Rocket Mortgage Home Equity Loan Review 2024

Good for: borrowers who want to access a large portion of their home equity with a lender known for online convenience.
Phil Metzger
Last updated on February 27, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take


Home equity loans
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The Nerdy headline:

Rocket’s home equity loan stands out for a 90% loan-to-value borrowing limit, a generous amount compared to competitors, and a convenient application process. However, terms are limited to 10 or 20 years, closing costs will apply and you’ll have to get a home appraisal in order to proceed.

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Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030

Great for: Variety of home types
Min. credit score
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity
at Rocket Mortgage, LLC


  • Homeowners can borrow up to 90% of home equity.
  • Home equity loans available for second homes.
  • No prepayment penalty.


  • Application fee and appraisal required.
  • Sample home equity loan rates aren’t published online.
  • Terms limited to 10 or 20 years.
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Full Review

Rocket Mortgage home equity loan rates and discounts

Most home equity loan interest rates are indexed to a base rate called the prime rate. Your offered rate will include a margin the lender has added to the prime rate. Offered margins depend largely on factors like your credit score, your existing debt, your income and the amount you wish to borrow. They will vary by lender.

Current prime rate

Prime rate last week

Prime rate in the past year — low

Prime rate in the past year — high





Rocket does not post home equity loan rates on its website, so you’ll have to make contact with the lender for current rates. The lender says it does not offer a promotion or discounts to help lower a home equity loan interest rate, but a borrower could purchase points to lower the rate.

Applying for a Rocket Mortgage home equity loan

Homeowners can apply online for a Rocket Mortgage home equity loan. It's also possible to connect with a loan representative for help and advice, and a phone number is easy to find on the lender’s website. A live chat on the Rocket website does not support questions about home equity loans.

Rocket Mortgage says it takes about 15 days to open the home equity loan account after applying. Among the lenders we surveyed, that time ranged from five to 48 days. Borrowers can track the progress of their loans online.

The lender requires a home appraisal to independently determine the value of your home. Rocket says a homebuyer can expect an appraisal to cost $600 to $2,000 to complete depending on location. Not all lenders we surveyed require an in-person appraisal ahead of a home equity loan. Be aware that Rocket Mortgage charges a fee for home equity loan applications. Some home equity loan lenders do not charge this fee.

What you should know about Rocket Mortgage home equity loans

Rocket allows qualified homeowners to borrow up to 90% of the equity in their homes, a generous percentage compared with its competitors. Homeowners can borrow a minimum of $45,000 and a maximum of $350,000 with a Rocket Mortgage home equity loan. The lender says closing costs typically range from 2% to 6% of the loan amount. There is no penalty for paying off the loan early.

Rocket offers home equity loans with two terms: 10 years and 20 years. Competitors we surveyed offer home equity loans with payback periods ranging from five to 30 years. But while many competitors limit these loans to primary residences, Rocket offers home equity loans for second homes as well.

Rocket Mortgage home equity loans are not available in Texas. Borrowers seeking a Rocket home equity loan will need a credit score of at least 680, the lender says.

Alternatives to a Rocket Mortgage home equity loan

Network Capital offers a home equity loan with terms from 10 to 30 years, and Guaranteed Rate says it can fund a home equity loan within five days of application.

Home equity loans let homeowners access a lump sum by converting equity into debt. You’ll repay the loan at a fixed interest rate over an agreed period of time. Alternatives to a home equity loan include a home equity line of credit (HELOC) or a cash-out refinance. HELOCs offer greater flexibility to withdraw funds, up to the credit limit, as needed, but often have adjustable interest rates. A cash-out refinance replaces your existing mortgage with a larger loan. It will be most appealing if mortgage rates are lower than your current rate, and closing costs will apply.

Rocket offers cash-out refinancing but no home equity line of credit (HELOC).

at Rocket Mortgage, LLC

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NerdWallet’s home equity loan star ratings are awarded by the editorial team based on the following evaluated factors: available terms, maximum combined loan-to-value ratio, closing costs and other fees, whether a prepayment penalty applies, ease of rate shopping and ease of application.

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