Rocket Mortgage® Review: One of the Most Popular for Good Reasons

At one time, Quicken Loans called its digital platform, "Rocket Mortgage®." Rocket Mortgage® took off so dramatically that it didn't take long for the names Quicken Loans and Rocket Mortgage® to be used interchangeably. Finally, saying that "Rocket" was the word that best described the services it offers, Quicken Loans officially changed its name to Rocket Mortgage®.

Rocket Mortgage® has a lot to offer. Competitive mortgage rates, award-winning customer service, and a fully digital experience are a few of the features this lender is known for. You can't get every type of home loan from Rocket Mortgage®, but if it offers a home loan that meets your needs, you stand a good chance of having a great experience.

Full Rocket Mortgage® review

This mortgage lender is a good fit for: Rocket Mortgage® is great for home buyers who are comfortable conducting business online. The Rocket Mortgage® digital application is the industry benchmark and its app makes the application process a cinch while on the go.

Top perks

Highly ranked in customer satisfaction

Rocket Mortgage® is on fire when it comes to customer service. It ranks No. 1 in J.D. Power's 2023 customer satisfaction survey for mortgage servicing, and No. 2 in its 2023 customer satisfaction survey for mortgage origination.

Online application process

Rocket Mortgage® was a pioneer in online mortgage application technology. Its home loan process is entirely online, up to closing. In the Rocket Mortgage® app, you can share information automatically by linking your asset accounts. Rocket Mortgage® says that some borrowers can even sign all closing documents remotely. Whether you will have to sign in the physical presence of a notary will depend on your state's laws and other factors.

Mobile app

Rocket Mortgage®'s home-buying app is a standout among mortgage lenders. You can begin your application via the app, upload documents, and manage payments, among other feature-rich capabilities. Rocket's app excellence is corroborated by its consistently high app ratings.

• iOS app rating: 4.9/5 stars
• Android app rating: 4.8/5 stars

Low down payment options

If you qualify for an FHA or VA loan, you can get a mortgage with a low down payment or no down payment. Rocket Mortgage® also offers several affordable loan programs, including Freddie Mac's Home Possible® mortgage and Fannie Mae's HomeReady® mortgage.

High allowable DTI

Rocket Mortgage® offers loans that allow a debt-to-income ratio, or DTI, of up to 60% in some cases. Some loans have a lower limit, however. Most lenders consider a DTI under 36% to be excellent. If your DTI is on the high side (over 44%), you might still qualify for a mortgage.

Customizable loan term

Mortgage loan terms don't have to be 15 or 30 years, though those are common. Rocket Mortgage® allows the borrower to set a term of any number of years between 10 and 30.

90-day rate lock

Rocket Mortgage® offers RateShield™ Approval, which combines mortgage pre-approval with a rate lock. On a 30-year conventional, FHA, or VA fixed-rate purchase loan, applicants are pre-approved once the information has been verified by an underwriter. The interest rate is then locked for up to 90 days. The mortgage rate lock has a float-down feature, which means that if interest rates fall, you'll get the lower rate. If interest rates rise, your rate remains locked in at the lower level.

Lender and servicer in one

Many lenders sell their mortgages after the loans close. When you pay your bill, you're suddenly dealing with a different company than the one you worked with to get the loan. But Rocket Mortgage® services most of the loans it makes.

What could be improved

No physical branches

You cannot do business in person with Rocket Mortgage®. It is a strictly online process. Live humans are available to assist, but you won't be able to talk face to face.

Limited low down payment eligibility

If you don't qualify for an FHA or VA loan, you'll probably need to come up with a down payment. Rocket Mortgage® does offer the Home Possible® and HomeReady® mortgages to borrowers with low and moderate incomes. You might qualify for down payment assistance. Rocket Mortgage® also offers its ONE+ mortgage that has a 1% down payment requirement. If your income is within limits and you meet the credit score requirement, Rocket Mortgage® will provide an additional 2% toward your down payment. Rocket Mortgage® does not offer a low down payment mortgage without private mortgage insurance (PMI).

No USDA loan

Currently, Rocket Mortgage® does not offer this loan type.

How to qualify

Before you apply, do your best to clean up your credit report and score. You can apply for an FHA loan through Rocket Mortgage® with a score as low as 580, but this loan typically costs more than other loans. With a score of 620 or higher, you can apply for a conventional loan and possibly qualify for a lower rate. The lowest advertised mortgage interest rates will be offered to the most well-qualified applicants. You'll need an excellent credit score to get the best deal.

Next, look at your debt-to-income ratio. Your DTI is the sum of your required minimum monthly debt payments divided by your total gross income. Most mortgage lenders want to see this number under 43%, but Rocket Mortgage® offers some loans to VA applicants with a DTI of up to 60%

Once you're ready to apply for pre-approval or for a mortgage, you'll find Rocket Mortgage®'s platform easy to use. In addition to bank account balances, you will need to provide income and employer information, and your Social Security number. Rocket Mortgage® can connect with your financial institutions and grab the documents automatically, or you can submit them by fax or email.

How are Rocket Mortgage®'s refinance rates?

Refinance rates at Rocket Mortgage® tend to be average for the industry. FHA loan and VA loan borrowers pay similar rates to conventional borrowers, with small differences in cost resulting from differences in fees.

How are Rocket Mortgage®'s rates compared to the national average?

Rocket Mortgage® rates trend about the same or a little higher than the national average. The day we checked, Rocket Mortgage®'s advertised rate on a 30-year fixed-rate mortgage was a hair higher than Freddie Mac's published national average rate.

Virtually all lenders allow you to pay for mortgage discount points. Discount points are prepaid interest. In exchange for this fee, the lender permanently reduces the interest rate on your loan. Rocket Mortgage® does a great job of showing how many points you'll have to buy to get its advertised rates. One point costs 1% of your loan amount.

Rocket Mortgage® is right for you if:

If customer service is the most important factor in a transaction for you, Rocket Mortgage® might be a great fit. Similarly, if you don't want another company to service your loan in the future, take a closer look at Rocket Mortgage®.

Rocket Mortgage® should also be on your shortlist if you're devoted to conducting your business entirely online (or haven't been inside a physical bank branch in years). This platform is tailored to the needs and expectations of today's online buyer. The application process is easy, speedy, device-friendly, and the gold standard to which other online mortgage applications tend to be compared.