Rocket Mortgage Review 2024

Rocket Mortgage overview

Pros and cons of Rocket Mortgage

How Bankrate scored Rocket Mortgage

• Affordability: Rocket Mortgage’s rates consistently run above Bankrate’s averages, and you’ll pay some lender fees.
• Availability: Rocket works with borrowers nationwide, and it recently added home equity loans to its product mix.
• Borrower experience: J.D. Power gives the lender high marks for customer satisfaction, in part thanks to its all-digital mortgage process.

Affordability: 8.4/10

Rocket Mortgage isn’t the cheapest option out there. The lender’s advertised rates are often higher than Bankrate’s national averages, and you’ll also pay lender charges, such as origination and rate-lock fees.

Availability: 10/10

Rocket Mortgage lends in every state in the country, and offers a wide range of loan options that can serve just about every type of borrower. Plus, the lender accepts credit scores as low as 580 for FHA loans and VA loans, so those with subpar credit who are otherwise eligible for a loan could still qualify. The lender also offers the Fresh Start program to pair borrowers who need help improving their credit with financial consultants. The program is free and available by calling 800-769-6133.

Borrower experience: 9.3/10

While Rocket Mortgage does have its share of customer complaints, the lender ranks near the top for customer satisfaction in the mortgage industry, according to J.D. Power. The lender is also the gold standard as far as experience. If you have a regular job, every part of the mortgage application process can happen online (if you’re self-employed, you’ll need to connect with a human at some point). The lender has a mobile app that allows you to get preapproved, upload documents and e-sign from your phone. If you want additional assistance, the lender offers customer assistance via online chat seven days a week.

Learn more: How to choose a mortgage lender

How to apply for a mortgage with Rocket Mortgage

You can apply for a mortgage with Rocket Mortgage online or by phone at 833-326-6018. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for.
2. Gather personal and financial documents. Be prepared to supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements. If you own other real estate, you’ll need to provide information about that, too.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Rocket Mortgage

Rocket Mortgage offers both rate-and-term and cash-out refinancing options.

Learn more: When should you refinance your mortgage?

Special programs from Rocket Mortgage

ONE+

When taking out a conventional loan, you’re required to put down at least 3 percent. If you’re eligible, Rocket’s ONE+ program lowers that minimum to just 1 percent, covering the remaining 2 percent through a grant. The program also covers private mortgage insurance (PMI) at no cost.

Rocket credit card

Rocket Mortgage’s Visa Signature Card offers a generous 5 percent back on all purchases, up to the limit, with the catch that the rewards are worth full value only if you ultimately get your home loan from Rocket Mortgage. That can discourage you from shopping around for a mortgage, a practice that could save you more money than the credit card’s cash back.

Rocket Rewards

Rocket Mortgage has taken a page from the likes of Starbucks and American Airlines with its Rocket Rewards program, which allows homebuyers to earn points by completing various activities on the lender’s website, including watching videos, reading articles about homeownership and using a mortgage calculator. You can then redeem the points for savings when closing your Rocket loan.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

• How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.