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Rocket Mortgage

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2 User Reviews

Rocket Mortgage is an online and app-based lender that offers services for refinancing, new home purchase, and loan management in all 50 U.S. states. Loans are processed by Quicken Loans of Detroit, MI. Sister companies of Rocket Mortgage include:

  • Rocket Homes: research home listings and get a real estate agent handpicked for you
  • Rocket Loans: get personal loans to renovate your home, consolidate debt, etc.
  • Rocket HQ: access financial tools and articles

Top Ranked Companies

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The Good

  • Streamlined App
  • Custom Options
  • RateShield Approval

Streamlined App


The Rocket Mortgage app is highly rated on both Google Play and the Apple App store. The app allows for speedy asset retrieval by syncing with your bank to get accurate numbers and get you approved instantly online. The Rocket Mortgage app also provides a to-do list to verify your details so you can close quickly once you’ve chosen your mortgage.

After your home purchase or refinance, you continue to use the Rocket Mortgage app to make payments online and manage your loan. The company uses bank-level encryption and close site monitoring to ensure consumers’ security and safety.


Custom Options


Regardless of what stage you are at in the home buying (or refinancing) process, Rocket Mortgage is a helpful resource. If you’re just starting to look at homes, you can get an approval letter online for free. The letter is customizable so if you make an offer that’s less than what you can afford, the seller won’t know that. When you’re ready to purchase a home, Rocket Mortgage gives you personalized loan solutions to consider, with current interest rates and payments (subject to fluctuate until closing).


RateShield Approval


With Rocket Mortage, you can lock your approved rate for up to 90 days to protect your monthly payment from going up while you search for a home. If rates go up, your rate stays the same and if rates go down, your rate drops. Plus, a RateShield Approval Letter can make your offer more attractive to a seller because your credit, income, and asset information have already been verified.

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The Bad

  • Account Signup Required
  • Online Only

Account Signup Required


Many other lenders have financial calculators you can play around with before submitting any contact information, but Rocket Mortgage does require you to sign up for a Rocket Account to access numbers. For financial tools, visit Rocket HQ.


Online Only


Where Rocket Mortgage is all online, borrowers don’t have the opportunity to sit down in a brick and mortar building to discuss options with a lender face-to-face. However, you can contact Rocket Mortgage’s customer service for advice on a new loan, help to sign in, and assistance with an in-process or a closed loan via phone or online chat.

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The Bottom Line

With Rocket Mortgage, you can work at your own pace, whether you want to get a fast approval so you can move forward quickly with your home purchase or refinance, or you can take your sweet time and no one will nag you about it. The process is all online, but if you want to use customer service, you can. Rocket Mortgage by Quicken Loans is a great choice for the borrower who wants 24/7 access to their loan during the application process and beyond.

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Star Rating

3.0

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2 Reviews

Review Breakdown

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1 grade

50%

Sentiment Criteria

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John Stewart Canton, GA

I own a large property and wanted to refinance. Rocket drug the process out for 5 months and every month came up with another reason why we couldn't close the loan. Absolutely ridiculous process and completely incompetent loan processors.

6 months ago

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Hawaiian

They were easy to reach and closed the mortgage when they said it would. Using my tablet to send all my documents was fast and easy!

1 year ago

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