Rocket Mortgage is owned by the parent company Quicken Loans.
Together, the two lenders are the largest mortgage company in the country. They are also – as Quicken points out on his website – the second largest lenders for FHA and VA loans.
Both Rocket mortgage rates and Quicken rates tend to be slightly above the industry average. However, it's hard to beat the quality and ease of Rocket's online mortgage process.
Everything is done online, and Rocket claims customers can be pre-approved for a home loan in just eight minutes.
If that sounds like your cup of tea, check out Rocket's personalized pricing to see if the company has competitive prices and fees for you.
Compare Rocket mortgage rates
Rocket mortgage rates – and Quicken mortgage rates – are slightly above the market average every day.
However, keep in mind that the interest rates given are only intended as a benchmark, and depending on the strength of your borrower, your interest rates may be lower than most others.
Estimates for 30 year fixed rate mortgages from large banks
Rocket mortgage (Quicken Loans)
Bank of America
Average 30-year interest rate, 2019
Monthly P&I payment
Median loan costs, 2019
Median Origination Charges, 2019
Average interest rate and fee data comes from public records required by the Home Mortgage Disclosure Act (HMDA).
According to public records, Rocket & Quicken customers had average borrowing costs of $ 5,075 in 2019, of which $ 2,805 was attributable to the lender's own origination fees.
* Monthly principal and interest payment based on a home price of $ 250,000 with a 20% decrease at an average 30-year interest rate of each lender for 2019. Your own interest rate and monthly payment will vary.
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Rocket Mortgage vs. Quicken Loans
Rocket Mortgage and Quicken Loans are owned by the same company. However, they serve slightly different purposes.
Rocket Mortgage is Quicken's premier online platform. It takes care of the application process and accepts mortgage payments.
Quicken does more work behind the scenes. It draws and processes the loans that customers request.
Regardless of whether you apply through Rocket Mortgage or directly through Quicken, the same qualification standards and tariff apply to you. So don't expect to get a better deal from Rocket than Quicken, or vice versa.
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Rocket mortgage review for 2020
Rocket Mortgage is described as follows:
"If you don't have the patience for banks and want to see your mortgage options quickly and easily, give Rocket Mortgage a try."
Is this fully digital lender really worth it?
One thing to keep in mind is that Rocket Mortgage doesn't stand out for its average interest rates at best.
One area where Quicken Loans, including Rocket Mortgage, is successful across the industry is customer service.
The lender has completed J.D.'s 2019 Primary Mortgage Satisfaction Survey Power exceeded. And that was the tenth year in a row that it held this place.
Rocket Mortgage and Quicken have been jointly recognized for customer satisfaction over the past decade. Image: Accelerate
So if you want to be satisfied with your mortgage and the service you get on the go, it will be difficult to beat Rocket or Quicken.
Of course, this only applies to those who are familiar with Rocket Mortgage's online application process.
Of course, the lender promises "expert advice when you need it". The whole idea, however, is that the system itself is so competent that it gently guides you through the entire experience.
And it helps if you are a “good” borrower: reasonably creditworthy and with debts that you can easily afford.
However, the website states that this lender will maintain applications from people with a score of only 580.
Pre-approval for Rocket Mortgage
Rocket Mortgage offers online pre-approval for home buyers and refinancers.
To be pre-approved by Rocket, start on the company's online portal. Answer a few questions about your income, wealth, and debt. Then Quicken (Rocket's parent company) verifies your financial information by checking your payslips and recent bank statements.
Rocket and Quicken say they will complete the pre-approval process in just 24 hours. Here you can start pre-approving your rocket mortgage.
Working with rocket mortgage
We’re looking at one of the real innovators in the mortgage industry. So you won't be surprised if you visit the Rocket Mortgage website and find one of the best.
Unlike some competitors, the numbers included in the price should generally be reliable.
Yes, you must be absolutely honest with the information you provide. And yes, you can adjust things later when you need to finalize the price of the house you buy or change that amount after a review.
You also have a good selection of options if you want to purchase discount points. In this case, you pay a little more in advance when buying to buy a lower mortgage rate.
However, if you don't change such things yourself, you can generally rely on the price quote received online to be precise.
Once Rocket Mortgage approves you and accepts an offer, you can proceed.
And the website continues to offer extensive functions.
It provides a secure environment where you can communicate with loan officers, upload documents, monitor your credit information, and access your closing documents.
If you really don't want to speak to someone else, you can choose to communicate through the "Talk to Us" page. However, you always have the option to speak to a real live credit expert by phone.
Rocket Mortgage customer service reviews
When it comes to information about Rocket Mortgage customer service, it is more likely to be treated as part of Quicken Loans. That is fair enough. After all, Quicken is an “experience” (or brand), not an independent company.
Mortgage complaints from major lenders
Mortgage origins 2019
Complaints per 1,000 mortgages
2019 JD rated power
Rocket mortgage (Quicken Loans)
Bank of America
As mentioned above, Rocket Mortgage and Quicken Loans set a bar for customer service that others simply cannot resolve.
Fairway Independent Mortgage came very close in 2019. However, he failed to finish Quicken Loans' ten-year run as the leading mortgage lender.
And it's not surprising that Rocket / Quicken's high levels of satisfaction translate into minor complaints.
The Federal Regulatory Authority Consumer Financial Protection Bureau maintains a public online database with consumer complaints against mortgage lenders. And in that, Quicken Loans has one of the lowest (perhaps the lowest) number of complaints – with less than half a complaint per thousand mortgages.
Mortgage loan products at Rocket Mortgage
As expected, the Rocket Mortgage product portfolio is the same as Quicken Loans. Options include:
Fixed rate mortgages (FRMs) – Most people want their fixed rate loans to run for 30 years. With Rocket, however, you can choose a term of eight to 30 yearsVariable Rate Mortgages (ARMs) – These are initially cheaper than fixed-rate mortgages, but later involve the risk of higher interest rates. You can set your interest rate for a period of five, seven or ten years. Then he moves up and down with the market FHA loan – These are supported by the Federal Housing Administration and are ideal for people with incomplete loans and low down payments (min. 3.5 percent of the purchase price). But they come with expensive monthly mortgage insurance paymentsVA loan – For eligible service members, veterans and surviving spouses. No down payment, even simpler credit requirements, and no ongoing payments for mortgage insuranceJumbo loan – Borrow up to $ 3 million when standard credit caps limit your style
The only thing Rocket really doesn't offer is a proprietary loan product. Some other lenders – mostly big banks – create their own types of credit, often with a low down payment and no mortgage insurance.
Rocket's mortgage loan portfolio, however, is so wide that this is not a problem for most people.
Where Can You Get A Mortgage With Rocket Mortgage?
NMLS ID: 3030 (Quicken Loans Inc.)
Here we usually inform you about a lender's branch network. But Rocket Mortgage doesn't have one.
Rocket Mortgage, a subsidiary of Quicken Loans, is licensed to lend in all 50 states. However, Rocket does not operate physical branches in any state.
Of course, you can speak to loan officers by phone. And they can call you or send you an email – most likely at the end when you take out your loan.
But it is quite possible that the first human interaction that you have to complete when your new home becomes yours.
If you find this prospect unattractive, Rocket Mortgage is probably not the right lender for you.
However, more and more borrowers like and want an online experience. And for these people, Rocket Mortgage's fee leads to a better home loan experience.
Rocket mortgage FAQ
What is rocket mortgage?
Rocket Mortgage is an online mortgage platform offered by Quicken Loans. The two companies have the same loan types and prices but a slightly different experience. With Rocket, you can complete the mortgage or refinancing process 100% online – including electronically signing your closing papers from home. This is said to be the easiest and quickest way to get a Quicken mortgage.
What is the minimum credit score for Rocket Mortgage?
Rocket Mortgage enables credit scores starting at 580 for FHA loans. Other types of loans have higher credit rating requirements. Rocket's minimum credit value is 620 for conventional and VA loans.
Does Rocket Mortgage Make VA Loans?
Yes – Rocket Mortgage offers VA loans to qualified service members and veterans. VA mortgages, supported by the Department of Veterans Affairs, allow zero down payment and typically have lower mortgage rates than other loans. To receive a VA loan from Rocket or its parent company Quicken, you need a credit score of at least 620.
Can I get a Rocket Mortgage home loan?
Rocket Mortgage does not offer home loans. Nor did the parent company Quicken. However, Rocket Mortgage and Quicken both offer disbursement refinancing. This is another way to tap your home equity.
How long does it take to get Rocket Mortgage approval?
According to Rocket Mortgage, customers can pre-approve a mortgage within 24 hours.
Note: The pre-approval differs from the pre-qualification. Pre-approval checks your income, assets, and credit so that the amount for which you have approved a loan is actually checked. At Rocket Mortgage, this is known as "Verified Approval".
Pre-qualification is faster, but it's just an estimate of what you can afford based on your answer to some questions. You cannot make an offer for a home based on pre-qualification. At Rocket Mortgage, this is known as "prequalified approval". (You can see how the terminology can get confusing.)
How much does it cost to get Rocket Mortgage?
Expect Rocket Mortgage closing costs to be between 3% and 6% of your loan amount. For a $ 250,000 loan, this means that the closing costs can range from $ 7,500 to $ 15,000.
Keep in mind, however, that the percentage usually drops as the loan size grows. For example, you are unlikely to pay Rocket $ 15,000 in closing costs for this $ 250,000 loan – they would likely be closer to the 3% end.
Is Rocket Mortgage The Best Mortgage Lender For You?
Rocket Mortgage and its parent company Quicken are the most popular mortgage companies in the United States. This is probably because they offer great customer service and a host of great online tools.
In other words, if you want to take out a mortgage quickly and easily, Rocket is worth a look.
Remember that the prices of a single company are not competitive for everyone.
You can compare a Rocket Mortgage credit estimate with some other companies to make sure you get the best deal possible.
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