Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Rocket Mortgage
Types of Loans Offered
Conforming, jumbo, FHA, VA, ONE+, Purchase Plus, BorrowSmart Access, home equity loan
- Affordable mortgage programs
- Quick, user-friendly online experience
- Terms as short as eight years
- Offers mortgages in all 50 US states and Washington, DC
- Can’t speak to an employee face-to-face (although you can talk via live chat or over the phone)
- No USDA loan, HELOC, reverse mortgage, or construction loan
- Can’t apply with alternative credit data (like utility bills)
Insider’s Take
Rocket Mortgage, formerly known as Quicken Loans, is a strong lender in general and our “best overall” pick for the best mortgage refinance lenders. It’s a great option if you’re comfortable applying online and have a good credit score.
Product Details
- ONE+ mortgage allows 1% down payments; Purchase Plus includes a lender credit up to $7,500; BorrowSmart Access offers a $3,000 credit
- Minimum credit score and down payment displayed are for conforming mortgages
- Offers homes loans in all 50 US states and Washington, DC, but there are no physical branches
- You can’t apply with alternative credit data, such as utility bills — Rocket Mortgage will do a hard credit pull
Rocket Mortgage FAQs
Rocket Mortgage is a good choice if you’re comfortable with an online application process. The company has strong customer service reviews, so you may like it if customer support is a high priority.
The lender doesn’t offer certain types of mortgages, including USDA mortgages. It also doesn’t have physical locations, so if you want to walk into a branch to speak with someone in person, you’re better off using a different lender.
The fees are lower than what many brick-and-mortar lenders charge. Fees often vary depending on your situation, so ask an employee for a complete list of fees.
Rocket Mortgage’s mortgage approval requirements are average compared to other mortgage lenders. You’ll need at least a 620 credit score, though you may qualify for an FHA loan with a score as low as 580. Rocket Mortgage might not be the best choice for someone with a rocky credit history.
Rocket Mortgage, formerly known as Quicken Loans, is a part of Rocket Companies. It was founded in 1985 by Dan Gilbert.
Yes, Rocket Mortgage is a real mortgage lender that’s licensed to lend in all 50 states.
Rocket Mortgage is a good choice for borrowers who value a convenient online experience and a reputation for good customer service. But it might not be the best choice if you need a less common type of mortgage, or if you have a rocky credit history.
Rocket Mortgage: Overall Lender Rating
Rocket Mortgage: Pros and Cons
Rocket Mortgage
Types of Loans Offered
Conforming, jumbo, FHA, VA, ONE+, Purchase Plus, BorrowSmart Access, home equity loan
- Affordable mortgage programs
- Quick, user-friendly online experience
- Terms as short as eight years
- Offers mortgages in all 50 US states and Washington, DC
- Can’t speak to an employee face-to-face (although you can talk via live chat or over the phone)
- No USDA loan, HELOC, reverse mortgage, or construction loan
- Can’t apply with alternative credit data (like utility bills)
Insider’s Take
Rocket Mortgage, formerly known as Quicken Loans, is a strong lender in general and our “best overall” pick for the best mortgage refinance lenders. It’s a great option if you’re comfortable applying online and have a good credit score.
Product Details
- ONE+ mortgage allows 1% down payments; Purchase Plus includes a lender credit up to $7,500; BorrowSmart Access offers a $3,000 credit
- Minimum credit score and down payment displayed are for conforming mortgages
- Offers homes loans in all 50 US states and Washington, DC, but there are no physical branches
- You can’t apply with alternative credit data, such as utility bills — Rocket Mortgage will do a hard credit pull
Rocket Mortgage Interest Rates and Fees
When you visit the Rocket Mortgage website, select “Rates” on its menu. It shows you interest rates and APRs on 30-year and 20-year fixed conforming mortgages, 30-year VA mortgages, 30-year FHA mortgages, and 30-year jumbo mortgages.
Unlike with some online lenders, you can’t plug in your information (like mortgage amount, down payment amount, or credit score) to see a more personalized rate on the site. You’ll need to create an account before you can see customized rates.
Right now, the 30-year conforming loan rate on Rocket Mortgage’s website is right around current average rates.
In 2022, the average borrower getting a conventional loan with this lender paid $4,702 in origination charges, according to Home Mortgage Disclosure Act data. This is around the average compared to other lenders.
Compare Rocket Mortgage to Other Lenders
Rocket Mortgage vs. Better
Better is one of our best online mortgage lenders, and it’s a particularly good choice if you’re a first-time homebuyer thanks to its quick and easy application process. It also charges no lender fees at closing, making it an affordable option.
Both Rocket Mortgage and Better provide a live online chat feature, which is convenient if you don’t like talking on the phone.
Better makes it easy to see customized rates without signing up for an account first. It also provides you with a preapproval letter within 24 hours, whereas Rocket Mortgage’s turnaround time for letters varies.
If customer service is important to you, you might prefer Rocket Mortgage, which ranked No. 2 in J.D. Power’s 2023 US Mortgage Origination Satisfaction Study. Better ranked below average in the study.
Rocket Mortgage vs. Guild Mortgage
Guild Mortgage is our best mortgage lender for first-time buyers. It’s probably better for people with no credit score, because its Complete Rates program allows borrowers to apply using non-traditional credit data like utility bills. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, renovation loan, or reverse mortgage.
Guild Mortgage is unavailable to residents of New Jersey or New York, so if you live in either of those states, Rocket Mortgage is the clear choice.
Rocket Mortgage
Types of Loans Offered
Conforming, jumbo, FHA, VA, ONE+, Purchase Plus, BorrowSmart Access, home equity loan
- Affordable mortgage programs
- Quick, user-friendly online experience
- Terms as short as eight years
- Offers mortgages in all 50 US states and Washington, DC
- Can’t speak to an employee face-to-face (although you can talk via live chat or over the phone)
- No USDA loan, HELOC, reverse mortgage, or construction loan
- Can’t apply with alternative credit data (like utility bills)
Insider’s Take
Rocket Mortgage, formerly known as Quicken Loans, is a strong lender in general and our “best overall” pick for the best mortgage refinance lenders. It’s a great option if you’re comfortable applying online and have a good credit score.
Product Details
- ONE+ mortgage allows 1% down payments; Purchase Plus includes a lender credit up to $7,500; BorrowSmart Access offers a $3,000 credit
- Minimum credit score and down payment displayed are for conforming mortgages
- Offers homes loans in all 50 US states and Washington, DC, but there are no physical branches
- You can’t apply with alternative credit data, such as utility bills — Rocket Mortgage will do a hard credit pull
How Rocket Mortgage Works
Rocket Mortgage is the online mortgage lender that used to be known as Quicken Loans. Rocket Mortgage is available in all 50 US states, and it offers the following mortgage products:
Rocket Mortgage is also currently offering a few different affordable mortgage products that can help those with lower incomes become homeowners:
- Its ONE+ mortgage allows down payments as low as 1% with no mortgage insurance, and includes a 2% grant from the lender. This mortgage is available nationwide, but only those who earn 80% or less of the area median income can qualify.
- The Purchase Plus program offers a credit of up to $7,500 to offset your down payment and closing costs. This program is only available in specific census tracts in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.
- Rocket also offers Freddie Mac’s BorrowSmart Access program, which includes a $3,000 credit for your down payment. This program is only available in certain counties within the following metro areas: Atlanta; Chicago; Detroit; Memphis; Miami; Philadelphia; St. Louis; El Paso, Houston, and McAllen, Texas
You can’t get a USDA mortgage, HELOC, construction loan, or reverse mortgage through Rocket Mortgage.
If you’re refinancing, you can choose from the following options:
Some lenders allow you to apply with alternative credit data if you either don’t have a credit score or have a very poor one. For example, you could show proof that you have a history of paying utility bills on time. Rocket Mortgage doesn’t allow alternative credit data, so it’s a better fit for borrowers with good credit scores. The minimum credit score requirements depend on which type of mortgage you get.
You can chat online with an automated assistant 24/7. Chat online with a live representative Monday through Friday from 7 a.m. ET to midnight ET, or weekends from 9 a.m. to midnight ET.
If you need to talk about a new mortgage, you can talk with someone over the phone Sunday through Friday from 9 a.m. to 7 p.m. ET, or Saturday from 9 a.m. to 8 p.m. ET.
To talk about an in-process loan, closed loan, or signing in, call Monday through Friday from 8:30 a.m. to 9 p.m. ET, or Saturday from 9 a.m. to 4 p.m. ET.
Is Rocket Mortgage a Reputable Business?
Rocket Mortgage ranked as the No. 2 lender for customer satisfaction from J.D. Power in 2023. It also has an A+ rating from the Better Business Bureau. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices.
On Trustpilot, Rocket has a 4.7 out of 5-star rating, based on over 15,000 customer reviews.