Rocket Mortgage review

What makes Rocket shine?

Rocket is the largest mortgage lender in the US for two reasons: It’s quick and it’s easy.

Rocket has a digital application process that’s straightforward to use and a full customer service staff to help if you get stuck anywhere. You’ll get a quote and know how much you qualify for when you apply, and you can close your loan within a week of your application approval.

Also, Rocket’s streamlined application process syncs to your bank and investment accounts to search for your financial information, so you don’t have to gather documents and fill out a lengthy loan application yourself.

Where Rocket falls short

Rocket only offers conventional and government-backed loans, with no specialty options or USDA loans. The lender also doesn’t provide home equity loan or HELOC products, which means you’ll have to do a full refinance to access your home’s equity with Rocket.

Rocket’s pre-approval process also requires a hard credit check, which can affect your credit rating.

Mortgages offered by Rocket

• Conventional
• FHA
• VA
• Jumbo

Refinancing options

• Cash-out refinance. Tap into your home equity by replacing your current mortgage with a loan for more than you owe, and take the difference as cash.
• Rate and term refinance. Refinance to get a better interest rate or change your loan term

Rocket loan details

How to qualify for a Rocket mortgage

Rocket Mortgage is fairly transparent about its eligibility requirements for a mortgage loan. For example, its FICO score requirements vary depending on the loan you want.

• FHA loans — minimum 580 credit score
• Conventional — minimum 620 credit score
• VA loan — minimum 580 credit score
• Jumbo loan — minimum 700 credit score

If you’re applying for a conventional mortgage, you’ll need at least a 3% down payment.

Required documentation

While Rocket is a digital lender that uses your bank to fill in most of your application, you’ll still want to have the following information ready when you apply:

• Social Security number
• Pay stubs from the past 30 days
• W2s and 1099s from the past two years
• Personal tax returns from the past two years
• Profit and loss statements, if self-employed
• List of assets, including savings, real estate, car titles and investment records
• List of debts, including student loans, auto loans, personal loans and credit cards

How to apply

To apply over the phone, call 888-329-4989. Or get started by creating an account through Rocket Mortgage’s site:

1. Answer questions about the property you plan to purchase.
2. Sync your bank account, allowing Rocket Mortgage to access your income and other information to automate your application.
3. View your customized loan options and select your loan to submit your application.

How Rocket Mortgage compares to other lenders

Use our table to compare Rocket Mortgage’s rates, terms and features to other popular loan providers. Select See rates to visit the lender’s site and get started.

1 - 2 of 2

Product USFHL	Loan products offered	State availability	Min. credit score	‎
Rocket Mortgage	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates (888) 329-4989 Compare	Apply online for free and lock in your rate for 90 days.	loading Fetching your data...
Veterans United	Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	See rates More Info Compare	Veterans United stands out from other lenders for its focus on serving the military community.	loading Fetching your data...

loading

Rocket Mortgage reviews and complaints

Most customers speak highly of Rocket’s easy and speedy application process. Many also focused on the lender’s responsive customer service and knowledgeable agents.

While most reviewers have good things to say, some borrowers warn of poor account communication among loan officers and report submitting the same documentation multiple times as a result. Other complaints reported the lender’s hard credit pulls for refinancing negatively affected the borrower’s credit score.