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Rocket Mortgage

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6.1

Overall Score

Author: Kaitlyn Short

LAST UPDATED: December 14th, 2022

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

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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

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4.1

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23 Reviews

Review Breakdown

5 grade

61%

4 grade

17%

3 grade

4%

2 grade

4%

1 grade

13%

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Mari Lyles Bowie, MD

My home was refinanced within two days. It was the smoothest refinancing I've ever done. The representatives were highly professional, courteous, helpful and eager to discuss or explain any and every issue. I'd refinance with them again.

2 years ago

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Wendy Shaw Queens, NY

If you appreciate online convenience .This is the fully digital homeowner experience for you. They estimated the loan amount that I'd qualify for within minutes!!! They had a variety of loan types and stress free application process. An at home Must try!!!

2 years ago

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Mike Black Choctaw, OK

Rocket Mortgage moved thru my Mortgage loan quickly. From the Time we applied for a new Loan till we Closed., It took about 4 weeks! They were always ready to talk to us and answer any questions. They even brought out the papers to sign for closing.

2 years ago

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John Sandstrom Langley, BC

I recently refinanced my mortgage to take advantage of the low interest rates. I am not sure it could have gone more smoothly. The Rocket Mortgage process and software made uploading the required information a breeze. Most importantly, the people I spoke with were extremely personable and competent. Excellent Experience!

3 years ago

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Yael Lynchburg, VA

I love Rocket Mortgage, they're a great first time mortgage lender. They offer an experienced loan officer available pretty much 24/7 during your loan process via the app, email or text, mine was super responsive. Rocket Mortgage offers Low down payment options, 90-day rate lock, and is a lender and servicer all In one! Just awesome!

3 years ago Edited September 17, 2021

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stephen sisemore IA

Pros: Very good at processing and moving through procedures. Informative about updates and any qualifying discounts. Quick responses on questions or any issues. Cons: Be sure that if you don't want auto-pay, that this is also mirrored in the website.

2 years ago

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James Koller New York, NY

We where "acquired" by Rocket mortgage so we did not originally get the mortgage through them. They did make the process seamless and have treated us great since the switch. Very good website and customer service.

2 years ago

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William Pommering Santee, CA

Interesting company indeed. Not a pleasant experience in the beginning. They did NOT keep their word in processing the mortgage - left certain issues undone that were promised. We went forward with the application process in spite of the inconvenience. Since then, their process has been excellent, and they have been fine to deal with. However, some of the bad taste remains. I would recommend them but advise that you watch that your requests to make sure they are honored.

2 years ago

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David Swenson Denver, CO

Rocket mortgage is nationally known. I received a really competitive quote from them during my last refinance. I appreciate their straightforward approach and felt like their employees treated me like a real human. They listened, answered questions, and respected boundaries (aka they did not incessantly call me from spam numbers!)

3 years ago

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Billye Newcomb Galveston, TX

(Rocket Mortgage) They would not return my calls and messages or explain why my closing cost kept going up. I was told they were waiting for the appraisal but after waiting over two months I told them I was going elsewhere to have my home refinanced. I have excellent credit, have never been late on my house payment. I had no trouble getting it financed. Nothing has changed. My home has gone up $250,000 in value since I bought it according to my realtor.

3 years 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!

4 years ago

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Susan Bowes Aberdeen, WA

i had seen the commericals on tv for rocket mortage and decided to give them a call they were very helpful and they helped me with my payments and got me a low interest rate

2 years ago

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Shelton Germaine Rogers, AR

I consider this company a scam. I tried to find out information from them before submitting my mortgage request. They started harassing me to use them before I could even get basic questions. I got frustrated with them and told them I would not use them, 15 minutes later, I get calls from another one of their salesmen. How many times should I have to tell them to get lost before they take a hint. I will not use this company in the future.

2 years ago

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Luke Swierczynski Troy, MI

FML for signing up for their super bowl squares game. The solicitations were fast and furious. I of course entertained them pricing out my current mortgage to see if I could save any money. They ended up trying to sell me a loan to zero benefit to me aside from being able to "skip" a mortgage payment. Which isn't even a thing since the cost just rolls into your new loan amount. A better description is, you can finance your next mortgage payment. They kept insisting I move forward with it etc. Received a few calls after stating no interest, but finally ceased when I specifically requested to be placed on their do not call registry. TLDR: They will try to sell you the mortgage you're currently in just to make a quick buck.

3 years ago Edited January 28, 2022

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Dave Brown Richmond, VA

Everything went smoothly from beginning till closing. They were very thorough and answered every question that I threw at them. Great communication too!

3 years ago Edited September 14, 2021

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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.

4 years ago

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You LA

They came through when others would not so that makes these guys a good option to mortgage a home. The automatic billing is a huge time saver.

2 years ago Edited September 1, 2022

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Frank Elliott Elgin, IL

The mobile app is simply & easy to use. Provides all of your loan information, payments & it is easy to use

2 years ago

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Walter Brawner Chicago, IL

Company was very understanding towards my needs and concerns and eventually ended up helping me lower my rate

2 years ago

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Judy Newell Johnstown, OH

Courteous, efficient and helpful employees. they made the process easy to move through and complete the sale.

3 years ago

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Carol Jensen Porterville, CA

They made it easy to do our refinancing. Was done over the phone along with faxing required documentation.

2 years ago

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Scott Firestone Brooklyn, NY

Great service and rates. Easy online completion of paperwork. Easy uploading of documents.

2 years ago

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Sathvik Aithala Portland, OR

Got a quote from Rocket Mortgage. Customer service was friendly and rates were competitive.

2 years ago