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Rocket Loans Review Reviews


bestfor-icon One of the easiest-to-use mortgage providers

Written by Lauren Le-Hair

About Rocket Mortgage | Read More


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Mon-Fri 7am-midnight EST
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  • Help@rocketmortgage.com
  • (888) 329-4993
  • Headquarters: 1050 Woodward Avenue, Detroit, Michigan, 48226
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Rocket Mortgage Personal Loans Review

Rocket Loans offers personal loans for various reasons, including debt consolidation, home improvement, and more. The lender’s process is online, user-friendly, and fast. Their loans come with a nearly instantaneous prequalified offer, no prepayment penalties, and the option for same-day funding. They also have a lower interest rate than what you might find with other personal loan servicers.

Rocket Mortgage Personal Loans Highlight


Min Credit Score


APR. Fixed Rate


Loan Amount

36-60 months

Repayment terms


Soft Credit Pull


Lender Type


Other Fees

Yes - up to 9% of loan amount

Origination Fee


Prepayment Fee

Within a few days

Funding Time

Pros & Cons

  • con-icon Digital online process with prequalification available
  • con-icon Fast funding times with potential for same-day funding
  • con-icon Competitive rates with autopay discount
  • con-icon No prepayment penalties
  • con-icon Loans come with up to a 9% origination fee on the loan amount
  • con-icon No cosigned or joint loans available
  • con-icon Shorter repayment terms can make it difficult to make monthly payments on larger loans

Loan Purpose

  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans

Rocket Mortgage Personal Loans Terms & Requirements

Rocket Loans services personal loans up to $45,000 for a myriad of reasons (excluding education or illegal purposes). Borrowers with good credit may benefit from the highest loan amounts and lowest rates.

Repayment terms can be for either 36 or 60 months. Compared to other lenders, this is on the shorter side and could result in higher monthly payments.

Like other lenders, Rocket Loans makes lending decisions based on the borrower’s credit history, credit score, income, debt-to-income (DTI) ratio, income, and several other factors. These eligibility requirements are standard in the industry.

Qualification Requirements

  • 610 minimum credit score (650+ for the best terms)
  • Income and employment verification
  • U.S. citizen or permanent resident
  • 18+ years old
  • 36% maximum DTI ratio
  • Electronic bank account verification

Required documents: 

  • Government-issued photo ID
  • bank information
  • income verification
  • documents like pay stubs or tax returns

Required Information

In order to start the prequalification process with Rocket Loans, you’ll need to provide certain information. In some cases, you may also need to upload documents to verify certain information, such as your income or identity. You can either do this process online or by calling (800 333-7625. Here is the main information you’ll need:

  • Full legal name
  • Physical mailing address
  • Phone number and email
  • Income
  • Existing debt information
  • Credit score
  • DTI ratio
  • Pay stubs, bank statements, tax statements, or other income verification documents
  • Driver’s license

Application Steps & Time Frames

  • The application process starts with online prequalification, which takes about 5 to 10 minutes to complete.
  • Next, you’ll choose the loan offer that best fits your needs and complete the application. This can take around 5 or so minutes.
  • Rocket Loans will verify your information. They may request additional information or documentation.
  • Once you’re approved and accept a loan offer, it will take anywhere from a few hours to a couple of business days to receive your funds.

State Availability

- Available in all states

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 Highlight


Min Credit Score


APR. Fixed Rate


Mortgage Amount

8-30 years

Repayment terms


Soft Credit Pull


Lender Type


Underwriting Fee


Other Fees

Variable, around $1,200

Origination Fee


Prepayment Fee

26 Days

Funding Time



Mortgage Refinance

Max $3.5M

Mortgage Amount

Home Equity


Mortgage Amount

Pros & Cons

  • con-icon Closing costs rolled into loan automatically
  • con-icon Smartphone app
  • con-icon Syncs with your bank account for easy application process
  • con-icon 98% of financial institutions supported for digital asset verification
  • con-icon Can’t have face-to-face interaction with loan officer; online only
  • con-icon No alternative credit data considered

Mortgage Type

  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • Home Equity Loan
  • FHA
  • USDA
  • VA
  • Jumbo

Rocket Mortgage Mortgages Terms & Requirements

Mortgage Purchase Requirements

Below are Rocket Mortgage’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.

Rocket Presents: Opportunities to get cash toward closing

  • Buying: If you get approved for financing with Rocket Mortgage and find your dream home using a Rocket Homes Partner Agent, you could get 1.5% of the loan amount back in closing credit, up to $10,000.
  • Selling: If you sell your current home using a Rocket Homes Partner Agent, you could get 1% of your home’s sale price back as a rebate from Rocket Homes.
  • Buying and Selling Bundle: If you both buy and sell a home using Rocket Homes Partner Agents and close with Rocket Mortgage, you could get both offers and save even more.

* It’s important to note that these offers are subject to terms and conditions and may not be available in all areas. If you’re interested in learning more, you can visit the Rocket Mortgage website or speak to a Rocket Mortgage representative.

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.

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

Application Steps & Time Frames

The initial information stage up to pre-approval took five minutes. After passing the soft credit pull, it took fifteen minutes to provide the required information and select the mortgage product we wanted. The process was very straightforward. Funding was completed for us in twenty days, which is slightly below average in the industry.

State Availability

- Available in all states

Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.



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.

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.

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.

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.

Brand 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. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680