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Rocket Mortgage Review 2024

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At a glance

Rocket Mortgage
NMLS: 3030
Editor's take

Rocket Mortgage pioneered the all-online loan application, and it still sets the standard in many ways today, with J.D. Power ranking the lender second for mortgage origination customer satisfaction and first for mortgage servicer satisfaction in 2023. Still, while the lender offers conveniences like a seamless app and verified approval letters, its rates are often higher than those at banks and other lenders.

Bankrate Score
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4.6
Rating: 4.6 stars out of 5
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Bankrate Score

Customer Rating
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4.8
Rating: 4.82 stars out of 5

2,591 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Location

Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 10%-15% for jumbo loans, 3.5% for FHA, none for VA loans

At a glance

Rocket Mortgage

NMLS: 3030

4.6

Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Rocket Mortgage overview

Rocket Mortgage is the leading mortgage lender in the U.S., closing $78.7 billion in loans in 2023. As the biggest mortgage originator, it handles large volumes of conventional loans, FHA mortgages and VA mortgages. Its offerings include a 1 percent conventional loan and an equity product to help homeowners take advantage of higher home values.
 
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Bankrate insight

When taking out a conventional loan, first-time buyers are required to put at least 3 percent down. Rocket's ONE+ program lowers that minimum to just 1 percent, covering the remaining 2 percent through a grant.
 

Pros and cons of Rocket Mortgage

Pros
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    Scores highly customer service

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    Contact options include chat and screen-sharing

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    Up to $10,000 rebate for buying and selling through affiliate Rocket Homes

Cons
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    Rates often higher than average

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    No branch locations

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    No USDA loans

Our Editor’s Take on Rocket Mortgage

Rocket Mortgage pioneered the all-online loan application, and it still sets the standard in many ways today, with J.D. Power ranking the lender second for mortgage origination customer satisfaction and first for mortgage servicer satisfaction in 2023. Still, while the lender offers conveniences like a seamless app and verified approval letters, its rates are often higher than those at banks and other lenders.

How Bankrate scored Rocket Mortgage

  • Affordability: Rocket Mortgage’s rates consistently run above Bankrate’s averages, and you’ll pay some lender fees.
  • Availability: Rocket works with borrowers nationwide, and it recently added home equity loans to its product mix.
  • Borrower experience: J.D. Power gives the lender high marks for customer satisfaction, in part thanks to its all-digital mortgage process.

Affordability: 8.4/10

Rocket Mortgage isn’t the cheapest option out there. The lender’s advertised rates are often higher than Bankrate’s national averages, and you’ll also pay lender charges, such as origination and rate-lock fees.

Availability: 10/10

Rocket Mortgage lends in every state in the country, and offers a wide range of loan options that can serve just about every type of borrower. Plus, the lender accepts credit scores as low as 580 for FHA loans and VA loans, so those with subpar credit who are otherwise eligible for a loan could still qualify. The lender also offers the Fresh Start program to pair borrowers who need help improving their credit with financial consultants. The program is free and available by calling 800-769-6133.

Borrower experience: 9.3/10

While Rocket Mortgage does have its share of customer complaints, the lender ranks near the top for customer satisfaction in the mortgage industry, according to J.D. Power. The lender is also the gold standard as far as experience. If you have a regular job, every part of the mortgage application process can happen online (if you’re self-employed, you’ll need to connect with a human at some point). The lender has a mobile app that allows you to get preapproved, upload documents and e-sign from your phone. If you want additional assistance, the lender offers customer assistance via online chat seven days a week.

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Bankrate staff insights

"Their app is very easy to use, which I appreciate since I hate calling 1-800 numbers. I can log in quickly and immediately see my payments and when the next one is coming up. In the app, you can access endless documents you may need as well such as escrow and tax forms."


- Natasha Cornelius, Editor, Bankrate


"My favorite feature is the website and UI. It's very well done and easy to navigate. My advice to others would be to make sure you fully understand the terms if you are buying points. It wasn't very apparent to me how long it would take to see the benefit of buying down the rate."


- Robert Vrabel, Senior engineer, Bankrate


"When I last took a loan through Rocket in 2007, it had a fairly high-tech process for dealing with all the paperwork, showing you the status of your loan, etc. My biggest complaint with Rocket is that when I checked their rates in 2021 when I was looking to refi, their reps were really pushy following that initial rate check. They called/emailed me multiple times trying to get me to start the refi process, and it overall felt very like "used car sales" tactics. "


- Red Ventures staffer (Bankrate parent company)

Learn more: How to choose a mortgage lender

How to apply for a mortgage with Rocket Mortgage

You can apply for a mortgage with Rocket Mortgage online or by phone at 833-326-6018. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for.
  2. Gather personal and financial documents. Be prepared to supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements. If you own other real estate, you’ll need to provide information about that, too.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Rocket Mortgage

Rocket Mortgage offers both rate-and-term and cash-out refinancing options.

Learn more: When should you refinance your mortgage?

Special programs from Rocket Mortgage

ONE+

When taking out a conventional loan, you’re required to put down at least 3 percent. If you’re eligible, Rocket’s ONE+ program lowers that minimum to just 1 percent, covering the remaining 2 percent through a grant. The program also covers private mortgage insurance (PMI) at no cost.

Rocket credit card

Rocket Mortgage’s Visa Signature Card offers a generous 5 percent back on all purchases, up to the limit, with the catch that the rewards are worth full value only if you ultimately get your home loan from Rocket Mortgage. That can discourage you from shopping around for a mortgage, a practice that could save you more money than the credit card’s cash back.

Rocket Rewards

Rocket Mortgage has taken a page from the likes of Starbucks and American Airlines with its Rocket Rewards program, which allows homebuyers to earn points by completing various activities on the lender’s website, including watching videos, reading articles about homeownership and using a mortgage calculator. You can then redeem the points for savings when closing your Rocket loan.

Rocket Mortgage customer ratings and reviews

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NMLS: 3030

4.8

Rating: 4.82 stars out of 5

2,591 ratings

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This lender has 9 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.8 stars out of 5
Professionalism
Rating: 4.8 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
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92%
4%
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3%

96% of customers would recommend this lender.

of 9 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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