Rocket Mortgage: 2025 Home Equity Review

Rocket Mortgage overview

A pioneer in online lending (it introduced the first fully digital mortgage experience in 2015), Rocket Mortgage launched in 1985. Since then, it has closed more than 7.5 million loans: It is one of the largest mortgage lenders in the U.S. Historically focused on purchase and refinance mortgages, the company launched its home equity loan offering in 2022. 

In June 2024, Rocket launched an automated valuation model for home equity loans. Replacing traditional appraisals in certain states, the software uses existing property details to generate a home’s estimated value. It’s available on home equity loans up to $400,000.

Home equity loan products offered

Rocket Mortgage offers fixed-rate home equity loans between $45,000 and $500,000 with four repayment terms: 10 years, 15 years, 20 years and 30 years. The company has a tiered structure for how much equity a borrower can tap, based on the borrower’s credit score:

• 680: 80%
• 700: 85%
• 740: 90%

How Bankrate scored Rocket Mortgage

Affordability: 1.6/5

• APR: Rocket Mortgage doesn’t share a range for its home equity loan rates; the rates it does list in fine print on the website are higher than the national average.
• Fees: Rocket Mortgage doesn’t share a list of its fees for home equity loans, but it’s clear that the lender does charge additional costs including an origination fee of $795 and home appraisal fee — making it a pricier option.

Rocket Mortgage’s fees and above-average rates causes it to score a low 1.6 out of 5 for affordability.

Availability: 4.1/5

• Loan products: Rocket Mortgage only offers fixed-rate home equity loans with repayment options up to 30 years.
• Footprint: The company offers home equity loans throughout the entire U.S.
• Credit score: You’ll need at least a 680 credit score to qualify for a home equity loan with Rocket Mortgage, which is fairly standard. But to be eligible to tap the most equity (up to 90%), you’ll need to score in the 700 — again, typical of lenders.
• Loan minimum: Rocket Mortgage’s loan minimum of $45,000 is higher than many other lenders. If you live in Iowa, it’s even higher: $61,000.

Because of a nationwide footprint and a range of credit scores that can cater to different types of borrowers, Rocket Mortgage scores a 4.1 for availability.

Borrower experience: 3.2/5

• Rate transparency: Rocket Mortgage doesn't share regularly updated rates for its home equity loans, and while it gives a general range of closing costs, it’s tough to figure out exactly how much you’ll need to budget.
• Convenience: Rocket Mortgage’s all-digital application is one of the main reasons that people enjoy working with the lender to secure primary mortgages, and that same level of online ease applies to home equity loans.
• Customer service: The company scored well above the industry average in J.D. Power’s Mortgage Origination Customer Satisfaction Study. Plus, Rocket offers extended hours for support with new loans – up until midnight, including on weekends. 

Rocket Mortgage offers top-notch customer service and an easy online application, but the company’s failure to share rate ranges and specific closing costs causes it to score a 3.2 out of 5.

How to qualify for a home equity loan with Rocket Mortgage

Before you apply for a home equity loan with Rocket Mortgage, check your credit score. The company will let borrowers with lower scores (680 or above) borrow up to 80 percent of their home’s value when combined with a primary mortgage, while a 700 will get you approved for up to 85 percent. If you have a 740 or above, you’ll be eligible for up to 90 percent of that equity. 

If you and your partner or spouse are both listed on the loan application, the lower of your credit scores will dictate your eligibility and borrowing terms. You’ll also need a debt-to-income (DTI) ratio that doesn’t exceed 50 percent. Add up all your regular monthly payments for your first mortgage, your credit cards and any other outstanding debts to determine if you’re spending less than half your monthly income on all those responsibilities.

You’re going to need to have enough equity in your home to take out a loan of at least $45,000.

How to apply with Rocket Mortgage

To learn more about Rocket Mortgage’s home equity loans, you can complete an application online, contact a loan officer by phone at 888-452-8179 or reach out via the lender’s online chat tool, available Monday to Friday from 7 a.m. to midnight ET and Saturday and Sunday from 8 a.m. to midnight ET.

Rocket Mortgage reputation

Rocket Mortgage has one of the best reputations in the mortgage business. The company boasts a 4.7 out of 5 stars on Trustpilot based on more than 30,000 reviews. Additionally, Rocket sets the gold standard for servicing loans, too: The company ranked in the top spot in J.D. Power’s most recent Mortgage Servicing Satisfaction Study, scoring more than 100 points above the industry average. It has managed to elude many of the woes that have impacted other lenders such as data breaches and lawsuits from customers (the company did, however, recently settle a legal case related to employee pay).

What customers say about Rocket Mortgage

Customers rave about Rocket Mortgage’s “streamlined” online application process, specifically highlighting how user-friendly the platform is: “Can get pre-approved, upload documents, and even e-sign from [a] smartphone.”  And when customers do need to work more closely with a loan officer, they generally praise the “quick” assistance they receive: Reps “walk you through step by step,” “to make sure you get the loan that’s a good fit.”