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Rocket Mortgage Review

Rocket Mortgage has its headquarters in Detroit, US, and is considered the number one mortgage lender company in the country by many standards. Its parent company was Quicken Loans which in 2021 adopted the name Rocket Mortgage too. Today, the company has one of the largest offers on the market and it is available in all states without restrictions. In fact, this was the trailblazer for online applications when it came to loans. Rocket Mortgage is a good option because it permits clients to match their mortgage payments to their budgets and also offers home loans of up to $2.5 million and refinancing of up to $2 million.

Reviews 26,042
9.8
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Types of Loans & Products

Apart from its many other features and benefits, Rocket Mortgage offers one of the largest collections of mortgages on the market right now. Clients can benefit from both fixed- and adjustable-rate mortgages along with conventional, VA, FHA, jumbo, flex-term, investment property loans along with streamline and cash-out refinancing. Rocket Mortgage does not offer USDA loans or nonqualified loans.

When it comes to the minimum amount that you can borrow, there is no such thing. However, the maximum permitted amount will depend on the specific type of mortgage you will choose and your situation. For example, a jumbo loan allows you to borrow up to $2.5 million while a VA loan allows you a sum of up to $2 million. Also, the only loan that Rocket Mortgage does not service itself is the jumbo one.

When it comes to the minimum required credit scores, you must know that the FHA and the VA loans require a score of at least 580. A conventional loan requires a score of at least 620 while a jumbo loan needs no less than 680. The company also has a Fresh Start program that doesn’t have a minimum credit score requirement.

The minimum down payments for most loans are zero but conventional loans require 3% while FHA loans need 3.5%. The preapproval stage is also worth mentioning and it’s done fully online. Clients can also request either a Prequalified Approval or a Verified Approval status when applying for a loan.

Application Process

  • You can complete it fully online via the official website or the mobile app;
  • You can also do it in person by getting in touch with a Rocket Mortgage-affiliated broker;
  • Create an account on the website;
  • Answer some basic personal questions;
  • Most financial-related data will be obtained by the company from financial institutions;
  • You will see your loan options which you can customize however you want;
  • Make a selection and send your application;
  • Once approved, you can lock your rate and obtain your preapproval letter;
  • You will get a call from a loan officer to complete the application;
  • You can easily manage all of your loan details via the website or mobile app.

Repayment Terms & Fees

Rocket Mortgage offers flexibility when it comes to the repayment terms for its loans. The standard mortgage is for 15 or 30 years while a conventional loan with a fixed rate has repayment terms ranging from 8 to 29 years. The company also allows you to easily change the terms while at the application stage.

As for the fees that you will have to pay, Rocket Mortgage charges a $1,200 origination fee and there will be some other costs that will be added to your closing expenditures. Also, you are allowed to lock your rate for free but any extension will cost you extra. The good news is that there are no prepayment penalties to be paid with Rocket Mortgage.

Contact Information

In case you need any sort of professional aid, you can call Rocket Mortgage at: (800) 603-1955
Monday to Friday - from 8:30 AM to 9 PM ET
Saturday - from 9 AM to 4 PM ET.

If you need help when applying for a loan, you can reach them at: (888) 452-8179
Monday to Friday - from 7 AM to midnight ET
Saturday - from 9 AM to 8 PM ET
Sunday - from 9 AM to 7 PM ET

You can always chat with a representative online or fill out a survey that can help the team be better next time. In case you want to send them physical mail or simply know where their headquarters are, this is the physical location:

1050 Woodward Avenue
Detroit, MI 48226  

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