Rocket Mortgage is a subsidiary of one of the country’s largest lenders — Quicken Loans. In fact, Quicken Loans is now considered to be the largest retail mortgage lender in the United States. The company opened Rocket Mortgage in 2016 to tap into the ‘online-only’ mortgage space.
Rocket Mortgage’s status as a convenient online lender has helped it become one of the most popular mortgage providers in the industry. If you’re trying to find a mortgage lender for your next property purchase, you’re probably comparing multiple providers.
Let’s take a closer look at Rocket Mortgage to help you decide if it’s the right partner for your next mortgage.
Table of Contents:
Is Rocket Mortgage by Quicken Loans Legit?
If you’re searching for mortgages, there’s a good chance that you’ve seen some online advertisements from Rocket Mortgage. As a borrower, it’s essential to work with a lender that you can trust.
Fortunately, Rocket Mortgage is backed by one of the most reputable mortgage lenders in the industry — its connection to Quicken Loans is strong evidence that it is a legitimate company.
To gauge the reputation of this company, consider consumer sentiment regarding its parent company, Quicken Loans. A glance at the firm’s Better Business Bureau (BBB) profile indicates this is a strong performer in terms of consumer protection. Quicken Loans has an A+ rating, as well as plenty of positive feedback from happy customers.
While there are several complaints hosted on consumer watchdog groups, this is to be expected for any mortgage lender.
How Does Rocket Mortgage Work?
As mentioned previously, Rocket Mortgage is exclusively an online lender. This means that there are no brick-and-mortar lending locations. While this might seem like a strange way to pursue a mortgage, it’s proven to be a convenient option for many American homeowners.
Choose The Loan Type You Need
If you want to apply for a Rocket Mortgage loan, head directly to their website to begin filling out an application. You’ll need to choose if you’re applying for a traditional mortgage or a mortgage refinancing loan.
Rocket Mortgage will then ask you a series of relevant questions about yourself, your income, and other key personal details.
Uploaded Financial Information
In most cases, you can automatically upload your asset and income information from financial institutions. All in all, the entire application process should take less than 30 minutes, regardless of whether you’re applying for a mortgage or refinancing.
If you’re applying for a refinancing loan, Rocket Mortgage will automatically source public property data to assess the value of your home. Additionally, the platform has a range of qualification verification tools that help automate the entire decision process. It’s possible that you might receive instant approval.
While the interface is extremely intuitive, it can be hard to fill out your first online mortgage application. Fortunately, Rocket Mortgage offers tons of helpful information throughout the process. There are question marks displayed throughout the application — click on them to view useful information about a term or a step in the application.
Rocket Mortgage Qualifications
If you’re planning on applying for a mortgage, it’s always a good idea to check if you’re eligible for a lender before you submit an application. Unlike some modern lenders, Rocket Mortgage sticks to traditional lending requirements if you’re applying for a new loan. The company will assess your credit score and debt-to-income ratio before offering you a mortgage.
Typically, the minimum credit score at Rocket Mortgage is 620. You will also need a minimum down payment of 3% for traditional mortgages. You might be able to apply for a loan with a lower credit score if you’re seeking an FHA loan. This being said, you should clarify this with Rocket Mortgage before submitting your mortgage application.
If you need a lender that looks at alternative credit scores or indicators, this isn’t the right lender for you. There’s no point applying for a mortgage if you will receive an automatic rejection — a hard credit check can damage your credit score.
Rocket Mortgage Loan Options
Rocket Mortgage offers two primary loan products: mortgages and mortgage refinance loans. Between the two, there are several sub-categories that are available depending on the eligibility and requirements of the borrower.
If you’re looking for a mortgage, you can access the following options:
- Traditional Mortgage
- FHA Loans
- VA Loans
- USDA Loans
- Fixed Interest Loans
- Adjustable Interest Loans
- Jumbo Loans
Pros and Cons
As with any mortgage lender, there are pros and cons associated with Rocket Mortgage. As a responsible borrower, it’s important to weigh up the advantages and disadvantages before you make a borrowing decision.
Below, let’s take a look at the core pros and cons:
- Backed by one of the largest mortgage lenders in the world
- Strong customer feedback — good reputation on consumer watchdog groups
- An entirely online platform and application
- Automatically import assets and income data during the application process
- Offers both mortgages and refinancing products
- A quick, painless application process
- You won’t receive the personal customer service you find at a bank branch
- You can’t apply for Home Equity Lines of Credit via this lender
- You need to have above a 620 credit score to apply for its traditional mortgage products
Verdict: Is Rocket Mortgage Right for You?
At the end of the day, Rocket Mortgage is a reliable option for borrowers who don’t want to undertake the typical mortgage application process. If you’d prefer to stay home and apply for home financing online, this streamlined lender offers you flexibility and convenience. Also, its wide range of mortgage products means that FHA, VA, and USDA loan seekers are welcome to apply via Rocket Mortgage.
If you do decide to apply for a mortgage or mortgage refinancing loan via rocket mortgage, head to their website and begin the process. You can access the application directly from the homepage.
If you want to compare Rocket Mortgage against other lenders, make sure to check out some of the other reviews posted on our website. We cover a broad range of mortgage lenders in the United States.