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Rocket Mortgage In-Depth Review

In a nutshell: Rocket Mortgage is a digital platform that offers mortgage loan services. It simplifies the home loan process by allowing users to apply, manage, and complete their mortgage application online. The platform is designed to provide a more convenient and efficient way for individuals to secure home financing.

Rocket Mortgage In-Depth Review

Overview

With low rates and personalized service, Rocket Mortgage specializes in guiding first-time buyers in the process of purchasing a home. Their team of mortgage specialists will walk you through the loan process and help suggest affordable rates and terms based on your financial situation.

In addition to mortgage loans for home purchases, Rocket Mortgage also offers refinance loans for those with existing mortgages. You easily apply online where you'll encounter live real-time rates on a variety of loan options including 15-year fixed, 30-year fixed, and FHA loans.

Eligibility Process

Before applying, you determine your eligibility by using the Rocket Mortgage calculator. The handy tool helps determine how much you can afford and for which types of loans you qualify. During the application process, you’ll need to provide basic information about your employment, finances, and current living situation.

Convenient features make it extremely quick and easy to finish the application and move forward with the process. The completely paperless application allows you to handle everything online. You won’t need to bother printing and scanning bank statements or bills. The service also seamlessly integrates with your online bank account.

Fees & Rates

Rates and fees associated with Rocket Mortgage depend on the applicant and loan offer. Rocket Mortgage guarantees no hidden fees. Before selecting your mortgage loan, Rocket Mortgage will clearly present accurate, updated fees and rates. For purchasing a single-unit primary residence, you can pay as little as 3.5% down (for FHA loans).

Repayment Terms

Rocket Mortgage repayment terms vary, and you'll have a range of loan options available. Before selecting a loan, you can easily compare options to choose the best terms for your financial situation. You can even adjust repayment terms to see how it will affect monthly mortgage payments.

Rocket Mortgage provides the following loans and terms:

Fixed-rate mortgage: 15-year and 30-year fixed-rate mortgage loans where the rate will remain unchanged over the entire mortgage period.

Adjustable-rate mortgage: With an adjustable-rate mortgage, the interest rate is likely to change over time. Rocket Mortgage offers 7- and 10-year adjustable-rate mortgages.

Federal Housing Administration (FHA) Loans: FHA loans include 30-, 25-, 20-, and 15-year fixed-rate terms as well as 5-year ARMs. If you qualify, you can buy a home with as little as 3.5% down.

Veteran Affairs loans (VA loans): Rocket Mortgage offers 30-, 20- and 15-year fixed-rate loans as well as 5-year ARM VA loans with no down payment or private mortgage insurance required.

Jumbo loans: Rocket Mortgage jumbo loans require a minimum credit score of 700 to secure a loan for $1 million or more.

Refinancing: Rocket Mortgage has a range of options for refinancing your current mortgage.

Customer Support

Rocket Mortgage strives to provide outstanding support to its customers. Knowledgeable lending experts walk you through the entire mortgage process. If you do need to contact their team you can do so via live chat, email, or phone.

Phone support is available during the following hours:

Phone support:

Monday – Friday: 9:00 a.m. – midnight ET

Saturday: 9:00 a.m. – 8:00 p.m. ET

Sunday: 9:00 a.m. – 7:00 p.m. ET

Chat support is available during the following hours:

Live chat:

Monday – Friday: 7:00 a.m. – midnight ET

Saturday & Sunday: 9:00 a.m. – midnight ET

Pros

Range of mortgage loans
View live rates
Low down payment options

Cons

Comparatively high origination fees
Requires account

Mortgage Loans FAQs

Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.

How do mortgage loan services work?

Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.

What kind of information do I need to provide to apply for a mortgage?

As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.

Can I refinance an existing mortgage loan?

There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.

What is APR?

The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.

How much time do I have to repay the loan?

Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.

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