5.283% APR

Compare Rocket Mortgage mortgage rates

Written by Holden Lewis
May 2, 2022

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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

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At a glance
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  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
  • Estimates the loan amount you’ll qualify for within minutes.
  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.
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  • An online process with human help as needed.
  • Makes it easy to see customized mortgage rates.
  • Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.
  • Appraisal guarantee promises loan won’t change even if appraisal is lower than expected.
  • Learn more

Learn more about Rocket Mortgage

Rocket Mortgage is best for

Rocket Mortgage, a service portal of Quicken Loans, is built for people who prefer to “click here” and think doing business face to face is overrated. In fact, it famously describes the application process as “Push button. Get mortgage.”

Quicken Loans couples a fully online application with mortgage advisors for those who want a human touch. This combination, along with a wide variety of loan products, helped Quicken become a leading national mortgage lender and the largest lender of FHA loans in the country.

What does Rocket Mortgage’s underwriting process consist of?

To test it out, we did a step-by-step demo with Regis Hadiaris, the tool’s product lead.

If you apply for a mortgage or refinance, you’ll first create an account and provide the usual information. For example, for a refinance, you’ll input details about your current mortgage. Typing your home address automatically brings up property data, such as the year the house was built.

If you provide your birthdate and Social Security number, the system will fill in income details. “It makes it easier for the person filling out this information, but at the same time, the system has done an electronic verification of income already, so it is actually starting the process of doing income calculations,” Hadiaris says. Algorithms start to create loan recommendations just for you.

Next, you’ll provide data about your assets or have it imported automatically. Rocket Mortgage can pull information on savings, checking and investment accounts from the vast majority of U.S. financial institutions. Once Rocket has the data, you’ll come to a green button that says “See My Solution.”

Click it, and Rocket collects your credit score and history from the three credit bureaus and compares the information with Quicken’s underwriting guidelines. A “T-Minus” countdown appears, and several minutes later, details about your mortgage options are displayed. If you want to adjust the closing costs, loan term or interest rate, move the slider bar until you’re satisfied. Click the “See If I’m Approved” button and minutes later you may get a loan approval.

If you’re approved, you can lock your interest rate, print your approval letter and begin house hunting. After you have a purchase contract on a home, the loan details are finalized, and the package goes through the usual underwriting process: ordering an appraisal, verifying a clear title and all the rest.

If you’re denied, chat with a mortgage banker to figure out why and the actions you can take to become approval-worthy.

What does Rocket Mortgage do best?

  • It instantly verifies income and employment for the majority of working Americans.

  • The company accesses asset statements from almost all U.S. financial institutions.

  • Within minutes, you’ll know how big a loan you’ll qualify for.

  • Rocket provides custom fixed-rate loan terms that are between eight and 30 years.

  • It offers loans backed by the FHA, as well as products offered by Fannie Mae and Freddie Mac that require down payments as low as 3%.

Rocket Mortgage’s document and asset retrieval capabilities alone can save you a bunch of time and hassle.

Where does Rocket Mortgage fall short?

Even though the company is a leading full-service lender, there might be some drawbacks:

  • The company doesn’t offer home equity loans or home equity lines of credit.

  • You’re out of luck if you’re a “look me in the eye” type of customer.

  • Quicken Loans looks at credit scores and debt-to-income ratios, but doesn’t consider alternative credit data.

MORE: NerdWallet’s Rocket Mortgage review

About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

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