Is Rocket Mortgage Safe to Use?

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Contributor, Benzinga
October 30, 2023

Yes, Rocket Mortgage is safe to use.

If you’ve never applied for a mortgage online before, it makes sense to be cautious. After all, you have to provide a lot of personal and financial information when applying for a mortgage. 

Is Rocket Mortgage® safe to use? Let’s take a closer look. 

Is Rocket Mortgage Safe to Use?

Rocket Mortgage® is the online platform of Quicken Loans. Rocket Mortgage® has industry-recognized safeguards to protect your data. It also has internal and external security experts review its security protocols regularly to ensure it stays up-to-date. 

It provides clear information on what data it collects and how that data is used. You can also contact Quicken Loans if you have any questions about privacy or security at or by calling its mortgage hotline at 1-888-565-2488.

Applying Online with Rocket Mortgage

You can access the Rocket Mortgage® platform online or by using the Rocket Mortgage® app. 


The 1st step is to apply for mortgage preapproval. This lets you know how much you’re approved for. You’ll need to answer questions about your income, savings and the type of home you’re looking for. You also give Quicken Loans permission to view your credit report. 

Quicken Loans will review the information, and if you’re preapproved, it will provide you with a few mortgage options like fixed-rate or adjustable-rate mortgages and the amount you’re preapproved for. You’ll also see information on the interest rates, loan types (Freedie Mac, Fannie Mae, FHA, Va, USDA, etc.), monthly payments and down payment requirements. 

Next, you’ll choose 1 of the mortgage options and get a Prequalified Approval Letter. If you want a stronger approval, you can contact a Quicken Loans expert and apply for a Verified Approval. 

To get a Verified Approval, you’ll need to provide Quicken Loans with documentation confirming your income and assets. Otherwise, these documents are provided later in the process. If you’re in a competitive housing market or you just want to feel more confident in your status before you start home shopping, you may want to pursue a Verified Approval. 

Find a Property

During this period of time, you can begin to look for a home. The best thing you can do is find a property that fits your budget and your needs. The best way to do this is to work with a reputable real estate agent. Your agent can help you put an offer on the home. Once your offer has been accepted, it’s on to the next step. 

Finding the right home on your mortgage journey should lead you to financial freedom—not ruin.


If you didn’t get a Verified Approval, Quicken Loans will need to verify your financial information. Regardless of whether you got a Prequalified Approval Letter or a Verified Approval, Quicken Loans will need to verify your property’s details. This typically involves ordering an appraisal, which is when a 3rd party confirms the value of the property you’re buying. It will also confirm the title is in good standing.

You will also learn about how much mortgage insurance will cost and what the current mortgage rates are. If you think the rates cannot get any better, you may want to lock in your rate while you can.

You’ll also need to schedule any required home inspections. Even if it’s not required, a home inspection is a good idea. Once underwriting is finished and your loan is approved, you’ll receive your closing documents. 


This is the final step. You’ll review your closing documents to confirm the information, then schedule a meeting to sign all your documents and pay your down payment and closing costs. Once everything is signed, the home is yours. You find out what your private mortgage insurance will cost, the exact amount of property taxes and what the total monthly mortgage payment will be.

Quicken Loans Rates and Fees

Quicken Loans rates and fees vary depending on the type of mortgage, the amount of the mortgage, your credit score and history, whether there are seller concessions and other factors. The average closing costs for a loan are 3% to 6% of the loan amount. When you apply for a mortgage and get your loan disclosure, you will get a breakdown of all the fees. 

Mortgage rates change daily. You can view today’s mortgage rates on the Rocket Mortgage® website. Keep in mind that you may be offered a different interest rate based on your financial situation. 

Quicken Loan Options

Here are the home loans available with Quicken Loans. 

Federal Housing Administration (FHA) Loans

The Federal Housing Administration backs FHA loans. It has lower credit score requirements than other types of mortgages and a low down payment requirement. If you have a credit score of 580 or higher, you can make a 3.5% down payment. These loans have limits, however, based on where you live. 

Fixed-Rate Mortgage

A fixed-rate mortgage has the same interest rate for as long as you have the loan. The principal and interest portion of your monthly payment will always be the same.

Veterans Affairs (VA) Loans

The Department of Veterans Affairs guarantees VA loans. These loans are for qualified service members and veterans. They typically have low interest rates, flexible credit requirements and no down payment requirement. 

Jumbo Loan 

Conventional mortgages can be conforming or non-conforming. Conforming mortgages have a limit set by the Federal Housing Finance Agency (FHFA). Jumbo mortgages are home loans that exceed those limits. There may be higher interest rates than conforming loans and stricter requirements to qualify. 

Adjustable-Rate Mortgage

An adjustable-rate mortgage is a home loan with a rate that Quicken Loans can change. These loans typically start with a fixed rate for a period, and then Quicken Loans can adjust the interest rate on a predetermined schedule. 

The initial interest rate is typically lower than a fixed-rate mortgage. Quicken Loans will use a benchmark to determine whether your interest rate will change and how much it will change, and all of that will be clearly spelled out in your loan documents. 


YOURgage® is unique to Quicken Loans. It’s a fixed-rate mortgage with a term that you choose. It can last anywhere from 8 to 29 years. This home loan has a 3% down payment requirement, requires a credit score of 620 or higher and a debt-to-income (DTI) ratio of 50% or less. 

Your DTI ratio compares your monthly debt payments, including your potential mortgage payment, to your income. You’ll also need the funds to cover the closing costs. 


A refinance is when you replace your current mortgage with a new one. Homeowners may refinance to get a better interest rate, change their mortgage term or cash out equity in their home. Quicken Loans can help you refinance into a new mortgage. 

Alternatives to Rocket Mortgage

Here is how Rocket Mortgage compares to other online lending platforms. 

Rocket MortgageBetterGuaranteed Rate
Mortgage OptionsFHA, VA, conventional, YOURgage®, Refinances, Jumbo loansConventional, refinancesConventional, FHA, VA, Jumbo loans, refinances
In-Person LocationsNoNoYes
Minimum Credit Score580620620

Is Rocket Mortgage Right for You?

Rocket Mortgage® makes the mortgage application process easy. You can apply online or using your phone and choose a Quicken Loans mortgage solution that meets your needs. It’s also among the best mortgage lenders for the self-employed. The Rocket Mortgage® platform is absolutely safe to use. 

Frequently Asked Questions


What credit report does Rocket Mortgage use?


Rocket Mortgage® doesn’t specify which credit reports it uses. Mortgage lenders typically pull reports from all 3 credit bureaus: TransUnion, Equifax and Experian. Lenders then base the lending decision on the middle score.


Does Rocket Mortgage have closing costs?


All mortgages have closing costs, and Rocket Mortgage® is no exception. Closing costs are typically 3% to 6% of your loan amount and vary depending on your down payment, mortgage type, and other factors.


What is the minimum credit score for Rocket Mortgage?


The minimum credit score for Rocket Mortgage® is 580 for an FHA loan. Other types of mortgages may have higher credit score requirements.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.

About Melinda Sineriz

Melinda specializes in writing about mortgages. student loans, personal loans, insurance, managing credit and debt, and credit cards.