Rocket Mortgage review 2023

Rocket Mortgage is America’s most-used mortgage company. The lender originated the most US mortgages in 2022, closing over 464,000 loans nationwide.

Rocket Mortgage is a wholly online mortgage lender, so there are no physical branches or locations. You can, however, reach its loan advisors and customer service team via online chat or over the phone easily (even on Sundays). 

Though mortgages are the company’s main product, Rocket Mortgage also offers credit cards and personal loans. Its Rocket Homes arm can help you sell your house or condo, or it can pair you with a partner real estate agent. 

Are you considering using Rocket Mortgage for a home purchase or to refinance your existing mortgage? Here’s what to know about the company and what it has to offer.

Conventional loans: Rocket Mortgage offers both fixed- and adjustable-rate mortgages with a range of terms, including 15-year and 30-year options. The company also offers its ONE+ loan. This program requires just a 1% down payment and no mortgage insurance. 

Jumbo loans: If you’re looking to buy a home in a higher price range, Rocket Mortgage has jumbo loans — which go up to $3 million.

Fannie Mae’s HomeReady and Freddie Mac’s Home Possible mortgage programs: This program is for buyers in the low- to middle-income tiers. It requires just a 3% down payment.  

FHA loans: These loans are guaranteed by the Federal Housing Administration and are often smart for first-time homebuyers. They require a 3.5% down payment and a credit score of only 580.

VA loans: VA loans are mortgages backed by the Department of Veterans Affairs. They’re only available to military service members, veterans, and their spouses.

Home equity loans: If you’re already a homeowner and want to turn your home equity into cash, Rocket Mortgage’s home equity loans can help you do it. These are a type of second mortgage that you can pay back across 10 to 30 years.

Note that Rocket Mortgage does not offer US Department of Agriculture (USDA) mortgages, a type of no-down-payment loan used for purchasing in a rural part of the country.

Rocket Mortgage’s advertised rates are on par or occasionally slightly higher than industry averages, though your specific rate will depend on your credit score, the amount you’re borrowing, your loan program, and the loan term you choose. As of Oct. 24, 2023, the company was advertising a 7.625% rate on 30-year, fixed-rate loans. The average mortgage rate nationwide at the time, according to Mortgage News Daily, was 7.90%.  

The exact requirements for Rocket Mortgage loans depend on what mortgage program you choose, but the company has options for virtually everyone. 

If you require a low down payment, its ONE+ program may be an option, as it requires just 1% down. VA loans — for military members or veterans — require zero down payment, while conventional loans ask for at least 3% down. 

If you have a lower credit score, Rocket Mortgage’s FHA loans, which need only a 580 credit score or higher, could be the right choice. The company’s conventional loans — including the ONE+ program — require a 620. 

Some programs, including the ONE+, HomeReady, and Home Possible programs, have income caps. These vary based on where you live and the median income typically earned there.  

The biggest upside of Rocket Mortgage is its wide array of loan options. The company offers conventional, FHA, VA, and jumbo loans, and there are even several options for lower incomes, credit scores, and down payments, too.

Rocket’s loan process can also be completed totally online and tracked via mobile app. The lender comes with very high customer ratings on Trustpilot (86% of past customers rated their experience as either four or five stars). 

The downside, at least for those looking to buy a rural property, is that Rocket Mortgage does not offer USDA loans. There are also no physical locations if you’re looking for in-person guidance, and depending on what’s going on in the larger economy, the lender’s advertised interest rates are sometimes higher than other banks and lenders. (Keep in mind, though: Rates are highly personalized depending on your exact financial situation.)

You can complete Rocket Mortgage’s application online — through either its digital platform or through the Rocket Mortgage mobile app. You’ll also submit your documentation digitally and will work with one of Rocket’s home loan experts online or via phone. 

Once you’ve applied, you can track your application’s progress using the mobile app. 

Rocket Mortgage could be a smart choice if you’re looking for a convenient, all-online mortgage — you can complete the entire process (from preapproval to closing) from the comfort of your home. 

It also might be the right move if you want easily available customer service or have a low credit score, are on a limited income, or want a low-down-payment loan, as the company offers a wide array of loan options to choose from.

Rocket Mortgage isn’t the best fit if you’re seeking a USDA loan. These loans, which require no down payment, are often smart options for borrowers looking to buy in a rural area.

Rocket Mortgage is a popular online mortgage lender that offers tons of mortgage options, including ones for borrowers with lower credit scores, incomes, and down payments. And while it’s highly rated and might be right for your home purchase or refinance, it’s always important to compare at least a few lenders before getting a mortgage.

Loan programs, requirements, fees, and, most importantly, rates vary widely from one company to another, so you’ll want to get two to four quotes to ensure you get the best deal. In fact, according to Freddie Mac, borrowers who get at least two rate quotes save as much as $600 per year, while those who get four can save over $1,200 annually.

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].