Rocket Mortgage is one of the best mortgage lenders on the market, making it easy to apply for a home loan entirely online. Its streamlined preapproval process and quick access to customer service set it apart from other online lenders. Rocket Mortgage offers a large variety of mortgages and is backed by the largest mortgage lender, Quicken Loans. Whether you need help or know exactly what you’re looking for, Rocket Mortgage matches you with the right mortgage type and helps you quickly complete your online application.
- Homebuyers who are looking to complete the mortgage application process on their own
- Homebuyers who have found their dream home and are looking to move through the approval process quickly
- Homebuyers with good credit scores looking to review their mortgage options
- Current homeowners looking to refinance within the next few months
- Rocket Mortgage allows you to move at your own pace, guiding you through each step of the process. After you answer all the application questions, Rocket Mortgage lets you know if you’re approved and show your personalized mortgage recommendations
- You can submit checking and savings account information, tax returns and other financial documents online — a feature that sets Rocket Mortgage apart from online competitors
- RateShield allows you to lock in your Rocket Mortgage approved rate for up to 90 days
- The home loan application process can be completed in minutes, allowing you to find out if you qualify for a mortgage right away
- The online software allows you to navigate through the entire home buying process, from approval to home closing. Once you’re approved and you make an offer on your home, Rocket Mortgage offers online tools that will help you move through the rest of the closing process
- While Rocket Mortgage has customer specialists ready to answer your questions and provide guidance, if you prefer sitting across from a person when filling out financial forms, this lender might not be right for you
- You can’t easily view all of Rocket Mortgage’s home loan options prior to applying. It offers conventional, FHA, USDA and VA loans, but you’ll need to apply to find out more about the mortgage types within these offerings and which ones you’re eligible for
Who’s Rocket Mortgage® for?
Do you have a good grasp on your finances and want to make the mortgage application process as simple as possible? Then Rocket Mortgage® might be the perfect lender for you.
You can cut down on the amount of physical paperwork required in typical mortgage applications by applying entirely online and finding out in minutes if you’re qualified for a home loan. Because of the online nature of this lender, it’s much easier to use on the whole. Plus, this is the sort of lender you use when you simply don’t have the time to chase meetings with an office-bound loan officer and the stack of papers they need you to complete and sign.
Rocket Mortgage® is also a great choice for you if you know you have a good credit score or large down payment saved and are ready to take the next steps toward homeownership. You’ll also like Rocket Mortgage® if you want to explore the mortgage options you’re eligible for on your own time — its online tools make it easy to adjust your mortgage type by changing the loan term, moving between adjustable and fixed-rate loans and comparing different mortgage types.
Rocket Mortgage® doesn't offer home equity loans or home equity lines of credit. You’ll want to reach out to a conventional lender (like your bank or credit union) to view those options.
Rocket Mortgage® Products
Rocket Mortgage® offers the 4 main mortgage types: conventional, FHA, USDA and VA home loans. It also offers jumbo loans (mortgages for homes over $484,350) and refinancing loans for existing homeowners.
Conventional loan. This type of home loan is backed by Rocket Mortgage® and not the federal government. These loans are considered riskier than government-backed home loans and tend to have slightly higher interest rates, but low down payment requirements. If your down payment is under 20%, you’ll need to buy private mortgage insurance (PMI) to protect Rocket Mortgage® in the event you default on your loan.
FHA loan. This type of loan is almost exclusively offered to first-time home buyers and is financed through the Federal Housing Administration. You’ll need to adhere to the FHA guidelines to determine if you’re eligible. Typically, you’ll need a 580–620 credit score for approval and can put down as little as 3.5% on your loan, depending on your score. You’ll also need to buy FHA monthly mortgage insurance to protect the lender if you put down less than 20% on your loan.
VA loan. This loan is offered to current members of the military, veterans and members of their family. It’s financed through the U.S. Department of Veterans Affairs and typically requires a 620 credit score (though you’re encouraged to apply if your score is lower). VA home loans have no down payment requirement and no obligation to buy mortgage insurance. You do have to pay a small origination fee to cover loan processing charges.
USDA loan. This loan is available to those who buy a home in a rural area and is financed through the Department of Agriculture. Most homes located outside of major U.S. cities are eligible for a USDA loan. You’ll need to meet income and location requirements and typically need a credit score of 640, although alternative credit history (on-time rent and utility payments) is considered. USDA loans charge an up-front fee of 1% of the loan value and annual fee of 0.35% of the loan amount.
Jumbo loan. This type of loan is a home purchase loan that exceeds $484,350. These loans have stricter requirements and typically require a down payment of 20%. Rocket Mortgage® only requires a 10% down payment for jumbo loans.
Refinance loan. This home loan secures a better interest rate or extends your loan terms (the length of your mortgage) to lower your monthly payment amount. When refinancing your current mortgage with Rocket Mortgage®, you’ll be able to view real rates, fees and monthly payment options. You can easily customize your refinance home loan using Rocket Mortgage®’s online tools or choose the option the software recommends as the top solution for you.
For each type of loan, you’ll find out your individual rate and monthly payment with Rocket Mortgage® after you apply. You can also reach out and inquire about adjustable-rate mortgages and related closing costs. Additionally, Rocket Solar offers personal loans to add solar panels to the home you’ve just purchased.
Average Days to Close Loan
After you’re approved for a home loan and the buyer accepts your offer, you’re ready to move into the closing process. This process includes your home appraisal, home inspection, mortgage underwriting, closing disclosure acknowledgment, final walkthrough and closing. Sometimes the type of mortgage plays a part in this process.
Rocket Mortgage® orders your home appraisal once your mortgage is approved to ensure your home’s value is correct. After your appraisal is verified, you can schedule your home inspection to make sure your home doesn’t have any significant problems or repairs that were not disclosed. While this is happening, Rocket Mortgage® underwrites your loan to complete your mortgage.
Next, you’ll receive a closing disclosure 3 days before your closing date, which you’ll need to acknowledge for the closing process to move forward. Then, you’ll do a final walkthrough of your property to confirm it’s in the condition agreed upon in your contract and that all required repairs were made.
The part you’ve been waiting for — you’ll show up for closing with your proof of down payment, sign all necessary paperwork and get the keys to your new home. Most closings take an average of 30 days with Rocket Mortgage®.
Expect to complete some other steps that are important to protect your new home, like buying title insurance and finding homeowner’s insurance.
Rocket Mortgage® Credit Score Minimum
Your credit score is 1 of the most important factors lenders look at when approving you for a mortgage. That’s because your score helps lenders understand how you pay your debts — a higher score typically indicates that you’re more financially responsible than a borrower with a lower score.
Rocket Mortgage® requires a minimum credit score of 620 to be approved for a conventional home loan. It is possible to get approved with a lower score, but if your score is on the low end, expect to pay a higher interest rate.
Current mortgage rates are always changing, and it helps to speak with your mortgage broker or use mortgage calculators to see how rates will impact your situation. Yes, your credit score often determines the rate you get, but you also want to compare what you’re offered with what’s available or affordable. Remember, while 30-year fixed-rate mortgages are common, these standards could change depending on the loan type.
Preapproval Documents
Have your mortgage preapproval documents ready to go, so Rocket Mortgage® can make the process quick and easy. Yes, you must pass muster with the credit requirements later on, but you can get conditionally approved right away. Here’s what you’ll need to have on hand:
- Email addresses for all loan applicants
- Online banking logins and passwords (for checking, savings, stocks or retirement accounts). If you don’t want to submit your passwords, you can instead provide how much money is in each of these accounts, but providing logins to Rocket Mortgage® will give you a more accurate approval amount and rate.
- Income and employer information for all loan applicants
- Social security numbers for all loan applicants
Customer Service
If you have questions about a new loan, you can call 855-480-1544 Monday through Friday (9 a.m. to midnight EST), Saturday (9 a.m. to 8 p.m. EST) and Sunday (9 a.m. to 7 p.m. EST). You can also chat online with a representative Monday through Friday (7 a.m. to midnight EST) or Saturday and Sunday (9 a.m. to midnight EST).
If you have a question about a loan that’s in process or closed, or discuss a current account, call 800-671-1544 Monday through Friday (8:30 a.m. to 9 p.m. EST) and Saturday (9 a.m. to 4 p.m. EST).
You can also get support any time by downloading the Rocket Mortgage® mobile app from iTunes or Google Play. You can message a customer service representative and get answers through the app.
Is Rocket Mortgage® Right for You?
Rocket Mortgage® is 1 of the fastest growing online mortgage lenders — backed by Quicken Loans® — and offers an easy and intuitive online interface. At the same time, you should go with a mortgage lender that suits your needs. If you’re looking for a hassle-free application process where you’re in control of your financial decisions, give Rocket Mortgage® a try. You can invest in real estate, get preapproved before you speak to a real estate agent, save thousands of dollars, reduce mortgage debt and achieve homeownership.
Frequently Asked Questions
How much should I save for a down payment?
Many experts recommend putting at least 10% down on a home. If you are able to save a down payment of 20%, you won’t have to pay private mortgage insurance (PMI). PMI is an extra cost added to your monthly payment that doesn’t go toward paying off your mortgage.
It does take time and patience to save for a down payment. But your down payment means you have built-in equity when you move into your home. You can also borrow less and have a lower monthly mortgage payment.
What is an escrow account?
Your mortgage payment may include additional costs like your homeowners insurance and property taxes. These are annual expenses that are part of homeownership, and the lender is at risk if you don’t make those payments.
Your lender can add the monthly portion of each of those accounts to your mortgage payment. That money is held in an escrow account that is managed by a 3rd party to make sure those costs are paid on time.
Related content: LUXURY MORTGAGE REVIEW
User Reviews
Alejandro Luevano
It’s been thee months since I started the loan process and on the last three weeks the been telling me, we are about to close we are just getting the info to pay off your bank and another months came, I just made another payment on my other bank.
Suzanne Smith
Getting a mortgage 4 years ago was a breeze. Ever since then I’ve been aggressively marketed to refinance. I gave in and was pitched good rate, cash back. Too good to be true. Classic bait and switch. Definitely beware of their pitch.
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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.