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.
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 does not 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.
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.
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 one 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.
When applying with Rocket Mortgage, you’ll need 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.
When applying for your home loan, you’ll want to have your preapproval documents ready to go. Rocket Mortgage makes this process quick and easy. 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
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 one of the fastest growing online mortgage lenders — backed by Quicken Loans — and offers an easy and intuitive online interface. If you’re looking for a hassle-free application process where you’re in control of your financial decisions, you should give Rocket Mortgage a try.