Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
Business Insider's personal finance team reviewed Rocket Mortgage and found it to be one of the best mortgage lenders and an industry leader.
Rocket Mortgage, formerly known as Quicken Loans, stands out thanks to its reputation for good customer service, an easy online process, and affordable mortgage options (including a 1% down mortgage). Read our Rocket Mortgage review and learn about what we like (and don't like) about this lender.
Overview of Rocket Mortgage
Types of Mortgages Offered by Rocket Mortgage
Rocket Mortgage is an online mortgage lender that offers mortgages in all 50 U.S. states, including the following products:
- Conforming mortgages: The most popular type of mortgage, these loans allow 3% down payments but require a decent credit score
- Jumbo mortgages: These mortgages are for loan amounts that exceed the conforming loan limit ($766,550 in 2024), so they're useful if you're buying a property with a high price tag
- FHA mortgages: FHA loans are good for first-time and low-income borrowers, since they allow smaller down payments and low credit scores
- VA mortgages: Backed by the U.S. Department of Veterans Affairs, these mortgages are for military members and veterans who meet minimum service requirements
- Home equity loans: You can use a home equity loan to borrow against the equity in your property
Affordable Mortgage Programs
Rocket Mortgage is also offering a few affordable mortgage products that can help those with lower incomes become homeowners:
- Its ONE+ mortgage allows down payments as low as 1% with no mortgage insurance, and includes a 2% grant from the lender. This mortgage is available nationwide, but only those who earn 80% or less of the area median income can qualify.
- The Purchase Plus program offers a credit of up to $7,500 to offset your down payment and closing costs. This program is only available in specific census tracts within 21 metro areas around the country.
- Rocket also offers Freddie Mac's BorrowSmart Access program, which includes a $3,000 credit for your down payment. This program is only available in certain counties within 10 eligible metro areas around the country.
You can also get a 2-1 buydown from Rocket Mortgage.
History and Background of Rocket Mortgage
Rocket Mortgage started as Rock Financial in 1985 as a mortgage broker. It was renamed Quicken Loans in 1999 after being purchased by Intuit Inc., the company that used to own the personal finance software Quicken. In 2021, it changed its name again to Rocket Mortgage.
Rocket Mortgage Tools and Resources
Rocket Mortgage offers a handful of different calculators on its website that can help you determine your homebuying budget, whether it's worth it to refinance, and more.
Loan Options Available with Rocket Mortgage
Rocket Mortgage Conventional Loans
Rocket Mortgage offers multiple types of conventional loans, including both conforming and jumbo loans. Its jumbo loans go up to $3 million.
Conventional loans are often a good choice for borrowers with good credit scores.
To get a conforming loan with this lender, you'll need a credit score of 620 and a minimum down payment of 3%.
Temporary Buydown
Conventional loan borrowers may be eligible for Rocket's Welcome Home RateBreak program, a lender-paid temporary buydown that reduces your mortgage rate by two percentage points for the first year you have your mortgage and then by one percentage point the second year. After that, your rate returns to normal. This is known as a 2-1 buydown.
Rocket Mortgage FHA Loans
If you have a rocky credit history or a high debt-to-income ratio, you might have an easier time qualifying for an FHA loan compared to other options.
To get an FHA loan from Rocket Mortgage, you'll need a 580 credit score and a minimum 3.5% down payment.
Rocket Mortgage VA Loans
If you're eligible, VA loans are an incredibly affordable mortgage, offering low rates with no down payment required.
Rocket Mortgage allows slightly lower credit scores than many other VA lenders. To get a VA loan with this lender, you'll need a score of at least 580 (many lenders require scores of 620 or higher on these loans). It also accepts debt-to-income ratios up to 60% on VA loans, according to its website.
Rocket Mortgage ONE+
Rocket Mortgage's ONE+ mortgage program allows borrowers to get a 1% down mortgage, which is below the typical 3% you'd need for a conforming loan. The lender provides the other 2% in the form of a grant (up to $7,000). If you don't have a ton of money saved up for a down payment, this program could help make homeownership more achievable for you.
You won't need to pay for private mortgage insurance on this loan, making it even more affordable. To qualify, you'll need at least a 620 credit score and you can't earn more than 80% of the area median income. You can use Fannie Mae's Area Median Income Lookup Tool to see if you're eligible.
Rocket Mortgage Home Equity Loan
The lender offers a home equity loan for borrowers who are looking to tap into the wealth they have in their home without having to refinance their mortgage.
Borrowers can get a home equity loan from this lender for between $45,000 to $350,000. You'll need a credit score of at least 680 to qualify and a debt-to-income ratio below 45%.
Rocket Mortgage Refinancing Options
You can also refinance your mortgage with this lender. This lender has many different refinance options, including cash-out mortgages and streamline refinances for its government-backed loans. You can explore current Rocket Mortgage refinance rates on the lender's website to get an idea of the range of rates of offers.
Rocket Mortgage Interest Rates and Fees
Comparing Rocket Mortgage Rates to Other Lenders
Based on our review of Home Mortgage Disclosure Act data, Rocket Mortgage rates are right around average compared to other lenders.
To explore current Rocket Mortgage rates, go to its website and navigate to the "Mortgage Rates" page. From there, you can see sample mortgage rates for a handful of mortgage types for both new purchase and refinance loans.
Note that these sample rates include discount points, which you'll pay for at closing to lower your rate. If you get a mortgage with no points, you'll likely pay a higher rate than what you see here.
To see a personalized rate quote, you'll need to fill out a form and provide your phone number.
Understanding Rocket Mortgage Fees and Costs
In 2023, the average borrower getting a conventional loan with this lender paid $5,031 in origination charges, according to our review of HMDA data. This is around the average compared to other lenders.
Rocket Mortgage Overall Rating
Loan Types: 4 out of 5
This lender offers a solid range of different types of mortgage loans, though there are a few popular loan types, like USDA loans and construction loans, that it doesn't offer.
Affordability: 4.5 out of 5
We like that Rocket Mortgage has multiple mortgage options for borrowers with less money for a down payment. With this lender, you can get a regular conforming loan with just a 3% down payment, or its ONE+ loan with just 1% down. It also allows credit scores down to 580 on its VA loans, which is lower than many other VA mortgage lenders.
Customer Satisfaction: 4.9 out of 5
This lender has a 4.7 out of 5 stars on Trustpilot, based on over 30,000 customer reviews. Rocket Mortgage customer reviews frequently mentioned how smooth the process was with this lender and that company representatives were very communicative.
Rocket also ranked No. 2 in J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study, which measures customer satisfaction.
Trustworthiness: 5 out of 5
We found Rocket Mortgage to be a trustworthy lender, with an A+ rating from the Better Business Bureau, no recent major scandals, and a long history of being in the mortgage industry. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices.
Pros and Cons of Rocket Mortgage
| Pros | Cons |
|
|
Advantages for Borrowers
One of this lender's biggest strengths is its extremely user-friendly online experience. The initial application takes just a few minutes to complete, and you can view your loan details online or using the mobile app. You can also easily access your preapproval letter from the Rocket Mortgage app and adjust your approval amount to match any offers you make on homes. This can be a good strategy if you don't want a seller to know you were preapproved for more than you're offering.
We're also fans of the mortgage options it offers, which include affordable mortgage programs and flexible term lengths. Rocket Mortgage is a great choice for first-time homebuyers thanks to the assistance it has (including its 1% down mortgage).
Potential Drawbacks
Because it puts such an emphasis on its online offerings, this probably isn't a good lender for you if you want the option to visit a physical branch and work with your loan officer in person — Rocket Mortgage doesn't have any in-person branches. There are also a few popular loan types that it doesn't offer, so be sure it offers the loan you want before you apply.
How to Apply for a Rocket Mortgage
To apply with Rocket Mortgage, you can get started online. The lender's online application platform will walk you through the process step by step, asking you questions about your finances and credit.
If you prefer to talk over the phone, give the lender a call during the following hours:
- Monday through Friday: 7 a.m. to midnight ET
- Saturday: 9 a.m. to 8 p.m. ET
- Sunday: 9 a.m. to 7 p.m. ET.
You can chat online with an automated assistant 24/7. Talk online with a live representative Monday through Friday from 7 a.m. to midnight ET, or weekends from 8 a.m. to midnight ET.
Rocket Mortgage Prequalification and Preapproval Process
The terms prequalification and preapproval can describe different things depending on the lender. Often, prequalification refers to a more informal assessment of a borrower's finances, while preapproval might require the borrower to submit documents showing their earnings and savings.
If you're getting ready to start the homebuying process or are still making offers on homes, you can get prequalified with Rocket Mortgage to get an idea of how much you can afford to borrow. Then, you'll have the option to obtain a Verified Approval, which involves an underwriter looking more closely at your finances and verifying how much mortgage you can afford.
Alternatively, if you're already under contract on a home, you'll jump right into the approval process.
Rocket Mortgage Mobile App
You can also apply with Rocket Mortgage on the lender's mobile app. The app lets you see Rocket Mortgage's rates, start an application, upload documents, easily access your approval letter, and quickly adjust your approval amount to tailor your preapproval when you make offers on homes.
After you close on your loan, you can use the app to make payments or set up autopay, view important loan information, and see an estimate of your home's value.
Rocket Mortgage Customer Service: What Borrowers Are Saying
Business Insider looked at positive and negative Rocket Mortgage reviews, borrower feedback, online forums, BBB complaints, and other sources to understand what borrowers think about this lender and what the Rocket Mortgage customer service experience is like. Overall, we think that it's a strong lender that many borrowers will have a smooth experience with. However, we did notice some common themes when reviewing borrower experiences.
Keep in mind that Rocket is a large mortgage lender — according to the Consumer Financial Protection Bureau, it was the largest mortgage lender by number of loans originated in 2022. Because of this, you may not get the same smooth service and ease of communication that you'd get with a smaller, local lender. However, Rocket Mortgage does rank highly in customer satisfaction, and many borrowers have good experiences with this lender.
Rocket Mortgage Borrower Feedback
Knowledgeable and Professional Teams
Many positive customer reviews mention how smoothly Rocket Mortgage's process was thanks to their loan officers and other company representatives they worked with. They say employees guided them through the process and had good communication.
Poor Help With More Complicated Loans
Other previous customers have said that Rocket Mortgage isn't as adept when it comes to mortgages that have details that make them slightly more complex, like if you're buying a less common property type. In some cases, borrowers say they've had trouble getting issues resolved with company reps.
Too Many Phone Calls
Some borrowers and prospective borrowers have complained that Rocket Mortgage inundated them with repeated phone calls. In fact, a class-action lawsuit was filed against the lender in 2023 for making unsolicited phone calls. The lender has said the suit is "baseless," according to HousingWire.
Issues With Preapprovals
We've seen some complaints from both borrowers and real estate agents that borrowers will sometimes obtain preapproval from the lender only to have trouble getting the loan fully approved later down the road.
Often, a preapproval is only as good as the information the borrower provides. If information that is self-reported isn't 100% accurate, it can mess with your ability to get approved once an underwriter looks at your application.
Rocket Mortgage Customer Support
If you have questions or issues after you've closed on your loan, you can contact Rocket Mortgage customer support over the phone during the following hours:
- Monday through Friday: 8:30 a.m. to 9 p.m. ET
- Saturday: 9 a.m. to 4 p.m. ET
You can also sign into your Rocket Account to chat with a representative online.
Rocket Mortgage says it services most of its loans except jumbo loans. Often, mortgage lenders sell the servicing of the loans they originate, so you end up making payments to a different company after you close on your mortgage. But with Rocket Mortgage, you'll likely continue to work with the lender after you close, depending on the type of mortgage you get. If you liked Rocket Mortgage's customer service during the origination process, this may be a benefit for you.
Rocket Mortgage Alternatives
Rocket Mortgage vs. Better Mortgage
Like Rocket Mortgage, Better Mortgage also offers a quick and easy online application process. But Rocket also offers a live online chat feature, which can be a convenient way to get your questions answered.
Better makes it easy to see customized rates without signing up for an account first. To see customized Rocket Mortgage rates, you'll need to provide the lender with contact info.
If customer service is important to you, you might prefer Rocket Mortgage, which ranked No. 2 in J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study. Better ranked below average in the study.
Rocket Mortgage vs. Guild Mortgage
Guild Mortgage is one of our best mortgage lenders for first-time buyers. It's a better option for people with no credit score, because its Complete Rates program allows borrowers to apply using non-traditional credit data like utility bills. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, renovation loan, or reverse mortgage.
Guild Mortgage is unavailable to residents of New York.
Other Online Lenders and Traditional Brick-and-Mortar Banks
Most major mortgage lenders that operate physical branches also offer robust digital tools to make it easy to apply online or in person. Some of our favorite lenders that also have in-person locations include:
If you aren't interested in getting a mortgage with a large lender, you can check out local banks and lending institutions to see what they offer.
How to Decide if Rocket Mortgage is Right for You
Assessing Your Needs and Preferences
Rocket Mortgage is one of our favorite mortgage lenders, but that doesn't mean it's necessarily the right lender for you.
If online convenience is important to you or if you're new to the mortgage process, you might like Rocket Mortgage. Rocket makes the process of applying and getting approved for a mortgage easy to understand and user-friendly.
But its offerings won't meet every borrower's needs. If you're looking for a less common type of mortgage or you have a rocky credit history, you'll probably want to look elsewhere. Rocket Mortgage's rates and fees are also right around average, and it's possible another lender could offer you a more affordable loan.
Rocket Mortgage FAQs
Rocket Mortgage has a reputation for providing good customer service and a convenient application process. The company has strong customer reviews, so you may like it if customer support is a high priority.
The lender doesn't offer certain types of mortgages, including USDA loans. It also doesn't have physical locations, so if you want to walk into a branch to speak with someone in person, you're better off using a different lender.
Rocket Mortgage, formerly known as Quicken Loans, is a part of Rocket Companies. It was founded in 1985 by Dan Gilbert.
Yes, Rocket Mortgage is a real mortgage lender that's licensed to lend in all 50 states.
Rocket Mortgage is known for offering a convenient, completely online application process. But many other lenders offer this now, too, so you don't have to go through Rocket to get this kind of experience.
Yes, in addition to offering mortgages to purchase a home, you can also refinance your current loan with this lender. It offers a variety of refinance options, including cash-out refinances.
Applicants and borrowers can get help from Rocket Mortgage over the phone or via live online chat. You can also communicate directly with your loan officer if you have questions.
Why You Should Trust Us: How We Reviewed Rocket Mortgage
To review Rocket Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
