Rocket Mortgage is the most popular mortgage lender in the U.S., boasting the highest loan volume and market share in the industry, according to the Consumer Financial Protection Bureau.

Rocket Mortg🐲age was among the first online mortgage lenders, and it continues to offeꦆr a streamlined mortgage process from pre-approval to e-closing. 

It’s especially attractive for government-backed loans, where its interest rates are below the industry average. Depending on your location and financial situation, you may be able to take advantage of down payment assistance or buyer cred💞its to help make your home-buying journey more affordable.

Pros Explained

• Streamlined online application process: Rocket Mortgage offers an easy online application process, from pre-approval to an online closing, while still offering access to a real customer representative.
• Highly rated customer service: Rocket Mortgage ranks first in mortgage servicing and second in mortgage origination, according to 2023 J.D. Power studies.
• Flexible loan terms from 8 to 30 years: Rocket Mortgage offers standard 15- and 30-year loan terms, as well as its YOURgage program that allows you to choose any loan term as short as eight years.

Cons Explained

• Doesn’t offer USDA loans or HELOCs: Rocket Mortgage is missing some popular loan types, including USDA loans and 澳洲幸🍬运5官方开奖结果体彩网:home equity lines of credit (HELOCs).
• Above-average interest rates: Rocket Mortgage’s posted interest rates for fixed-rate 30-year loans are higher than the current average rates.
• No physical branches: Rocket Mortgage is an online lender, meaning there are no branches and no option for face-to-face service. However, Rocket Mortgage does have responsive customer service via phone or online chat.

Types of Mortgage Loans Offered b🧔y Rocket Moཧrtgage

The best type of loan for you depends on your financial and personal situation. Rocket Mortgage offers a vari🎃ety of loan types so that each borrower can choose the one that’s best for them. Here are the options Rocket Mortgage offers.

• 澳洲幸运5官方开奖结果体彩网:Fixed-rate conventional loans: Rocket Mortgage offers both 15-year and 30-year fixed-rate loans, which allow you to keep your mortgage rate for the entire loan term. It also offers special conventional loan programs, including HomeReady and HomePossible loans through 澳洲幸运5官方开奖结果体彩网:Fannie Mae and Freddie Mac.
• Adjustable-rate conventional loans: You can get an adjustable-rate mortgage (ARM) through Rocket Mortgage, with fixed periods of either five, seven, or 10 years, followed by adjustments every six months.
• 澳洲幸运5官方开奖结果体彩网:FHA loans: Rocket Mortgage offers FHA loans, which are available to borrowers with low credit scores. The minimum credit score requirement is 580, and you’ll need a down payment of 3.5%. Note that FHA loans require upfront and annual mortgage insurance premiums, but also offer competitive interest rates.
• 澳洲幸运5官方开奖结果体彩网:VA loans: VA loans through Rocket Mortgage are available to eligible current and former military service members. Rocket Mortgage has a minimum credit score of 580 for VA loans, which is lower than many VA lenders. These loans also require no down payment or mortgage insurance.
• 澳洲幸运5官方开奖结果体彩网:Jumbo loans: Jumbo loans are those that exceed the limits set for conforming loans. Rocket Mortgage offers jumbo loans of up to $2.5 million with a minimum credit score of 680 and a down payment of at least 10%.
• 澳洲幸运5官方开奖结果体彩网:Home equity loans: Rocket Mortgage’s home equity loans allow you to get cash out of your home without refinancing. This loan requires a credit score of at least 680 and enough equity to take out at least $45,000.

Rocket Mortgage Loan Features

Rocket Mortgage offers a v൲ariety of features that make it an attractive option for🌃 many borrowers. Let’s talk about a few noteworthy features.

• Educational tools: Rocket Mortgage offers a robust learning center covering home buying, home selling, mortgage basics, mortgage news, and more. It’s a great starting point for anyone preparing to buy or sell a home.
• Mortgage calculators: Rocket Mortgage offers various calculators to help you plan your home purchase. These include a home affordability calculator, mortgage calculator, rent-versus-buy calculator, home equity calculator, and more.
• Mobile app: Rocket Mortgage's mobile app allows you to manage all aspects of your mortgage application and loan. Features include a mortgage application, loan documents and information, mobile payments, home value estimates, and more.
• Down payment assistance: Rocket Mortgage offers down payment assistance through its ONE+ by Rocket Mortgage program. Eligible borrowers under a certain income limit can put down just 1% on their loan, while Rocket Mortgage will pay the other 2%.
• Mortgage rebates: Rocket Mortgage offers rebates to home buyers and owners who use its Rocket Homes platform to buy or sell their homes. You can get a rebate of up to 1.25% of your loan amount when you buy a home with Rocket Homes. And if you both buy and sell a home with Rocket Homes, you can get a rebate of 0.5%, up to $10,000.
• Buyer credits: Rocket Mortgage offers multiple credit options for buyers in certain metro areas. If you live in an eligible metro area, you can get a credit of $3,000 on your buying costs with the BorrowerSmart Access program and up to $7,500 with the Purchase Plus program.

How to Apply for a Rocket Mortgage Loan

Rocket Mortgage offers a primarily online mortgage process. The first step of getting a mortgage is creating an online account and then following the prompts to 澳洲幸运5官方开奖结果体彩网:get pre-approved for a loan. You’ll share information about your home-buying goals, as well as some personal and financial information. You may be asked fo🦩r:

• Identification 
• Proof of employment
• Income verification (including pay stubs, W-2 statements, and/or tax returns)
• Asset information
• Credit history

You’ll also have to consent to a credit check, but since it's typically only a soft credit check, it won’t affect your credit score. In the end, you’ll have the opportunity to chat with a mortgage expert and get pre-approved for your loan.

Once you’ve found the perfect home and have made an offer, you’ll submit an official mortgage application. You’ll then go through the underwriting process, where your personal finances will be analyzed to ensure you’re eligible for the loan. Finally, once Rocket Mortgage officially approves your loan application, you’ll be cleared to close on your home. Rocket Mortgage offers e-closings in all 50 staඣtes, which helps to streamline the🔴 process.

Rocket Mortgage Rates and Fees

One of the most iꦯmportant considerations when c💎hoosing a mortgage lender should be the rates and fees, which make up the overall cost of the loan.

According to our research, interest rates on 30-year fixed-rate mortgages from Rocket Mortgage are higher than average. Of course, the interest rate you are offered will be based on your personal financial de⭕tails. You won’t know how your rate will compare without get🐷ting a personalized quote, which requires completing an online form and consenting to a soft credit inquiry.

Rocket Mortgage charges an origination fee, which covers the lender’s cost of processing the loan. According to Rocket Mortgage’s website, the fee typically ranges from 0.5% to 1% of the loan amount. For example, the fee on a $35ꦉ0,0🌄00 loan could range from $1,750 to $3,500.

Online Experience

Ro🦂cket Mortgage boasts a primarily online mortgage experience. First, its website is easy to navigate and offers various tools and resources to help you prepare for your home-buying journey. And once you’re ready to get pre-approved, you can start the process on the Rocket Mortgage website or mobile app.

Applying for a loan with Rocket Mortgage can’t be done entirely online—yꦫou’ll have to chat with a mortgage expert to get pre-approved. However, the majority of the process can be do🤡ne online, including your e-closing and managing your loan once you’ve completed your home purchase.

Customer Service

Rocket Mortgage is an online lender, meaning there are no physical branches you can visit. However, the company still offers respon🍸sive customer service, so you can get whatever help you need. Here’s how to reach Rocket Mortgage.

Customer Satisfaction

Rocket Mortgage has an excellent reputation in the mortgage industry. The company was ranked second out of 27 lenders in the 2023 U.S. Mortgage Origination Satisfaction Study by J.D. Power. And in J.D. Power’s 2023 U.S. Mortgage Servicer Satisfaction Study, Rocket Mortgage ranked first out of 30.

Looking specifically at customer reviews, Rocket Mortgage’s feedback is overwhelmingly positive. The company has more than 33,000 reviews on Trustpilot, with an average rating of 4.7 out of 5. Of those reviews, 82% of them gave tౠhe company 5 stars. Many customer reviews talked about the easy mortgage process through Rocket Mortgage.

Account Management

According to Rocket Mortgage’s website, it services nearly all of its loans, with the exception of jumbo loans. In other words, unless you have a jumbo loan, you’ll continue to manage your loan in your online Rocket Mortgage account using either the website or mobile app. Both the website and mobile app offer an online d▨ashboard where you can quickly pull up your loan documents🐟, make a mobile payment, or manage your autopay. 

Unlike many lenders, Rocket Mortgage also makes it easy to make extra, principal-only payments or even set up automatic biweekly payments instead𒈔 of monthly ones, which ensures a full additional payment each year.

Other Banking S𝄹ervices and Loans Off🐼ered by Rocket Mortgage

Ro👍cket Mortgage is a subsidiary of Rocket Companies, Inc., which is an umbrella company with several other companies providing different financial 🐬services.

• Credit cards: Under its subsidiary Rocket Card, Rocket Companies offers a credit card that allows customers to earn up to 5% cash back to put toward their down payment, closing costs, mortgage principal, or statement credits.
• Personal loans: 澳洲幸运5官方开奖结果体彩网:Rocket Loans is a personal loan platform where borrowers can get same-day funding on loans for debt consolidation, home improvement projects, solar energy projects, and more.
• Personal finance: Under the name Rocket Money, Rocket Companies offers a money management app where users can connect their bank accounts, track their spending, find and cancel recurring transactions, and build their savings.
• Real estate: Rocket Companies’ real estate platform, Rocket Homes, allows homebuyers to shop for available homes or sell their current homes (or both).

Compare Rocket Mortgage With Other Mor💝tgage Loan Lenders

The Bottom Line

Rocket Mortgage is a strong contender for home buyers who want a streamlined online mortgage pro🌄cess while still getting personalized, hands-on customer service. It was among the first in the online mortgage space and continues to offer robust digital tools and services. Additionally, Rocket Mortgage🙈 ranks very highly in customer service, according to J.D. Power studies and reviews from past customers.

That being said, Rocket Mortgage has some downsides. First, its interest rates are a bit above average for conventional loans. It’s also missing some popular loan types, which may immediately turn some customers away. If you’re interested in working with Rocket Mortgage but are concerned about the interest rates and fees, make sure to꧙ get quotes from several lenders to ensure you’re getting the best rate.

Frequently Asked Questions (FAQs)

What Is the Interest Rate on a Rocket Loan?

The average mortgage rate on a 30-year fixed-rate conventional loan from Rocket Mortgage is 7.591%, as of December 2024. However, the rate you’re eligible for will depend on your credit score, 澳洲幸运5官方开奖结果体彩网:debt-to-income ratio, down payment, and other key factors.

What Bank is Behind Rocket Mortgage? 

Rocket Mortgage is a subsidiary of Rocket Companies, which is a Detroit-based 澳洲幸运5官方开奖结果体彩网:fintech company that has several different financial services comp✅anies, includ🦹ing Rocket Mortgage, Rocket Loans, and Rocket Homes.

Is Rocket Mortgage a Fortune 500 Company?

Rocket Companies, Rocket Mortgage’s parent company, was previously ranked on the 澳洲幸运5官方开奖结果体彩网:Fortune 500 list. However, it fell off the list꧃ in June 2023 due to the state of the housing market.

Who Is Rocket Mortgage's Biggest Competitor?

Rocket Mortgage is the largest mortgage originator in the United States, with 6.6% of the market share in 2022. The next largest mortgage company is United Shore Financial Services, which has 5% of the market share, followed by loanDepot, which has 2.2% of the market share. Rocket Mortgage’s closest direct competitors are other 澳洲幸运5官方开奖结果体彩网:online lenders like loanDepot.

What Is the Rocket Mortgage Controversy?

Rocket Mortgage has faced several controversies in the past couple of years, including a class ac𓄧tion lawsuit in Arizona, in which the company w🐻as accused of violating the Fair Labor Standards Act by not paying proper overtime wages.

How We Review Mortgage Lenders

In March 2024, we conducted a consumer survey, collecting 500 responses from current or prospective homebuyers and mortgage borrowers to understand what is most important when selecting a lender. We asked them 41 questions about the home-buying and mortgage-shopping experience, and we learned what features and services were most important to them. Our team of researchers analyzed the results, and✃ this information fueled our list of 38 mortgage lenders and 55 criteria for our rubric.

We then collected over 2,000 data points, surveying mortgage lenders and collecting data via media contacts, websites, and customer service between ꦯMay 31 and June 28, 2024. To develop our list of the best mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. The score for each company’s overall star rating is a weighted average of those criteria in the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5官方开奖结果体彩网:mortgage lender methodology.