Everything You Need to Know About Rocket Mortgage
Table of Contents
- Our Review of Rocket Mortgage
- Rocket Mortgage’s Process
- Rocket Mortgage’s Pros & Cons
- What States Does Rocket Mortgage Offer Mortgage Services?
- Rocket Mortgage’s Available Mortgage Types & Programs
- Rocket Mortgage’s Fees & Rates
- Rocket Mortgage’s Customer Service
- Rocket Mortgage’s Borrower Qualifications & Requirements
- Rocket Mortgage’s Online Reputation
Rocket Mortgage has recently been making big waves in the mortgage industry. This cutting-edge lending platform was created by Quicken Loans to be an exclusively online mortgage portal. Despite only being around for a few years, Rocket Mortgage is starting to become nearly as popular as its parent company. At the present moment, the company is headquartered in Detroit, Michigan.
You can access this platform via a traditional browser or your smartphone. So it’s no surprise that its popularity has exploded in recent years. To save time, you can even integrate information from other financial institutions.
If you use the Quicken Loans website, and you’d rather not apply for a loan over the phone, you will find that it redirects you to Rocket Mortgage.
Our Review of Rocket Mortgage
If you’re looking for an easy-to-use online mortgage lender, it’s hard to avoid Rocket Mortgage. This world-class innovator has grown substantially in recent years. With a seamless online application and plenty of resources, Rocket Mortgage is a very sensible choice.
Our Rocket Mortgage review will help you determine if this is the right lender for your next home loan. Let’s explore all the core components that this revolutionary company has to offer.
Rocket Mortgage’s Process
If you decide to get a mortgage via Rocket Mortgage, you’ll be pleased to know that the process is exceptionally straightforward. In fact, Rocket Mortgage claims that its mortgage process can take less than half an hour to complete. When you first visit the website, you’ll be prompted to choose between ‘home purchase’ and ‘home refinance.’
Regardless of which option you choose, you’ll benefit from an easy-to-use application portal that offers guidance at every step. If you’re confused about terminology or other parts of the process, it’s easy to get assistance as you go along.
Once you are done submitting your initial information, you will be offered a rate that you can ‘lock-in.’ Next, you will wait for your loan to be finalized. You can access the main dashboard at any time to receive updates on progress or upload additional documents.
Rocket Mortgage can access asset information and other financial details from most financial institutions. This automation means that you won’t have to worry about submitting as many documents as you might have to with other lenders.
Rocket Mortgage’s Pros & Cons
It’s always important to assess the strengths and weaknesses of a lender before you make a final decision. Here are the pros and cons of working with Rocket Mortgage:
What States Does Rocket Mortgage Offer Mortgage Services?
If you’re wondering if you’re eligible to use a particular lender, it’s always important to check if they’re licensed in your state. Different states have different licensing requirements, so it’s often the case that some lenders don’t offer mortgage products in certain regions.
Fortunately, you can access Rocket Mortgage in all 50 states. Its parent company has been offering loans to all 50 states for over five years.
Rocket Mortgage’s Available Mortgage Types & Programs
Rocket Mortgage offers most major mortgage products, including mortgage refinancing loans. Clients can access conventional purchase loans, fixed-rate loans, jumbo loans, and adjustable interest rate loans.
If you want to access government-backed loans, you can find FHA loans, VA loans, and USDA loans on the Rocket Mortgage platform.Have a house to sell before moving? Read our guide here. (August 4, 2020)
Rocket Mortgage’s Fees & Rates
If you’re going to apply for a loan, you need to make sure you get the best possible interest rates. Fortunately, you can lock in a rate in less than half an hour once you start your application on Rocket Mortgage’s website. Still, the rate that you are offered will depend on the type of mortgage that you apply for.
For example, a typical rate for a 30-year fixed-rate mortgage is around 4.56% APR. If you choose a shorter term, your interest rate will be reduced.
In terms of origination fees, Rocket Mortgage follows a similar pattern to Quicken Loans. You will need to pay an origination fee that is less than 1%. Most fees come in at around 0.5%.
Rocket Mortgage’s Customer Service
It’s essential to have direct contact with your lender’s customer service team if you’re going to apply for a mortgage. If you want to speak to Rocket Mortgage, you can contact their customer service team via telephone between 8:30 AM and 9:00 PM (EST) on weekdays at (888) 452-8179. Saturday has reduced hours, and the customer service team is unavailable on Sundays.
You can also contact Rocket Mortgage via a live chat portal on the company’s website. This portal is a great way to reach their team if you’re at work and can’t talk over the phone.
Rocket Mortgage’s Borrower Qualifications & Requirements
If you want to take advantage of a Rocket Mortgage loan, you will need a minimum credit score of 620. This threshold is a pretty standard credit score requirement if you compare Rocket Mortgage to other lenders in the industry.
The down payment that is required will depend on the loan that you apply for. If you’re using a government-backed loan, you may be able to access financing for as little as 3%. Conventional loans can sometimes require at least 20% of a loan’s value as a down payment.
Rocket Mortgage’s Online Reputation
Be sure to research any lender that you’re considering. While a lender might offer excellent rates and offer an easy application process, if past clients have consistently had bad experiences, you might suffer the same fate.
Rocket Mortgage doesn’t have its own Better Business Bureau (BBB) profile. But its parent company (Quicken Loans) does. Quicken Loans has been accredited with the BBB for 34 years. It currently has an A+ rating.
With such a high rating from the country’s most recognized consumer watchdog groups, you can rest assured that this is a reputable and reliable company.
More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!
About the Author: Kris Lippi is the owner of ISoldMyHouse.com, the broker of Get LISTED Realty and an official member of the Forbes Real Estate Council. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, Fox News, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.