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Rocket Mortgage Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
28 Customer Comments & Reviews - see all comments
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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.

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.
 
VIEW RATES

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
https://www.rocketmortgage.com/
Headquarters
1050 Woodward Avenue, Detroit, MI, 48226

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28 Customer Comments & Reviews

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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

Gavin C
12/26/2017
STAY AWAY! Totally misinform customers and i caught them in multiple lies throughout the process. Terrible service thru their refinance team. Nobody assumes responsibility for their dishonesty. At closing increased loan amount by $6300. STAY AWAY AT ALL COSTS!!!&‬ Lied they had locked a rate, lied about not increasing loan balance on a refi(AND THEY HOLD MY CURRENT MORTGAGE)took 9 months to close, deceptive loan practices and very very VERY dishonest. I work in lending and would NEVER treat a customer with the arrogance and attitude QUICKEN Loans treated my wife and I. ******WARNING STAY AWAY***

J
Jim
11/4/2017
Be careful of these people! Their originator (sales person actually) immediately tried to promote the highest interest-rate loan available, despite a 820 credit score. Bad news!

Shawn M
6/27/2017
Misleading and misinformative. Their loan officers are mostly kids right out of college hyped up on Redbull and amphetamines who will say anything to get your "hand shake to do business". Save your time and money! Stay away from the rocket!

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