We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. Learn more

Rocket Mortgage Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
28 Customer Comments & Reviews - see all comments
Our content is free because we may earn a commission when you click or make a purchase using our site. Learn more.
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.

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
Headquarters
1050 Woodward Avenue, Detroit, MI, 48226

Leave a comment for Rocket Mortgage
Minimum 12 words.
 No maximum length.
* What's Your Rating?
To make this comment as helpful as possible for our community, please provide at least 2 sentences.

28 Customer Comments & Reviews

Loading Reviews ...
E
Elmo
9/13/2020
Avoid them at all costs. They are extremely slow and do not communicate. Once they get your $500 good faith deposit they disappear.


miriam.h.porter
8/14/2020
Very disorganized. The right hand doesn't know (or care) what the left hand is doing. Don't waste your time with them. I've now wasted 2 mos. trying to close a loan.


S
Shannon F
8/12/2020
When I started my loan I was gave a quote for loan cost. As the process of the loan went through, new cost kept popping up. When I called I always had to wait over an hour and rarely got an answer to my question. I am a month past when I was told closing would take place and I still do not know when closing will be. I really wish when the first surprise cost popped up, I would have walked. They really have not put a priority on me as a customer.


J
Jason J
7/8/2020
Terrible Company. Tried to refi in march and like others said was always 1 more document and never ended up closing. Then I got pre approved for 200k to purchase they already had all my documents from the refi process. So I listed my home and sold it. Well my pre approval went down to 190k for no reason. Ok whatever. So found a house for 186k and guess what? Approval went down to 140k. So Because of these jackass's I sold my home and now have to get an apartment. Id like to sue em


cbow.swlandscape
5/1/2020
The lending agent I spoke to gave a false statement about how easy and smooth the loan process is. The loan has not closed and I continue to get notifications. I'm not pleased at all with false promises from this company.


spencerlus
1/25/2020
The online pre approval process does not ask what type of loan you're looking for and will run your credit under false pretenses. These credit inquiries will have an impact on your credit score and last 25 months. Don't waste your time here.


Jon E
1/14/2020
Run, there are better lenders out there. We are a current Rocket customer looking to refinance, but what a mess. Went through 2 months of "just one more thing" only to have the whole thing collapse watching this muppet show futz around not able to close the deal.


Bill G
1/12/2020
We lost out on a very good deal with a property due to the total incompetence of Rocket Mortgage and staff. I must state that I have purchased 9 properties over the years, so this was not my first rodeo. Both myself and my very experienced realtor were perplexed and amazed at the lack of competence within this company. We had both gone far above and beyond in doing our part for requirements in getting a mortgaged completed. I highly recommend anyone seeking a home purchase to go with a reputable local lender and avoid Rocket Mortgage.


kphilly59
12/22/2019
Made the mistake of giving this company my business for my initial mortgage despite having 3 different better offers they kept going back and forth on honoring to match... Refinance has been the same ordeal, and they keep dropping the ball. Excessively aggressive tactics and pushy sales offering the world...with very poor follow through afterwards. Safe yourself the headaches, time, aggravation, and credit check hits (which WILL impact your score, and raise flags to other lenders)


O
Oliver K
11/29/2019
it is getting close to six months since I was approved for a refinance. Good thing there is not a home seller waiting around for these guys to get their act together. As of right now I wouldn't recommend financing a pencil through these guys...