MMA loans

Rocket Mortgage 2021 Review – America’s Largest Lender

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Overview of the Rocket Mortgage

Rocket Mortgage is the online mortgage site for Quicken Loans, the largest mortgage lender in the United States. He was the # 1 lender for customer satisfaction for 11 consecutive years, according to JD Power. We have rated them as one of the best online mortgage lenders because of their highly regarded customer service and straightforward online application process. The Detroit-headquartered lender is licensed in all 50 states and the District of Columbia.

Rocket Mortgage offers a wide variety of mortgage purchase and refinance loans, including government guaranteed mortgages. However, it does not offer construction loans, home equity loans, or home improvement loans.

Pros and Cons of the Rocket Mortgage

  • Streamlined end-to-end remote application process
  • Licensed in 50 US states and the District of Columbia
  • Offers a mortgage with standard loan terms and flexibility YOURgage®, which has a loan term of 8 to 29 years
  • Advertise competitive mortgage rates, but advertised rates include discount points, which can dramatically increase your upfront costs
  • Not ideal for niche loans, such as home equity loans, reverse mortgages, and USDA loans


  • Quick and easy pre-approval process

  • Completely remote application and approval process

  • Ready in 50 states and Washington DC

  • Wide range of loan options: conventional loans, VA loans and FHA loans

The inconvenients

  • No physical location

  • You will need to call or chat with a representative to get loan information

  • No construction credit or renovation credit

  • Advertised rates may include discount points, which increases your upfront costs

Rocket Mortgage: Types of Loans and Products

Rocket Mortgage offers a range of loan options for those looking to buy a home and for homeowners looking to refinance an existing mortgage. Currently, it offers the following types of mortgages:

You will have access to most types of mortgage refinance loans through Rocket Mortgage, including standard rate and term refinance, and cash refinance loans. It also offers government guaranteed loans for refinancing, such as VA Interest Rate Reduction Refinance Loans (IRRRL) and FHA Simplified Refinance Loans.

Currently, Rocket Mortgage does not offer USDA loans, construction loans, or variable rate mortgages (ARMs). You also won’t be able to get a home improvement loan, home equity loan, or home equity line of credit through Rocket Mortgage. It is therefore not the best lender for financing a rehabilitation project, unless cash refinancing makes sense to you.

Rocket Mortgage offers conventional loans with terms of 15 and 30 years. It also offers a unique loan product called YOURgage®, which has a flexible repayment term of 8 to 29 years. The YOURgage has a minimum down payment of 3%, a credit score requirement of 620, and your debt-to-income ratio (DTI) must be 50% or less.

Rocket Mortgage: Transparency

Rocket Mortgage has an easy to navigate site with a straightforward application process, and you can be pre-approved in just a few minutes. It offers a range of tools to help you determine how much you can afford and a number of guides explaining loan types and terms.

The Rocket Mortgage site does not clearly state what types of loans it offers or what the minimum credit score requirements are for different mortgages. The FAQ lists a few types of loans and their requirements, but there is no complete public list of all the loans on offer. You will therefore need to call or chat with a representative to get answers to some critical questions.

Rocket Mortgage: Rates and Fees

Rocket Mortgage announces daily refinance and purchase rates for 15-year loans, 30-year loans, VA loans, and FHA loans. These rates can change daily and are based on a few assumptions, such as your credit score is above 720 and your debt-to-income ratio is below 30%. Thus, not everyone will be able to benefit from the lowest rates.

Also, be sure to pay attention to fees and APR, as advertised rates may include discount points. A discount point, or mortgage point, is an optional upfront fee that you pay in exchange for a lower interest rate. Typically, a point of discount costs 1% of the loan balance and reduces your rate by 0.25%. So if you want to avoid paying the extra fees, you will likely get a higher mortgage rate than advertised.

The minimum credit score required by Rocket Mortgage varies depending on the type of loan. Most loans, such as conventional loans and VA loans, require a score of at least 620. For FHA loans, your credit score can be as low as 580. Although these are scores of minimum credit you need to qualify, only those with the highest credit scores will qualify for the best mortgage rates.

Rocket Mortgage does not have an application fee or prepayment penalty for any of its loans. There may be late fees, which vary depending on the late payment. For a full breakdown of closing costs, including lender fees and discount points, you will need to submit an application.

You can lock in your interest rate for 45 days and Rocket Mortgage can extend the freeze on the rate for an additional 15 days for free. But a deposit of $ 500 is required to cover the valuation and rate foreclosure. This deposit can then be applied to the future costs of the loan.

Refinancing with Rocket Mortgage

Rocket Mortgage has a good selection of refinance loans available, from conventional loans to government guaranteed loans. From start to finish, an average refinance loan takes 30 to 45 days to complete.

The fees you pay to refinance typically average 2% to 3% of the loan amount. But the specific fees that you pay vary depending on factors such as the type of loan. You will not be able to get a cost estimate until you submit a request. However, if you want to avoid the additional upfront costs, Rocket Mortgage can incorporate your refinancing closing costs into your new home loan, if you have sufficient equity.

The Rocket Mortgage vs. Other Mortgage Lenders

Rocket mortgage SoFI
Minimum credit score 580 to 620 620 660
Minimum deposit 0% to 3.5% 3% 5%
States in which it operates 50 43 42
Types of loans offered Conventional loans, jumbo loans, VA loans, FHA loans Conventional loans, jumbo loans Conventional loans

How To Shop For The Best Mortgage Rate

The mortgage rate and fees you qualify for vary from lender to lender, so it’s important to shop around and find the best mortgage lender for you.

In order to accurately compare offers, you will need to submit requests to a few lenders. Publicly advertised rates are not necessarily the rate you will be entitled to, and without a complete application, a lender will not be able to provide you with a cost estimate. Compare two to four lenders who offer the types of loan products that interest you.

When you submit your applications, each lender will provide you with a loan estimate. A loan estimate is a standardized form, so it will be easy to find the lender with the lowest mortgage rate. But we must not stop there, the costs are just as important. Pay attention to the lender’s fees, or origination fees, and ask what each fee is and whether or not it’s negotiable. Two loans can have the same interest rate, but one can have much higher upfront fees.

Final result

Rocket Mortgage is the online mortgage side of Quicken Loans, the nation’s largest mortgage lender. It has an easy to navigate website and a smooth application process. Rocket Mortgage customer service is greatly appreciated. With its online chat feature and phone lines, you can get answers to questions about your existing application or a new loan seven days a week.

Advertised rates may include discount points, and you’ll need crisp financial data to qualify. It also does not have a complete list of all of its loan offers available online. You will therefore need to contact a Rocket Mortgage agent to get some of your questions answered. And you’ll always want to shop around for the best deal.