Rocket Mortgage Review 2022

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Rocket Mortgage Review 2022

For first-time homeowners and those who prefer a digital procedure, Rocket Mortgage is a good choice since it offers a variety of loan kinds, several instructional aids, and the ability to apply for a loan online. The Rocket website provides information on loan criteria and offers borrowers a range of loan options, including fixed- and adjustable-rate, FHA, VA, or jumbo loans.

To get accepted for a mortgage with Rocket Mortgage, borrowers seeking a traditional loan would generally require a credit score of 620 and a debt-to-income (DTI) ratio no greater than 50%. Even with a 580 credit score and a larger DTI ratio, you may be able to be accepted for an FHA loan since the rules are less stringent.

Although there are many other mortgage lenders with various terms and prices, Rocket Mortgage provides a wide assortment of loan choices. For additional choices, check out our list of the top mortgage lenders.

Pros Explained

  • Straightforward digital application process: Rocket Mortgage provides a convenient digital application procedure if you want to apply for a loan online. However, if you need assistance with your application, representatives are on hand.
  • Quick closings are possible: According to customer assistance, Rocket’s average time to close is only 26 days, which is a shorter period of time than many rivals can provide.
  • High customer satisfaction scores: According to the annual J.D. Power Primary Mortgage Origination Satisfaction Study, Rocket Mortgage routinely ranks among the top lenders. In terms of client satisfaction, it was the top lender in 2020 and came in second in 2021.

Cons Explained

  • Doesn’t provide USDA loans: While Rocket Mortgage does provide a number of loan alternatives, you’ll need to deal with another lender if you’re looking for a U.S. Department of Agriculture (USDA) loan.
  • There are no HELOCs or home equity loans available. Home equity loan or HELOC applicants will have to search elsewhere. Rocket Mortgage doesn’t provide these choices.
  • A decent to outstanding credit score is often necessary for customers to be approved for a loan from Rocket Mortgage. It normally has a minimum credit score of 620.

Types of Mortgage Loans Offered by Rocket Mortgage

Borrowers seeking a variety of loan types will find what they’re looking for with Rocket Mortgage. This lender offers several loan options, including:

  • Fixed-rate: Your monthly mortgage payments won’t alter over time with a fixed-rate mortgage since you’ll have the same APR for the duration of your loan. With down payments as little as 3%, Rocket provides fixed-rate mortgages for terms of 30 and 15 years.
  • Adjustable-rate: ARMs are mortgages with variable interest rates that initially have a low fixed rate but might eventually rise. A 7/6 ARM, which has a fixed rate for seven years and then fluctuates every six months, or a 10/6 ARM, which has a fixed rate for ten years and then fluctuates every six months, are the two options available to borrowers. There are also adjustable-rate loans from the FHA and the VA.
  • FHA: Compared to traditional fixed- or adjustable-rate loans, FHA loans offer lower credit score criteria. With a 580 credit score and 3.5% down payment, borrowers might be qualified for a fixed- or adjustable-rate FHA loan via Rocket. However, FHA loans require you to pay a monthly mortgage insurance cost plus an upfront mortgage insurance charge equal to 1.75% of the entire loan amount.
  • VA: For qualified military personnel, veterans, and their family members, Rocket also provides VA loans. Borrowers with credit scores as low as 580 and no down payment may be approved for a fixed, adjustable, or jumbo VA loan.
  • Jumbo: Rocket’s jumbo loans allow you to get a mortgage up to $2.5 million. Jumbo loans, however, have more stringent DTI and credit score restrictions. To get accepted, you’ll probably need a credit score of 680 and a DTI of under 45%.
  How Rocket Mortgage (Formerly Quicken Loans) Works

Rocket Mortgage Features and Benefits

Besides offering several loan options for borrowers, Rocket Mortgage also has some other features and benefits worth mentioning:

  • Tools for education: Whether you’ve bought a house before or not, knowing about the process might make it seem less scary. The Rocket Mortgage Learning Center has hundreds of articles about loans, house purchasing, and mortgages in addition to various budgeting tools.
  • A mortgage loan’s average closing time as of April 2021 was 51 days. Faster-than-average closings: Although several lenders also provide 30- or 45-day closings, Rocket’s typical closing time is just 26 days.
  • Online process: You can complete your mortgage application online with Rocket, which is convenient if you want to do things at your own pace and avoid spending a lot of time on the phone.

How to Apply for a Rocket Mortgage Loan

To apply for a mortgage with Rocket, you’ll start by creating an account. Rocket will ask for your name, email, and a password, and then you’ll need to verify your account via email.

You can start the pre-approval process once your account is verified. Rocket will ask for information about your homebuying goals, and you’ll need to input additional personal information, like your birthdate and Social Security number. This info will be used to review your credit and help determine the loan amount you can afford. You’ll receive an approval letter from the Rocket Mortgage team if you’re pre-approved.

After making an offer on a house, you may continue the loan application process online or with a Rocket Mortgage loan specialist. You’ll probably need to submit the following details at this point:

  • Copies of your pay stubs, W-2s (or 1099s if you’re self-employed), and/or tax returns
  • Bank statements
  • Investment account statements
  • Loan statements (student, personal, auto, etc) (student, personal, auto, etc.)
  • Credit card statements
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After entering all of your data, Rocket’s team of underwriters will decide if you’re officially accepted for a mortgage.

Individuals who are self-employed are unable to finish the procedure online; instead, they must engage with a loan officer.

Customer Service

Although Rocket Mortgage doesn’t have physical locations, there are still a number of methods to contact customer support if you need help with a new or current loan. During these hours, existing borrowers may call customer care at (800) 603-1955.

  • Monday to Friday: 8:30 a.m. – 9:00 p.m. ET
  • Saturday: 9:00 a.m. – 4:00 p.m. ET

During these business hours, customers may access customer support by phone at (888) 452-8179 or online chat for assistance with a new loan.

Phone:

  • Monday to Friday: 7:00 a.m. – midnight ET
  • Saturday: 9:00 a.m. – 8:00 p.m. ET
  • Sunday: 9:00 a.m. – 7:00 p.m. ET

Online chat:

  • Monday to Friday: 7:00 a.m. – midnight ET
  • 8:00 a.m. to midnight ET on Saturday and Sunday

Additionally, you may get in touch with customer service using the Rocket Mortgage mobile app or get general information on Twitter or Facebook.

Customer Satisfaction

According to the J.D. Power 2021 Primary Mortgage Origination Satisfaction Study, Rocket Mortgage placed second among 23 lenders. Additionally, it continuously obtained favorable J.D. Power ratings throughout time and ranked first among lenders for customer satisfaction for 11 straight years.

Over 4,100 customers have reviewed Rocket Mortgage on Trustpilot, giving it an overall rating of 3.9 out of 5. Although some voice worries about the hefty deposit costs and repeated demands for the same papers, borrowers generally laud the straightforward and rapid loan procedure.

Rocket Mortgage ranked seventh for customer satisfaction out of 45 mortgage lenders in Investopedia’s own poll of mortgage customers, with a 6.05 out of 10 rating.

Account Management

You may manage your account and keep track of your payments if you choose to get a loan from Rocket Mortgage using an online dashboard or the mobile Rocket Mortgage app, which is accessible on Android and iOS devices. Rocket also provides the option to get print bills and to make payments via phone by dialing (800) 333-7625.

Alternative Choices

Although there are many loan alternatives at Rocket Mortgage, USDA loans are not one of them. Carrington Mortgage could be a decent substitute for anyone seeking a USDA loan while buying a house in a rural location. Flexible credit score criteria help qualified applicants with low to moderate incomes, and you may not even need a down payment.

Rocket MortgageCarrington Mortgage
Types of MortgagesConventional FHA VA JumboConventional FHA VA USDA Carrington Flexible Advantage
Average Time to Closing26 days30
2021 J.D. Power Ranking2/23Not ranked

Your house must be in a rural location that is eligible for a USDA loan, and you must fulfill certain income standards.

  Mortgage Calculator

When looking for a mortgage, there are a number of things to take into account regardless of the lender you decide to deal with:

  • APR: Lenders provide varying APRs; it includes the interest rate on the loan as well as any costs. A low APR mortgage might result in substantial savings for you over the course of the loan.
  • Costs: When you apply for a mortgage, the lender could impose origination fees or demand a deposit. Before you apply, think about asking a loan officer about the costs they levie.
  • Lenders may provide a larger variety of payback durations, such as 10, 20, or 40 years, however 15- and 30-year mortgages are generally considered conventional. Compare your alternatives and choose a loan term that fits your financial objectives and budget.
  • Down payment percentage: Some loans could need a 20% down payment, while others might not. Find the loan that best meets your requirements by researching your alternatives.
  • Days till closing: Most mortgage lenders complete their transactions in 30 or 45 days. Ask a loan officer how many days it generally takes to finalize a loan if you’re looking for a quicker closure.
Final Verdict

You may submit your application online with Rocket Mortgage if that’s what you prefer. The company offers consumers a variety of mortgage loan alternatives as well as several instructional resources. Although some of its rivals may offer lower fees, it is upfront about its rates so borrowers can understand how much they can expect to borrow fast.

Despite having approachable customer service and consistently excellent customer satisfaction scores, Rocket Mortgage’s client feedback is conflicting. Some borrowers complain about getting the same paperwork repeatedly requested and missed closings. The average time for Rocket to shut, however, is just 26 days. Rocket is a highly regarded lender that first-time homeowners or those who prefer an online application procedure should give serious consideration.

Methodology: How We Review the Best Mortgage Lenders

Investopedia is committed to provide customers objective, in-depth assessments of mortgage lenders. With the help of approximately 1,500 data points, we evaluated 45 mortgage lenders and learned the following:

  • Customer satisfaction, online applications, perks and awards, etc.)
  • functional aspects (state licensing coverage, number of loan officers, etc.)
  • offered loan products (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closure, minimal debt-to-income ratio, etc) (days to closing, minimum debt-to-income ratio, etc.)

In order to find out which characteristics clients think are most important and how pleased they are with different lenders, we also polled 1,195 mortgage borrowers. To aid readers in making wise judgments regarding house loans, mortgage lenders were objectively appraised in the aforementioned areas.

Read more in our full mortgage lender review methodology.

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