Rocket Mortgage Review 2024: User-Friendly Online Mortgage Process with Above-Average Customer Satisfaction Ratings

Vault’s Viewpoint on Rocket Mortgages

Rocket Mortgage offers a variety of home loan programs to qualified borrowers, including conventional mortgages, FHA loans, VA loans, jumbo loans, adjustable-rate mortgages, home equity loans and more. New homebuyers, homeowners looking to refinance, and homeowners who want a second mortgage to borrow against the equity in their home might want to consider Rocket Mortgage as a potential source for their mortgage needs.

The online loan process with Rocket mortgage tends to be user-friendly with live chat and phone support options if you need assistance along the way. However, although the online lender shares general rate details online, you’ll need to apply to prequalify for a customized rate quote. Pre-approval requires hard credit inquiries from one or more of the three major credit bureaus, which could have a small but temporary negative effect on your credit score.

However, Rocket Mortgage does provide an online rate estimate tool and a mortgage calculator. These features make it somewhat easier to gather information to compare the lender to others without having to complete a full loan application.

About Rocket

Rocket Mortgage is the largest mortgage lender in the United States, with nearly a 40-year track record. The company has undergone a few name changes since it was founded in 1985, helping millions of borrowers obtain home loans during that time.

The company introduced RockLoans.com in 1999, an online mortgage system to complement its former branch-based lending process. Fast forward to 2015 and the lender released the first fully online mortgage process—Rocket Mortgage. In 2021, the mortgage company officially changed its name from Quicken Loans to Rocket Mortgage.

Because Rocket Mortgage is an online mortgage lender, qualified borrowers can complete the entire mortgage process—from application to closing—without having to visit a lender or attorney’s office in person. (Indeed, you can’t visit a lender in person even if you want to since Rocket Mortgage does not have physical branches.) Instead, if you have questions during your loan application or you need support throughout the loan process, you have the option to contact Rocket Mortgage customer service via chat or phone.

Minimum Borrower Requirements

As with any mortgage lender, online or traditional, Rocket Mortgage will require you to meet certain minimum requirements before it will approve you for a home loan. Minimum borrower requirements with Rocket Mortgage vary based on the type of mortgage for which you apply. However, here are some basic conditions you should aim to meet when you fill out an application for a home loan.

• Credit Score: You’re most likely to qualify for a mortgage with a credit score of at least 580 (620 for a conventional loan). However, a higher credit score might improve your odds of qualifying, and better credit could also help you secure a lower interest rate.
• Down Payment: It’s wise to save a minimum down payment of 3% for a conventional loan or 3.5% for an FHA loan. If you want to avoid paying private mortgage insurance (PMI) on certain types of loans, a down payment of at least 20% may be helpful. (Note: Rocket Mortgage currently offers One+ By Rocket Mortgage—a conventional loan with a 2% grant that allows qualified borrowers to purchase a home with a 1% down payment.)
• Debt-to-Income Ratio: Like other mortgage lenders, Rocket Mortgage considers the percentage of your monthly income that is committed to existing debt payments, otherwise known as your debt-to-income (DTI) ratio. In general, you need a DTI ratio of under 50% to qualify for a conventional mortgage (45% for jumbo loans). But a DTI ratio under 36% is preferred and may be more manageable for your budget.
• Income and Employment: In general, you should be able to show at least two years of steady income and employment history when you apply for a mortgage.

If you’re not sure you can meet the requirements to get a mortgage, you may want to work on addressing some of the issues above before you apply for financing—with Rocket Mortgage or any other mortgage lender. For example, instead of searching for ways to buy a house with bad credit, it’s often wise to work on improving your credit first. Attempting to take out a mortgage with bad credit can be challenging and expensive.

Additionally, knowing minimum borrower requirements can help you prepare for a home loan in other ways. When you understand lender expectations, you can work to save up a sufficient down payment, pay down debt if needed, and compare minimum qualification criteria from multiple mortgage companies to make sure you choose the best option for your situation.

How To Apply for Rocket Mortgage

When you’re ready to apply for a mortgage with Rocket Mortgage, you can initiate the process in one of two ways—via phone (800-251-9080) or online. If you start your application online, you’ll begin by providing general details such as the following:

• The type of mortgage you’re seeking (e.g., primary mortgage, refinance, cash-out refinancing, etc.)
• Description of the property you wish to finance (e.g., single-family, multi-family, condominium, manufactured, etc.)
• How you will use the property (e.g., primary residence, secondary home or investment property)
• When you plan to purchase
• First-time home buyer status
• Whether you are a member (or a veteran) of the U.S. military
• Purchase price of the property you wish to purchase
• Estimated down payment
• Estimated credit score range (e.g., excellent, good, average, below average or poor)
• Employment status (e.g., employed, self-employed, retired or not employed)
• Basic contact information (e.g., name, address, phone number and email address)

Once you fill out the initial form, you may hear from a licensed home loan expert from Rocket Mortgage to contact you and walk you through the next steps in the application process. The company may also provide you with a direct number you can call if you prefer not to wait.

How Does Rocket Mortgage Stack Up to Its Competitors?

No mortgage company is the perfect fit for every borrower—Rocket Mortgage included. Yet the company does have a positive reputation overall.

In J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study, Rocket Mortgage ranked second out of 29 U.S. profiled mortgage companies. The online mortgage company also received a score of 759 out of 1,000, well above the average score of 730.

Nonetheless, it’s still smart to compare your options before you take out a home loan from Rocket Mortgage. The online lender doesn’t disclose the specific fees it charges borrowers on its website. However, some reports indicate the mortgage origination fees may be on the higher side (yet still within the acceptable range).

Rocket Mortgage vs. PNC

PNC Bank could be a good fit for borrowers who value flexibility during the mortgage process. Unlike Rocket Mortgage, PNC is a traditional bank that offers both an online mortgage application process plus gives borrowers the option for in-person customer service should they desire it. PNC offers several convenient online tools, as well—allowing homebuyers to shop for properties within their budget, estimate payments and track their loan status.

For these reasons and others, Newsweek Vault includes PNC among its best mortgage lenders of 2024. Not only does the bank offer mortgages along with robust online tracking tools, it also offers user-friendly digital banking tools and boasts a large network of branches and ATMs.

Rocket Mortgage vs. AmeriSave Mortgage

AmeriSave Mortgage is another company that offers online mortgages to borrowers who are looking for financing to purchase a primary residence, refinance, or take out a home equity loan. The online lender is known for providing quick quotes and rapid approvals to well-qualified borrowers.

Like Rocket Mortgage, you’ll need to complete an official mortgage application for a preapproved quote—including a hard inquiry of your credit report. As a result, it can be a challenge to research and compare AmeriSave rates with other mortgage lenders in advance. AmeriSave also does not issue loans in the state of New York, so borrowers residing in the Empire State will need to search elsewhere for financing.