Rocket Mortgage Review 2021 – Largest US Lender



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Rocket Mortgage Review

Rocket Mortgage is Quicken Loans’ online mortgage lending site, largest mortgage lender in the USA… According to the company, for 11 years he was the best lender in terms of customer satisfaction. Jd power… We ranked him as one of the best online mortgage lenders thanks to its excellent customer service and easy online application process. The Detroit-based lender is licensed in all 50 states and the District of Columbia.

Rocket Mortgage offers a wide range of both purchase loans and mortgage refinancing loans, including government-backed mortgage loans. However, it does not offer construction loans, loans secured by real estate, or a loan for repairs.

Pros and cons of rocket mortgage

  • Optimized end-to-end remote application process
  • Licensed in 50 US states and the District of Columbia.
  • Offers mortgages with standard loan conditions and flexible Your baggage®, loan term from 8 to 29 years
  • Promotes competitive mortgage ratesbut advertised prices include discount pointswhich can significantly increase your upfront costs
  • Not suitable for niche loans such as home equity loans, reverse mortgages and USDA loans


  • Fast and easy pre-approval process

  • Completely remote application and approval process

  • Loans in 50 states and Washington

  • Wide range of loan options: Regular, VA credits as well as FHA loans


  • No physical location

  • You will need to call or speak to a representative to get some information about the loan.

  • No construction or renovation loans

  • Advertised rates may include discounts, 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 homeowners looking to refinance an existing mortgage. Now he offers the following types of mortgages:

You will have access to most types of mortgage loans to refinance through Rocket Mortgage, including standard rate refinancing and term financing, and cashing refinancing loans. It also offers government-backed refinancing loans such as Downward Refinancing Loans (DECL) as well as FHA Optimizes Refinancing Loans

Rocket Mortgage does not currently offer USDA loans, construction loans or adjustable rate mortgage (ARM)… You will also not be able to get a home improvement loan, mortgage loan, or home equity line of credit through Rocket Mortgage. So it is not best lender to fund a rehabilitation project, unless cash refinancing makes sense to you.

Rocket Mortgage offers regular loans for 15 and 30 years. It also offers the unique YOURgage® loan product with flexible maturities ranging from 8 to 29 years. YOURgage has a minimum down payment of 3%, a credit rating requirement of 620, and your debt to income ratio (DTI) must be 50% or less.

Rocket mortgage: transparency

Rocket Mortgage has a user-friendly site with an easy application process and you can get pre-approved in just a few minutes. It has a set of tools to help you figure out how much home you can afford and a series of guides explaining the types and conditions of loans.

It is not clear on the Rocket Mortgage website what types of loans it offers or what the minimum credit rating requirements are for the various mortgages. The FAQ lists several types of loans and their requirements, but there is no complete publicly available list of all loans offered. Therefore, you will have to call or speak with a representative to get answers to some important questions.

Rocket mortgage: rates and fees

Rocket Mortgage Promotes Daily Refinancing And buying courses for 15 year loans, 30 year loans, VA loans and FHA loans. These rates can change every day and are based on several assumptions, such as that your credit rating is above 720 and your debt-to-income ratio is below 30%. So everyone will not be able to claim the lowest rates.

Also, be sure to pay attention to commissions and annual rates, because advertised rates may include discount points. Discount point, or mortgage point, is an optional down payment that you pay in exchange for a lower interest rate. Usually the discount rate is 1% of the loan balance and reduces your rate by 0.25%. Therefore, if you don’t want to pay the additional fees, you are likely to get a higher mortgage rate than advertised.

The minimum credit rating required by Rocket Mortgage depends on the type of loan. Most loans, such as regular loans and VA loans, require a minimum of 620 points. For FHA loans, your credit rating can be as low as 580. While these are the minimum credit scores you need, only the ones with the highest credit scores will match the best mortgage rates.

Rocket Mortgage has no application fees or penalties for early repayment of any loans. Late payment penalties may apply, depending on how late the payment is. To get a full breakdown of closing costs, including lender fees and discount points, you need to apply.

You can freeze the interest rate for 45 days, and Rocket Mortgage can extend the freeze rate for another 15 days for free. But a $ 500 bond is required to cover the score and fix the rate. This deposit can then be used to cover future costs of the loan.

Refinancing with a Rocket Mortgage

Rocket Mortgage offers a good selection of refinancing loans, from regular to government-backed. From start to finish, the average loan refinancing period is 30 to 45 days.

Refinancing fees usually range from 2% to 3% of the loan amount. But the specific fees you pay depend on factors such as the type of loan. You will not be able to get an estimate of fees until you apply. However, if you want to avoid additional upfront costs, Rocket Mortgage can include your refinancing completion costs in your new home loan if you have sufficient capital.

Rocket mortgage versus other mortgage lenders

Rocket mortgage SoFI
Minimum credit rating 580 to 620 620 660
Minimum down payment 0% to 3.5% 3% five%
States in which he works fifty 43 years old 42
Types of loans offered Ordinary loans, large loans, VA loans, FHA loans Ordinary loans, large loans Conventional loans

How to shop around to get the best mortgage rate

The mortgage rate and fees you are eligible for will vary from lender to lender, so it is important to shop around and find the best mortgage lender for you.

To compare bids accurately, you need to submit bids with multiple lenders. Publicly advertised rates are not necessarily the rate you are applying for, and without a full application, the lender will not be able to provide you with an estimate of the fees. Compare two to four lenders that offer the types of loan products you are interested in.

When you submit your applications, each lender will provide you with Loan valuation… The loan appraisal is a standardized form, so it will be easy to find the lender with the lowest mortgage rate. But don’t stop there, the fees are just as important. Pay attention to the lender fee or clearance fee and ask what each fee is for and if it is negotiable. Two loans may have the same interest rate, but one may have significantly higher down payments.

Bottom line

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

Rates advertised may include discount points and you will need clean financial statements to qualify for them. He also does not have a complete list of all of his loan offers available on the Internet. Therefore, you need to contact a Rocket Mortgage agent to get some of your questions answered. And you still want to look for the best.


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