Rocket Mortgage Review 2022

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.
Kate WoodJan 5, 2022

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Our Take

4.0

NerdWallet rating 

The bottom line:

Rocket Mortgage's online mortgage application tools and on-demand support changed the industry. Now that Rocket has become the brand name of Quicken Loans, the digital lender has officially zoomed to the forefront.

Rocket Mortgage, LLC

at Rocket Mortgage, LLC

Min. Credit Score

620

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons

Pros

  • 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.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Doesn't offer home equity loans or lines of credit.
  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Rocket Mortgage at a glance

Rocket Mortgage used to be the online loan shopping and application process offered by Quicken Loans, but as of July 2021, Rocket Mortgage is the lender’s official name. If you start to apply for a mortgage online through Quicken, you'll be sent over to the Rocket site. No matter what, your loan will be originated by Rocket Mortgage rather than Quicken Loans.

However, the most recent Home Mortgage Disclosure Act data available is from 2020, when Rocket Mortgage was still a Quicken-owned brand and Quicken Loans originated home loans from Rocket. The star ratings you'll see for “Rates and fees” and “Rate transparency” reflect data for Quicken Loans, while Rocket data informs “Variety of loan types” and “Ease of application.”

Here's a breakdown of Rocket Mortgage's overall score:

  • Variety of loan types: 4 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 2 of 5 stars

  • Rate transparency: 4 of 5 stars

Rocket Mortgage loan types

Rocket Mortgage offers a loan lineup that's fairly typical of nonbank lenders. Conventional loans, FHA loans and VA loans are available with fixed or adjustable rates. A customizable fixed-rate conventional loan with a term from eight to 29 years is also available, in addition to the standard 15- or 30-year mortgage.

Even though FHA loans made up only 7% of its total business, Quicken was the second-largest FHA lender in the nation in 2020, boasting more than twice the FHA loan volume of the next lender.

Home equity loans and home equity lines of credit, or HELOCs, aren't available. Those seeking to put their home equity to work with Rocket will need to look to a cash-out refinance.

Rocket Mortgage ease of application

Rocket Mortgage allows you to complete your mortgage application online, providing shortcuts along the way to make the process even faster. You can apply on the Rocket Mortgage app or on its website, which — unsurprisingly, given Rocket's online-first roots — is fully optimized for mobile. The biggest difference between applying on your phone versus your computer is the size of your screen.

If you'd prefer to work with an actual person face to face (or at least, screen to screen), you can reach out to a mortgage broker affiliated with Rocket Mortgage.

A typical online application takes about half an hour, according to Rocket Mortgage, but you can work at your own pace. You'll start by creating an account, then answering basic questions like the ZIP code where you're planning to buy a home. Much of your financial information, such as bank and investment accounts, can be downloaded directly by Rocket Mortgage from many U.S. financial institutions. Rocket can also import income and employment information for many working Americans.

Then, you're at the "See solutions" stage. This is where Rocket Mortgage pulls your credit data and reveals your loan choices, as well as how much house you can afford. From there, you can customize your options by changing the term, the money due at closing or your interest rate.

Once you're satisfied with your loan choice, Rocket Mortgage verifies your qualifications and submits the application to an automated underwriting system. Upon approval, you can lock your loan rate and get a preapproval letter. You can generate preapproval letters as needed, changing the amount to match your offers so that sellers don't know the total you can afford.

If you decide to go with Rocket for your home loan and proceed with full approval, you'll work with a loan officer over the phone to complete your application. While the loan is in underwriting, you can sign in to your Rocket account (in a web browser or in the app) to manage outstanding tasks, upload documents, e-sign paperwork, monitor the progress of your loan processing, and even schedule your loan closing. You can also click or tap on any screen to chat with a Rocket representative or send a message.

Also noteworthy: In most cases, your relationship with Rocket Mortgage doesn't end at closing. Rocket Mortgage both originates and services home loans, so while your loan may be resold to investors like Fannie Mae or Freddie Mac, you'll continue to send payments to Rocket and work with Rocket's customer support team. Rocket has consistently received customer satisfaction accolades from J.D. Power, for both home loan origination and servicing.

Rocket Mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. Because in 2020, the most recent year for which data is available, Quicken Loans was still the lender behind Rocket Mortgage, our scoring reflects Quicken Loans' rates and fees.

In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, based on the most recently available Home Mortgage Disclosure Act data:

  • Quicken Loans, the lender behind Rocket Mortgage in 2020, earns 1 of 5 stars for average origination fee.

  • Quicken Loans earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

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.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Rocket Mortgage rate transparency

Rocket Mortgage offers sample rates for fixed-rate purchase and refinance loans on its homepage, and you'll find more extensive rate information if you head to the rates page. There, you'll find their most current interest rates and APR, as well as the points you'd need to buy upfront to get that rate and APR combo, for 30- and 15-year fixed rate home loans as well as 30-year FHA and VA loans.

You can also click "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.

Even when rates are low, lenders often work the assumptions to make their rates look just a bit lower — and Rocket Mortgage is no exception. For example, a lender can show a lower interest rate by adding in discount points. The more points paid for, the lower the rate.

On the day we checked, Rocket's interest rate page showed points ranging from 2 to 2.125 built into the interest rates. That's a little high, considering that, overall, borrowers have paid an average of 0.70 points on loans in the past 12 months, according to the Federal Reserve.

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

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