Rocket Mortgage Home Equity Review


Rating: 8.1 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
How is Rocket Mortgage rated?
8/10
Loans
9/10
Qualifications
8/10
Reputation
7/10
Consumer Experience

Rocket Mortgage, a subsidiary of Quicken Loans, offers automated mortgage refinance services. A cash-out refinance is a great alternative to a home equity loan. With a cash-out refinance you can remove equity in your home in the form of cash and take advantage of better rates to lower your monthly payment as well. In this situation you will be taking out a new mortgage and renegotiating the rates, rather than taking out a second mortgage, essentially what a home equity loan is.

The company gives customers access to customizable mortgage refinance based on real-time rates and their preferred loan terms and costs. All financial information and online transactions are secure as Rocket Mortgage provides 24-hour security monitoring with bank level encryption.   

Rocket Mortgage Home Loan Options

Adjustable Rate Mortgage (ARM)

Fixed Rate Mortgage

5 Year

15 Year

7 Year

30 Year

Rocket Mortgage also offers a variety of other home loan options:

Home Equity Loan

VA Loans

Refinance with HARP

FHA Loan

Reverse Mortgage

YOURgage

Jumbo Loan

 

 

What You'll Need To Qualify:

Generally speaking, Rocket Mortgage will need the following qualifications in order to consider your cash-out refinance:

  • A credit score of 620 or better
  • 50% or better income to debt ratio
  • 2 or more years consistent employment

Also you will need the following personal information:

  • Copies of W-2 forms
  • Copy of title insurance
  • Proof of income
  • Copy of homeowners insurance
  • Copies of asset information

Rocket Mortgage Refinance  APRs

30-Year Fixed

3.725%

15-Year Fixed

3.162%

5-Year ARM

3.683%

VA 5/1 ARM (1/5)

2.967%

VA 20-Year Fixed

3.453%

*Rates shown above are based on current rates updated on 9/15/2016

Why Choose a Cash-Out Refinance with Rocket Mortgage

Rocket Mortgage offers homeowners a customized approach to mortgage refinance and the ability to take advantage of their home's equity. With Rocket Mortgage, homeowners are able to make decisions based on real-time rates. Rocket Mortgage’s automated system can render an approval in as little as 1 to 3 days. Cash-out refinance is a great alternative to your traditional home equity loan, and Rocket Mortgage makes it easy. It's worth taking a look to see if you qualify.

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