Rocket Mortgage (formerly known as Quicken Loans) is one of the best mortgage lenders on the market, making it easy to apply for a home loan entirely online. Its streamlined preapproval process and quick access to customer service set it apart from other online lenders. Rocket Mortgage offers a large variety of mortgages and is backed by the largest mortgage lender, Quicken Loans. Whether you need help or know exactly what you’re looking for, Rocket Mortgage matches you with the right mortgage type and helps you quickly complete your online application.
- Rocket Mortgage allows you to move at your own pace, guiding you through each step of the process. After you answer all the application questions, Rocket Mortgage lets you know if you’re approved and show your personalized mortgage recommendations
- You can submit checking and savings account information, tax returns and other financial documents online — a feature that sets Rocket Mortgage apart from online competitors
- RateShield allows you to lock in your Rocket Mortgage approved rate for up to 90 days
- The home loan application process can be completed in minutes, allowing you to find out if you qualify for a mortgage right away
- The online software allows you to navigate through the entire home buying process, from approval to home closing. Once you’re approved and you make an offer on your home, Rocket Mortgage offers online tools that will help you move through the rest of the closing process
- While Rocket Mortgage has customer specialists ready to answer your questions and provide guidance, if you prefer sitting across from a person when filling out financial forms, this lender might not be right for you
- You can’t easily view all of Rocket Mortgage’s home loan options prior to applying. It offers conventional, FHA, USDA and VA loans, but you’ll need to apply to find out more about the mortgage types within these offerings and which ones you’re eligible for
Rocket Mortgage (formerly Quicken Loans) Ratings at a Glance
- Loan Options
- Application Process
- Rates and Fees
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Rocket Mortgage offers a variety of loan options to cater to diverse financial situations and needs:
- Conventional Loans: Ideal for buyers with good credit looking for competitive rates.
- FHA Loans: Great for first-time homebuyers with lower credit scores and smaller down payments.
- VA Loans: Designed for veterans and active military members, offering favorable terms.
- Jumbo Loans: For high-value properties exceeding conventional loan limits.
- Refinance Loans: Options to refinance existing mortgages for better rates or cash-out purposes.
They cater to unique scenarios such as investment properties and second homes, making them a versatile choice for many borrowers.
The application process with Rocket Mortgage is remarkably user-friendly. Their online platform guides users through each step, from pre-approval to closing. Applicants need basic information like employment details, income, and Social Security numbers. The system provides real-time updates and can verify much of the information electronically, speeding up the process. Users appreciate the convenience and speed, often completing pre-approval in minutes.
Rocket Mortgage is transparent about their fees, which include origination fees, appraisal fees, and other standard costs. Their rates are competitive but can be slightly higher than some traditional lenders, especially for certain loan products. The trade-off is the unparalleled convenience and speed of their process.
Rocket Mortgage excels in providing a fast, convenient, and transparent mortgage experience. Their digital-first approach simplifies the home buying process, making it accessible for tech-savvy users. While their personalized customer service can sometimes lag behind traditional lenders, the overall efficiency and ease of use make them a top choice for many homebuyers.
Rocket Mortgage vs Competitors
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Rocket Mortgage and Quicken Loans are essentially the same entity, with Rocket serving as the online arm. Both offer seamless online experiences, but Rocket's platform is more advanced in terms of user interface and digital tools.
Better.com offers no origination fees and competitive rates, often making them a more cost-effective option. However, Rocket Mortgage wins in terms of brand recognition and customer trust.
LoanDepot provides a mix of online and in-person services, which can appeal to those seeking more personalized service. Rocket Mortgage excels in speed and digital convenience but may fall short in hands-on customer service compared to LoanDepot.
Guaranteed Rate is ideal for first-time homebuyers with educational resources and personalized service. Rocket Mortgage surpasses in digital innovation and speed, making it perfect for tech-savvy buyers.
What Others Say About Rocket Mortgage
Rocket Mortgage has consistently received high marks for customer satisfaction, particularly from JD Power, who awarded them the highest in customer satisfaction for primary mortgage origination several years in a row. Their commitment to innovation and user experience has also garnered industry recognition.
Frequently Asked Questions
How much should I save for a down payment?
Many experts recommend putting at least 10% down on a home. If you are able to save a down payment of 20%, you won’t have to pay private mortgage insurance (PMI). PMI is an extra cost added to your monthly payment that doesn’t go toward paying off your mortgage.
It does take time and patience to save for a down payment. But your down payment means you have built-in equity when you move into your home. You can also borrow less and have a lower monthly mortgage payment.
What is an escrow account?
Your mortgage payment may include additional costs like your homeowners insurance and property taxes. These are annual expenses that are part of homeownership, and the lender is at risk if you don’t make those payments.
Your lender can add the monthly portion of each of those accounts to your mortgage payment. That money is held in an escrow account that is managed by a 3rd party to make sure those costs are paid on time.
User Reviews
Alejandro Luevano
It’s been thee months since I started the loan process and on the last three weeks the been telling me, we are about to close we are just getting the info to pay off your bank and another months came, I just made another payment on my other bank.
Suzanne Smith
Getting a mortgage 4 years ago was a breeze. Ever since then I’ve been aggressively marketed to refinance. I gave in and was pitched good rate, cash back. Too good to be true. Classic bait and switch. Definitely beware of their pitch.