Rocket Mortgage Home Equity Review

Rocket Mortgage, a subsidiary of Quicken Loans, is a financial lender that focuses of providing automated mortgage refinance services. Launched in 2015, Rocket Mortgage is especially popular with young, first-time home buyers accustomed to quick, fully online transactions. Despite its automated nature, Rocket Mortgage ensures transaction security by providing 24-hour monitoring and encryption.

Rating: 8.5 / 10 (Excellent)
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How is Rocket Mortgage rated?

Breakdown

9/10
Loans
8/10
Qualifications
9/10
Reputation
9/10
Consumer Experience

Overall Rating: 8.5 / 10 (Excellent)

Rocket Mortgage was launched in 2016 as Quicken Loans' online-only interface. They focus on speed and efficiency, for borrowers who enjoy the DIY approach. Since Rocket is simply Quicken's app, they are subject to all the same standards of excellence.

Rocket Mortgage Loans

Lender Type
Online Lender
Loan Types Available
Cash-out Refinance
Cash-out Refinance Terms
15-Year Fixed, 30-Year Fixed, 5-Year Adjustable, 7-Year Adjustable, 10-Year Adjustable
Cash-out Refinance Fixed Rates Starting At
3.99%

Loans - 9 / 10

Rocket Mortgage provides cash-out refinances completely online via their app. The process is much more streamlined than your average loan application. Borrowers generally know within minutes whether they've been approved, after uploading their financial details. Rocket Mortgage offers a variety of fixed and adjustable term lengths, with fixed rates starting as low as 3.99%. This is on the low end of the spectrum when it comes to cash out refinancing.

Rocket Mortgage Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence
Minimum Credit Score
620

Qualifications - 7.7 / 10

Qualifications for Rocket Mortgage include a minimum credit score of 620 (580 for FHA loans), and borrowers would do well to keep in mind that they only look at credit scores and debt-to-income ratios, not alternative credit data.

Rocket Mortgage Customer Experience

Site Features & Technology
Online Application

Consumer Experience - 8.5 / 10

Rocket Mortgage is fully online during the whole application process, as the site caters to self-service users. It gives qualified borrowers the ability to price their own loan, pick their interest rates, points, etc. Their web portal offers a level of functionality and flexibility that sets them apart from the pack.

Rocket Mortgage Reputation

Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
3030
Nationwide Mortgage Regulatory Actions
1
BBB Rating
A+

Reputation - 8.7 / 10

Since Rocket Mortgage is essentially just Quicken Loans' online interface, they have the all the same underwriting standards. Quicken has fast risen to become the nation's biggest online mortgage lender and the third-largest home lender, as well as been awarded seven consecutive J.D. Power customer satisfaction awards for loan origination.

Rocket Mortgage Details

Year Founded
2015
Homepage URL
Headquarters Address
1050 Woodward Ave., Detroit, MI, 48226
Mailing Address
P.O. Box 6577, Carol Stream, IL, 60197
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