Rocket Mortgage VA Loans Review

Rocket Mortage offers an array of rate and term, streamline refinance, cash-out refinance, and jumbo loans with fixed and adjustable mortgage terms for veterans and active servicemembers looking to build, purchase, or refinance their homes.

Those who apply through Rocket Mortgage's convenient online platform can obtain loan amounts ranging from $36,000 to $1,500,000, considerably more than other online lenders and marketplaces.

Rocket Morgage does not apply prepayment penalties or require their applicants to obtain private mortgage insurance.

Their application process cannot get any simpler; it allows customers to effortlessly share their banking and employment information with the click of a button, providing them with affordable home estimates as per their specifications. Customers are able to browse without the hassle of paperwork, phone calls, or waiting periods.

According to Quicken Loans, credit scores as low as 620 may qualify for VA loans and borrowers may be able to roll the funding fee into the loan amount to limit closing costs.

On March 30, 2020, the company addressed how the coronavirus pandemic might affect the mortgage process in some areas. It stated:

"Even though shelter-in-place orders are in effect in many areas of the country, the mortgage process can still continue. Appraisers, closing agents and other people who need to enter your home can still do so under the shelter-in-place order. In some cases, we even have alternative ways to complete these parts of the process that don’t require entering the home.

We’ve made a slight adjustment to our rate lock process to accommodate shelter-in-place orders. Under normal circumstances, you’d lock your rate before underwriting begins. In areas where shelter-in-place orders are in effect, we can’t offer long rate locks because everything is changing so rapidly. If you’re in one of these areas, you’ll simply lock your rate closer to closing day."

Quicken Loans is a BBB accredited business with an A+ rating based on mostly positive customer reviews.

The company also holds a Trustpilot score of 9.4 based on 94% positive customer feedback.

There have only been four regulatory actions brought against the company in the Nationwide Multistate Licensing System & Registry, an incredible feat for one of the largest online retail lenders in the United States.