Online loan, great customer satisfaction
This article was last reviewed and updated on August 20, 2021.
Overall rating of the lender
Advantages and disadvantages
Rocket Mortgage Interest Rates
When you visit the Rocket Mortgage website, select “Rates” from its menu. It shows you the interest rates and APRs on 30-year and 15-year fixed compliant mortgages, 30-year VA mortgages, and 30-year FHA mortgages. It also compares today’s rates with rates yesterday and a year ago.
You can read the assumptions for these rates on the website. For example, the 30-year rates shown are for loan amounts of $ 200,000 and cover 1.375 points at closing.
Unlike some online lenders, you can’t enter your information (like mortgage amount, down payment, or credit score) to see a more personalized rate on the site. You will need to create an account before you can do so.
Right now, the 30 and 15 year compliant loan rates on the Rocket Mortgage website are a bit higher than the average rates listed on the Federal Reserve website.
How Rocket Mortgage Compares to Similar Lenders
We compared Rocket Mortgage to two other online-only lenders: Better.com and Guild Mortgage.
Rocket Mortgage Review vs Better.com Review
Better.com doesn’t offer any VA loans, so you’ll want to go with Rocket Mortgage if you’re an active military or veteran. Rocket Mortgage also offers a live chat feature, which is handy if you don’t like talking on the phone.
However, Better.com makes it easy to view personalized rates without opening an account first. It also provides you with a pre-approval letter within 24 hours, while Rocket Mortgage letter processing time varies.
Rocket Mortgage Review vs Guild Mortgage Review
Guild Mortgage is probably best for people with low or no credit scores because it accepts alternative credit data like utility bills. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, home improvement loan, or reverse mortgage.
Guild Mortgage is not available to residents of New Jersey or New York, so if you live in one of those states, Rocket Mortgage is the obvious choice.
How the Rocket mortgage works
Rocket Mortgage is Quicken Loans’ online mortgage application platform. Rocket Mortgage is available in all 50 US states and offers the following mortgage products:
You cannot get a USDA Mortgage, Home Equity Loan, HELOC, Construction Loan, or Reverse Mortgage through Rocket Mortgage.
If you are refinancing, you can choose from the following options:
Some lenders allow you to apply with alternate credit data if you don’t have a credit score or have a very bad one. For example, you can prove that you are used to paying utility bills on time. Rocket Mortgage does not allow alternative credit data, so it is best suited for borrowers with good credit scores. The minimum credit score requirements depend on the type of mortgage you get.
You can chat online with an automated assistant 24/7. Chat online with a live representative Monday through Friday 7:00 a.m. ET to midnight ET, or weekends 9:00 a.m. to midnight ET.
If you need to talk to a new mortgage, you can speak with someone by phone Sunday through Friday 9:00 a.m. to 7:00 p.m. ET, or Saturday 9:00 a.m. to 8:00 p.m. ET.
To talk about a current loan, closed loan or connectioncall Monday to Friday 8:30 a.m. to 9 p.m. ET, or Saturday 9 a.m. to 4 p.m. ET.
Is Rocket Mortgage Trustworthy?
Rocket Mortgage has been ranked as JD Power’s # 1 Customer Satisfaction Lender for 11 consecutive years. It also has an A + in reliability from the Better Business Bureau. The BBB measures reliability based on the response to customer complaints, honesty in advertising, and transparency of business practices.
In 2019, the US Department of Justice asked Rocket Mortgage parent company Quicken Loans to pay $ 32.5 million for alleged mortgage fraud. The Justice Department said Quicken Loans approved mortgage applications it shouldn’t have had. Although Quicken Loans paid the settlement, the company never admitted to mortgage fraud.
If you are nervous about the mortgage fraud scandal, you may decide to go to another lender. But given its excellent customer satisfaction and reliability scores, you might still feel right at home using Rocket Mortgage.