The bottom line: The online, mobile-first application tool, with on-demand support, that changed the industry.
Min. Credit Score
Min. Down Payment
Loan Types and Products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
See your personalized Rocket Mortgage rate
Pros & Cons
The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
With your authorization, accesses asset statements from 98% of U.S. financial institutions.
Tells you the loan amount you’ll qualify for within minutes.
Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
Doesn't offer home equity loans or HELOCs.
If you’re a “look me in the eye” type of customer, you’re out of luck.
Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Compare to Other Lenders
NOTE: Due to the coronavirus outbreak, obtaining a mortgage may be a bit of a challenge. Lenders are dealing with demand and staffing issues. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.
Rocket Mortgage is the online and mobile-friendly mortgage application process developed by Quicken Loans. With on-demand assistance from licensed mortgage advisors available with just a tap, Rocket helps you go through the loan process at your own pace.
Quicken Loans' Rocket Mortgage was launched in 2015 in a blast of commercials touting push-button convenience at orbit-achieving speed. It was eye-catching and head-spinning. It certainly rocked the world of mortgage lenders, and it still leads the industry in loan technology.
How does Rocket Mortgage work?
Everything in the Rocket Mortgage experience is about gradually and thoughtfully moving from one step to the next. It feels casual. Well, as casual as taking out a six-figure loan can.
More than that though, the lender tries to anticipate user questions and have answers readily available.
“There's a lot of people using Rocket Mortgage to research what their options are, whether they're refinancing or buying a home,” says Regis Hadiaris, Rocket Mortgage product lead. “There is a certain amount of information people want to know the answers to before they have a conversation with us. They need really good tools to help them answer those questions if they want to try to do it on their own.”
» MORE: Quicken Loans mortgage review
Rocket Mortgage loan products
Rocket Mortgage has the loan lineup of typical non-bank lenders. Conventional loans and government-backed mortgages — like FHA, VA and USDA — are all available, for purchase or refinancing and with fixed or adjustable rates. Basically, it offers everything but home equity loans and home equity lines of credit.
Most non-depository lenders don’t offer home equity loans or lines of credit because they don’t have the capital from bank deposits to fund them. Non-bank lenders sell loans to investors, such as the government-sponsored enterprises Fannie Mae and Freddie Mac, that don’t buy home equity loan products.
While Rocket doesn’t offer reverse mortgages, an affiliated company, One Reverse Mortgage, does.
» MORE: Compare the best online lenders
Rocket Mortgage refinance
Quicken Loans' Rocket Mortgage is the largest refinance lender in the nation by volume, according to 2018 Home Mortgage Disclosure Act data. With mortgage rates so low, home loan refinancing has remained popular over the last few years, and Rocket Mortgage has certainly garnered its fair share.
The intuitive Rocket Mortgage refinance process may be one reason why. When you select 'Home Refinance' on the home page, you're led to a three-tab decision tree, detailing your options: take cash out, lower your payment and shorten your loan term.
Once you decide on your goal and make a selection, the application process is tailored to meet your refinancing need. At this point, you'll have to create an account to get started.
The Rocket Mortgage loan process
It all starts by clicking or tapping on one of the big "Refinance" or "Buy a Home" buttons. You provide the usual information to sign in.
In the refinance channel, you choose a goal, such as “Lower your monthly payment,” and begin with essential details.
When you enter your home address, Rocket pulls in publicly available data to populate property information.
A pull-down menu allows you to customize your loan options. You can change the term, the money due at closing or your interest rate.”
Asset information, such as bank and investment accounts, can be downloaded directly from 98% of U.S. financial institutions. Income and employment information can also be imported for about 60% of working Americans.
Rocket Mortgage customer service
As the application process continues, Rocket Mortgage customer service comes into play, both of the real person and the virtual variety. First, the Rocket app offers helpful tips and information throughout the application itself. Clicking on question mark icons throughout the application process will bring up relevant FAQ answers, and videos also help explain items as you go. Then, if you get stuck, tapping the "Talk to Us" button lets you connect directly with a mortgage banker.
Rocket Mortgage preapproval
A pull-down menu allows you to customize your loan options. You can change the term, the money due at closing or your interest rate, or compare fixed- and adjustable-rate mortgages. Once you're satisfied with your loan choice, you tap on "See if I'm approved" and Rocket Mortgage verifies your qualifications and submits the application to an automated underwriting system.
If you receive Rocket Mortgage preapproval, you can lock your loan rate. If you're purchasing a home, Rocket takes you through a similar process and provides you a preapproval letter. If you have a home under contract, it submits an approved loan for processing through one of its mortgage bankers.
A typical application takes about half an hour, according to Rocket Mortgage. But the point is to go at the pace you're most comfortable with.
Once the loan is at the underwriting stage, what Hadiaris calls a "Facebook-style wall" is shared with you and your mortgage team to keep up with your to-do list, as well as manage and e-sign paperwork, monitor the progress of your loan processing, and even schedule your loan closing.
Rocket Mortgage fees and mortgage rates
Like with Quicken Loans, Rocket's typical origination fees run around 0.50% of the loan amount. FHA, VA and USDA programs may have a slightly higher fee but won’t exceed 1% of the loan amount. Of course, this excludes discount points that you may decide to purchase in order to reduce your interest rate.
If you’re trying to get an idea of what prevailing interest rates are, you won’t find sample national rates on the Rocket website. Instead, you have to create an account and provide some information to get a personalized rate.
at Rocket Mortgage
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.