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Rocket Mortgage: Review

  3,276 Reviews on Trustpilot

Rocket 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

Best For
Borrowers who want to do everything online

Marketplace or Direct Lender
Direct lender

Loan Types
Home Refinance, Home Mortgages

Loan Features
HARP refinancing, FHA, traditional fixed rate, VA

Repayment Terms
15 or 30-year fixed rate, 5 or 7 year ARM

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

Are Quicken Loans and Rocket Mortgage the same company?
Yes. Rocket Mortgage is simply the online mortgage experience created by Quicken Loans. When you use Rocket Mortgage to secure a loan, Quicken Loans is the company that processes it. They’ll determine if you’re eligible, or qualified, and processes your entire loan.
What’s the difference between Rocket Mortgage and Quicken Loans?
While Quicken Loans is the company name of the mortgage lender, Rocket Mortgage is the name of Quicken’s digital lending platform.
Where is Rocket Mortgage available?
You can access Rocket Mortgage in all 50 states. However, you can’t secure Rocket Mortgage loans outside of the US or in Puerto Rico.

Rocket Mortgage Customer Testimonials

Great   3,276 Reviews

trustpilot-stars

JON KESSLER

03 August, 2021

trustpilot-stars

This is my third time financing through…

This is my third time financing through Quicken. Great service, great people who have treated my family like royalty!


DONNIE HOSKINS

02 August, 2021

trustpilot-stars

Was a wonderful experience way better…

Was a wonderful experience way better than my local credit union.


MARY HUGHES

02 August, 2021

trustpilot-stars

Our experience with Rocket Mortgage was…

Our experience with Rocket Mortgage was amazing. One phone call started the whole process. Our representative, Bob Reed, was so helpful and knowledgeable. He returned all our phone calls quickly. The entire refinance was so easy. They do all the work for you. When I asked about the online closing, they eased my mind and sent a representative to our home. I would highly recommend Rocket Mortgage to anyone. This company should be a business model for all companies.


RAY

02 August, 2021

trustpilot-stars

The whole process was easy and…

The whole process was easy and transparent. All documents where available online during the mortgage.


SAMANTHA DALBEC

02 August, 2021

trustpilot-stars

Don't fall for the BS

Ya'll called.me to refi, after much discussion and promises to close wothin 6 weeks, I agreed. That was in April, it is now August and ot isn't closed. It has been delay after delay, horrendous prices for, in my opinion, BS, that truly wasn't needed or could have completed at a much lower cost. At one point I even forgot it was in process due to absolutely nothing being completed or any attempts to move thing forward. You would think they would at least make an effort to knock some costs down or provide some credits for the outrageously ridiculousness of the process they have put me through....but no...trust me folks...that don't give two shakes about ya.....run away....and Anne the social media specialist....keep your canned replies to yourself....never again will I fall for the BS.


LINDA HIEDEMAN

31 July, 2021

trustpilot-stars

Easy to work with

Easy to work with


FARUKH NAQVI

31 July, 2021

trustpilot-stars

Very bad experience

After going months of refinancing activity, Rocket Mortage failed due to bad advice and error-prone paperwork resulting in the Second mortgage bank denying the subordination request. Finally, Amerihome mortgage was more effective in getting refinancing for a better rate without a home appraisal. I wasted a lot of time & money on this unsuccessful attempt


FRANK KOESTER

30 July, 2021

trustpilot-stars

I payed my first installment to Rocket…

I payed my first installment to Rocket Mortgage after my refi and you have already sold my mortgage !!! I was told you didn’t do that!!!!! You guys are horrible. Never again. I will write as many bad reviews as I can on you guys. Boo.


CHRIS LEVIN

30 July, 2021

trustpilot-stars

3rd time a charm

After dealing with 2 separate people, I wasn’t happy with the deal I was being offered. They only wanted to lower my interest rate by .25, I gave up and canceled. Then I received a call from Nick Smyrski, all of a sudden a better rate came into play. He comes across as honest, very knowledgeable, and willing to do the work. He lowered my interest rate by 3/4 of a point, took 2 years off my loan, and lowered my payment by $100. The previous 2 gentlemen are both guilty of a minimum of not knowing the current rules for someone with an FHA loan, or just lied about it. Nick knew all the answers to my questions, and told the truth every time. Thank You Nick


CYNTHIA BALLARD

30 July, 2021

trustpilot-stars

Very fast

Very fast, efficient and friendly. Not a lot of interpersonal interaction but the system kept the process moving so quickly a person wasn't necessary!


ELAINE KELSEY

30 July, 2021

trustpilot-stars

Clerical error on the verge of making our family homeless

This is my 3rd loan with Quicken / Rocket. My first two experiences were great. For the current loan we are trying to close we are selling our current house and moving to another, both loans are with Quicken and the same Title company. We closed on the house we are selling without issue, and the buyers gave us a 5 day grace period. We were scheduled to close on the new house 3 days later. Both the title company and Rocket Mortgage told me everything was good to go. However, an hour before I was supposed to go in to sign, the title company told us that Rocket had sent the closing documents with the wrong date. The title company had corrected them two days prior and the person handling the loan for Quicken had told them that the correction was made, but it wasn't. This is when our nightmare started. The agent handling our closing was 'out for the day' and nobody knew who was supposed to replace her. We wasted a lot of time because Rocket initially blamed the title company, because they didn't have access to the missing agents files and correspondence. Once we forwarded them the emails between the title company and their agent, they admitted it was their error, but then said that they couldn't fix the problem because they had already wired the funds for the close, and their system wouldn't permit them to reissue documents after the funds were wired. They insisted that the title company would have to return the funds, and that they couldn't do anything about reissuing the correct documents and redoing the wire until the return wire clears. Meanwhile the seller of our new house gave us an extra day to close, but if Quicken can't figure out how to override their computer systems to correct their own error in time, we'll lose the new house. Housing prices in our area have risen significantly since we went under contract for the new house, and the builder could now sell at a higher price. We live in a pretty rural area with a hot housing market. There are no short-term rentals, no available storage facilities within a 100 mile radius, and very little inventory in the housing market, with many properties going for cash. I would never have closed on our old home if I thought there was the slightest thing not ready to go on the new home. The women we've been dealing with who are trying to correct the error are empathetic and seem to be genuinely trying to correct the error before we lose the new home. However, I was transferred to a Resolution Advocate who basically told us that they'll try to fix it, but just because the error is Rocket's doesn't mean they're responsible for fixing it in a timely manner and that we should prepare to be homeless and that is our problem. He almost seemed to enjoy telling us that. I'll update if the problem gets fixed before we lose the new house. Update: Rocket was able to correct the clerical error by yesterday afternoon, and with the support of our local community, the seller was persuaded to let us close late. We lost our movers, and are dealing with a plethora of safety and logistical hurdles, but will ultimately be okay. We are very grateful to the team of managers and technical folks who worked incredibly hard to correct the problems with their computer systems. They were kind, empathetic, and kept us updated on their efforts, which helped us with negotiating locally on our side. From what I've been told by folks in the industry, this is a very rare and unusual type of clerical error. The problem with heavily controlled and computerized systems, is that when they work they're more efficient, but when you have an outlier clerical error like this, it can be much harder to fix rapidly. Given that a lot of folks at Quicken did work extremely hard to salvage the situation, I'd be willing to write this off as an anomaly and change my rating. However, the conversation with Mr. Warner made it quite clear that had they not been able to correct their error before we lost the new house, that they intended to walk away and abandon us. Given the housing and rental market here, if we'd dropped out of the home owner's market temporarily, we would not have been able to rejoin under current market conditions. This would have had a long-term impact on our family's financial, housing, education, and employment stability. It's terrifying to think how close we came to that scenario, due to something completely outside of our control. Rocket's motto is "We're with you through closing - every client - every time - no exceptions - no excuses." They played it every time they put me on hold. Mr. Warner made it clear that, however rare, there are, in fact, exceptions, and we were almost one of them.


PAUL GRANNEMAN

29 July, 2021

trustpilot-stars

The folks I dealt with were good…

The folks I dealt with were good people. Answered my questions, got the right things done on time. Thank you!


SCOTT R.

29 July, 2021

trustpilot-stars

The refinance process was very smooth…

The refinance process was very smooth and fast. With the great electronic communication I never had to leave my home office to get a great deal even bringing all of the documentation to home to sign. I highly recommend working with the Rocket Mortgage team to do a re-fi or finance a new purchase.


DAVID

28 July, 2021

trustpilot-stars

Very good responsive to all questions…

Very good responsive to all questions and concerns very prompt, the only hold up was the title company and that was worked out the day before so we ended up closing on time.


JOHN HEJHAL

28 July, 2021

trustpilot-stars

The process was all online

The process was all online. We made an adjustment on the amount of the new mortgage when the appraisal came back higher than estimated. The whole process took less than 30 days. I received TO DO announcements when more information or authorization was required. We like to do a live closing. That was done at our home. The process never required me to leave home. I could FAX documents requiring a signature or information like tax income statements. Rocket Mortgage was not the hassle other people described using a bank.


LINDA HIEDEMAN

28 July, 2021

trustpilot-stars

Very easy to work with.

Very easy to work with.


JIMMY COLLIER

28 July, 2021

trustpilot-stars

Benjamin Palmer was a pleasure working…

Benjamin Palmer was a pleasure working with him. A truly wonderful and great experience.


KATIE MOSHER

28 July, 2021

trustpilot-stars

Always great!

As always, my experience with Rocket, and their partners, was fantastic.


NORMA LEAVITT

28 July, 2021

trustpilot-stars

I had a wonderful experience

I had a wonderful experience. Rocket stayed in touch and their site made it easy to keep up on what I needed to do and what they needed to do. I would recommend them to anyone


SUSAN IRWIN

28 July, 2021

trustpilot-stars

Loan refinance with Rocket Mortgage

Fast, professional and efficient service of our refinance.


LYNDA STRAKER

27 July, 2021

trustpilot-stars

Our experience was great

Our experience was great! Professional assistance, comprehensive information and friendly interaction with all people involved. Process was speedy and concluded as promised.


ELAINE WILDER

27 July, 2021

trustpilot-stars

Overall good experience

Overall good experience. Friendly, professional, efficient service. Seamless and transparent process. Grateful. Thank you.


ROBERT

27 July, 2021

trustpilot-stars

I have re-financed with Quicken/Rocket…

I have re-financed with Quicken/Rocket a few times in the past. At times, it was frustrating as a new person seemed to be contacting me about some question or needed item and some of what they were asking I had already told other people servicing my loan and they should have known what they were asking. But this time this did not occur. i had one original/primary loan officer who i was in continual contact with even as the overall loan specialists (more than one person) worked on my loan. I NEVER was asked for something or a question that should have been received or known. My initial and primary loan officer, David Lawrence, was excellent. And also all the "different" people I eventually talked with were also very, very good.


JOE ALBERT

27 July, 2021

trustpilot-stars

From start to finish the process was…

From start to finish the process was easy. All the people were helpful and very friendly. This includes the house inspector and notary who don't work directly for Rocket Mortgage. Every question I had was answered quickly and accurately. Based on my experience, I would recommend Rocket Mortgage to anyone.


RENEE WILSON

26 July, 2021

trustpilot-stars

Great team

Great team. Great teamwork.


TAMMY NEEDHAM

26 July, 2021

trustpilot-stars

Process was flawless

Process was flawless! Could not have asked for a better experience.


TIM COLLINS

26 July, 2021

trustpilot-stars

I hardly ever give out 5 ⭐ reviews but…

I hardly ever give out 5 ⭐ reviews but Rocket Mortgage 🚀 earned their's.


RYAN OGDEN

25 July, 2021

trustpilot-stars

Very simple to deal with!

Very simple to deal with. Everyone I dealt with kept very open communication with me. I got a great rate and they were there to help at any time.


SUMMER HUGHEY

24 July, 2021

trustpilot-stars

One call, that's all

The entire process was absolutely painless - quick and easy! We were able to do the application online & speak to a representative the next day who set us up with everything we needed to do. Closing was completed in less than 30 days.


BRIAN GLICK

24 July, 2021

trustpilot-stars

Highly recommend

Friendly, knowledgeable staff who were very professional and responsive. Ability to get quick turnaround on documents and answers.


SHEILA MAIER

23 July, 2021

trustpilot-stars

They are the one to use!

They are the one to use!


MICHAEL KING

23 July, 2021

trustpilot-stars

Terrible Customer Service all the way…

Terrible Customer Service all the way through. The underwriting process was almost comically bad- I was asked for the same thing over and over again and could never quite talk to a human that was actually aware of what was happening. Every person asked me to look at the app- where the auto-generated requests seemed to keep duplicating themselves- but they would not proceed until i uploaded things multiple times. The humans I did talk to just didn't seem to care/be able to help. Only when I asked for my $500 deposit back and asked to cancel the process did anyone pay attention. Now- after about 2 months of experiencing their "great" customer service- they are transferring my loan to a random outfit in Utah that no one at Quicken knows anything about. The original banker told me that they would not transfer my loans and that they would service it- and that they had great customer service, etc etc. That's actually what sold me on using them vs. Better mortgage. Now they gave me 9 days notice of this transfer- and I have no real information on the new servicer- so don't even know how to pay my next bill. The folks at quicken don't know either. A shockingly bad experience. Seems hard to believe they can operate this way. I will never even consider using them again, and would implore anyone considering them to look elsewhere.


RALPH MARINELLO

23 July, 2021

trustpilot-stars

Outstanding Products and Service!

Have worked with Quicken/Rocket for a number of years. During purchase, refinance and now the sale and purchase of a new home - spanning 15 years. Their personnel are professional, courteous, knowledgeable and above all customer focused. I won't do business elsewhere. Outstanding!


KEITH BROWN

22 July, 2021

trustpilot-stars

The easiest and fastest way, Rocket Mortgage

Everyone I dealt with was personable and very helpful. The whole process was so much easier than the last time I did this years ago! I never had to leave my house! We even did the closing at our kitchen table! Blew me away with how well it was handled and completed! I'd do it again in minute without further thought!


ANTHONY ALVARADO

22 July, 2021

trustpilot-stars

Easy as possible

I enjoyed working with Rocket Mortgage. They contacted me right away and tried to figure out our best path. They were patient with us first-time home buyers, and answered our questions.


KIMBERLEY HERRELL FREEMAN

22 July, 2021

trustpilot-stars

We had an amazing experience with…

We had an amazing experience with Rocket Morgage. Everything form getting pre approved to closing on our new home was very smooth and easy.


JOHNNY

22 July, 2021

trustpilot-stars

consumer beware!!!…

looking to lower my current interest rate on my home so decided to give it a try with rocket--i dont know who or how they got a 4.9 out of 5 because this was a joke, they strung me along for over 2 mos and then decided they couldnt do the refinance, i met all of the criteria and and my credit is exceptional and they have yet to tell me when they plan on refunding my deposit (if they will), this has been a horrible experience and i highly just you look somewhere else if you need to refinance or get a mortgage. my rating based on real experience is 1 out of 5 and it would be lower if possible, consumer beware!!!


SM

22 July, 2021

trustpilot-stars

No continuity

No continuity. We had gone through 6 mtg bankers, file was closed and had to be reopened. Never had same Banker working on file. Had to provide same documentation 3 times over for whatever reason. Expected us to deplete our savings for a FHA Loan only requiring 3.5%. SCAMMERS...UNPROFESSIONAL...UNEXCEPTIONAL CUSTOMER SERVICE...BEWARE, YOU NEVER GET TO TALK TO ANYONE WHEN YOU CALL IN, YOU LEAVE VOICE MESSAGES AND MOST TIMES VOICE-MAIL IS FULL! What a JOKE of a business!!!!


LIZ AVERY

22 July, 2021

trustpilot-stars

Easy from start to finish

The process was so incredibly quick, easy and painless.


DEBRA GRAY

22 July, 2021

trustpilot-stars

The agent assigned to my case was…

The agent assigned to my case was absolutely amazing. He explained everything to me clearly and was available for any questions. I called him on a weekend and he returned my call, I was shocked. I have recommend this organization to several neighbors. Thanks for providing excellent service.


TRISHA ANN

21 July, 2021

trustpilot-stars

I've never had such a quick response

I've never had such a quick response, processing or settlement. Everything went smoothly and was handled courteously and professionally.


AARON

21 July, 2021

trustpilot-stars

Quick effective re-finance process

Quick effective re-finance process. Online tool was not very effective, but the effort triggered a person calling, and working with them was so much better. They made it possible


JESSICA NORRIS

21 July, 2021

trustpilot-stars

Worst experience with getting a…

Worst experience with getting a mortgage I have ever seen!! We started this process in February, and still have not closed yet!! We had gotten all of our paper work in, in the first few days... Then nothing for months. Now, since it has taken so long, we had to resubmit everything. Now, we are being told we need to come up with another $2700, because we are not allowed to use pay role checks as part of our closing cost money!! How else are we supposed to get it? Can't get a loan, goes against your credit. Can't rob a bank, it's illegal. Can't borrow cash, there is no proof. And, they have our loan amount for more than the sale price, after we have told them to adjust that price numerous times. Worst experience ever, no communication between different departments, and a complete joke of a company. If we can not get the issue resolve ASAP, we are going somewhere else, and will make sure NOBODY we know ever uses this company!!! 6 months of headache, and still no answers!!!


J WILLIAMS

20 July, 2021

trustpilot-stars

From start to finish

From start to finish, it was a smooth, easy and professional experience. Always kept informed and pleasant to deal with.


JANICE M FEDE

20 July, 2021

trustpilot-stars

Just a really great company

Just a really great company! I have recently refinanced with them and it was effortless, never putting a damper on my day. It was so easy to get the paperwork to them and it's all located on the website that you sign into.


LAURA A.

20 July, 2021

trustpilot-stars

Very fast

Very fast. Reached out to me while I was refinancing my loan and came to me with a better deal. Closed the loan in just 8 days


ROBERTO ARANOVICH

20 July, 2021

trustpilot-stars

It was quite fast and easy.

It was quite fast and easy.


RYAN T.

20 July, 2021

trustpilot-stars

Quicken Loans exceeds expectations!

I’ve been a Quicken Loans customer for many years and they continue to exceed my expectations every time I work with them.


COMPUTERS AL

19 July, 2021

trustpilot-stars

Rocket Mortgage is a horrible company…

Rocket Mortgage is a horrible company to work with as a mortgage company. We explained the documents and the fact we have companies. Prior to running our credit I asked them if they knew how to deal with individuals that have companies they stated yes. They do not. On another note there site does not work, and when you try to get it; it keeps bringing you to the same page. Due to this the rate expired in the system. The next problem is the system stated we are missing documents, we loaded everything. However it keep sending emails saying information was missing. DO NOT USE QUICKEN LOANS or ROCKET MORTGQAGE if you want to close on your loan use a real company


MIKE

19 July, 2021

trustpilot-stars

Rocket Mortgage is the Best.

Rocket Mortgage has always been incredibly easy to work with. They get the job done quickly, efficiently, and with very little effort on my part. I will continue to use Rocket Mortgage for all my needs.

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Rate of 1.75%, Annual Percentage Rate (APR) of 1.75% and $0 fees are for a 15 year fixed refinance loan available through Better Mortgage Corporation (NMLS#330511) based on Excellent Credit Score, Single Family Home, Primary Residence, in the state of OH, with an anticipated mortgage balance of $500,000, and property value of $850,000 as of 06/15/2021.

Assurance IQ, LLC (“Assurance IQ”), NMLS #1912050 (nmlsconsumeraccess.org) is a lead generator only and is not acting as a mortgage broker except in Florida and Colorado; see our current state licenses here. Assurance IQ is also not acting in the capacity of a mortgage loan originator, mortgage correspondent lender or mortgage lender. Information received will be shared with one or more third parties in connection with your residential mortgage loan inquiry. The lenders determine whether you will be approved and the rate you will be offered. There is no guarantee that you will be approved for credit or that you will qualify for the advertised rates, fees or terms shown. The lenders’ credit decisions may vary based upon your loan request, your particular financial situation and other criteria determined by the lenders. All rates, fees and terms are not guaranteed and may change.

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