Rocket Mortgage Review

Rocket Mortgage at a Glance

 Loan typesMortgages and refinancing
 Loan featuresVA, FHA mortgages, HARP refinancing, traditional fixed rate
 Repayment Terms   15- or 30-year fixed-rate, 5- or 7-year ARM variable rate
 Top ProAdvanced platform is smooth and seamless
 Top ConRate information is only available when you apply for a personalized quote
 Best forBorrowers looking to do everything online and on mobile


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Rocket Mortgage is fully designed for digital natives with an advanced and smooth loan platform that keeps the entire process online and on smartphones. There are plenty of mortgage options and rates are constantly updated to keep borrowers on top of the details. The site design and apps are sleek and easy to use with excellent customer service and automation to speed up the loan process.

  • Detailed and personalized loan rates information
  • Fast platform constantly updated in real time
  • Government-backed loans for veterans, first-time buyers, and borrowers with small down payments
  • 5- or 7-year ARM and 15- or 30-year fixed-rate mortgages

Best For?

Rocket Mortgage is run entirely online with all of the information provided on the website or mobile apps, making it best suited to digital natives who are used to running all aspects of their lives from their mobile phones. The many mortgage options make it suitable for borrowers with small down payments and lower credit scores. Users who prefer flexibility will prefer the variable ARM mortgage while the traditional fixed-rate mortgages provide reliability and certainty for anyone who likes to plan their budget in advance.

Loan Features

Rocket Mortgage is certainly varied in terms of the loan features it offers. Veterans are served with government-backed VA loans which aren’t always available from online lenders. FHA loans help first-time buyers and anyone with a low credit score to get financing to purchase a home or refinancing for any purpose. Rocket Mortgage’s FHA loans require a down payment as low as 3%. HARP refinancing makes it easy for any homeowners to get cash-out refinancing loans for emergencies, college fees, or large purchases while Rocket Mortgage’s straightforward layout helps borrowers to easily compare down payments, APR rates, and total monthly payments on different financing options. You can also adjust your down payment online to see what impact it will have on your final monthly payments.

  • Government-backed VA and FHA loans
  • Loans for borrowers with small down payments – as low as 3%
  • Easily compare loan options
  • Adjust your down payment to see the effect on monthly payments
  • HARP refinancing makes it simple to release home equity

The Application Process

When applying for a loan via Rocket Mortgage, you have to create an account which takes only about 5 seconds, so it’s not too big an ask. Once you’ve set up an account, you can complete the guided online questionnaire. It’s very simple and straightforward with support along the way. The automated platform helps cut down on the hassle and time it takes to share your full credit and financial information, which is all required in order to get a personalized loan quote.

Once you’ve shared your information it takes just a few minutes until your quotes are ready. You can customize them by adjusting your down payment, monthly payments, or loan term until you’re happy with the funding option before you. Then, you just click the button to request approval online. You can come back and log in again the next day or every day for as long as you’d like to check on the changing rates, then only click the button to lock in rates once you’re happy. Rocket Mortgage enables borrowers to e-sign all of the relevant paperwork online and closing can happen where and when you want it.

Pros and Cons

  • Plenty of loan options available
  • Fast advanced platform
  • Real time rate updates
  • The many options can be overwhelming
  • Rates and terms information only available once you register
  • Extensive financial information needs to be imported

We were very impressed by how advanced the platform for Rocket Mortgage is. Both the apps and the website are easy to use and smooth to navigate from every device, making it a dream for Millennials. It’s possible though that anyone who isn’t fully comfortable making major financial decisions online will feel nervous about this entirely digital platform. Rocket Mortgage offers a full range of mortgage, refinancing, and home equity loan options that include government-backed loans, rivalling that of a traditional bank. Thanks to real-time rate updates, new borrowers can stay in control of their financing options by logging on as often as they want to check for the newest rates before locking in the best deal.

That said, the sheer number of loan options can be overwhelming. It’s not really possible to browse loan terms and rates without creating an account and inputting your full financial information, making it difficult for the casual browser to compare loan options. If you’re serious about taking out a mortgage, it’s worth it to go to this trouble. However, anyone who just wants more information about their options is likely to shrink away from having to share so many details just to get better loan rate information.

Loan Terms – The Bare Basics 

It’s difficult to share exact terms of Rocket Mortgage loans and mortgages because APR rate information can only be accessed by sharing all of your financial details and getting a personalized quote. You also can’t find out how much of a down payment you need to make without going through the entire application process, although Rocket Mortgage does offer FHA loans which require a down payment of as low as 3%.

Rocket Mortgage does reveal that terms range from 8 to 30 with the YOURgage loan and that variable rate mortgages have terms of 5 or 7 years. Rocket Mortgage only gives loans for owner-occupied homes, not for investment properties. Fortunately, Rocket Mortgage uses advanced automated tools to make it faster and easier to import your full financial information.

Repayment Terms

Rocket Mortgage offers traditional fixed-rate mortgages of 15- or 30- year terms. The variable ARM loans have terms of either 5 or 7 years. Somewhere in between, in terms of both repayment period and the level of flexibility, are the unique YOURgage mortgage loans, which allow the borrower to choose any term between 8 and 30 years and lock in to a fixed-rate mortgage. APR rates aren’t available until you complete a full application.

Help & Support

Rocket Mortgage offers an impressive level of support, particularly through the live chat, which is accessible at the touch of a button from the mobile apps and the website. Live chat isn’t quite round-the-clock but it is open from 7am to midnight ET on weekdays and 9am to midnight on weekends, which is pretty good. There’s also telephone support for more traditional borrowers from 9am to midnight on weekdays, 9am to 8pm on Saturdays, and 9am to 7pm on Sundays. It’s fortunate that customer support is so quick to respond, because the FAQ section could be improved.


Rocket Mortgage is a very fast and digitally advanced mortgage loan provider that offers an impressive range of refinancing and mortgage options including VA and FHA loans which can be hard to find online. The application process is entirely online and speeded up thanks to advanced automated tools. Between a highly functional website and effective mobile apps, Rocket Mortgage makes it easy to keep coming back and checking up on real time APR rates until you find the exact deal you want. Fast application times and excellent and responsive customer service add to the attraction of this loan provider.

Physical Address

Quicken Loans 

1050 Woodward Avenue

Detroit, MI 48226-1906


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