Rocket Mortgage is an online mortgage lender owned by Quicken Loans, the nation’s highest-rated mortgage servicer for six years running, according to J.D. Power.
Though Rocket Mortgage borrowers apply for their loan through the company’s digital platform, Quicken Loans actually processes the loan.
Rocket Mortgage offers a totally online-based application. Borrowers can choose to connect with a Rocket Mortgage representative via phone if desired, but it’s not necessary, and the entire loan process can be completed online for most borrowers.
Rocket Mortgage is one of our vetted partner lenders, and you can use Credible to compare prequalified rates from Quicken Loans and other lenders in just a few minutes.
But before you decide if Rocket Mortgage is right for you, here’s what you should know:
- Rocket Mortgage home purchase review
- Rocket Mortgage refinancing review
- How Rocket Mortgage can improve
- Compare multiple lenders first
Rocket Mortgage home purchase review
Best if:
- You want a self-service, fully digital mortgage process
- You have at least a 580 credit score
- You have a traditional job with a W-2
- You’re not buying a mobile or manufactured home
Rocket Mortgage offers all types of mortgage loans, including FHA, conventional, VA, and jumbo mortgages. You can buy a primary home, second home, condo, or investment property through their online process, but not a mobile home or manufactured home. They also require a credit score of at least 580 to qualify.
One of the biggest perks of Rocket Mortgage is that its online application and pre-approvals are up and running 24-7, so you can apply, gauge your mortgage options, and lock in your rate on your own schedule.
Ultimately, Rocket Mortgage says it’s best if you’re close to purchasing a home before you use its service. If you’re six months or more from buying a home, consider using a mortgage calculator to help gauge your price range before you begin shopping for one.
Once you’re closer to purchasing, you can apply for a mortgage pre-approval with Rocket (or another lender of your choice).
Learn More: How to Get a Mortgage Pre-Approval
If you’re considering Rocket Mortgage for your home purchase, here’s what you should know:
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| Credible rating | 
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| Mortgage programs | FHA, conventional, VA, jumbo |
| Rates and fees | 2% to 5% in closing costs |
| Min. down payment | Usually at least 3%, though it depends on the type of mortgage loan you choose |
| Min. credit score | 580 |
| Eligible properties |
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Rocket Mortgage refinancing review
Best if:
- You want your closing costs rolled into your new loan balance
- You want to lower your payment, take cash out, or shorten your loan term
- You have at least a 580 credit score
- You’re not refinancing a mobile or manufactured home
Rocket Mortgage also offers refinancing on primary homes, second homes, investment properties, and condos. Mobile and manufactured homes are ineligible.
You can choose to refinance to lower your payment or rate, take cash out of your home, shorten your loan term, or a combination of any of these in some cases.
The company offers a variety of refinance programs, including FHA streamlines and VA Interest Rate Reduction Refinance Loans (IRRRLs). Rocket Mortgage does not offer home equity lines of credit (HELOCs).
The biggest benefit of refinancing with Rocket Mortgage is that your closing costs can be rolled into the loan balance, making your refinance significantly more affordable upfront.
Just be careful here: Financing your closing costs will mean a higher loan balance and, ultimately, that equates to more interest paid over the life of the loan.
If you’re thinking about refinancing with Rocket Mortgage, here’s what you need to know:
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| Credible rating |
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| Mortgage programs | Conventional, FHA, FHA streamline, VA, VA IRRRL, jumbo |
| Refinance options | Rate and term, cash-out |
| Min. cash to close | None (all upfront costs are rolled into the new mortgage) |
| Min. credit score | 580 |
| Eligible properties |
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Find Out: How Much Down Payment Do You Need to Buy a House
Find My Refi Rate
Checking rates will not affect your credit
How Rocket Mortgage can improve
- Be more accommodating to the self-employed. The company could make its online process more friendly to self-employed borrowers.
- Be more upfront with terms and eligibility. Being more upfront about the exact eligibility requirements and terms offered on each loan product would be beneficial. Currently, borrowers have to fill out an entire online application to see what types of loans, rates, and terms are available.
See: First-Time Homebuyer Tips: 10 Mistakes to Avoid
Compare multiple lenders first
It’s important to remember that Rocket Mortgage is only one option when it comes to refinancing your mortgage or buying a house. To ensure you’re getting the best loan and rate, it’s critical to shop around and compare several mortgage lenders before making a decision.
Rocket Mortgage is one of our vetted partner lenders, and you can use Credible to compare prequalified rates from Rocket and our other partner lenders in just a few minutes.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
