one your credit card company, or other source uses. 

Couple sitting at desk with Rocket Mortgage lender discussing buying a new home
Rocket Mortgage has a number of experts that will guide you along the journey – and answer questions about your credit score.

Rocket Mortgage uses a FICO score, but educational sources may use an alternative scoring model, like a VantageScore. For this reason, the lender encourages you to qualify, even if you think you might just miss the credit score requirement.

If you do not meet the criteria set out by Rocket Mortgage, there are some popular mortgage lenders for borrowers with bad credit. So even if your credit score deems you ineligible for Rocket Mortgage, know that you still have options.

⚡️ Could your credit score use a boost? Check out the pros and cons of Sky Blue Credit Repair – they could raise your score in as little as 45 days.

Will Using Rocket Mortgage Affect My Credit Score?

Your Mortgage application might affect your credit score in a minor way, lowering it by 5 points or less. It is necessary to check your credit report to get approved for a mortgage. It allows Rocket Mortgage to show you real interest rates and solutions – and get you approved!

The Rocket Mortgage Application Process 💻

Rocket Mortgage has been touted for its digital lending simplicity enabled through its integration with third-parties and its move to gain additional insights on applications.

The Rocket Mortgage process is about speed and simplicity, to set itself apart in the fintech world.

  1. The first step is to choose whether you want to apply for a Home Purchase or a Home Refinance. Then you create a login.
  2. Fill in the answers to some basic questions until you reach the “See solutions” stage. Here, Rocket Mortgage will pull your credit data and offer you the loan options available.
  3. You can customize your loan terms, the amount owed at closing, or whether you want a fixed or adjustable mortgage.
  4. When you’re happy with your loan, Rocket Mortgage will verify your qualifications and submit the application to an automated system for underwriting.
  5. You can choose to lock your loan rate, and if needed, get a preapproval letter.
  6. Once your loan has been submitted for underwriting, you can utilize Rocket Mortgage’s services for things like e-signing paperwork, managing outstanding tasks, monitoring the various stages of your loan application, and scheduling your loan closing. 

Does Rocket Mortgage Offer Pre-Approval? ✅

Yes, Rocket Mortgage offers pre-approval for home buyers and refinancers. To get pre-approved by the lender, simply go to the company’s online portal. Begin by answering some questions about your debts, income, and assets.

Quicken will verify your finances by checking your recent bank statements, and pay stubs.

Rocket boasts that it will complete the pre-approval process in under 24 hours.

💡 Helpful tip: Pre-approval is not the same as pre-qualification. Pre-approval verifies your assets, income, and credit, to verify the amount you’re approved to borrow. Rocket Mortgage calls this “Verified Approval.”

While the pre-qualification stage is quicker, it is just an estimate of what you could be offered based on your answers. You won’t be able to go ahead and put an offer down on a house with just a pre-qualification approval. Rocket Mortgage calls this “Prequalified Approval.” (The terminology used can be confusing, we know).

Are There Any Closing Costs with Rocket Mortgage? 💰

With COVID-19 threatening to sicken the housing market until the pandemic lifts, understanding the exact fees and costs involved will prove essential for finding a mortgage that works with, and not against, you.

An important part of searching for a mortgage that works with you, and not against you, is understanding all the costs involved. Because Rocket Mortgage acts as a digital pathway to Quicken Loans, and fees or rates quoted are decided by the lender, Quicken Loans. Here’s a rundown on the fees involved:

Firstly, you will be charged origination fees, rate-lock fees, and closing costs. These will all vary depending on your loan type, and taxes.

Rocket Mortgage’s closing costs cover things like recording fees, title fees, appraisal fees, pest inspection, taxes, attorney’s fees, and survey fees. According to Quicken Loans closing costs tend to come in the region of between 2 to 6%. This means that if you take out a loan of $250,000, your closing costs could start at $7,500 and go up to $15,000.

The percentage listed tends to fall the larger the loan size. For example, you are not likely to pay the Rocket Mortgage higher end costs for a loan of $250,000 – this will more likely be at the 3% side.

Rocket Mortgage Payment Information 🗓

Rocket Mortgage offers borrowers several payment options and methods to give customers the best chance of finding something that suits.

What Are My Payment Options?

When it comes to payment options, borrowers have several options which set you up nicely to find something that suits your circumstances. The good news? It’s completely free. Here are your options: 

  • One time payment 
  • Monthly auto payments 
  • Biweekly Payments
  • On the go payments

With the monthly payment you can set up an auto draft. This can either come directly from your bank or you can set up automatic payments that go straight to Rocket Mortgage.

Instead of making 12 monthly payments, Rocket Mortgage clients can pay half the amount every two weeks. This might make loan repayments more manageable, depending on how often you get paid. 

Borrowers can also pay on the go. We’re not always beside a computer the day bills are due, right? Well, this option allows you to make payment on the Rocket Mortgage app. A nice touch from the lender to make your repayment journey a little easier.

How Do I Make a Payment?

Rocket Mortgage website has recently gone through a makey-over, but the process for making payment is still the same. Here are your options to pay:

Online: Sign into your account – or create one if you haven’t done so yet – and go to Make a Payment.

If you see that your account isn’t yet eligible for online payments, you can call an Account Advisor at (800) 508-0944, option 4, Monday – Friday, 8:30 a.m. – 9:00 p.m. ET, or Saturday, 9:00 a.m. – 4:00 p.m. ET.

Nothing has changed for those with automatic or autopay set up. You can still freely cancel, edit, or change payments, as you wish, in the Payment Center.

Mail: You can mail your payment to the following address:

Quicken Loans
P.O. Box 6577
Carol Stream, IL 60197-6577

Rocket Mortgage Rates 📊

Loan OptionRate/APR1 Year Rate/APR Change
30-Year Fixed*2.99% / 3.215%0.76% / 0.809%
15-Year Fixed*2.75% / 3.197%0.5% / 0.534%
FHA 30-Year Fixed*3.625% / 4.62%0.25% / 0.245%
VA 30-Year Fixed*3.625% / 4.081%0.25% / 0.266%

Here are the latest mortgage rates from Rocket Mortgage, as listed on the lenders website. These tend to be just tipping over the market average day to day.

💡 Remember: The rates advertised are meant as a benchmark online. Your rates could be lower or higher depending on your financial history and FICO score.

Are Rocket Mortgage Rates Good?

Here is a comparison of Rocket Mortgage’s average rates in 2019, in comparison to three other top lending firms.

Average RatesRocket Mortgage (Quicken Loans)Wells FargoChaseBank of America
Average 30-Year Interest Rate, 20194.22%4.22%4.22%4.05%
Monthly P&I Payment$973$980$980$961
Median Loan Costs, 2019$5,075$3,484$3,440$3,918
Median Origination Charges, 2019$2,805$1,199$1,279$1,265

Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each lender’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.

Can You Refinance with Rocket Mortgage?

When you refinance with Rocket Mortgage, you will have the option to lower your payment, get a loan to take cash out, shorten your term, or even do a combination of those depending on the criteria you meet. Rocket Mortgage will also advise you on which loans you may be eligible for based on the information you provide.

Rocket Mortgage Cost of Refinance
The three primary loan categories offered by Rocket Mortgage (image courtesy of Rocket Mortgage).

To apply for your refinancing loan just click the Home Refinance option to start. You will be asked to provide some typical contact information to sign in, where you can proceed from there.

Refinancing with Rocket Mortgage ⚖️

Rocket Mortgage Refinance

When is Refinancing a Good Option?

People generally refinance their homes because of one of four factors. These are: to get a lower interest rate, to change the terms of your loan, to take cash out on your equity, and to consolidate your debt

How Much Does Refinancing Cost? 

The amount you pay to refinance your home will depend on a myriad of factors like the value of your home and your lender. You will be told exactly how much you need to pay at closing. Here are some fees you can expect: 

  • Application fee
  • Attorney fee
  • Appraisal fee
  • Title search and insurance

Rocket Mortgage Refinance Rates

In general, you should expect to pay 2% to 3% of your loan balance on closing costs. You might be allowed to roll these costs into your loan balance, depending on the loan terms. For example, someone taking out a mortgage of $250,000, this will roughly come to $5,000 if you get the lower end of the scale.

🚨 Struggling to get out of significant debt? We recommend considering Freedom Debt Relief if your debt is so serious that bankruptcy is a legitimate consideration.

How Has COVID-19 Impacted the U.S. Housing Market?

COVID-19 has caused a deafening cacophony of disturbances across the globe. Its impact has protruded into the U.S. housing market. In mid-March, with the pandemic continuing to spread, the number of homes for sale fell, as owners began taking their homes off the market to prevent spreading the disease any further.

At the same time, homebuyers were staying at home as a result of lockdown measures. By June, this had drastically changed as demand soared past pre-pandemic levels. 

By July, the number of sales had gone up 2.4% – the third consecutive monthly increase – and is now sitting at the highest number since December 2006, putting those looking to sell in a cosy position.

As for whether house prices are dropping? Right now, not enough time has passed to give us the full picture. But here’s what we do know:  In April 2020, the Median home price increased 4.7% compared to April 2019. In May 2020, this figure rose by just 0.5% compared to the same period in 2019, showing an overall tempering of housing prices.

Still interested in buying? Let’s take a look at some of the benefits to Rocket Mortgage.

The Benefits of Rocket Mortgage 🎯

Let’s take a look at the benefits you’ll receive were you to take out a Rocket Mortgage loan:

Rocket Mortgage Customer Service 🏆

Rocket Mortgage customer service can do no wrong, according to its customers. It was rated the number one lender by JD Power for the 10th year running in 2019. 

Here is an overview of mortgage-related complaints by some major lenders:

Company in 2019Mortgage Originations 2019CFPB ComplaintsComplaints per 1,000 Mortgages2019 JD Power Rating
Rocket Mortgage (Quicken Loans)774,900 1870.24 880/1,000
Wells Fargo1,026,800 342 0.33 837/1,000
Bank of America466,552 2450.53 843/1,000

Rocket Mortgage held its number one position in the top in mortgage origination for its 10th year running. It also won the No.1 mortgage services for the past 6 years.

Fairway Independent Mortgage got very close in 2019. But it didn’t manage to end the Quicken Loans ten-year run as the league-topping mortgage lender.

The company’s high satisfaction rating can be seen in its equally impressive number of low complaints. The Consumer Financial Protection Bureau shows that Quicken Loans has one of the lowest, if not the lowest number of complaints across the board.

When Can I Reach Rocket Mortgage Customer Service?

The customer service team can be reached at (800) 603-1955 on:

Monday – Friday: 8:30 a.m. – 9:00 p.m. ET

Saturday: 9:00 a.m. – 4:00 p.m. ET

Financial Information is Downloadable 🖥

Most of your financial information, including your investment and bank accounts by Rocket Mortgage, is downloadable straight from many financial institutions in the U.S. On top of this, Rocket Mortgage can import your employment and income information seamlessly.

Smaller Details to Help Ease the Process 🏖

Throughout the application process, Rocket Mortgage adds some smaller touches to make everything go that bit smoother. One thing customers find helpful, is how the lender leaves question marks at each stage that potential borrowers can simply click on to view the relevant FAQ answers.

There’s also a range of explanatory and clear videos to help guide you. Hitting the “Talk to Us” button will put you directly in contact with a mortgage banker.

Quick & Seamless Application Process ⏱

According to Rocket Mortgage, the application process takes a total of about 30 minutes. However, the lender does point out that potential borrowers should go at a pace that suits them.

Where Rocket Mortgage Could Improve

No Home Equity Loans or Home Equity Lines of Credit (HELOCs) ⚠️

Those of you interested in accessing a portion of your home equity in cash can only do so by applying for the Rocket Mortgage cash-out refinance loans.

How does a HELOC work? While HELOC is a type of second mortgage, it works more like a credit card than a traditional installment loan. Instead of getting a lump sum, you can continuously borrow against a line of credit (until you hit a ceiling) within a set time frame.

Limited Low Down Payment Eligibility 💵

If you don’t meet the VA or USDA loan requirements, you will need to come up with the down payment yourself. Something else worth notions is that there is now a low down payment mortgage option without a private mortgage insurance requirement (PMI).

No Physical Branches 🚫

To finish the downsides of Rocket Mortgage, there are no physical branches. This means you won’t be able to meet and chat with any of the reps face to face. Everything is online, and to be fair, customers have few complaints. 

You will be able to chat to a human from the customer service team, of course. You just won’t be able to meet anyone in person.

Is Rocket Mortgage Right for You?

If you value having a supportive customer service team when dealing with financial topics, as we seen, Rocket Mortgage offers one of the best. Don’t be fooled into thinking that because it’s online that it’s all automation and robots. This lender offers an ideal mixture of both human interaction and the latest technology, according to its customers. 

Young couple smiling and standing in new home showing the keys to the home they just purchased with Rocket Mortgage
Rocket Mortgage offers a top-tier service that has helped many individuals own the home of their dreams.

This platform has been created to tailor to its customers needs and expectations in today’s digital world. The application process is quick, fast, easy, and top of the class in comparison to other online mortgage online application processes.

Rocket Mortgage FAQ’s

  • Is Rocket Mortgage Legitimate?

    Quicken Loans received a five out of five rating from J.D. Power’s U.S. Primary Mortgage organisation Satisfaction Study. It has received this rating for 10 years running now. The lender all has an A+ rating with the Better Business Bureau. 

    In 2019, Rocket Mortgage clients complained to the Consumer Financial Protection Bureau just 313 times about mortgage-related issues.

  • Is Rocket Mortgage the Same as Quicken Loans?

    While Rocket Mortgage and Quicken loans are a part of the same conglomerate, they serve different objectives. Rocket Mortgage is Quicken’s key online technology platform. It looks after the mortgage payments and handles the application process.

    Quicken, on the other hand, looks after the behind the scene aspects, like underwriting and processing loans. Applying through Rocket Mortgage of Quicken Loans will both subject you to the same standards for qualification, and give you the same rate. So it won’t be worth your time applying to both.

  • Are Mortgage Rates Negotiable?

    Surprisingly, mortgage rates are fully negotiable, like many of the other costs that come along with a mortgage, such as the origination fee.

    Though it might not be the negotiation you might think it is; it more so allows you to pay prepaid interest upfront which lowers your costs over the loan term, but shows that mortgage rates are adjustable.

  • Which States are Eligible with Rocket Mortgage?

    Rocket Mortgage is licensed in all 50 states. But it is the online application arm of Quicken Loans, so it does not have any physical locations.

  • Where is Rocket Mortgage Located?

    Rocket Mortgage is located in One Campus Martius building in the heart of the financial district in downtown Detroit, Michigan. The lender does not have any brick-and-mortar offices that potential borrowers can visit. 

  • What’s a Good Mortgage Rate?

    Knowing how to read and understand your credit report will help you keep on top of your score and allow you to fix any errors before they impact your mortgage rate.

    Here is the average mortgage interest rate by year:

YearAverage 30-year fixed mortgage rate (January)

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.