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Rocket Mortgage® Review: One of the Most Popular for Good Reasons

Review Updated
Kimberly Rotter, AFC®
Author: Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Accredited Financial Counselor®

Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.

Rocket Mortgage® might be for you if: You're looking for an online mortgage that comes with great customer service. The Rocket Mortgage digital application is the industry benchmark and its app makes the application process a cinch.

Read our full Rocket Mortgage review to find out whether a Rocket Mortgage home loan is right for you.

Ratings Methodology
Rocket Mortgage®

Best for: Customer service and streamlined app

Rocket Mortgage®

Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Rocket Mortgage led the transition to a full digital experience and online-only applications. Its seamless process is one reason Rocket Mortgage is consistently ranked in the top two on J.D. Power's customer service rankings. Rocket Mortgage has a robust and high-quality app that makes it easy to use.

Min. Credit Score 580 FHA 620 other mortgage products 680 Jumbo

  • 580 - 680

Min. Down Payment 0%-3.5% (FHA & VA loans) 3% (conventional loans)

  • 0% - 3%

Key Features

  • Online-only
  • Low down payment options
  • Opportunities to get cash toward closing
  • High customer satisfaction ratings

Loan Types

  • Conventional
  • FHA
  • VA
  • Jumbo

Fixed Rate Terms

  • 8 - 30 years (Customizable)

Adjustable Rate Terms

  • 10/6, 7/6, 5/6

Top Mortgage Lender

It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:

Lender Min. Down Payment Credit Score Next Steps
  • 0% - 3.5%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional and VA 700 Jumbo
Apply Now for Better

Our mortgage rating methodology

At Motley Fool Money, mortgages are rated on a scale of one to five stars, with five stars meaning "best." We primarily focus on rates and fees, customer service, and loan versatility. This includes factors like application process, customer service channels available, and a variety of loan products.

See our full methodology here: Ratings Methodology

Full Rocket Mortgage® review

Rocket Mortgage® (NMLS #3030) has a lot to offer. Competitive mortgage rates, award-winning customer service, and a fully digital experience are a few of the features this lender is known for. You can't get every type of home loan from Rocket Mortgage, but if it offers a home loan that meets your needs, you stand a good chance of having a great experience.

Pros

  • Top-rated customer satisfaction
  • High quality app
  • Low down payment options
  • Services most of its loans

Cons

  • No USDA loan

Rocket Mortgage® mortgage rates

Rocket Mortgage's mortgage rates trend a little higher than the national average. The day we checked, Rocket Mortgage's advertised rate on a 30-year fixed-rate mortgage was a hair higher than Freddie Mac's published national average rate. FHA loan and VA loan borrowers pay a little less.

Rocket Mortgage® refinance rates

Rocket Mortgage's refinance rates trend about the same as the national average. FHA loan and VA loan borrowers pay slightly higher refinance rates.

Rocket Mortgage® fees

Rocket Mortgage's fees are competitive, and in line with what other lenders charge.

Rocket Mortgage doesn't charge a fee to apply, but may charge an origination fee of $1,500. The origination fee is the lender's fee for making the loan. The amount typically varies depending on what state you're in. Borrowers are usually also responsible for paying other applicable fees, such as property taxes and appraisal fees.

Ways to save money with a Rocket Mortgage® mortgage

Rate discount

How to qualify: Borrowers must meet income requirements, have a credit score of at least 620 and an acceptable debt-to-income ratio (DTI), and use the loan for their primary residence. The loan can also be used to refinance an existing mortgage. You can start the approval process online to find out if you qualify for the Welcome Home RateBreak 2-1 temporary buydown.

What you get: Rocket Mortgage is currently offering home buyers reduced rates on HomeReady® and Home Possible® loans of up to $350,000. HomeReady® and Home Possible® typically require 3% down, but with Welcome Home RateBreak, borrowers can get 2% off their rate for the first year and 1% for the second year.

Down payment grant

How to qualify: There are income limits, the maximum loan amount is $350,000, and you need a 620 FICO® Score.

What you get: The Rocket Mortgage One+ program is a nonrepayable grant for 2% of the purchase price, to be used toward the down payment. That means that if you qualify, you would only need to come up with 1% down.

Rocket Mortgage® customer service

Rocket Mortgage gets great customer service reviews online, with customers praising its loan officers' responsiveness and communication skills. Customers love how quick and easy Rocket Mortgage's online loan process is and that customer support is available when they need it.

Rocket Mortgage has 4.7 out of 5 stars on Trustpilot.

How to apply for a mortgage with Rocket Mortgage®

The first step in applying for a mortgage with Rocket Mortgage is getting prequalified. You can start the prequalification process online by providing information including your price range, contact details, and finances. Rocket Mortgage will do a soft credit check (that won't affect your score), and then set you up to chat with an expert about your options.

The quickest way to get approved for a Rocket Mortgage loan is through Prequalified Approval. You'll need to fill out an application online and give your permission for a hard credit pull (to check your credit score). You don't need any documentation for Prequalified Approval, but have your financial information on hand. You'll be given the option to link your bank accounts to your application.

For Verified Approval, Rocket Mortgage will verify your income and assets, conduct a hard credit pull, and provide you a Verified Approval Letter.

After you have submitted the required information, you can expect to hear back within three business days, although you could hear back much sooner. Many customers receive a pre-approval quote the same day they apply.

The application process can be done completely online, but if you prefer, you could start your application over the phone.

The documentation that you need to apply for a loan with Rocket Mortgage can include the following:

  • Bank statements
  • Documentation for assets such as savings accounts or 401(k) plans
  • Documentation of any debts you have, such as student loans or credit cards
  • Pay stubs
  • Tax returns
  • W-2s

In addition to providing necessary documents, you will also need to meet Rocket Mortgage's minimum credit score and down payment requirements.

About Rocket Mortgage®

Rocket Mortgage started in 1985 as Rock Financial. In 1996, Mortgage In A Box was born, which allowed borrowers to fill out a mortgage application at home. Mortgage In A Box was a huge success; the company closed $35 million in loans two months after its release.

In 1999, the company called itself Quicken Loans, and in 2015, Rocket Mortgage came to be -- the first fully online mortgage application. Mortgage technology has advanced at lightning speed, and Rocket Mortgage was at the front of the pack. Rocket Mortgage took off so dramatically that before long, the names Quicken Loans and Rocket Mortgage were being used interchangeably.

In 2021, Quicken Loans officially changed its name to Rocket Mortgage.

FAQs

  • The lowest advertised rate at Rocket Mortgage is on par with the national average.

  • Yes. One nice thing about Rocket Mortgage is that it consistently gets very high marks for customer service. The No. 1 ranking, in fact, in some very large surveys. In light of its competitive rates and excellent service, Rocket Mortgage is definitely worth considering.

    That said, Rocket Mortgage isn't perfect for everyone. If you need a construction loan, for example, that's something Rocket Mortgage doesn't offer.

  • Yes. Refinance rates and fees are very competitive, and customer service is top notch.

  • Rocket Mortgage offers loans with different requirements to meet the needs of most borrowers. If your credit score is in the 580-620 range, you might qualify for an FHA loan from Rocket Mortgage. For a conventional mortgage, you'll need a 620. For Rocket Mortgage's lowest mortgage interest rate, you'll need a higher credit score. Rocket Mortgage will also consider how much you currently spend on debt, and the amount of cash you have for a down payment and reserves.

  • Rocket Mortgage offers a variety of purchase and refinance home mortgage loans:

    • Conventional
    • FHA
    • FHA Streamline
    • VA
    • Fixed-rate mortgage
    • Adjustable-rate mortgage
    • Jumbo loan
    • Home equity loans