Do you often dream of buying a house of your own? Decorating it the way you want to, to invite over your friends and chill?
But every time you look at your bank account, there is never enough money to buy one or, even worse, not having a mortgage for home loan approval?
Do not worry! In this Rocket Mortgage Reviews, you will find a solution to this problem, and finally, you will be able to buy a beautiful house for yourself.
Read till the end to not miss any essential information.
Summary
| Guide | Rocket Mortgage Reviews |
|---|---|
| Founded | 1985 |
| Features | Online process, customized loan options and more |
| Minimum credit score | 580 or above |
| Payout limit | $2 million to $2.5 million |
| Downpayment cost | 0% to $3% |
| Processing fee | $1200 |
| Rating | 4.8\5 |
| Website | Click here |
Key Takeaways
- Rocket Mortgage is a full-digital service and offers 24×7 support.
- With Rocket Mortgage, you can get help with VA, FHA, Jumbo, Conventional, and other loans, excluding home equity, USDA, and HELOCs.
- Rocket Mortgage charges $1200 for underwriting and processing fee but does not charge any monthly fee.
- It has a rating of 3.9/5 stars on Trustpilot.
What Is Rocket Mortgage?
Founded in 1985, this Detroit-based company called Rocket Mortgage is the first mortgage company that has made it possible to refinance or buy the house of your dreams.
It was initially a part of Quicken Loans, but very recently, it has changed its name to Rocket Mortgage.
It offers many kinds of home loans, including Jumbo, mortgages backed by the U.S. Department of Veterans Affairs (VA), the Federal Housing Administration (FHA), conventional loans, etc.
The maximum amount that Rocket Mortgage issues are $2.5 million and $2 million for refinancing.
And the best part is that the repayment term can be from anywhere between eight to thirty years, giving you the flexibility to pay an amount that suits you best.
Detailed Article How Do We Review A Mortgage Refinance Company?
Also Read: LenderFi Review | Why Is It The Best Mortgage Lender?
Features And Service
- Easy online process – The entire application process is online and very straightforward and easy. You can check your status at any time on their portal.
- Multiple Loan options – Rocket Mortgage offers multiple options of loans and also offers customizable loan options.
- Customer Service – Rocket Mortgage is well known for its great customer service.
Rocket Rewards
Pros And Cons
Pros
- Low downpayment option (as low as three percent)
- Effective loan calculator.
- Fully digital process.
- Customer service is available 24×7, seven days a week.
Cons
- Doesn’t offer home equity loans, USDA loans, or home equity lines of credit (HELOCs).
- No brick-and-mortar locations
Types Of Loans Offered
Rocket Mortgage offers the following kinds of loan options:
- Fannie Mae HomeReady
- VA
- Conventional
- VA IRRRL
- Freddie Mac Home Possible
- FHA cash-out refinance
- VA cash-out refinance
- FHA
- Jumbo
- FHA streamline refinance
Additionally, it also offers adjustable-rate mortgages including the following:
- A five-year ARM with a VA loan or FHA.
- A five-seven or 10-year ARM with a conventional loan
Payout Limit
Rocket Mortgage does not have a minimum amount of loan, which is a relief to those who want small-mortgage loans for less expensive homes.
As far as the maximum amount is concerned, Rocket Mortgage offers a maximum of $2.5 million for a Jumbo loan and $2 million for a VA loan.
Also Read: Guild Mortgage Review
Borrowing Requirement
There are different requirements that different mortgage companies require. Let’s have a look at Rocket Mortgage’s requirements.
Minimum Credit Score
- 580 for an FHA loan
- 680 for a jumbo loan
- 580 for a VA loan
- 620 for a conventional loan
Minimum Down Payment
The downpayment amount that you are required to pay is slightly less; for example, they require 3.5% for FHA loans, 0% for VA loans, 3% for certain conventional loans, etc.
Debt-to-Income (DTI) Ratio
The Debt-to-income ratio differentiates by the kind of loan that you choose.
This may include the following:
- 45% for a Jumbo loan.
- 50% for Conventional.
- 60% for VA.
- And FHA is Determined by an automated underwriting system.
Fees
Rocket Mortgage charges $1200 for underwriting and processing fee.
It also locks your rates for 15, 45, 60, or 90 days and offers a five-day extension costing 0.125 points of 0.25 points for fifteen days extensions.
So once you lock your rate with them, you do not get a float-down option, meaning, if the rates drop, then you will have to cancel the application and start over again.
Prepayment costs
Rocket Mortgage will not penalize you for making a prepayment, nor does it charges any monthly fee on installments, unlike many other similar companies.
How to get started?
It is straightforward to apply for a loan and submit all the documents.
For this, you just have to go to their website or app and fill in the information and submit the below-mentioned documents:
- Income and employer information.
- Email address concerning each person on loan.
- Statements for checking, retirement, savings accounts, online banking username, and password.
- Social Security number.
Once you fill in all the relevant information and submit your documents, Rocket Mortgage will verify this and your credit score to approve or disapprove your application.
Customer Service
Rocket Mortgage offers good customer support.
You can either call them at (888) 452-8179 this number, or you can live chat with them on their portal.
They are available from Monday to Friday from 7:00 a.m. to midnight ET and Saturday & Sunday from 8:00 a.m. to midnight ET.
NPC Rocket Mortgage Ratings
| Type | Rating |
| Customer Service | 4.2/5 |
| Responsive | 4.4/5 |
| Affordable | 4.5/5 |
| Quality of service | 4.8/5 |
| Ease of use | 4.6/5 |
Also Read: QuickenLoans Review
Customer Ratings And Reviews
Rocket Mortgage has a collective rating of 3.9 stars given by a total of 4,046 people on Trustpilot. 67% of people have given it five stars, while 19% of people have given it one star.
Here is What Reddit Users Think
Rocket Mortgage
by u/Smith801 in FirstTimeHomeBuyer
Our Experience
We contacted Rocket Mortgage customer support to understand our eligibility and the type of loan that would be the perfect fit for us and to determine the amount that we will be required to pay if we choose their service.
And we must admit, everything went smoothly, the online portal was very easy to use, and the agent answered all our questions and dilemmas.
Overall, we had a good experience with Rocket Mortgage.
What Differentiates It?
There are a couple of good differentiating factors that you must consider yourself.
One of them is the fact that they charge significantly fewer downpayment fees, which are as low as 0% for VA loans and as high as only $3.5% for FHA loans.
Apart from this, Rocket Mortgage is a fully digital loan mortgage service making it stand out from the usual way of lending money.
Even the payout limit is quite decent, going up to $2.5 million. If you are looking for a home mortgage company, you must consider this option.
Comparison
| Guide | Rocket Mortgage | Nationwide Home Loans |
|---|---|---|
| Founded | 1985 | 2018 |
| Features | Online process, customized loan options, and more | Customized loan options, Multiple loan options, and more |
| Minimum credit score | 580 or above | 580 or above |
| Downpayment cost | 0% to $3% | 0% to $3% |
| Fees | $1200 | Not disclosed |
| Rating | 4.8\5 | 4.8\5 |
| BBB Rating | A+ | Not accredited |
Also Read Nationwide Home Loans Review
Final Verdict
To conclude, we would say that Rocket is a great choice for people who are looking for home loans instead of home equity loans and have a credit score of more than 580. Rocket is also our #1 pick for the best mortgage company.
With a low down payment fee, customizable options, and good customer service, we highly recommend you go for Rocket Mortgage.
We hope you found this article on Rocket Mortgage reviews useful.
FAQ’s
Where is Rocket Mortgage availbale?
States and the District of Columbia. You won’t be able to use the Rocket Mortgage loan if you reside outside of the U.S.A.
Does Rocket Mortgage service its own loans?
Yes, they service their own loan except Jumbo loans.
Is Nationwide Rocket Mortgage Legit?
Yes, it is legit and is even accredited by BBB.
What Minimim Credit Score Do I Need?
You should have a minimum credit score of 580 to be eligible for Rocket Mortgage.
Does Rocket Mortgage have a live chat option?
Yes, they do have a live chat option.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.