Rocket Mortgage Refinance Review

HOW IS ROCKET RATED?

Breakdown

10/10

Loan Options

9/10

Application Process

9/10

Reputation

Overall Rating: 9.5 / 10 (Excellent)

Rocket Mortgage offers an online portal so users can enjoy a fully automated approach to mortgage refinance. This self-serve ethos is ideal for consumers who are looking to research the options available to them, before or in substitution to talking to a loan officer directly.

With very little effort on behalf of applicants, Rocket Mortgage can access all the information needed to determine the loan amount they qualify for. 

One thing to keep in mind is that, unlike some other alternative lenders, the company doesn't consider any non-traditional credit data in order to consider eligibility.

LOAN OPTIONS

Loan Options - 10 / 10

As has become standard with alternative lenders, Rocket Mortgage provides a larger than average variety of conventional and government-backed mortgage refinance options, with more or less standard term lengths for fixed and variable loans. 

Though it doesn’t itself offer reverse mortgages, one of its affiliated companies, One Reverse Mortgage, does.

It’s one of the largest retail lenders in the U.S., second only to Wells Fargo. The site focuses on users who prefer to complete their applications completely on their own, but it also provides the option of speaking with a mortgage advisor at any point, simply by pressing the "talk to us" button.

APPLICATION PROCESS

Application Process - 9.3 / 10

Rocket Mortgage can verify employment and income instantly for over half of all American consumers, with very little effort on behalf of applicants, and access financial information (with consent, of course), from over 95% of U.S. financial institutions. 

Thanks to this access to data, Rocket Mortgage can inform their customers of the loan amount they qualify for very quickly. Indeed, this is one of its main selling points, and Rocket Mortgage has one of the fastest funding processes around.

The application process begins with the simple click of one of two buttons: Refinance or Buy a Home. The refinance track then offers a specific goal, like lowering monthly payments, and then asks necessary details such as home address.

Once this is entered, Rocket accesses publicly available information regarding property data. Asset data (such as investment or bank accounts) is downloaded straight from approximately 98 percent of financial institutions in the U.S. Likewise, close to 60 percent of Americans can have their employment and income data imported easily.

Different loan options are accessible via a dropdown menu which allows users to change loan specifics, such as interest rate or term, and even compare adjustable vs fixed-rate mortgages.  

During the entire application process, Rocket provides tips and suggestions on how to expedite or facilitate your mortgage refinance, question mark icons lead to applicable FAQ answers, and there are also some explanatory videos.

The “Talk to Us” button puts consumers directly in contact with a mortgage banker.

Finally, once the user is happy with the loan details, a tap on “See if I’m Approved” submits the application to Rocket’s underwriting system. Once approved, borrowers can lock in their rate.

The average user takes approximately thirty minutes to complete an application, but there are no time limits, and all the information input in the system is accessible through their user account.

When the loan arrives at the underwriting period, the application helps organize a to-do list, manage paperwork, monitor the processing, and schedule the closing.

ROCKET REPUTATION

Memberships & Regulatory Info.

Online Reviews

Reputation - 9 / 10

Rocket Mortgage is the largest FHA lender in the country, with the lowest default rate. 

Despite its considerable segment of the mortgage market, it has only one regulatory action with the Nationwide Mortgage Licensing System, overwhelmingly positive reviews with the BBB, and an excellent Trustpilot score.

However, the company does have several complaints lodged with the CFPB.

Read more about the 10 Best Mortgage Refinance Companies of 2019