Rating: 8.9 / 10 (Excellent)
28 Customer Reviews - see all comments
Disclosure: We receive advertising revenue from this partner. Learn more.
Rocket Mortgage aims to redefine how consumers obtain mortgages through a simple, intuitive loan application process that can be completed 100% online, no human interaction required. </br> </br> Through the company's platform and mobile application, customers can access customized mortgage solutions based on real-time rates and their own rate, term, and closing cost preferences.

How is Rocket Mortgage rated?

Breakdown

4.5/5
Lender Types
5.0/5
Available Mortgage Types
4.5/5
Customer Experience
4.2/5
Reputation & Transparency

Overall Rating: 4.4 / 5 (Excellent)

Rocket Mortgage offers an ideal solution for people on the go. Their site and mobile app provide a simple, intuitive application that can generate the prospective borrower's employment details from personally identifying information such as their Social Security number and date of birth. To top it all off, applicants can complete the entire loan process online, without ever having to meet anyone in the flesh. The company states pre-approval can be obtained in as little as minutes, yet the cost of such a convenient service is likely included in the closing fees. Rocket Mortgage ranks highly with us for their excellent customer support and streamlined application, but prospective borrowers are still advised to inform themselves about the loan products they are interested in and not to take their decision lightly.

Rocket Mortgage Loan Specifics

Available Mortgage Types - 5 / 5

Rocket Mortgage offers a truly comprehensive selection of fixed and adjustable-rate mortgages including conventional, government-backed, conforming, and non-conforming loans, as well as a build-your-own option that allows borrowers to select loan terms spanning anywhere from eight to thirty years. Although they don't seem to offer prequalification, applicants can get pre-approved in as little as minutes and obtain loans for up to $1,500,000.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • Marketplace

Rocket Mortgage Customer Experience

Customer Experience - 4.5 / 5

According to their advertisements, Rocket Mortgage allows consumers to apply for a mortgage and get pre-approval in as little as eight minutes. That means applicants must be ready to provide personal information such as their Social Security number, address, and date of birth. Through these details, Rocket Mortgage's intuitive application will automatically populate the applicant's employment information. Although their website only caters to those already looking to apply for a mortgage, Rocket extends a host of valuable tools and resources including articles, calculators, and even a blog geared toward helping consumers better understand their financial obligations. Prospective clients should keep in mind that funding and closing times will depend on a multiplicity of factors, meaning the process could take significantly longer.

Online Features

Online Application
Yes
Online Quote
No
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Loan-to-debt Ratio Calculator
Help Articles
SSN Required for Quote
Yes

Rocket Mortgage Qualification Requirements

Qualification Requirements - 4.5 / 5

To qualify for a mortgage loan through Rocket Mortgage, applicants must have a minimum FICO credit score of 620 for conventional and VA loans. For FHA loans, however, the government-stipulated minimum of 580 still applies. Standard qualification requirements including having a stable income and sufficient assets will also be taken into account. Rocket Mortgage does not specify whether it sets a cap for the debt-to-income ratio, yet some of its publications state that anything under 50% is still workable. In general, down payment amounts will depend on the borrower's financial situation but can be as low as 3%.

Key Requirements at a Glance

Minimum FICO Score
620
Non-Traditional Credit History Considered?
No

Rocket Mortgage Lender Reputation

Reputation & Transparency - 4.2 / 5

Rocket Mortgage was previously doing business as Quicken Loans, a mortgage marketplace and subsidiary of Rock Holdings, Inc. Quicken has been accredited by the Better Business Bureau since 1986 and holds an A+ rating with the organization based on an overwhelmingly positive number of customer reviews. The enterprise has also received a high number of complaints, yet that is not unusual for a company of its size and nature. Since its inception in 2015, 7% of the company's total earnings have come from Rocket Mortgage.

Key Facts

Lender Type
Marketplace
Year Founded
2015
BBB Rating
A+
BBB Positive Reviews
2,244
BBB Negative Reviews
272
Trustpilot Rating
4.7 out of 5
Collection Date
2018-02-02

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
3030
The Nationwide Mortgage Regulatory Actions
1
Consumer Financial Protection Bureau Complaints
1,543

Company Profile

Full Name
Rocket Mortgage
Company Website
Headquarters
1050 Woodward Avenue, Detroit, MI, 48226

Our Partner

  • Get pre-approved in minutes
  • Receive mortgage solutions based on your credit and finances
  • Customize loan terms and costs to fit your budget
  • A streamlined loan application that can be completed 100% online

Latest Rocket Mortgage Reviews

agwarej80

5/17/2022
What a really <a href="https://www.makeoverarena.com/aramark-benefits-center/">nice blog</a> you have here. It is so enlightening and i sometimes wish my blog can be as beautiful and responsive as yours. Please <a href="https://www.cinegists.com/nordstrom-employee-benefits">check out my blog</a> and see if you have any tips for me... It would be highly appreciated. BTW I bookmarked your website. https://www.cinegists.com/showcardcc https://www.tecreals.com/starbucks-employee-benefits


R
Roger B

2/24/2022
!! BUYER BEWARE, BUYER BEWARE, BUYER BEWARE, BUYER BEWARE !! Rocket mortgage appears to be in the information gathering business. They do not tell you after you submit your tax information and other various things, that it belongs to them, and they WILL not release the information back to you. I believe their practices are a crime! !! BUYER BEWARE, BUYER BEWARE, BUYER BEWARE, BUYER BEWARE !!


mryblntyne

2/2/2022
My husband and I agreed to use this mortgage service but it wasn’t productive, they just wasted our time and they were not professional. We are currently working with another which seems more legit and trustworthy. We wanted to get a home and we were both scared of rejection so we had to take extra steps in getting our credit score to an excellent level first before we applied for mortgage. We signed up with creditmason repairs (creditmason.net) and they got my credit into the 800s from a staggering 650. We happily moved into our new house late last year.


aad007.ad

8/30/2021
Horribly irresponsible with one of the most important issue in life. Loan specialist are incompetent and their errors and mistake delay the closing.


motobeccums

7/9/2021
7/9/2021 This was our third time financing with Rocket, this will be our last. We have had the worst experience with a very unprofessional young manager. Once we signed I had some very valid questions about what was in the documents. You have 3 days to clear up any issues or cancel. I didn't like the numbers as they didn't line up with what I was sold. It took 24 hrs to get a response after sending 3 emails to my loan person and her manager. When I did finally get a call from the manager Zach I got treated like I was bothering him and, the attitude was ridiculous. I had every right to have my questions heard and answered. I ended up hanging up because he was being so rude and... Read More


J
John

6/29/2021
I contacted several lenders to get the better rate. Rocket Mortgage was on par with the other ones and because the initial interaction I had with them was good I decided to proceed with them. What a mistake. Once they knew they had my business and it was too late for me to change, they broke the promises they made. They are trying to lower the lender credit (it's illegal). They made several mistakes already (wrong dates etc) that I have to correct for them. I'll be lucky if the closing happens without any glitch. I definitely don't recommend them.


C
Carrie C

1/7/2021
My husband and I have been clients of Rocket/Quicken (same company) for years: paying on time, refinancing, selling, etc. We have had steady, professional jobs for 30 years, excellent credit, and 3x the value of our property in assets yet they could not close the deal even though we were basically only combining two properties we already had with them into one mortgage. Rocket drug us along for 10 months. What should have been a no-brainer refinance bogged down in the mires of box checkers.


E
eric

12/29/2020
Just got done dealing with these yahoo's. Hears the way it went down. First off I can tell you that my credit isn't the best ,but it's not terrible either. My score is around 700 . with that said , according to these guys I was approved and all I had to do is give them some info on my wife since I live in Wisconsin. So when I chose to do so , they didn't even ask me for her info. They outright told me that I didn't qualify . Funny I did just a week ago. ohhhhh the laugher is they told me if I could get my credit score up like 20 points , they might be able to help me. I told them, my score was up 28 points before they did the hard pull and the score that they were telling me was the... Read More


genemichaels57

10/10/2020
Acquired a mortgage from Quicken back in 2014. Initially the process was to take 45 days and it ended up to be over 70 days. My Freddie Mac backed loan was then serviced by Rocket mortgage. Loan solicitors have repeatedly telephoned me trying to get me to re-finance my mortgage. Most recently I applied for the Covid 19 forbearance option as a "Safety Net" just in the event my current situation changed. My wife and I have never missed a payment and have always overpaid on the amount due. The other day I received another call soliciting a refinance and weighted the potential of lowering my payment. I was told it was necessary to be off the forbearance program even though I had not... Read More


rue2u2

9/14/2020
I am currently trying to close on a home using Rocket Mortgage and it has turned into a fiasco. It went smoothly for my prequalification and then once we moved forward then I was introduced to a new team and my loan officer doesn't seem to be able to think for himself. Anyway, guess the only thing we are waiting on is employment verification which has been showing in my online system for quite some time but just found out 3 days before closing that it hadn't been done (was initially done when we applied but we are redoing things). So now that is supposed to be the only thing left but they want us to move the closing date out 10 days. I will never recommend this company or use them... Read More


E
Elmo

9/13/2020
Avoid them at all costs. They are extremely slow and do not communicate. Once they get your $500 good faith deposit they disappear.


miriam.h.porter

8/14/2020
Very disorganized. The right hand doesn't know (or care) what the left hand is doing. Don't waste your time with them. I've now wasted 2 mos. trying to close a loan.


S
Shannon F

8/12/2020
When I started my loan I was gave a quote for loan cost. As the process of the loan went through, new cost kept popping up. When I called I always had to wait over an hour and rarely got an answer to my question. I am a month past when I was told closing would take place and I still do not know when closing will be. I really wish when the first surprise cost popped up, I would have walked. They really have not put a priority on me as a customer.


J
Jason J

7/8/2020
Terrible Company. Tried to refi in march and like others said was always 1 more document and never ended up closing. Then I got pre approved for 200k to purchase they already had all my documents from the refi process. So I listed my home and sold it. Well my pre approval went down to 190k for no reason. Ok whatever. So found a house for 186k and guess what? Approval went down to 140k. So Because of these jackass's I sold my home and now have to get an apartment. Id like to sue em


cbow.swlandscape

5/1/2020
The lending agent I spoke to gave a false statement about how easy and smooth the loan process is. The loan has not closed and I continue to get notifications. I'm not pleased at all with false promises from this company.


spencerlus

1/25/2020
The online pre approval process does not ask what type of loan you're looking for and will run your credit under false pretenses. These credit inquiries will have an impact on your credit score and last 25 months. Don't waste your time here.


Jon E

1/14/2020
Run, there are better lenders out there. We are a current Rocket customer looking to refinance, but what a mess. Went through 2 months of "just one more thing" only to have the whole thing collapse watching this muppet show futz around not able to close the deal.


Bill G

1/12/2020
We lost out on a very good deal with a property due to the total incompetence of Rocket Mortgage and staff. I must state that I have purchased 9 properties over the years, so this was not my first rodeo. Both myself and my very experienced realtor were perplexed and amazed at the lack of competence within this company. We had both gone far above and beyond in doing our part for requirements in getting a mortgaged completed. I highly recommend anyone seeking a home purchase to go with a reputable local lender and avoid Rocket Mortgage.


kphilly59

12/22/2019
Made the mistake of giving this company my business for my initial mortgage despite having 3 different better offers they kept going back and forth on honoring to match... Refinance has been the same ordeal, and they keep dropping the ball. Excessively aggressive tactics and pushy sales offering the world...with very poor follow through afterwards. Safe yourself the headaches, time, aggravation, and credit check hits (which WILL impact your score, and raise flags to other lenders)


O
Oliver K

11/29/2019
it is getting close to six months since I was approved for a refinance. Good thing there is not a home seller waiting around for these guys to get their act together. As of right now I wouldn't recommend financing a pencil through these guys...


M
Maria T

4/25/2019
Quicken Loans/Rocket Mortgage horrific...waste of time save yourself the frustration by avoiding this company at all costs. STAY AWAY! Totally misinform customers..... multiple lies throughout the process.


J
James

4/22/2019
Advertisement: Best Mortgage Rates, click here to see. You actually dont get to see anything until you fill out an entire mortgage application. Thanks but no thanks. When I am ready to apply for a mortgage, I will. I shouldnt have to do that to see what the current mortgage rates are.


W
Wanda C

4/10/2019
Full of excuses and lie to you. A fire left me unable to stay in my home, I had insurance & a contractor working hard to get my home redone. I had to get the check signed over by Rocket mortgage and that was when excuses & lies began. This was supposed to be 3-5 days it has been 2 weeks, my contractors had to stop with no money to work with. Rocket may be the beneficiary but I pay for the insurance. I hope that I never think about doing business with them again. We talked about a refinance once the work was all completed and that is off the table now. I just don't trust them anymore!!


J
Jeremy

3/17/2019
I would rate Rocket Mortgage slightly above average due to the ease of making payments and getting through the loan process. However, they are inferior to Quicken Loans (who they bought out), which had been providing me with analysis on my home loan. Quicken previously allowed me to see how long until I would pay my loan off and how much interest I had saved by making additional principal payments. After they became Rocket Mortgage the website gives you no insight into payments and savings, and to get an analysis of when the loan will be paid off they now charge a fee of $25 (even though a computer could do the math for you). Thanks a lot Rocket Mortgage..


Philip R

12/2/2018
We were really excited to use Quicken Loans to buy our house. He have great credit and had many options to go with because of that. We were promised 0 points at closing with a fixed APR of 4.5%. We spoke to the loan team and got everything strait and were happy with the experience until about a week before we closed. They added closing points but kept the APR the same. When we spoke to the loan team about this they claimed that we had agreed to this, but when we asked them for the audio recording of the conversation as proof(neither my wife or I remembered agreeing to that) , the audio that our loan officer sent us didn't say anything about us agreeing to the points on our... Read More