Rocket Mortgage is a digital-first mortgage lender. It is the largest lender by volume and has closed 7.5 million homes to date. Its robust loan options include a loan that favors first-time homebuyers who are eligible with a 1% down payment.
Rocket Mortgage has faster approvals. The average time to close a loan is 15 days faster than that of other lenders.
How the Rocket Mortgage Process Works
The Rocket Mortgage process is pretty seamless. Here is how it works:
Application Process
You can apply for a Rocket Mortgage loan either online or over the phone. The online process is straightforward–you can complete your application, upload documents, and track your loan status all in one place. If you prefer speaking with someone, representatives are available by phone during the following hours:
- Monday-Friday: 7 a.m. to midnight ET
- Saturday: 9 a.m. to 8 p.m. ET
- Sunday: 9 a.m. to 7 p.m. ET
In-person applications aren’t widely available since Rocket Mortgage has limited branch locations.
Speed of Preapproval
To get a quick prequalification for a loan, Rocket Mortgage will give a quick estimate based on an initial credit check and self-reported financial information. This prequalification process and approval can typically be completed within a day.
To get preapproved, you’ll need to provide documentation so the lender can verify your income and assets. An underwriter will review your financial details in depth to determine how much you can comfortably borrow for a mortgage.
How Documents are Submitted
Documents are submitted online to a secure Rocket Mortgage portal.
Level of Customer Support
There are several ways you can reach Rocket Mortgage customer support.
- Phone Support: Available at (888) 452-8179, with extended hours on weekdays and weekends.
- Online Chat: Rocket Assist provides 24/7 automated support, with live agents available during extended hours.
- Email Support: You can reach out via email for assistance with your application or loan process.
Pros and Cons of Rocket Mortgage
Here are the pros and cons of Rocket Mortgage loans:
Pros:
- You can complete a loan application via the mobile app.
- Rocket Mortgage has fast closing times.
- Rocket Mortgage offers conventional loans, FHA loans, VA loans and jumbo loans.
Cons:
- Rocket Mortgage has higher interest rates and origination fees.
- This lender does not offer USDA loans, home equity lines of credit (HELOCs), reverse mortgages or construction loans
- There are limited physical branches. Rocket Mortgage ranches are available only in Phoenix, Cleveland and Detroit.
Rocket Mortgage Loan Options
Rocket Mortgage offers a generous selection of loan options. Find out which loan works best for your situation:
Fixed Rate Loans
You can choose between a 15-year or 30-year fixed-rate mortgage, which means your interest rate stays the same for the entire loan term. This provides predictable monthly payments, making it easier to budget. To qualify, you’ll need:
- A debt-to-income (DTI) ratio below 50%
- A minimum credit score of 620
- A down payment as low as 3%
Adjustable-rate Mortgages
The interest rate can adjust over time, but these loans usually start with a lower initial rate. To qualify, you’ll typically need a credit score of at least 620 and a debt-to-income (DTI) ratio below 50%.
FHA and VA Loans
FHA Loan (Rocket Mortgage)
- Minimum credit score: 580
- Down payment: 3.5% of the loan amount
VA Loan (Rocket Mortgage)
- Eligible borrowers: veterans, active-duty service members, and certain military spouses
- No down payment required
- No private mortgage insurance (PMI)
- Loan options: Fixed-rate VA loans: 30, 25, 20, or 15 years, Jumbo VA and fixed-rate loans
Jumbo loans
A jumbo loan offers a higher amount than what would be considered for a fixed-rate or traditional loan. Rocket Mortgage offers jumbo loans starting at $766,550.
Refinance options
Rocket Mortgage offers several different refinance options. Those options include rate-and-term refinance, cash-out refinance, FHA Streamline refinance, jumbo loan refinance and home equity loans.
- Rate-and-term refinance. You can adjust the loan term or interest rate to reduce the monthly payment. You typically need 20% home equity.
- Cash-out refinance. Tap into home equity by replacing your existing mortgage with a larger one and receiving the difference in cash. You can borrow up to 80% of your home’s value.
First-time homebuyer programs
- ONE+ by Rocket Mortgage®. A program designed to assist low- to moderate-income borrowers with a 1% down payment, and Rocket Mortgage contributes an additional 2% toward the down payment.
- HomeReady® and Home Possible®. Programs aimed at low- to moderate-income borrowers, offering low down payment options and flexible underwriting.
Rocket Mortgage vs. Other Mortgage Lenders
How does Rocket Mortgage compare to other mortgage lenders? Take a look at this chart to find the best fit for you.
| Feature | Rocket Mortgage | Bank of America | SoFi |
|---|---|---|---|
| Apply Online | Yes | Yes | Yes |
| Fast Preapproval | Yes (same day) | Yes | Yes |
| In-Person Help | No (online/phone) | Yes (phone, chat, in person) | No (phone, online) |
| Mobile App | Yes | Yes (Bank app) | Yes |
| Loan Types | Many options | Multiple options | Multiple loans |
| Clearly Stated Fees | Yes | Yes | Yes |
Who Should Consider Rocket Mortgage?
What are your chances of getting approved for a Rocket Mortgage? Check out who Rocket Mortgage is best for and who isn’t an ideal candidate.
Best For
- First-time homebuyers. At Rocket Mortgage, eligible homebuyers may qualify for a 1% down payment. First-time homebuyers will experience fast preapproval and closing times.
- Digital-savvy borrowers. Those who like mobile apps will find Rocket Mortgage’s loan application an easy process through their electronic devices.
- W-2 earners. Those with consistent and steady income will find the Rocket Mortgage application and approval process smooth.
Not Ideal For
- Individuals with a low credit score. Rocket Mortgage prefers credit scores of 620 or higher. Those with lower scores may struggle to get a loan.
- Not for individuals who prefer in-person branches. Rocket Mortgage has limited in-person branches, so those who like to conduct their transactions via phone or computer may find the process cumbersome.
What Real Customers Say About Rocket Mortgage
When evaluating a mortgage lender, it is good to know how other customers rated services. Here’s a sample of what people think about Rocket Mortgage:
TrustPilot
Rocket Mortgage received 4.7 out of 5 stars on TrustPilot. Reviewers complimented the process, calling it simple and easy. Customer service was also mentioned as a positive.
Zillow
Zillow rates Rocket Mortgage 4.8 out of 5 stars with customers stating that the process was fantastic, and customer services answered every question.
BBB
Rocket Mortgage has been accredited for the last 23 years on the BBB and is rated as A+ on the site.