Rocket Mortgage Review

BySarah PritzkerApr. 01, 2020

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In a Nutshell

Rocket Mortgage is an online lender with a user experience designed to save time and make mortgages easy, with many options.


  • 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

Rocket Mortgage at a Glance

 Loan Types

Mortgages and refinancing

 Featured Loans

VA, FHA mortgages, HARP refinancing, traditional fixed rate

 Repayment Terms   

15- or 30-year fixed-rate, 5- or 7-year ARM variable rate

 Down Payment

0% for some loans

 Credit Score

620+ for some loans

 Best For

Borrowers looking to do everything online and on mobile

Direct Lender or Marketplace
Direct lender

Visit Rocket Mortgage


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

Rocket Mortgage Review

Who Is Rocket Mortgage 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 has a variety of loan features.

  • VA loans: Veterans are served with government-backed VA loans which aren’t always available from online lenders

  • FHA loans: First-time buyers with a low credit score or less cash for a down payment can get financing to purchase a home or refinance 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

  • Easy online format: 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

  • Simple comparison: Easily compare the mortgage loan options

The Application Process

When applying for a loan via Rocket Mortgage:

  • Create an account which takes about 5 seconds.

  • Complete the guided online questionnaire. It’s very simple and straightforward with support along the way, and will include your financial and personal information

  • Get your quotes. You can customize them by adjusting your down payment, monthly payments, or loan term until you’re happy with the funding option before you.

  • Click the button to request approval online.

  • 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.

  • E-sign all of the relevant paperwork online and closing can happen where and when you want it.

Rocket Mortgage Review

Deep Dive into Pros and Cons

The platform for Rocket Mortgage is advanced. Both the apps and the website are easy to use and smooth to navigate from every device. 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, rivaling 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 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 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 gives 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. 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. 


Rocket Mortgage is a fast and digitally advanced mortgage loan provider that offers a 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 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 responsive customer service add to the attraction of this loan provider.

Physical Address

Quicken Loans 

1050 Woodward Avenue

Detroit, MI 48226-1906


Visit Rocket Mortgage

Rocket Mortgage customer testimonials

GreatReviews 2,262
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  • author
    17 hours ago
    I've worked with Quicken for a few…

    I've worked with Quicken for a few years now and every time there is any interaction, it is a great experience. I would highly recommend them for your home needs.


  • author
    16 hours ago
    A trail of broken promises and lies

    If you have not started with Rocket Mortgage, don't until you have read the reviews. 1. They are very proactive until you give up $500 and sign. After that, they disappear. 2. Your loan will not close for at a minimum 90-days (if ever). A local lender could get it done in 30-days. 3. If you are self employed, don't even bother. They will drag you along only to deny you for "lack of proof of income." 4. Even if they do not perform, you will not get a refund unless you are willing to get a lawyer involved. My experience with them has been ongoing for 3-months. They are not a good organization to deal with. They spend more efforts on trying to get bad reviews removed, trying to make it seem like they actually care, and deferring customers than they do closing loans. This is a nightmare... Find a local guy.


  • author
    17 hours ago
    I am on my third mortgage with Quicken - 2 Great, One AWFUL.

    I am on my third mortgage with Quicken - and have always been very satisfied. The folks I dealt with were always really knowledgeable and helpful. Sadly, I am having a very difficult time with my current loan. I actually had two loans in process at the same time - and the refinance (my second with Quicken) went very smoothly. The new home purchase has been a nightmare. The inability to get an appraiser for our property has caused significant delays to our closing. The full responsibility for our delays is on Quicken - and the "system" appears incapable of finding a solution. While I believe all parties are doing their best - I also think they you are too large to help problem solve when the process fails. This is apparently what I am dealing with. My experience leaves me wishing I had gone with another lender for our new home purchase. We would be closing this week - and beginning to enjoy our place. Instead I am rescheduling, explaining - and doing all I can to keep the deal afloat. I give two stars only because the guys I am working with are pleasant and professional. Otherwise, a one.


  • author
    17 hours ago
    Overall great experience

    Felt like loan officer was very helpful to explain everything in the beginning. But during the process was not as attentive since she had already had our business. It was a great deal for everything though.


  • author
    18 hours ago
    I wish I had read the reviews before I…

    I wish I had read the reviews before I started the Refinance process with Rocket. I too have been waiting over 2 months. They do not seem to be able to get payoff amounts from current lender. This is unacceptable. I have called every week and I get the same answer "We are waiting for payoff from current Lender". I provided them information from my current lender that they provided me and a week later I called back and they did nothing. I am seriously thinking about cancelling this loan - I was told I would close 9/8 and I can see it won't be done next month either.