Rocket Mortgage Review

Rocket Mortgage offers a quick and easy digital mortgage experience

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Rocket Mortgage

Rocket Mortgage

Investopedia’s Rating
4.8

Our Take 

Rocket Mortgage offers several loan options, and you can apply for a mortgage online at your own pace. However, its fees may be higher than some competitors, and USDA loans aren’t available.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Convenient online application process

  • Quick closings available

  • High customer satisfaction ratings

Cons
  • Doesn’t offer USDA loans

  • Home equity loans and HELOCs aren’t available

  • Relatively high credit score required

Key Takeaways
  • Rocket Mortgage offers conventional fixed- and adjustable-rate mortgages, FHA, VA, jumbo, and refinance loans.
  • Almost all loans are serviced by Rocket Mortgage rather than a third party. 
  • It’s licensed in all 50 U.S. states and Washington, D.C., though its loans are not available in Puerto Rico.
  • Rocket Mortgage offers detailed loan criteria and requirements on its website.
Company Overview

Rocket got its start as Rock Financial in 1985, eventually changing its name to Quicken Loans in 1999 and Rocket Mortgage in 2021. It was co-founded by two brothers, Gary and Dan Gilbert, and Lindsay Gross. 

Today, Rocket Mortgage offers loans in all 50 U.S. states and Washington, D.C. It’s headquartered in downtown Detroit and is the largest online mortgage lender in the U.S., originating $351 billion worth of loans in 2020. Though Rocket doesn’t have in-person branches, it offers a simple online loan application process, and customer service is readily available by phone and online chat.

  • Minimum Credit Score 620
  • Maximum Debt-to-Income Ratio 50% (conventional loans)
  • Minimum Down Payment 3% (conventional loans)
  • Average Days to Closing 26 days

Offering several loan types, multiple educational tools, and the option to apply for a loan online, Rocket Mortgage is well-suited for first-time homebuyers and those who prefer a digital process. Borrowers can choose from fixed- and adjustable-rate, FHA, VA, or jumbo loans, and loan requirements are detailed on the Rocket website. 

Those seeking a conventional loan will likely need a 620 credit score and a debt-to-income (DTI) ratio no higher than 50% to get approved for a mortgage with Rocket Mortgage. However, requirements for FHA loans are less strict, and you may be able to get approved with a 580 credit score and a higher DTI ratio. 

Rocket Mortgage has a nice selection of loan types, but there are many other mortgage lenders with different terms and rates. See our picks for the best mortgage lenders for more options.

Pros Explained

  • Convenient online application process: If you prefer to apply for a loan online, Rocket Mortgage offers a convenient digital application process. However, representatives are available to help with your application if needed.
  • Quick closings available: Rocket’s average time to close is just 26 days, according to customer support, which is a shorter timeframe than many competitors can provide.
  • High customer satisfaction ratings: Rocket Mortgage has consistently ranked among the top lenders on the annual J.D. Power Primary Mortgage Origination Satisfaction Study. It was the highest-ranked lender for customer satisfaction in 2020, and it ranked second in 2021. 

Cons Explained

  • Doesn’t offer USDA loans: While Rocket Mortgage does offer several loan options, if you’re seeking a U.S. Department of Agriculture (USDA) loan, you’ll need to work with another lender. 
  • Home equity loans and HELOCs aren’t available: Borrowers looking for a home equity loan or HELOC will need to look elsewhere. These options aren’t available from Rocket Mortgage.
  • Relatively high credit score required: In general, borrowers will need good to excellent credit to qualify for a loan from Rocket Mortgage. Its minimum credit score is usually 620. 

Types of Mortgage Loans Offered by Rocket Mortgage

Borrowers seeking a variety of loan types will find what they’re looking for with Rocket Mortgage. This lender offers several loan options, including:

  • Fixed-rate: With a fixed-rate mortgage, you’ll have the same APR for the life of your loan, so your monthly mortgage payments won’t change over time. Rocket offers 30-year and 15-year fixed-rate mortgages with down payments as low as 3%.
  • Adjustable-rate: Adjustable-rate mortgages (ARMs) typically offer a low fixed interest rate for a certain period, but the rate could increase over time. Borrowers can choose from a 7/6 ARM with a fixed rate for seven years and a variable rate every six months afterward, or a 10/6 ARM with a fixed rate for 10 years and a variable rate every six months afterward. FHA and VA adjustable-rate loans are also available.
  • FHA: FHA loans have lower credit score requirements than conventional fixed- or adjustable-rate loans. Borrowers could get approved for a fixed- or adjustable-rate FHA loan through Rocket with a 580 credit score and a down payment of 3.5%. However, FHA loans come with an upfront mortgage insurance premium of 1.75% of the total loan amount, and you’ll also need to make monthly mortgage insurance payments.
  • VA: Rocket also offers VA loans for qualifying servicemembers, veterans, and their eligible family members. Borrowers could get approved for a fixed, adjustable, or jumbo VA loan with a credit score as low as 580 and no down payment. 
  • Jumbo: With a jumbo loan from Rocket, you could get a mortgage of up to $2.5 million. However, jumbo loans have stricter credit score and DTI requirements. You’ll likely need a 680 credit score and a DTI below 45% to get approved. 

Rocket Mortgage Features and Benefits

Besides offering several loan options for borrowers, Rocket Mortgage also has some other features and benefits worth mentioning: 

  • Educational tools: Whether you’re a first-time or experienced homebuyer, learning about the process can make it seem less daunting. The Rocket Mortgage Learning Center features hundreds of articles on mortgages, loan types, and home buying, as well as several calculators to help you budget.
  • Faster-than-average closings: As of April 2021, the average time it took to close a mortgage loan was 51 days. Many lenders also offer 30- or 45-day closings, but Rocket’s average time to close is just 26 days.
  • Online process: You can complete your mortgage application online with Rocket, which is convenient if you want to do things at your own pace and avoid spending a lot of time on the phone.

How to Apply for a Rocket Mortgage Loan

To apply for a mortgage with Rocket, you’ll start by creating an account. Rocket will ask for your name, email, and a password, and then you'll need to verify your account via email. 

You can start the pre-approval process once your account is verified. Rocket will ask for information about your homebuying goals, and you’ll need to input additional personal information, like your birthdate and Social Security number. This info will be used to review your credit and help determine the loan amount you can afford. You’ll receive an approval letter from the Rocket Mortgage team if you’re pre-approved. 

When you find a home and make an offer, you can then move forward with the full loan application process online or with a Rocket Mortgage loan expert. At this point, you’ll likely need to provide the following information:

  • Copies of your pay stubs, W-2s (or 1099s if you’re self-employed), and/or tax returns
  • Bank statements
  • Investment account statements
  • Loan statements (student, personal, auto, etc.)
  • Credit card statements

Rocket’s team of underwriters will then input all your information and determine if you’re formally approved for a mortgage.

Self-employed individuals can’t complete the process online; you’ll have to work with a loan officer. 

Customer Service

While Rocket Mortgage doesn’t offer in-person branches, it offers several ways to connect with customer service if you need assistance with a new or existing loan. Existing borrowers can contact customer service by phone at (800) 603-1955 during these business hours:

  • Monday to Friday: 8:30 a.m. – 9:00 p.m. ET
  • Saturday: 9:00 a.m. – 4:00 p.m. ET

Those who need help with a new loan can reach customer service by phone at (888) 452-8179 or through online chat during these business hours:

Phone:

  • Monday to Friday: 7:00 a.m. – midnight ET
  • Saturday: 9:00 a.m. – 8:00 p.m. ET
  • Sunday: 9:00 a.m. – 7:00 p.m. ET

Online chat:

  • Monday to Friday: 7:00 a.m. – midnight ET
  • Saturday and Sunday: 8:00 a.m. – midnight ET

You can also contact customer support through the Rocket Mortgage mobile app or get answers to general questions through Twitter or Facebook.

Customer Satisfaction

Rocket Mortgage ranked second out of 23 lenders on the J.D. Power 2021 Primary Mortgage Origination Satisfaction Study. It also received consistently high J.D. Power ratings over time and was the top-ranking lender for customer satisfaction for 11 consecutive years. 

On Trustpilot, Rocket Mortgage has over 4,100 customer reviews and an average rating of 3.9 out of five stars. Borrowers praise its easy and quick loan process, though some express concerns about high deposit fees and multiple requests for the same documents.

In Investopedia’s own survey of mortgage borrowers, Rocket Mortgage came in seventh for customer satisfaction out of 45 mortgage lenders, with a score of 6.05 out of 10.

Account Management

If you decide to get a loan from Rocket Mortgage, you’ll be able to manage your account and track your payments through an online dashboard or the Rocket Mortgage mobile app, which is available for Android and iOS devices. Rocket also offers paper statements and the option to make payments over the phone by calling (800) 333-7625. 

Alternative Choices

While Rocket Mortgage has several loan options, it doesn’t offer USDA loans. For those purchasing a home in a rural area and considering a USDA loan, Carrington Mortgage could be a good alternative. Qualifying borrowers with low to moderate incomes can benefit from flexible credit score requirements, and you may not need a down payment at all. 

  Rocket Mortgage Carrington Mortgage 
Types of Mortgages  Conventional FHA VA Jumbo Conventional FHA VA USDA Carrington Flexible Advantage
Average Time to Closing  26 days  30 
2021 J.D. Power Ranking 2/23  Not ranked 

To qualify for a USDA loan, your home will need to be located in an eligible rural area, and you’ll need to meet specific income requirements.

No matter which lender you choose to work with, there are several factors to consider when you’re shopping for a mortgage:

  • APR: APR includes the loan’s interest rate plus certain fees, and different lenders offer different APRs. Getting a mortgage with a low APR could help you save a significant amount over the life of your loan. 
  • Fees: Lenders may charge origination fees or require deposits when you get a mortgage. Consider speaking to a loan officer about which fees they charge before you apply.
  • Loan term: While 15- and 30-year mortgages are fairly standard, lenders may offer a wider range of repayment terms, such as 10, 20, or 40 years. Compare options and choose a loan term that works for your budget and financial goals. 
  • Down payment amount: Certain loans may require a 20% down payment, while others may require no down payment. Research the different options to find a loan that best suits your needs.
  • Days to closing: Many lenders close mortgage loans within 30 or 45 days. If you’re seeking a faster closing, be sure to ask a loan officer about how many days it typically takes to close a loan. 
Final Verdict

Rocket Mortgage provides several mortgage loan options and multiple educational tools for borrowers, and you can complete the application process online if you choose. Though its fees may be higher than what certain competitors offer, it’s transparent about its rates, and borrowers can see how much they’re likely to get approved for quickly. 

While Rocket Mortgage has accessible customer service and consistently high customer satisfaction ratings, its customer reviews are mixed. Some borrowers complain about multiple requests for the same documents and missed closings. However, Rocket’s average time to close is just 26 days. For first-time homebuyers or those who prefer an online application process, Rocket is a highly ranked lender worth considering.

Methodology: How We Review the Best Mortgage Lenders

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational features (state licensing coverage, number of loan officers, etc.)
  • Loan types offered (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closing, minimum debt-to-income ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.

Read more in our full mortgage lender review methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Rocket Mortgage. "30-Year Fixed." 

  2. Rocket Mortgage. "FHA Loans." 

  3. J.D. Power. “Record Mortgage Origination Volume Causes Customer Satisfaction to Erode, J.D. Power Finds.” 

  4. Rocket Mortgage. “Loan Options.” 

  5. ICE Mortgage Technology. "April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close."

  6. J.D. Power. “Record Mortgage Origination Volume Causes Customer Satisfaction to Erode, J.D. Power Finds.” 

  7. Trustpilot. "Rocket Mortgage."