Rocket Mortgage | 2024 Review

Rocket Mortgage, established in 1985, is a trusted online mortgage lender offering borrowers great rates and a personalized, quick, and easy online application.

The company's standout features are its competitive home loan rates, variety of mortgage products, and modern loan application process, saving borrowers significant time and effort, and solidifying Rocket Mortgage as a leading player in the mortgage market.

Who is Rocket Mortgage Best for?

Rocket Mortgage is a best-fit for borrowers seeking a hassle-free, quick process with sufficient digital tools to guide them through the process.

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Pros and Cons

+   Fast and easy application

+   Expert phone support available

+   A+ Better Business Bureau rating

-   Limited face-to-face support

-   No home equity lines of credit

What Loans Does Rocket Mortgage Offer?

The lender offers a variety of mortgage products catering to a wide spectrum of borrowers' needs. Loan types include:

• Conventional mortgage loans
• FHA loans
• VA loans
• Fixed-rate loans
• Adjustable-rate loans
• Jumbo loans
• Refinancing services

How Does Rocket Mortgage Work?

Rocket Mortgage provides conventional loans, fixed-rate loans and adjustable-rate loans, with 8- to 10-year terms and down payments as low as 1%. The lender allows you to adjust down payment amounts and payment frequency to customize loan terms until you’re pleased.

You should aim to have a credit score above 600, and a debt-to-income ratio of less than 30-45% for mortgage loan approval, but a certain credit score or debt-to-income ratio does not always guarantee or prevent loan approval.

Get a personalized rate from Rocket Mortgage here.

What is the Application Process like with Rocket Mortgage?

Rocket Mortgage offers a customer-approved, fully online application process for borrowers interested in a more efficient home loan process. The online platform allows borrowers to complete applications, upload documents, and track their loan status with ease, all from the comfort of their homes with limited paperwork required.

Opening an account takes seconds–simply enter your preferred login information. From here, answer a brief questionnaire (with guided phone support available), and receive your personalized quote. Then, take care of all paperwork and closing documents online with an e-signature.

What Do I Need to Apply for a Loan Online?

Despite operating fully online, Rocket Mortgage provides access to loan experts who can assist customers from sign-up to approval over the phone. To speed up the application process, make sure you have access to this personal information:

• Social Security number
• Bank account information
• Proof of income and/or employment

Please note: Credit check required for customized interest rate may impact your credit score.

Rocket Mortgage Highlights

• Customizable Terms – Rocket Mortgage offers l8 and 29-year loan terms beyond the standard 15 to 30-year mortgage
• Minimal Effort – The user-friendly online applicatios simplifies the approval and document submission process
• Trusted Brand – Rocket Mortgage is a well-regarded choice in the mortgage lending sector
• Real-Time Rates – Borrowers can view the latest rates allowing them to wait to lock in rates until it feels right

The Bottom Line

Rocket Mortgage has become a trusted choice for those seeking a convenient way to secure a home loan entirely online, from start to finish. The company is known for offering a hassle-free mortgage process through a unique blend of user-friendly online services and digital customer support–a winning combination for customers.

Check out Rocket Mortgage’s loan services and get your customized interest rate today.

Visit Rocket Mortgage ➜

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Not ready to commit? Find more mortgage lenders with great loan variety, competitive rates, and solid customer support. View 2024 mortgage lender comparisons here.