Rocket Mortgage Home Equity Loan Review 2025
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
3.5
Rocket Mortgage home equity loan borrowers can take advantage of a high borrowing limit of 90% CLTV, but they’ll have to get an appraisal and pay closing costs. Also, the longest repayment term option is 20 years, which is less than the standard 30.
Pros
-
High borrowing limit.
-
Available for second homes.
-
Wide range of customer support options.
Cons
-
Doesn’t post sample home equity loan rates online.
-
Borrowers must pay closing costs.
-
Appraisal is required.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
 Visit Lenderat Figure at Figure | $750,000 | 85% | 600 | Visit Lenderat Figure at Figure |
 Visit Lenderat Achieve at Achieve | $300,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 4.0 Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC | $250,000 | 95% | 600 | Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 620 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
Full Review
💲Rocket Mortgage home equity loan rates
Home equity loan rates tend to move with the federal funds rate, which is set by the Federal Reserve. In addition to market factors, your home equity loan rate offers will be determined by your financial profile, including your credit score and income.
Rocket Mortgage does not post sample home equity loan rates online.
👍 Reasons to get a Rocket Mortgage home equity loan
Rocket Mortgage offers a high borrowing limit of 90% CLTV, and home equity loans are available for second homes.
» MORE: Best home equity loan lenders
🤔 Reasons why a Rocket Mortgage home equity loan gives us pause
Home equity loan borrowers will have to get an appraisal, as well as pay closing costs. Also, the only available repayment term options are 10 or 20 years, when most home equity loans go up to 30 years.
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | 🚫 |
In person 🏦 | 🚫 |
You can contact customer service over the phone or via live chat online.
🛒 Alternatives to a Rocket Mortgage home equity loan
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
If you like Rocket’s high borrowing limit, Amerisave is a five-star home equity loan lender that also has a max CLTV of 90%. If you gravitate towards Rocket because it’s a large, well-known mortgage lender, PNC fits the bill and ranks well for home equity loans.
If you’re turned off by closing costs, you won’t have to pay these with a U.S. Bank home equity loan.
A home equity loan isn’t your only option
You can also explore products outside of home equity loans. Alternatives to home equity loans include a HELOC, which you can draw from as needed, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
Among these options, Rocket Mortgage offers cash-out refinancing.
Borrow from your home’s equity
NerdWallet’s home equity loan star ratings are independently researched and developed by the editorial team based on the following factors: maximum combined loan-to-value ratio, closing costs, whether an appraisal is required, the number of repayment term options, length of the longest available term, rate transparency, average time to close, availability for second homes, number of ways to apply and number of customer service touchpoints. A recent regulatory action against a lender may affect its home equity loan star rating.
