Rocket Mortgage: Review
2,988 Reviews on TrustpilotRocket Mortgage Snapshot
Rocket Mortgage is an online loan marketplace and application process powered by Quicken Loans.
When applying for a mortgage through Rocket Loans, underwriters who work at Quicken Loans will decide if you are to be approved. Rocket Mortgage has a star rating system to show you different products and services offered by Quicken Loans.
If you’re on the go, then Rocket Mortgage by Quicken Loans is a great solution.
Their website and mobile app offer a simple, user-friendly application that can pull a prospective borrower’s employment details by simply inputting identity information like your date of birth and Social Security number.
The entire loan process is completely done online, which removes the need for having to meet in person.
Rocket Mortgage’s pre-approval can be secured in just a few minutes.
Rocket Mortgage Spotlight
Summary
Rocket Mortgage was built from the ground up as a digital lending platform. The direct lender was crafted for digital natives as a smooth, user-friendly loan platform which keeps the entire application process online and on their mobile app.
They offer a variety of mortgage loan options and rates, keeping borrowers up to date with the latest details. The website and app are designed simply and allow for all customer service to be done on the platforms.
Rocket Mortgage is best suited for first-time buyers, veterans, and borrowers who have small down payments.
Loan Types
Rocket Mortgage offers a variety of loan types, including Traditional fixed rate mortgages. They also offer a number of other loan features:
- FHA Loans. First time home buyers with lower credit scores or a lower down payment can get financing to purchase their first home. Or they can refinance for any reason. Rocket Mortgage’s FHA loans only need a downpayment of 3%.
- VA loans. Veterans can secure a government-backed VA loan which isn’t always available from online mortgage lenders.
- HARP refinancing. This makes it simple for any homeowner to cash-out their refinancing loans in case of emergency, large purchase, or college fees.
Rocket Mortgage Rates & Terms
Rocket Mortgage’s exact terms for loans and mortgages aren’t exactly easy to pinpoint as their APR rate information can only be accessed by applying online.
And, unless you complete the entire application process, you won’t be able to see how much of a down payment you’ll need (although they can be as low as 3% depending on your situation).
However, Rocket Mortgage does reveal on their site that their terms range between 8 to 30 years with the YOURgage loan and variable rate mortgages have 5 or 7 year terms.
Unfortunately Rocket Mortgage only gives loans out for owner-occupied homes and not for investment properties.
You can secure a traditional fixed-rate mortgage of 15- or 30-year terms. You can also secure an ARM loan (variable rate), for 5 or 7 years.
Rocket Mortgage Pros
- Fast, advanced platform
- Website or Mobile app access
- Variety of loan options
- Real time rate updates
- Easy-to-use platform
Rocket Mortgage Cons
- The number of options available can be overwhelming
- Terms and rates information isn’t available until you register
- A lot of information on your finances needs to be submitted
Rocket Mortgage Application Process
Rocket offers one of the easiest mortgage lender applications:
1. Create an account on their website which takes a few seconds.
2. Complete the online questionnaire which includes basic information about your identity and financial situation.
3. Receive your loan quotes. You can customize tem by simply adjusting your monthly payments, down payment, or loan term until you’re happy with your offer.
4. Click the submit button to request an online approval.
5. Once you’ve received an approval, lock in your rates online.
6. E-sign your online documents to close the loan.
Customer Support
Rocket Mortgage has great customer support. Not only do they offer a phone line for support every day of the week, but they also offer email.
Plus, you can get a hold of a support person through their live chat feature on their site or mobile app. Live chat isn’t 24/7, but can be accessed 7 AM to midnight on weekdays and 9 AM to midnight on weekends.
Final Thoughts on Rocket Mortgage
So, should you use Rocket Mortgage to access a home mortgage loan?
Rocket is a speedy, digitally-focused mortgage loan provider that offers a wide range of refinancing and mortgage options.
You can secure a traditional mortgage, as well as a VA, or FHA loan, which is difficult to secure online.
Between a user-friendly website and app, Rocket Mortgage makes it easy for borrowers to secure a loan without the hassle of traditional borrowing methods.
FAQ
Rocket Mortgage Customer Testimonials
Great 2,988 Reviews
BART DAVIS
09 April, 2021
Amazing experience
Amazing experience! From the first call, to the closing process, Rocket Mortgage never hesitated to answer completely and transparently. They even moved our closing date as circumstances warranted- and, when it mattered, closing was flawless. Highly recommended- and wouldn't hesitate to use them again.
MITCHELL ROSS
09 April, 2021
Personable and quick
Personable and quick
PRESTON FRAZIER
09 April, 2021
Quick process and painless
Quick process and painless
DON MCCALLUM
08 April, 2021
Awesome experience
Awesome experience. Extremely easy process with excellent communication throughout the process. Refinancing was more than easy!
AARON HUSK
08 April, 2021
Terrible refinance attempt
Tried to refinance with Quicken. The process went well until I tried to compete their offer with another company's. They didn't bother trying to compete with the other company's offer and then kept my initial deposit stating that an appraisal had already been done, even though I was not made aware that the appraisal was taking place. I never saw any appraisal documentation until after my loan had been canceled and closed. Then it magically appeared, when they refused to give my deposit back. I will not do business with them again and would not recommend them to anyone.
BRE
07 April, 2021
The process was easy and quick!
The process was easy and quick!
STEVE
07 April, 2021
I had an excellent experience with…
I had an excellent experience with Rocket Mortgage. The process was smooth and quick as possible and the people were easy to contact with any questions. I would recommend Rocket Mortgage!
GERARD BUIJCK
07 April, 2021
Very easy and professional
Very easy and professional. The Rocket Mtg app was very easy to use!
PAUL PAYWAY
07 April, 2021
it was fast
it was fast, helpful and the staff were all professionals
K.S.
07 April, 2021
Excellent Service
Blake K. with Quicken Loans was very helpful and stayed in communication with us to make sure our loan was processed smoothly and in a timely manner. Excellent Service!
ROSE STEPHENS
06 April, 2021
Refinance
I had a smooth refinance. My questions were answered quickly and everyone I made contact with was very knowledgeable and helpful. I think this is the best Mortgage Company.
DIANE B D
06 April, 2021
Amazing experience
Amazing experience. I was shocked on how quick the process was and how simple. Everyone we worked with was an absolute pleasure. Having access to the process online was a huge benefit.
SHANNON GROTH
06 April, 2021
The process was slow
The process was slow. Very slow. We repeatedly were asked to provide the same information - like over a dozen times. We were low-balled on our appraisal, which is an added monthly cost for PMI. The rep we worked with after the appraisal was cheesy and didn’t sound confident or knowledgeable, which I think contributed to the poor process handling.
CHRIS DAVIS
05 April, 2021
Best experience in 35+ years of homeownership!
Fast and knowledgeable service, easy-to-use interface, and customer-first focus all make me want to return for new loans or refinancing! The big banks, with their tedious processes and often-fickle underwriters, don't come close to what you get with Rocket!
SUSAN WATZ
05 April, 2021
Quicken made a stressful process easy…
Quicken made a stressful process easy and painless. Would highly recommend!
TIM C.
05 April, 2021
My experiences have all been positive…
My experiences have all been positive and all the people I have worked with have been well informed and helpful and I always recommend Rocket Mortgage to my friends and family. The website is very helpful and easy to use. That is the way I prefer to do business if possible. Thanks again for you help.
SARA S
02 April, 2021
I was very happy with Jason Zuchowski’s…
I was very happy with Jason Zuchowski’s service. He helped me submit my application and paperwork online in under two hours and three weeks later I closed on the loan. I recommend requesting Jason for your mortgage needs.
MICHELLE BLAND
01 April, 2021
It was easy all questions answered.
It was easy all questions answered.
CUSTOMER
01 April, 2021
Great experience !
Great experience !
CRAIG MARSH
31 March, 2021
Great work team.
Great work team.
CDENNIS
31 March, 2021
Third times a charm!
This was the third time I have refinanced with Quicken loans. The first time went smoothly. The second time was a streamlined loan and it did not even get finished due to some clerical error. I have been happy with quicken loans so I decided to try it a third time. Another streamlined loan that went without a hitch.
SUE D
29 March, 2021
The online application was easy
The online application was easy. A representative called immediately and was very helpful and responsive throughout the process. Refinancing went smoothly and efficiently. We would strongly recommend.
DEVA LOVELAND
27 March, 2021
My First Home Loan
The entire process from submitting a request for a loan through closing was smooth and seamless. Everyone was helpful and explained in detail the current process and what was going to happen next. If I need another loan I will absolutely come back to Rocket.
ANGIE CALDERON
27 March, 2021
Amazing customer service
Amazing customer service. Quick turnaround, great working wjrh you all.
LAURIE PETERSON
27 March, 2021
great to work with
great to work with, answered any questions promptly and throughly.
BOBD
27 March, 2021
The best working people I have worked…
The best working people I have worked with. Friendly, responsive and caring. I’ll refinance with Quicken anytime needed.
SUZANNE DESAUTELS
26 March, 2021
Rocket Mortgage was incredibly easy to…
Rocket Mortgage was incredibly easy to work with. For every step of the way to my refinancing, they were responsive and their instructions were clear. Being able to do everything online alleviated any concerns of the pandemic. The final signing of papers was simple, too. Their agent came to our house (with a mask, of course), and notarized the signatures at the same time. It doesn’t get much better and easier than that! Kudos to the entire Rocket Mortgage team, and a special mention for Dave Coons who made it all happen.
BIMALA SHERPA
26 March, 2021
As the name says quick and easily very…
As the name says quick and easy very Loan offers are professional. Makes my process of buying such a pleasant experience. Tha k you Loan care. I recommend all my family members and my co works too.
RICH
26 March, 2021
Very professional..fast and easy process
Very professional..fast and easy process
JOHN HAMPSEY
26 March, 2021
Overall
Overall, very easy to do business with. Very responsive and professional.
GRACE MALAVE
26 March, 2021
The refinance process was totally…
The refinance process was totally seamless. And it was all done digitally! My mortgage closed in less than a month!!
ALEXANDER BULKGAKOV
25 March, 2021
If I could give negative I would..
If I could give negative I would... Nightmare... sent an appraiser to our house..... after 9 days we finally contacted him and he was not comfortable doing an FHA loanM.. what... was to be conventional... sent another appraiser out.... discrepancies in his qpprasail... could not get in contact with him. Us or rocket?...was speaking to rocket agian... informed us we have to have an FHA loan not conventional... they just could not approve it... yet couldn't tell us why.. credit score and all was above what's required? Do they have an FHA quota to meet? Kicker was they wanted us to do thousands of dollars of work to our housw.. such as add handrails for the fha loan??? Nightmare!!
JOE & CAROLYN SAVINSKY
25 March, 2021
We closed on February 25 and our…
We closed on February 25 and our Quicken payment was supposed to be April 1. There was to be no Chase mortgage payment in March. Unfortunately there was on March 3, creating a cash flow issue. Chase reimbursed us mid-March along with the escrow they were holding. Additionally, we chose to pay our Rocket mortgage twice monthly, and discovered we would have to make our first payment on March 12, with the second payment due on March 26. While we understand the necessity of paying ahead, we were never told that by paying twice monthly we could not begin on April 1. Escrow payments of $3,149 were rolled into the total amount of the loan, plus we received a refund of $1,868.78 from Amrock. Had this not been rolled into the loan, the loan would have been approximately $135,000 rather than $140,195. We were puzzled as to why we were not given the opportunity to pay the escrow, and why we received the $1,868.78 back. Even so, by financing for 15 years and increasing the loan by $10,000, we will pay the loan off more quickly than if we had remained with Chase. We worked with Louis Mendoza and found him to be very helpful and responsive. It is only after the loan was settled that we began to think about these things, and offer them as possible ways the process can be improved. Joseph G. and Carolyn W. Savinsky
JOSH ASHWORTH
25 March, 2021
Incredible
Incredible, positive customer experience. My rep. (name omitted for privacy reasons) was very responsive and kept me informed every step of the way. She even followed up on multiple occasions to make sure I understood procees, next steps, and felt comfortable with process. I was able to close on refinance in 4 weeks, with an entirely digital process. The click to chat feature on website was very convenient for quick follow up questions. Constructive feedback - the appraisal process took the most time to schedule and it would be nice to incorporate a tracking component to see where the client stands from scheduling to completion of appraisal. Every other step provides tracking, next steps, and action items. Great value and great experience!
KEVIN NAEGELE
25 March, 2021
Awesome experience.
Awesome experience.
BILL
23 March, 2021
Everyone was extremely polite and very…
Everyone was extremely polite and very helpful. Made the experience pleasant and seamless.
ROGER KAPLAN
23 March, 2021
Got it done!
Without question, the least painful and the smoothest mortgage experience ever!
DEBORAH
23 March, 2021
Rocket Mortgage is so easy and quick…
Rocket Mortgage is so easy and quick for new and refi loans. We have used both and will continue to use Rocket mortgage. We have told friends how great they are!
ANGELA COLLINS
23 March, 2021
Good service all around
Good service all around
KIM CLARK
23 March, 2021
Seamless refinance
Being a Rocket Mortgage customer already made the refinance seamless. I think I spent maybe 30 minutes in total updating a few requested documents over the 45 days that it took for the loan to close. All of the requested documents were clearly outlined on the web portal and the upload through the same portal was simple. I have never gone through a finance or refinance process that has been so smooth. Great job team!
YERISON
23 March, 2021
Please don’t waste your time and money
This business is definitely a waste of time, many things spent a lot of time processing and delays and they knew that I would be driving 2 hours which is a reduction from the 3 hours I drive now while I was learning and training for the most part for the new job. I could have even had a future opportunity of working from home for the most part. They also kept reducing my original house price tag I can look for every time I checked back with them in the beginning of the process. They charge me and order an appraisal to be done and tell me almost 2 weeks later that they can’t give me the mortgage because it’s a 2 hour drive which they knew since I started also supposedly because I have a family member that works with me there and that’s somehow a problem that I won’t be able to pay the mortgage. I completely wasted a month and a half of mine and my families time and bugged my boss many times to make me letters and get paycheck copies as early as payroll can give a copy of the next check. I also had one interest rate that then increased before entering the processing team which is then like a million different people working on your loan. I wouldn’t recommend this company to anyone
SHEILA L BENNION
22 March, 2021
It was easy to do....
Had a very good experience with Kevin Mendoza he was very professional, prompt,returned phone call, he made the process pleasant and swift.
RACHEL AQUINO
20 March, 2021
I’m on day 5 of an inquiry that has not…
I’m on day 5 of an inquiry that has not been resolved. I’ve spoken to 3 different people so far and the rep from their executive team is apparently the only one that can help me, but her direct line goes straight to voicemail for the entire day. I admit I missed her call today, but called back a minute after and emailed her. Accessibility to speaking with a live human that can help you is frustrating and unprofessional.
LISA MAXWELL
20 March, 2021
The financial team was amazing
The financial team was amazing. They exceeded my expectation. I really appreciate all the Mobil app task lists they are convenient and easy to follow. Bravo to the team. Lisa Maxwell
LIO_CONVOY
19 March, 2021
Easy process
Told me what I needed to provide to get the ball rolling. Gave me daily updates on how the process was going. 2 weeks start to closing. Could not be happier with the process.
DONALD LUCENTE
19 March, 2021
GREAT EXPERIENCE AND WONDERFUL PEOPLE…
GREAT EXPERIENCE AND WONDERFUL PEOPLE TO WORK WITH. I ENJOYED MY REFINANCING IMMENSELY!
KELLEY SAUVE
18 March, 2021
Rocket Mortgage
Rocket Mortgage, Quicken Loans, is a great customer service company. Their website is so easy to use and the customer service is wonderful. They truly appreciate and keep their customers informed.
JESSE PECKHAM
18 March, 2021
I know quicken is highly recommended
I know quicken is highly recommended, but it took over 100 days for them to close on a refinance. Everything was filled out and submitted the day I received it in my email. Not until I called the client phone line and got the ball rolling myself did things start moving along. Even this email that took me to this page was addressed to someone Named Michael. My name is Jesse... I'd seriously like a response from quicken and a reason why what I've heard only takes 2 weeks, took over 3 months to complete.
ALISON FIBIGER
17 March, 2021
It was very easy & straight-forward.
It was a very easy straight-forward process. We were ready to close weeks before our closing date. No hassle at all.
MICHAEL BELL
17 March, 2021
The process was fairly efficient and…
The process was fairly efficient and our Quicken representative corresponded with no delay. We had some concern about correspondence we received on a property that had a similar address to the property we own. It took several requests to Quicken to get the matter cleared up. Also there was information requested after the closing statement was sent to us which seemed odd and seemingly pushed out our closing date. The notary that visited us for signatures was on time for our appointment and very professional in completing the tasks.
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