Rocket Mortgage Review 2024

Good for: FHA borrowers and others short on down payment cash, as well as home buyers who value convenience over low fees.
Phil Metzger
By
Last updated on January 2, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take

4.0

Home loans overall
NerdWallet rating
The Nerdy headline:

Rocket Mortgage stands out as the nation’s No. 1 FHA lender, helping borrowers with limited down payment funds, but all home buyers and refinancers can take advantage of the lender’s convenient website and app to both apply for and manage their loans. Rocket consistently ranks high in customer-satisfaction surveys. Origination fees are on the high side, while mortgage rates are about average.

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

Great for: digital convenience | customer service
Min. credit score
620
Min. down payment
1%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity
at Rocket Mortgage, LLC

Pros & Cons

Pros

  • Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
  • Offers the option to work with loan officers by phone if desired.
  • Largest FHA lender in the nation.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
  • Doesn't offer home equity lines of credit.
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Full Review

Rocket’s mortgage loan options

  • 4 of 5 stars

Scroll down briefly on Rocket’s home page and click on “See our home loans” for a full list of mortgage options. Details on that page help explain which option works best for your situation.

Conventional loans are available from Rocket, renamed from Quicken Loans in 2021, with fixed or adjustable rates. Borrowers can choose a customizable fixed-rate conventional loan with a term from eight to 29 years, in addition to the standard 15- or 30-year mortgage.

Government-backed FHA and VA loans are available, too. In fact, Rocket was the largest FHA lender in the nation in 2022, boasting nearly 43,000 more FHA loans than the second-largest FHA lender.

Rocket also offers options you won’t find at many other lenders, including:

  • ONE+ by Rocket Mortgage allows qualified first-time and repeat buyers the option to put down as little as 1% for a conventional loan on a primary residence. The lender includes a 2% grant that effectively brings your total down payment up to 3%. Income limits apply based on where you plan to buy, and a minimum credit score of 620 is required.

  • Rocket Homes, a sister company to Rocket Mortgage, helps match home buyers and sellers with real estate agents. The lender offers up to $10,000 for closing costs when you use a Rocket Homes agent and finance with Rocket. You can get 0.5% of the home’s sale price back when selling with a Rocket agent. And you can take advantage of both offers if you sell and buy with Rocket. 

Rocket Mortgage offers cash back for using its recommended agents.
Rocket Mortgage offers cash back for using its recommended agents.

The lender offers options for self-employed borrowers and jumbo loans for homes in higher-priced regions, but renovation loans and home equity lines of credit are not available.

Rocket Mortgage's wide variety of refinancing options include government-backed, energy-efficient and jumbo refinance loans, as well as a method for taking cash out. The lender's volume of refinance loans is among the largest in the industry, according to the latest federal data.

Video preview image

Rocket Mortgage home equity loan

The lender also offers a home equity loan. These second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

Rocket’s home equity loan can be used for a primary residence as well as second homes. The fixed-rate loan can be repaid over 10 or 20 years, and there is no penalty for early repayment.

What it’s like to apply for a Rocket mortgage

  • 5 of 5 stars

You can apply in the Rocket Mortgage app or on the Rocket Mortgage website. You'll start by creating an account, then answering basic questions like the ZIP code where you're planning to buy a home. If you'd prefer to work with a person face to face (or at least, screen to screen), you can reach out to a mortgage broker affiliated with Rocket Mortgage.

Because much of the application process is completed online, Rocket promises a streamlined experience with limited paperwork.

If you need help with your application, a phone number is available at the top of the Rocket website. Advice is available by phone from 7 a.m. to midnight (ET), with Saturday and even Sunday hours listed as well. When we called the lender, we waded through a phone menu before being transferred to a representative. We were placed on hold for 15 minutes and were then referred to an email address to request an answer to a loan question.

Rocket’s website also features a chat option, but when we tried it, we had to provide contact information before we could ask a question.

A page of frequently asked questions helps explain Rocket’s process and loan offerings in some detail.

Once you're satisfied with your loan choice, Rocket Mortgage verifies your qualifications and submits the application to an automated underwriting system. While the loan is in underwriting, you can sign in to your Rocket account (in a web browser or the app) to manage outstanding tasks and monitor the progress of your loan processing.

Rocket receives high marks from users for its mobile app, which allows borrowers to view current interest rates, electronically sign a loan application, upload documents and even contact the lender directly.

Rocket Mortgage receives high marks for its mobile app.
Rocket Mortgage receives high marks for its mobile app.

If you’re concerned about your email inbox filling with marketing materials once you provide contact information, Rocket is clear about how and why it collects consumer information, and an opt-out page offers an option for ending sales communications.

Rocket’s mortgage rates and fees

  • 2.5 of 5 stars

  • Rocket Mortgage earns 2 of 5 stars for average origination fee.

  • Rocket Mortgage earns 3 of 5 stars for average mortgage interest rates.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Overall, Rocket Mortgage had higher origination fees than average, with mortgage rates that were average in the industry.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Rocket’s mortgage rate transparency

  • 4 of 5 stars

On its rates page, Rocket Mortgage offers sample rates for fixed-rate purchase and refinance loans. There, you'll find its current interest rates and APRs, as well as the points you'd need to buy upfront to get a given rate and APR combo, for 30-year fixed rate home loans as well as 30-year FHA, VA and jumbo loans.

You can also select "view legal disclosures" to see the assumptions Rocket makes to determine those rates (for example, that the loan is for a single-family home that will be a primary residence); viewing sample rates isn't the same as getting personalized rates.

For rates customized to your situation, you'll have to begin the process of applying online with Rocket Mortgage. Even "pre-qualified approval" (Rocket's version of pre-qualification) includes a hard credit inquiry, so it's important to be sure you're serious about considering Rocket as a lender before applying.

What borrowers say about Rocket mortgages 

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power.

  • Rocket Mortgage receives a score of 759 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 730. (Mortgage origination covers the initial application through closing day.) 

  • Rocket Mortgage receives another high score of 686 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 601. (A mortgage servicer handles loan payments.)

Alternatives to a home loan from Rocket Mortgage

Here are some comparable lenders we review that borrowers can consider.

Guaranteed Rate offers a similar digital experience, and Fairway Independent Mortgage also originates a high volume of FHA loans.

Explore mortgages today and get started on your homeownership goals

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Won’t affect your credit score

Bella Angelos contributed to this review.

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at Rocket Mortgage, LLC

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Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).

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