Rocket Mortgage Overview 2022 | Higher Credit score Weblog



Rocket Mortgage Firm is a subsidiary of one of many nation’s largest lenders — Quicken Loans.

In truth, Quicken Loans is now thought-about to be the biggest retail mortgage lenders in the US.

The corporate opened Rocket Mortgage in 2016 to faucet into the online-only mortgage course of house.

Their standing as a handy on-line mortgage lender has helped them turn into one of the fashionable mortgage suppliers within the trade.

For those who’re looking for a mortgage lender to your subsequent property buy, you’re in all probability evaluating a number of suppliers.

Providing among the lowest rates of interest and aggressive mortgage phrases on the market, they’re a fantastic choice with each first-time house patrons and seasoned mortgage house owners trying to refinance.

Is Rocket Mortgage Legit?

rocket mortgage home loans logo

For those who’re trying to find mortgages, there’s an excellent probability that you just’ve seen some on-line commercials from Rocket Mortgage.

As a borrower, it’s important to work with a mortgage dealer that you could belief.

Thankfully, Rocket Mortgage is backed by one of the respected mortgage lenders within the trade.

Its connection to Quicken Loans is robust proof that it’s a official firm, incomes its license NMLS ID# 1617539.

To gauge the fame of this Detroit headquartered firm, think about shopper sentiment relating to its dad or mum firm, Quicken Loans, who earned the #1 in buyer satisfaction from JD Energy and Co.

A look on the agency’s Higher Enterprise Bureau (BBB) profile signifies this can be a robust performer when it comes to shopper safety.

Quicken Loans has an A+ score, in addition to loads of optimistic suggestions from comfortable prospects.

Whereas there are a number of complaints hosted on shopper watchdog teams, that is to be anticipated for any mortgage lender.

How Does Rocket Mortgage Work?

As talked about beforehand, they’re solely an internet lender.

Which means that there are not any brick-and-mortar lending places.

Whereas this may appear to be an odd approach to pursue a mortgage, it’s confirmed to be a handy choice for a lot of American owners.

Select The Mortgage Sort You Want

If you wish to apply for a mortgage, head on to their web site to start filling out an internet utility.

You’ll want to decide on if you happen to’re making use of for a standard standard mortgage or a mortgage refinancing mortgage.

Rocket Mortgage will then ask you a sequence of related questions on your self, your earnings, your financial institution statements, pay stubs, and different key private particulars earlier than awarding pre-approval standing.

Add Monetary Data

Generally, you may mechanically add your asset and earnings data from monetary establishments in addition to any sorts of money owed whether or not bank cards or different loans.

All in all, your complete utility course of ought to take lower than half-hour, no matter whether or not you’re making use of for a mortgage or refinancing.

For those who’re filling out a refinancing mortgage utility, Rocket Mortgage will mechanically supply public property information to evaluate the worth of your property.

Moreover, the platform has a spread of qualification verification instruments that assist automate your complete resolution course of.

It’s potential that you just may obtain immediate approval.

Relying in your credit score report, you may refinance your mortgage to decrease your month-to-month funds and even roll all of your closing prices together with any mortgage origination charges.

Whereas the interface is extraordinarily intuitive, it may be exhausting to fill out your first on-line mortgage utility.

Thankfully, they provide tons of useful data all through the method, together with a mortgage officer assigned to your mortgage.

There are query marks displayed all through the appliance. Click on on them to view helpful details about a time period or a step within the utility.

To get began, simply go to the Rocket Mortgage web site and select which sort of mortgage that you’re on the lookout for, it’s that straightforward!

Get Began with Rocket Mortgage

Rocket Mortgage Mortgage Choices

Rocket Mortgage provides two main mortgage merchandise: mortgages and mortgage refinance loans.

Sadly, they don’t provide house fairness loans (HELOC) or reverse mortgages however do provide cash-out refinancing mortgages.

Between the 2, there are a number of sub-categories which are out there relying on the eligibility and necessities of the borrower.

For those who’re on the lookout for a mortgage, you may entry the next choices:

  • Typical Mortgage together with Freddie Mac and Fannie Mae
  • FHA Loans
  • VA Loans
  • USDA Loans
  • Fastened-Charge Mortgages
  • Adjustable-Charge Mortgages
  • Jumbo Loans

Rocket Mortgage {Qualifications}

For those who’re planning on making use of for a mortgage, whether or not you’re a first-time homebuyer or taking pictures for a refinance, it’s all the time a good suggestion to test if you happen to’re eligible for a lender earlier than you submit an utility.

In contrast to some trendy lenders, Rocket Mortgage sticks to conventional lending necessities if you happen to’re making use of for a brand new mortgage.

The corporate will assess your credit score rating and debt-to-income ratio ensuring you may afford the month-to-month mortgage funds.

Sometimes, they provide mortgages beginning with a minimal credit score rating of 620. Additionally, you will want a minimal down cost of three% for conventional mortgages.

You may have the ability to apply for a mortgage with a decrease credit score rating if you happen to’re searching for an FHA mortgage.

This being stated, it is best to make clear this with Rocket Mortgage earlier than submitting your mortgage utility.

For those who want a lender that appears at various credit score scores or indicators, this isn’t the precise lender for you.

There’s no level making use of for a mortgage if you’ll obtain an computerized rejection — a exhausting credit score test can injury your credit score rating.

Execs and Cons

As with all mortgage lender, there are professionals and cons related to Rocket Mortgage.

As a accountable borrower, it’s essential to weigh up the benefits and drawbacks earlier than you make a borrowing resolution.

Beneath, let’s check out the core professionals and cons:


  • Backed by one of many largest mortgage lenders on this planet
  • Sturdy buyer suggestions — good fame on shopper watchdog teams
  • A wholly on-line platform and utility
  • Robotically import belongings and earnings information throughout the utility course of
  • Gives each mortgages and refinancing merchandise
  • A fast, painless utility course of


  • You received’t obtain the non-public customer support you discover at a financial institution department
  • Closing prices with Rocket Mortgage could be between 3% and 6% of your mortgage quantity
  • You’ll be able to’t apply for Residence Fairness Traces of Credit score through this lender
  • You might want to have above a 620 credit score rating to use for its conventional mortgage merchandise
  • ​If you must put down a decrease down cost quantity, Rocket Mortgage requires you to pay for personal mortgage insurance coverage

Is Rocket Mortgage Proper for You?

On the finish of the day, Rocket Mortgage is a dependable choice for debtors who don’t need to undertake the standard mortgage utility course of.

f you’d desire to remain house and apply for house financing on-line, this streamlined lender provides you flexibility and comfort.

Additionally, its big selection of mortgage merchandise implies that FHA, VA, and USDA mortgage seekers are welcome to use through Rocket Mortgage.

For those who do determine to use for a mortgage or mortgage refinancing mortgage through rocket mortgage, head to their web site and start the method. You’ll be able to entry the appliance straight from the homepage.

If you wish to examine Rocket Mortgage towards different lenders, make sure that to take a look at among the different opinions posted on our web site. We cowl a broad vary of mortgage lenders in the US.


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