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Rocket Mortgage: 2025 Home Equity Review

Written by
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Updated on May 14, 2025

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Rocket Mortgage logo
NMLS: 3030
Bankrate score

3.0

Rating: 3 stars out of 5
Our methodology
Customer score

4.5

Rating: 4.48 stars out of 5
Read reviews

Find competitive home equity rates near you

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.

In March 2025, Rocket announced its acquisition of Mr. Cooper, another online lender, for $9.4 billion. Mr. Cooper also offers home equity loans throughout the U.S., so the deal will augment Rocket’s presence in the home equity financing space.

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.”

Compare Rocket Mortgage with other lenders

Selected lender
Rocket Mortgage logo
NMLS: 3030
Bankrate score
Rating: 3 stars out of 5
3.0
Customer score
Rating: 4.5 stars out of 5
4.5
Aven logo
NMLS: 462289
Bankrate score
Rating: 4.6 stars out of 5
4.6
Customer score
Rating: 3.2 stars out of 5
3.2
Connexus Credit Union logo
Bankrate score
Rating: 4.2 stars out of 5
4.2
Customer score
Rating: 0 stars out of 5
N/A

Loan amount

$45,000-$500,000

Up to $400,000 (up to $100,000 in some states)

Starting at $5,000

Min. credit score required

680

640

640

Repayment terms

10 years-30 years

Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years

15-year draw/15-year repayment period for HELOC; 5–15 years for home equity loan

Funds available in

3 days

With 7 business days

Within 30 days of application

Recent customer review

Rating: 5 stars out of 5

My experience with Rocket Mortgage was a bit complicated but I would recommend because of easy the application process was. My complication was I didn’t get my loan on time

Anonymous Reviewer

Low offer and extremely high rates and fees

Rating: 1 stars out of 5

They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee...

Heloc

Customer review

Rating: 0 stars out of 5

No reviews available yet.

N/A

Rocket Mortgage customer ratings and reviews

NMLS: 3030

logo

4.5

Rating: 4.48 stars out of 5

25 ratings

Knowledge
Rating: 4.4 stars out of 5
Level of service
Rating: 4.4 stars out of 5
Professionalism
Rating: 4.4 stars out of 5
Responsiveness
Rating: 4.3 stars out of 5

88% of customers would recommend this lender.

10 of 25 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

My experience with Rocket Mortgage was a bit complicated but I would recommend because of easy the application process was. My complication was I didn’t get my loan on time

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

they walked me through every step to make sure i got the loan that was a good fit

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Great people

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Experience with rocket mortgage home equity was surprisingly a very simple process. I early on thought it was going to be more of a headache than it actually was. I thought the representatives went above and beyond to help me they were extremely responsive quick with their responses didn’t have me waiting if I had any questions, I would absolutely use them again without a doubt

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

The application process was very easy! Very clear and brief. They responded to us within the same day of reaching out. Their representatives were very professional and very knowledgeable. They had answers to every question we had. They just really have their system down to a T over there which made this process a breeze..

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

My lender helped me through the loan application process, and was able to answer questions. He was very friendly and knowledgeable. If I had a question about anything, I always received a quick response.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

The process was actually very simple. Their representative was very professional and quite knowledgeable. It was also completed in a timely manner.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Very thorough during the whole process, answered all my questions and were very patient and understanding

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

My experience with Rocket Mortgage has bee easy and seemless. They are extremely responsive and helped my through the process with no issues. They answered all of my questions and I got a great rate.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Rocket Mortgage was very helpful from the beginning. The representative that we worked with answered all of our questions. They always returned our phone calls and emails. I would definitely recommend this company to friends and family.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes