Rocket Mortgage Lender Review | 2023
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The bottom line
Rocket Mortgage is one of America’s largest mortgage lenders and servicers. Founded in 2015 by Quicken Loans, the company is well known for its namesake online mortgage lending platform.
Rocket has a commitment to outstanding customer service. It has been ranked No. 1 by J.D. Power in mortgage origination client satisfaction for 11 years in a row, with top ratings in several key areas including overall satisfaction; application and approval; loan offering; loan closing and communication.
Pros & cons of Rocket Mortgage
Rocket Mortgage and its parent company Quicken Loans have revolutionized the mortgage lending process by providing borrowers with a state-of-the-art streamlined process for purchasing and refinancing homes.
Unlike many banks and other mortgage companies, Rocket primarily operates online. The company offers a digital application process, telephone and online support to help borrowers choose the right mortgage product, and many tools to update customers on the status of their loan right through closing and settlement.
Rocket also conducts business through a national network of mortgage brokers. Borrowers who want extra help choosing a loan can work with one of these brokers to compare loan products from multiple lenders and choose the right one for their situation.
Pros of Rocket Mortgage
- Technology-driven and secure online mortgage process
- Mortgage loan experts available to assess customers’ mortgage needs and recommend customized mortgage programs
- FHA, VA, Conventional and Jumbo loans are available for home purchase and refinance
- First-time home buyer programs, including special programs in all states
- Paper documentation is minimized through the use of electronic verifications
- Extensive online resources, including mortgage calculators and a step-by-step guide to buying a home
- Pre-approval can often be completed quickly online, including digital verification of a borrower’s income, assets and credit history
Cons of Rocket Mortgage
- No direct, face-to-face engagement with their customers, nor is there a network of local branch offices
- Most loan functions are online, meaning borrowers without Internet access will need to rely on phone support
- Rocket Mortgage does not offer VA construction loans or allow for VA loans on manufactured homes
- Rocket Mortgage does not offer USDA mortgage loans
How to get a mortgage with Rocket Mortgage
Rocket’s application process is very streamlined. Borrowers can apply for a loan and submit required documents online through the Rocket Mortgage portal.
Once a borrower grants Rocket Mortgage permission to check their credit history and verify their income and employment, loan decisions can be generated quickly. Borrowers often receive a variety of loan options to consider.
In addition, there are no up-front fees with your application; each loan option incorporates all costs and fees associated with the loan into your closing costs.
Rocket’s tools for home buyers are designed to help mortgage applicants through all steps of the lending process, from application to closing.
In addition to guides for home buying and refinancing, customers also have access to online calculators to estimate their mortgage payments and calculate the maximum home price they can afford.Speak with a VA mortgage specialist today (Sep 23rd, 2023)
Buying a house with Rocket Mortgage
Rocket offers mortgages for primary residences, second homes and investment properties. Its website provides home buyers with current interest rates and a user-friendly online application.
It can be extremely helpful to pre-qualify for a mortgage while you are still shopping for a house, and Rocket allows you to complete the initial application process ahead of shopping for a home.
Rocket’s online resources can help customers cut through the confusion and determine their readiness to purchase a home. Rocket Mortgage also provides help to home buyers working with real estate agents.
Rocket Mortgage’s home buying mortgage products include:
- Conventional Loans: A good option for buyers with higher credit scores and lower levels of personal debt.
- FHA Loans: Popular with first-time, lower-income and/or lower-credit home buyers.
- VA Loans: Designed for U.S. Veterans, active service members and spouses, and offering many benefits including no requirement for a down payment. Rocket Mortgage does not offer VA construction loans or VA manufactured housing loans.
- Jumbo Loans: Suited for buyers seeking to borrow more than the amount permitted for conventional loans (greater than $510,400 in most states).
Rocket also offers its Verified Approval℠ program for home buyers who want to compete with other bidders and cash buyers in a competitive housing market.
Once a customer’s credit, income and employment are reviewed, Rocket may issue a Verified Approval℠ letter, reflecting a borrower’s purchasing power and providing assurance of borrowing eligibility to home sellers in today’s competitive market.
Refinancing a house with Rocket Mortgage
Refinancing can enable homeowners to lower their monthly payments, convert from an adjustable-rate to fixed-rate, or shorten the term of their loan. Many homeowners are able to benefit from their home’s appreciation and refinance to take cash out of their equity.
Rocket Mortgage offers refinancing options that may help borrowers achieve their objectives quickly and easily.
Rocket Mortgage’s refinance options include FHA, Conventional and VA loans with a variety of terms.
For VA homeowners, Rocket offers 100% VA cash-out loans — meaning you may be able to cash out all your home equity, provided you qualify for the new loan.
Rocket also offers VA Interest Rate Reduction Refinance Loans (IRRRL) with no income or asset approval required and no-appraisal options. These programs provide tremendous value for VA-eligible borrowers.
Rocket Mortgage experts work with borrowers through all steps of the refinancing process – from application through closing — and they make loan status reports available to keep customers informed of their progress.
After a refinance loan application is approved, borrowers can identify a location and date for closing their loan and Rocket Mortgage will prepare all closing documentation.Check your eligibility for a VA refinance (Sep 23rd, 2023)
Special perks for veterans with Quicken
Rocket Mortgage is an experienced VA lender with a reputation for providing a high level of customer support to veteran loan applicants.
From helping secure a Certificate of Eligibility (COE) to helping disabled veterans with funding fee exemptions, Rocket Mortgage’s experts can assist eligible VA borrowers in all aspects of the home buying and refinancing process.
Rocket Mortgage representatives can explain eligibility requirements for a VA Loan Certificate, determine how VA’s residual income requirements will apply to a borrower’s underwriting criteria, and share special VA program information designed for borrowers who have a disability as a result of their time in the service of our country.
Through Rocket’s VA lending programs, borrowers may also be eligible to take advantage of VA’s seller concessions policy, allowing home sellers to contribute larger amounts of funding toward closing costs.
Eligible veterans and their family members may also qualify for exemption from VA’s funding fee or for grants for disabled veterans.
VA grant programs include Specially Adapted Housing (SAH) for the building or remodeling of a home with disability-related modifications and Special Housing Adaptation (SHA) for the adaptation of an existing home already owned by the veteran or a home the veteran intends to purchase.
Rocket Mortgage and Quicken Loans are well known for their Veteran Hiring team. Both organizations have made a commitment to hiring, training and retaining eligible career candidates throughout their organization.
Rocket also offers transitioning service members and their spouses an opportunity to join its Tour of Duty program, a paid 6-month program that offers hands-on career experience in a corporate setting.
Rocket Mortgage has recently entered into a partnership with the NFL’s Los Angeles Rams. The company and the team will participate together in the NFL’s Salute to Service platform – a year-round effort to honor veterans and active-duty members of the military.
As one of the nation’s leading VA mortgage lenders, Rocket Mortgage also supports military organizations at the local, state and national level, including partnerships and initiatives with the Built For Zero organization; the Pat Tillman Foundation; Michigan Veterans Affairs Agency (MVAA); Military Spouse Employment Partnership (MSEP) and Employer Support of the Guard and Reserve (ESGR).
Rocket Mortgage is Gold Certified by the Michigan Veterans Affairs Agency and has been recognized by Military Times as a Best for Vets Employer in 2020.
Should you use Rocket Mortgage?
Rocket Mortgage is one of the country’s largest mortgage lenders. It has earned a reputation for convenience and service by providing borrowers with a wide variety of mortgage loan programs at competitive interest rates.
The company’s proprietary technology and systems enable many Rocket customers to access affordable home loans with maximum ease, minimal paperwork and great simplicity.Ready to buy your dream home? Start here (Sep 23rd, 2023)