- True end-to-end online mortgage experience
- Quicker and easier mortgage process than most lenders offer
- Lots of options for customizing your loan
- No face-to-face lender interactions
- Not great if you have iffy credit or high debt
- Rates are not always competitive
Rocket Mortgage is owned by parent company Quicken Loans.Together, the two lenders are the nation's largest mortgage company. They're also — as Quicken points out on its site — the biggest lenders for FHA and VA loans. Both Rocket Mortgage rates and Quicken rates tend to be a little above the industry average. However, it's hard to beat the quality and ease of Rocket's online mortgage process. Everything is done online, and Rocket claims it can have customers pre-approved for a home loan in just eight minutes. If that sounds like your cup of tea, check personalized rates from Rocket to see whether the company has competitive rates and fees for you.
Compare Rocket Mortgage rates
Rocket mortgage rates — and Quicken mortgage rates, for that matter — tend to be slightly above market average.
But remember that advertised rates are only meant as a benchmark. Your own rate from any of these lenders will look different based on your credit score, income, debt, and other factors.
Make sure you compare personalized rates to find out which lender is really cheapest for you.
30-year fixed-rate mortgage estimates at major banks
Rocket Mortgage (Quicken Loans)
Bank of America
Monthly P&I Payment
We looked at Rocket Mortgage rates compared to other major lenders in the U.S.
We found Rocket’s mortgage rates to be a bit higher than average. However, average rates can differ based on the types of clients and programs a lender specializes in.
Rates shown here are current as of 12/19/2019. Monthly principal and interest payments are based on a home price of $240,000 and down payment of 20% for a home located in Washington.
These numbers are a snapshot meant for general comparison only.Verify your new rate (Jan 18th, 2020)
Rocket Mortgage review for 2020
Rocket Mortgage describes itself this way:
“If you don’t have the patience for banks and want a fast, convenient way to see your mortgage options, you should give Rocket Mortgage a try.”
So, is this all-digital lender really worth it?
One thing to note is that Rocket Mortgage doesn’t excel for its rates, which are average at best.
But one area in which Quicken Loans, including Rocket Mortgage, is industry-beating is in its customer service.
The lender topped J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study. And that was the tenth consecutive year in which it had held that spot.
Together, Rocket Mortgage and Quicken have been top-rated for customer satisfaction for the past ten years. Image: Quicken
So if you want to be happy with your mortgage and the service you get along the way, it’s going to be hard to beat Rocket or Quicken.
Of course, that applies only to those who are comfortable using the Rocket Mortgage online application processes.
Naturally, the lender promises “expert advice when you need it.” But the whole idea is that the system itself is so expert it will gently lead you through the entire experience.
And it helps if you’re a “good” borrower: reasonably creditworthy and with debts you can easily afford.
Having said that, the website does say this lender will entertain applications from those with scores as low as 580.
Working with Rocket Mortgage
We’re looking at one of the mortgage industry’s true innovators here. So you won’t be surprised when you visit Rocket Mortgage’s website and find one of the very best.
Unlike with some of its competitors, the numbers contained in its rate quote should typically be reliable.
Yes, you have to be entirely honest with the information you provide. And yes, you can adjust things later, when you finalize the price of the home you buy or have to change that amount after an appraisal.
You’ll also have a good range of options if you want to purchase discount points. That’s when you pay a bit more upfront on closing to buy a lower mortgage rate.
But, unless you change such things yourself, you can generally rely on the rate quote you receive online to be accurate.
If you’re in the early stages of home buying, you can use Rocket’s online tools to figure out your home buying budget and how much cash you’ll need up front. Image: Rocket Mortgage
Once Rocket Mortgage approves you, and you accept a quote, you’re ready to move forward.
And the website continues to offer rich functionality.
It provides a secure environment where you can communicate with loan officers, upload documents, monitor your loan information and access your closing documents.
In fact, if you really don’t want to talk to another person, you can opt to communicate via its Talk to Us page. But you always have the option to talk to a real live loan expert over the phone.
Rocket Mortgage customer service reviews
When it comes to information about Rocket Mortgage customer service, it tends to be treated as part of Quicken Loans. That’s fair enough. It is, after all, an “experience” (or brand) offered by Quicken, not a separate company.
Mortgage-related complaints at major lenders
Complaints per 1,000 mortgages6
2019 JD Power Rating7
Rocket Mortgage (Quicken Loans)
Bank of America
As mentioned above, Rocket Mortgage and Quicken Loans set a bar for customer service that others simply can’t clear.
Fairway Independent Mortgage got very close in 2019. But it didn’t manage to end the Quicken Loans ten-year run as the league-topping mortgage lender.
And unsurprisingly, Rocket/Quicken’s high satisfaction scores are reflected in low complaints.
Federal regulator the Consumer Financial Protection Bureau maintains a public, online database of consumer complaints against mortgage lenders. And in it, Quicken Loans has one of the lowest (maybe the lowest) number of complaints — at less than half a complaint per thousand mortgages.
Mortgage loan products at Rocket Mortgage
As you’d expect, the Rocket Mortgage product portfolio is the same as the Quicken Loans one. Options include:
- Fixed-rate mortgages (FRMs) — Most people want their fixed-rate loans to last 30 years. But with Rocket, you can choose a term from eight years up to 30
- Adjustable-rate mortgages (ARMs) — These are initially more affordable than fixed-rate mortgages, but come with the risk of higher rates later. You can fix your rate for a period of five, seven or 10 years after which it will move up and down with the market
- FHA loans — Backed by the Federal Housing Administration, these are great for those with imperfect credit and low down payments (min. 3.5 percent of purchase price). But they come with pricey monthly mortgage insurance payments
- VA loans — For eligible service members, veterans and surviving spouses. Zero down payment, even easier credit requirements and no continuing mortgage insurance payments
- USDA loans — Low- to moderate-income home buyers can get a USDA loan in qualifying areas with low rates and no money down
- Jumbo loans — Borrow up to $3 million, if standard loan caps are cramping your style
The only thing Rocket really doesn’t offer is a proprietary loan product. Some other lenders — mainly big banks — create their own loan types, often with a low down payment and no mortgage insurance.
But Rocket’s mortgage loan portfolio is wide enough that this won’t be an issue for most people.
Where can you get a mortgage with Rocket Mortgage?
NMLS ID: 3030 (Quicken Loans Inc.)
This is where we normally tell you about a lender’s branch network. But Rocket Mortgage has none.
Rocket Mortgage, a subsidiary of Quicken Loans, is licensed to lend in all 50 states. However, Rocket does not operate physical branches in any state.
Of course, you can talk to loan officers over the phone. And one may call or email you — most probably right at the end, when finalizing your loan.
But it’s perfectly possible for the first human interaction you have to be at closing, when your new home becomes yours.
If you find that prospect unappealing, then Rocket Mortgage likely isn’t the lender for you.
However, increasing numbers of borrowers like and want a wholly online experience. And for those people, Rocket Mortgage is leading the charge to a better home loan experience.
Is Rocket Mortgage the best mortgage lender for you?
Rocket Mortgage and its parent company Quicken are the most popular mortgage companies in the U.S. That’s probably because they have stellar customer service and a whole host of great online tools.
In other words, if you want to get a mortgage quickly and easily, Rocket is worth a look.
Just keep in mind that rates from any single company aren’t competitive for everyone.
You can compare a loan estimate from Rocket Mortgage with a few other companies to be sure you’re getting the best possible deal.Verify your new rate (Jan 18th, 2020)
- Interest Rate: The rate you pay in interest per year based on the current loan balance.
- APR: The total cost of getting the loan including the interest rate and closing costs.
- Discount Points: Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. - Read More
- Mortgage Originations: The number of mortgages this lender closed. The most recent data available is from the 2017 Mortgage Market Activity and Trends, Consumer Financial Protection Bureau (CFPB), published May 2018.
- CFPB Complaints: The number of mortgage origination or closing related complaints filed with the Consumer Financial Protection Bureau in 2018. We ignore complaints about issues that don't concern mortgage applications and closings, such as loan servicing, since some lenders don't service loans and therefore would have an unfair advantage in complaint numbers.
- Complaints per 1000 mortgages: The number of mortgage-related complaints compared to this lender's total mortgages originated. Due to data availability, we're comparing 2017 originations with 2018 complaints to arrive at the number of complaints per 1000 mortgages originated.
- JD Power Rating: On a 1,000 point scale, consumer insight company JD Power scores large banks across six factors: channel interactions, deposit accounts, credit accounts, investment accounts, convenience, and problem resolution.