Rocket Mortgage Review
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Rocket Mortgage Reviews

Lauren Le-Hair


Lauren Le-Hair

One of the easiest-to-use mortgage providers
One of the easiest-to-use mortgage providers
About Rocket Mortgage

Rocket Mortgage is the largest mortgage provider in the US. This online-only offering closed over $350 billion of mortgage funding in 2021, and the company continues to go from strength to strength. It was the first company to lead with an online-only application for mortgages, and its technology for swift and efficient decision-making is excellent. Rocket Mortgage employs over 24,000 people and is headquartered in Detroit, Michigan.









Rocket Mortgage Mortgages Review

Prospective borrowers can use Rocket Mortgage’s services to determine how much money they can borrow to buy or refinance their homes. While Quicken Loans processes the mortgage, Rocket Mortgage can approve applicants for a conventional, USDA, FHA, or VA loan.

While you can apply fully online, you may need to speak with a Quicken Loans representative via live chat or over the phone to help with the borrowing process. Unlike other reputable online mortgage companies, Rocket Mortgage often approves applicants with credit scores as low as 580!

The company finances and refinances a wide range of properties, including primary residences, investment properties, second homes, and condos. Any closing costs automatically roll into your mortgage payments, ultimately reducing additional out-of-pocket expenses.

Rocket Mortgage Mortgages Highlights


Max $3,000,000


8-30 years




26 days















Pros & Cons

  • Closing costs are automatically rolled into the loan
  • 98% of financial companies and institutions support digital asset verification
  • Fully digital mortgage experience
  • Boasts a dedicated mobile app
  • Zero physical locations
  • Limited eligibility for low down payments

Mortgage Type

  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • FHA
  • USDA
  • VA
  • Jumbo

Rocket Mortgage Mortgages Terms & Requirements

Mortgage Purchase Requirements

Below are Rocket Mortage’s requirements for obtaining a mortgage loan:

  • You must be a US citizen or permanent resident aged over 18 with a valid Social Security number
  • 620 FICO credit score (yet this can vary based on loan type)
  • 3-5% down payment (or more depending on mortgage type)
  • 2-6% of the property’s price for closing costs
  • DTI up to 50% (or slightly lower for certain loans)

Mortgage Terms

Here are the mortgage terms you can expect on your Rocket Mortgage loan:

  • APR: 6.475%-7.186% (depends on loan type and term length)
  • Loan amount: Up to $645,000 with several exceptions (such as jumbo loans)
  • Types: Conforming, non-conforming, jumbo, VA, FHA, ARM
  • Other loans: Mortgage refinancing

It’s essential to note that APRs can vary based on the mortgage type and the term length you wish to apply for. Yet, even then, they can and often do change. Still, you benefit from a “rate lock” with Rocket Mortgage. Here, the company will lock your rate in for 90 days if you qualify for a loan, just in case the rate increases. Yet, if rates decrease, Rocket Mortgage will provide you with a lower rate.

Also, raising your income and credit score will often give you access to the best offers. Decreasing your debt-to-income ratio by paying off any debt may also help your approval chances, and terms offered, even if Rocket Mortgage allows for higher DTI.

Repayment Terms

Rocket Mortgage underwrites fixed-rate mortgages with terms ranging from 8 to 30 years. All adjustable-rate mortgages are five years of repayment at a fixed rate. Then, this is followed by 25 years of compensation at an adjustable rate.

How to Apply

You can start the mortgage application on the Rocket Mortgage website via your desktop or mobile device. We chose to apply via our desktop computer. We also decided to submit an application for a home purchase and were greeted with the following screen.

Screen 1

Start my application

We had to detail our current housing situation, marital status, and other personal details. This section took less than 5 minutes. We also had to provide details of the property we wanted to purchase. Doing so initiated a soft credit pull, and we received preliminary approval within a minute of the process starting.

After this process, we were able to sync our bank details to provide employment and income support and could browse through the different available options. We were impressed by how easy it was to customize loan details, such as the rate, rate type, and length of the loan term. Once we’d settled on a mortgage, we selected ‘See if I’m approved’, and thankfully, we were!

The whole process took around 20 minutes. Once we were approved, we had the option to lock our rate for 90 days. At this point, we concentrated on completing all of the required documentation to move forward with closing out the loan, which included signing the Terms & Conditions and the Loan Agreement.

All in all, obtaining a loan with Rocket Mortgage was a very straightforward and quick process. Its website is very intuitive and easy to use.

Qualification Requirements

Ideally, you must meet the following criteria for Rocket Mortgage to consider you for a loan.

Min. credit score 620 for conventional loans

580 for government loans

Debt-to-income ratio Maximum DTI ratio of 50%
Citizenship Available for US citizens only
Age Minimum age of 18
Job Status Must have steady employment and be able to provide proof of income
Bank Account Proof of bank account is required during the onboarding process

Required Information

When applying for a mortgage with Rocket Mortgage, we had to provide the following information. Yet, we could upload all documents online. Rocket Mortgage can even sync with your bank account so that you don’t need to upload statements during the process.

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Phone number
  • Email address
  • Monthly income details and proof of income (e.g., pay stub, W-2 form)
  • Employment history
  • Details of your current housing situation
  • Details of the house that you want to purchase

State Availability

Available in all states

Privacy & Security

Located in the privacy policy within its website, Rocket Mortgage states that the company never shares your personal information with outside companies and third parties for promotion. The financial company also claims to have adopted industry-leading practices regarding customer privacy.

You can also ask Rocket Mortgage to delete any information you may hold on its database by emailing the company at any time. On its website, you can find information on how to opt out of pre-screened credit offers you may receive after submitting an application and agreeing to a hard or soft credit inquiry.

Moreover, Rocket Mortgage has a rock-solid reputation, boasting an A+ rating with the Better Business Bureau (BBB) alongside 140+ customer reviews with an average five-out-of-five-star rating. The financial company has only had one complaint to the BBB in the past year, which was quickly closed.

Customer Support

While Rocket Mortgage doesn’t provide the option for direct, face-to-face interaction, it does have a “talk to us” button on each web page of the application process. You can also locate this tab in many locations throughout its website. This option will quickly connect you with a friendly and professional mortgage broker.

You can contact a Rocket Mortgage representative via phone during standard business hours for further assistance with loans, advice about borrowing to buy, support on refinancing a home, or help to sign into your Rocket Mortgage account.

Phone Support
(888) 452-8179
7am-midnight EST
9am-8pm EST
9am-7pm EST

In Conclusion

To conclude, Rocket Mortgage is a pioneer in the mortgage industry, leading the way for an online revolution. Its mortgage approval process is easy and incredibly quick, with an estimated mortgage value and rate returned in minutes. While its mortgage rates aren’t the lowest in the industry, they are competitive. This, coupled with excellent customer service, shows why Rocket Mortgage is the biggest mortgage broker in the country.


What credit score do I need to get a mortgage?
Rocket Mortgage requires you to have a credit score of 620 to be considered for a mortgage, which is around the market average. You may need to look for an alternative mortgage provider if you have a low credit score.
Is Rocket Mortgage the same as Quicken Loans?
Yes, Quicken Loans changed its name to Rocket Mortgage in July 2021.
Does Rocket Mortgage have any stores where I can talk to someone in person?
No, Rocket Mortgage is an online-only mortgage provider. The company does have a customer service phone number where you can talk to someone if you have any queries about its mortgages.

Rocket Mortgage Disclaimer

Ro©2000 – 2020 Quicken Loans, LLC. All rights reserved. Lending services provided by Quicken Loans, LLC., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Quicken Loans® (also doing business as Rocket HQ), Rocket Homes Real Estate LLC, and Rocket Loans® are separate operating subsidiaries of Rock Holdings Inc.
Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements.


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Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.