Rocket Mortgage VA Loans Review


Rating: 8.4 / 10 (Excellent)
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Rocket Mortgage, by Quicken Loans, is a platform that allows users to apply for home loans on smartphones. The process is completely paperless, and offers customizable solutions for VA loans based on real-time rates. The app has 24/7 security monitoring, thereby ensuring the safety of their users' personal information.

How is Rocket Mortgage rated?

Breakdown

9/10
Loan Options
8/10
Application Process
8/10
Reputation

Overall Rating: 8.4 / 10 (Excellent)

Rocket Mortgage by Quicken Loans offers a broad range of loan products and a streamlined mortgage application that provides customers with intelligent and customizable solutions based on the lowest rates in the market. Military servicemembers or veterans looking for an effortless and convenient loan process will find an ideal match in Quicken Loans' Rocket Mortgage, a financially stable and dependable company with over 30 years of experience in the industry.

Loan Options

Lender Type
Lender
VA Loan Types
Purchase
Rate & Term Refinance
Streamline Refinance (IRRRL)
Cash-out Refinance
Jumbo
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
5/1 ARM
1 Year ARM
Maximum Loan Size
$1,500,000
Loan Size
$36,000

Loan Options - 9 / 10

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.

Application Process

Fee Information
VA Funding Fee
Waived Fees
No prepayment penalties, No Private Mortgage Insurance
Minimum Credit Score
620

Application Process - 8 / 10

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 and lock-in rates 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.

Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
3030
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2016-08-23

Online Reviews

Trust Pilot Rating
9.5 out of 10
BBB Rating
A+
Number of BBB Positive Reviews
1,907
Number of BBB Neutral Reviews
71
Number of BBB Negative Reviews
246
Date Collected
2017-08-23

Reputation - 8 / 10

Quicken Loans is a BBB accredited business with an A+ rating and a composite score of 4.83 out of 5 stars based on 2,221, mostly positive, customer reviews. The company also holds a Trustpilot score of 9.5 based on 88% positive customer feedback. There has only been a single regulatory action 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.

VA Loan History

Period Total Loan Size Number of Loans
Q1 2016 $9,997 1,946,683,982
Q2 2016 $10,172 2,027,595,316
Q3 2016 $12,533 2,627,771,643
Q4 2016 $14,192 3,062,821,892
Q1 2017 $14,958 3,163,948,550
Q2 2017 $9,660 1,901,038,457
Q3 2017 $9,603 1,889,844,938

Contact & Additional Information

Homepage URL
Company Phone
(800) 304-1225
Headquarters Address
1050 Woodward Avenue, Detroit, MI, 48226
Mailing Address
1050 Woodward Avenue, Detroit, MI, 48226

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Our Partner
8.4 / 10
  • Equal Housing Opportunity Lender
  • Completely paperless mortgage application process
  • Customizable mortgage solution based on real-time rates
  • Get approval for home purchasing or mortgage refinancing in minutes
  • Share financial information securely at the touch of a button
  • Adjust your down payment to find a solution suitable for your needs
  • 24/7 security monitoring