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Rocket Mortgage Review (2023)

What is a Rocket Mortgage?

Rocket Mortgage is a digital mortgage company that provides a mortgage application procedure online. The company was founded in 2015 as a unit of Quicken Loans. Because of its quick and easy application process, Rocket Mortgage has rapidly become one of the largest mortgage providers in the United States.

If you want to learn completely step-by-step what is a mortgage, then visit this post: What is a Mortgage? Complete Step-by-Step Guide

In this post, we will look at Rocket Mortgage’s pros and cons, how it compares to other lenders, the application procedure, refinancing choices, current rates, pre-approval, culture, privacy policy, HELOC, reviews, participation in sporting events, and much more.

Pros and Cons of Rocket Mortgage

Like any other lender, Rocket Mortgage has its pros and cons:

ProsCons
Ability to lock in rates for up to 90 daysLimited in-person support
Streamlined document upload and verificationOnly offers conventional, FHA, and VA loans
Customizable loan options to fit individual needsMay not always offer the lowest rates
The pre-approval process provides buying powerOrigination fees can be higher than other lenders
Rocket Mortgage app for mobile convenienceLimited availability in some states

Comparison of Rocket Mortgage to other Lenders

When it comes to mortgage lenders, there are numerous options available. Quicken Loans, Wells Fargo, and Chase are among Rocket Mortgage’s main competitors.

While Rocket Mortgage has cheap rates and a quicker application procedure, you should compare it to other lenders to verify you are getting the best deal.

Feature/CategoryRocket MortgageQuicken LoansBetter.comLoanDepotWells Fargo
Loan TypesConventional, FHA, VA, USDA, Jumbo, Fixed-rate, ARMConventional, FHA, VA, Jumbo, Fixed-rate, ARM, HARPConventional, FHA, VA, Jumbo, Fixed-rate, ARMConventional, FHA, VA, Jumbo, Fixed-rate, ARMConventional, FHA, VA, Jumbo, Fixed-rate, ARM
Ease of UseEasy online application process and mobile appEasy online application process and mobile appEasy online application process and mobile appEasy online application process and mobile appMixed reviews for the pre-approval process
Time to Close30 days or less30 days or less30 days or less30 days or lessVaries by loan type and application process
Customer ServiceAvailable 24/7 via phone, email, and chatAvailable 24/7 via phone, email, and chatAvailable 24/7 via phone and emailAvailable via phone and emailAvailable via phone, email, and in-person
Rates and FeesCompetitive rates and transparent feesCompetitive rates and transparent feesCompetitive rates and transparent feesCompetitive rates and transparent feesMixed reviews for rates and fees
Refinance OptionsStreamlined process with a variety of refinance optionsStreamlined process with a variety of refinance optionsStreamlined process with a variety of refinance optionsStreamlined process with a variety of refinance optionsMixed reviews for refinance options
Pre-Approval ProcessFast and easy online pre-approval processFast and easy online pre-approval processFast and easy online pre-approval processFast and easy online pre-approval processMixed reviews for pre-approval process
Special ProgramsRocket Mortgage Super Bowl Squares, Rocket Mortgage Classic, Rocket Mortgage FieldHouseRocket Mortgage Super Bowl Squares, Rocket Mortgage Classic, Rocket Mortgage FieldHouseDigital closings and a rate lock programCash-out refinancing options and a rate match guaranteeHomebuyer assistance programs and specialized loan options

Applying for a Mortgage with Rocket Mortgage

Rocket Mortgage applications are completely online and may be completed in as little as 10 minutes.

You must first create a Rocket Mortgage account and enter some basic information about yourself and your financial status to apply.

You can create a Rocket Mortgage account and log in easily to track your application status, upload documents, and communicate with your loan officer.

If you need any assistance, Rocket Mortgage provides a phone number that you can call to speak with their customer service team. Rocket Mortgage Phone Number: 800-508-0944

Whether you’re a first-time homebuyer or an experienced homeowner, Rocket Mortgage login is a convenient option that offers competitive rates and flexible mortgage options.

Rocket Mortgage Refinance

Rocket Mortgage Refinance is a program offered by Rocket Mortgage that allows homeowners to refinance their existing mortgage for a new loan with more favorable terms.

With Rocket Mortgage Refinance, homeowners can lower their monthly mortgage payments, shorten the term of their mortgage, or even access the equity in their home for cash-out refinancing.

To get started with Rocket Mortgage Refinance, homeowners can visit the Rocket Mortgage website or use the Rocket Mortgage app to apply online. The application process is simple and can be completed in minutes. Homeowners will need to provide information about their current mortgage and financial situation, and Rocket Mortgage will provide personalized refinance options tailored to their needs.

Rocket Mortgage Rates

One of the most important factors in determining the cost of your mortgage is the interest rate. Rocket Mortgage interest rates are highly competitive, and the company provides tools and resources to help you find the right rate for your financial situation.

Rocket Mortgage Rates Overview:

  • Rocket Mortgage offers both fixed and adjustable-rate mortgages.
  • The interest rates vary depending on the loan type, term, and borrower’s credit score.
  • The average interest rate for a 30-year fixed mortgage with Rocket Mortgage is currently around 3.25%.
  • Rocket Mortgage also offers refinancing options with competitive rates.

How to Get the Best Rocket Mortgage Rates:

  • Check your credit score and credit report for errors.
  • Make a higher down payment to reduce your interest rate.
  • Consider choosing a shorter loan term.
  • Shop around and compare rates from multiple lenders, including Rocket Mortgage.

Mortgage List

Here are some mortgage provider company reviews.

Rocket Mortgage Customer Service

Rocket Mortgage provides phone, email, and live chat help as options for contacting customer service. Customer service experts from the organization are ready to help borrowers with any questions or problems they may have about the mortgage process, from pre-approval to closing.

Website: https://www.rocketmortgage.com/

Rocket Mortgage Phone Number: 800-508-0944

Rocket Mortgage Email: Help@RocketMortgage.com


Loan Rockets

Loan Rockets is a program provided by Rocket Mortgage that enables existing clients to simply refinance or obtain a new loan. The initiative is intended to offer customers a quick, simple, and convenient option to obtain a mortgage or refinance an existing one.

Rocket Money Mortgage

Rocket Money Mortgage is a program offered by Rocket Mortgage that allows customers to take advantage of their home equity to pay off high-interest debt or finance home improvements. With a Rocket Money Mortgage, customers can borrow up to 90% of their home equity.

Rocket Visa Signature Card

The Rocket Visa Signature Card is a credit card offered by Rocket Mortgage that provides cardholders with many privileges. It has no annual cost and provides cashback returns on all transactions, with larger earnings available in certain areas such as dining, travel, and entertainment.

Cardholders also get free concierge service, travel insurance, and fraud protection. Furthermore, the card includes unique offers and savings from certain partners.

Rocket Mortgage Pre-Approval

Becoming pre-approved for a mortgage might help you understand your budget better and make the home-buying process go more smoothly. The company provides Rocket Mortgage pre-approval, which includes a mild credit check to assess how much you can borrow.


Rocket Mortgage ISMs and Culture

Rocket Mortgage has a unique culture that is built around its ISMs, or “isms.” These are a set of guiding principles that are designed to help employees make decisions and guide their behavior. Some of the ISMs include “every second counts,” “obsessed with finding a better way,” and “speak the truth.”

Rocket Mortgage Layoffs 2022 & 2023

Rocket Mortgage is expected to lay off employees in 2022 and 2023, according to sources. The corporation stated in January 2022 that it will be laying off around 9% of its staff, or approximately 1,400 people. The layoffs were justified by the company’s need to “concentrate on growth and operational excellence.”

There were more reports of layoffs at Rocket Mortgage in 2023. In February of that year, the corporation announced the elimination of around 1,000 jobs or approximately 6% of its staff. The layoffs this time were ascribed to a drop in loan volume and greater competition in the mortgage business.

Despite various layoffs, Rocket Mortgage remains a prominent player in the mortgage sector, offering a diverse range of products.

Rocket Mortgage’s Privacy Policy

Rocket Mortgage takes user privacy very seriously and has a detailed privacy policy to protect user data. The policy describes the sorts of information gathered, how it is used, and how it is safeguarded. Rocket Mortgage also employs powerful encryption technology to safeguard consumer data.

Rocket Mortgage HELOC

A Home Equity Line of Credit (HELOC) is a loan that enables homeowners to borrow money against the equity in their homes. Rocket Mortgage provides HELOCs to qualified homeowners who have built equity in their homes.

A HELOC allows you to borrow money as needed up to a specified maximum and just pay interest on the amount borrowed. This can be an easy way to get money for home improvements, debt consolidation, or other purposes.

To be eligible for a Rocket Mortgage HELOC, you must have a credit score of at least 620 and at least 20% equity in your house. The application is performed online and takes only a few minutes. You will be able to access your funds once you have been accepted.

Rocket Mortgage Classic

The Rocket Mortgage Classic debuted in 2019 and has quickly grown to become one of the PGA Tour’s most popular events. As the event’s headline sponsor, Rocket Mortgage is highly involved in a variety of activities and events that highlight the company’s dedication to the local community.

Rocket Mortgage not only sponsors the event but also donates a portion of the earnings to charity. This indicates the company’s dedication to the communities it serves and establishes it as a leader in corporate social responsibility.

Rocket Mortgage FieldHouse

Rocket Mortgage is a financial services company that has made a huge effect in sports marketing by negotiating naming rights arrangements for sports arenas.

The Cleveland Cavaliers arena, originally known as Quicken Loans Arena, is one of their notable naming rights partnerships. Rocket Mortgage announced a new naming rights agreement for the arena in 2019, dubbing it Rocket Mortgage FieldHouse.

Rocket Mortgage Super Bowl Squares

The Rocket Mortgage Super Bowl Squares marketing is a fun one that the company performs during the Super Bowl. The idea is simple: each participant is assigned a square on a 10×10 grid at random, and the numbers on the grid match the final digit of each team’s score at the end of each quarter.


Review: Rocket Mortgage Reddit

I utilised Rocket Mortgage to refinance my property; the initial loan was in my and my sister’s names, and I refinanced to remove my sister’s name off the loan and title and replace it with my husband’s; but, when they filed the title, they left my sister’s name on it. Even though I have paid $1465.00 in title costs, I now have to pay to have it removed. I am now paying for their error, and they are refusing to assist.

User

Frequently Asked Questions About Rocket Mortgage

Who owns Rocket Mortgage?

Rocket Mortgage is owned by Rocket Companies, Inc, a publicly-traded company founded by Dan Gilbert in 1985.

Can I get a mortgage with Rocket Mortgage if I have bad credit?

Although Rocket Mortgage does provide mortgage loans to consumers with less-than-perfect credit, the interest rates and terms may not be as attractive as those provided to clients with excellent credit.

Is Rocket Mortgage a legitimate company?

Yes, Rocket Mortgage is a legitimate company and is part of Quicken Loans.

Is Rocket Mortgage trustworthy if easy platform to explore financing a new or custom-built home?

It’s subjective whether Rocket Mortgage and Opendoor would be considered mortgage mills, but they do offer streamlined mortgage processes.

Does Rocket Mortgage hurt your credit?

Applying for a mortgage with Rocket Mortgage may result in a hard credit inquiry, which can temporarily affect your credit score.

Does rocket mortgage do home equity loans?

Yes, Rocket Mortgage offers home equity loans and home equity lines of credit.


Conclusion

In conclusion, Rocket Mortgage offers a streamlined and convenient way for customers to apply for and obtain mortgages, as well as other financial products like personal loans and credit cards.

With its innovative technology, competitive rates, and strong customer service, Rocket Mortgage has become a leader in the online lending space. Whether you’re a first-time homebuyer or a refinancer, Rocket Mortgage’s user-friendly interface and simple tools can make the process easier. While it is critical to conduct your own research and compare rates and terms from various lenders, Rocket Mortgage is likely worth exploring as a feasible choice for your home finance needs.

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