Rocket Mortgage Review for 2022

Rocket Mortgage rates

In 2021 — the most recent data available — Rocket Mortgage rates were slightly lower, on average, than the interest rates of some top competitors.

Average 30-year mortgage rates at major lenders

	Rocket Mortgage	PennyMac	Wells Fargo	Freedom Mortgage
Average 30-Year Interest Rate, 2021¹	3.00%	2.87%	3.14%	2.66%
Median Total Loan Costs, 2021	$4,670	$5,870	$3,600	$3,880
Median Origination Fee, 2021	$2,430	$1,520	$1,330	$0

Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).

Of course, mortgage interest rates change frequently. And rates vary a lot by customer, too. Your own rate depends on factors like your credit score, down payment, loan type, and home price.

That means you shouldn’t take average rates (or advertised rates) at face value.

Instead, pick three to five lenders you’re interested in and get rate quotes from each one. Then compare the interest rates, closing costs, and other fees you’re offered to see which lender can give you the best deal.

Rocket Mortgage review for 2022

Rocket Mortgage describes itself this way: “If you don’t have the patience for banks and want a fast, convenient way to see your mortgage options, you should give Rocket Mortgage a try.”

So, is this all-digital lender really worth it? Its satisfaction scores suggest that current customers don’t have much to complain about.

Of course, we’d only recommend Rocket to those who are comfortable using its online application processes. The lender promises “expert advice when you need it” from its home loan experts. But the whole idea is that the system itself is so well designed that it will gently lead you through the entire loan process experience.

And it helps if you’re a “safe” borrower — meaning Rocket tends to prefer homeowners with a decent credit score and a reasonable debt-to-income ratio (DTI).

Having said that, the website does say this lender will entertain applications from those with scores as low as 580. These borrowers will be directed to FHA loans and may need to make a down payment of 10%.

You might find lower interest rates elsewhere, but it may be challenging to find such an easy-to-use online mortgage application or higher customer satisfaction ratings. So if those things appeal to you, Rocket Mortgage just might make your shortlist.

Working with Rocket Mortgage

Rocket Mortgage offers rich online and mobile functionality.

It provides a secure environment where you can communicate with loan officers, upload documents, monitor your loan information, and access your closing documents all online.

In fact, if you really don’t want to talk to another person, you can opt to communicate via its Talk to Us page. But you always have the option to talk to a real live home loan expert over the phone.

Rocket Mortgage preapproval

Your journey with Rocket Mortgage — or any other lender — should begin with a mortgage preapproval.

A preapproval letter shows real estate agents and home sellers that you’re serious about buying a new home and have financing in place to make an offer. Preapprovals can also confirm your price range by showing how much you could borrow.

Rocket’s preapproval process happens entirely online. You’ll need to provide some financial information, including your social security number, income, assets, and debts, along with supporting documents to verify these numbers.

Rocket’s underwriters will verify your personal finances by checking your pay stubs, recent bank statements, and credit score.

This company says it can complete the preapproval process in just 24 hours.

Rocket Mortgage eligibility

Rocket Mortgage underwriting guidelines aren’t too different from other mainstream lenders. Your income, assets, credit report, and existing debt repayments will all help determine whether you’d qualify for a mortgage loan.

Expect to need a credit score of at least 620 for a conventional loan and 580 for an FHA or VA mortgage.

Keep in mind that your credit score isn’t everything.

The company will also calculate your debt-to-income ratio (DTI), a measure of your ability to repay the loan. Rocket suggests your DTI should not exceed 50%.

Rocket will guide you through the process of uploading financial documents including W2s, pay stubs, bank statements, and proof of assets such as IRA balances or other sources of supplemental income.

Qualifying for a home purchase loan is never an exact science. That’s why it’s important to shop around with a variety of lenders, especially if you’re a first-time home buyer.

Rocket Mortgage application process

Unlike other lenders — who may offer an online application but quickly transition you to an in-person or over-the-phone loan officer — Rocket’s process begins and ends online.

Rocket’s website or app can guide you to a specific type of loan by asking a series of questions. Then it can guide you through the loan application and underwriting process.

You can reach out to a home loan expert if needed, but you could also finance your new loan without speaking to anyone at Rocket.

Even first-time homeowners who aren’t familiar with the borrowing process should be able to navigate Rocket Mortgage’s loan application.

Rocket Mortgage customer service reviews

Rocket Mortgage may not always offer the lowest rates, but its customer satisfaction is a huge draw for many borrowers. Quicken and Rocket have been near the top of J.D. Power’s U.S. Primary Mortgage Origination Satisfaction Study for many years running.

Customer service at major lenders

	CFPB Complaints, 2021⁴	Complaints Per 1,000 Mortgages, 2021⁵	J.D. Power Satisfaction Score, 2021⁶
Rocket Mortgage	376	0.24	876/1,000
PennyMac	117	0.20	827/1,000
Wells Fargo	488	0.58	832/1,000
Freedom Mortgage	262	0.35	829/1,000

Federal regulators at the Consumer Financial Protection Bureau (CFPB) maintain a public, online database of consumer complaints against mortgage lenders. And in it, borrowers filed over 300 complaints against Rocket Mortgage in 2021. Still, this figure represents a relatively small number of negative experiences compared to the amount of home purchase and home refinance loans it underwrote that year.

Mortgage loan products at Rocket Mortgage

Rocket Mortgage can offer the following loan options:

Fixed-rate mortgages (FRMs): Most people choose a 30-year mortgage or 15-year mortgage. But with Rocket’s YOURGage program, you can choose a fixed-rate loan term anywhere from 8 to 30 years
Adjustable-rate mortgages (ARMs): These can be more affordable than fixed-rate mortgages at first, but they come with the risk of higher rates later. You can fix your rate for a period of 5, 7, or 10 years, after which it will move up and down with the market
FHA loans: Backed by the Federal Housing Administration, FHA loans are great for home buyers with imperfect credit and low down payments (minimum 3.5% of the purchase price). But they come with high monthly mortgage insurance payments
VA loans: Eligible service members, veterans, and surviving spouses can buy homes with no down payment, lower credit requirements, and no continuing mortgage insurance payments
Jumbo loans: Borrow up to $2.5 million, if Fannie Mae and Freddie Mac’s conforming loan caps are cramping your style

The big things Rocket doesn’t offer are construction loans, home equity loans, and USDA-backed loans.

USDA loans help rural home buyers and require no down payment. If you’re interested in this type of mortgage, you’ll need to check out some other lenders.

Refinancing with Rocket Mortgage

Homeowners who’d like to refinance their current loan amount at a lower rate or with a shorter loan term can use any of the products above, assuming they qualify.

There are other good reasons to refinance, too. For example, ARM borrowers may want to refinance into a fixed-rate loan. Or an FHA borrower could refinance into a conventional loan to remove mortgage insurance payments.

Rocket customers can access most major refinance loans, including:

FHA Streamline: A refi program designed specifically to help existing FHA homeowners access today’s mortgage rates without much hassle
VA IRRRL: This loan can refinance an existing VA loan into a new VA loan at a lower rate with low fees
Cash-out refinance: Replace your existing loan with a larger loan and keep the extra cash for home improvements, debt consolidation, or any other needs

Rocket does not offer home equity loans or home equity lines of credit (HELOCs). But for the right homeowner, cash-out refinancing can serve a similar purpose.

Rocket Mortgage FAQ

Does Rocket Mortgage have low rates?

Rocket Mortgage offers competitive home purchase rates and refinance rates on average. But the mortgage rate you qualify for will depend on your personal finances. Borrowers who qualify for low rates will generally have strong credit scores, low debt-to-income ratios, and a healthy down payment.

Does Rocket Mortgage pay closing costs?

Rocket Mortgage typically won’t pay your closing costs. But there are down payment assistance programs (DPAs) and closing cost grants that can provide some help. Additionally, homeowners who are refinancing, may be able to roll closing costs into the loan amount and pay them over the life of the loan. Keep in mind that rolling costs into the loan balance will usually result in paying higher interest rates. Talk to a loan officer to discuss your options.

What kind of loans can you get with Rocket Mortgage?

Rocket Mortgage offers the types of loans one would expect from a non-bank lender, including conventional loans, FHA loans, FHA Streamline Refinance, VA loans, VA Interest Rate Reduction Refinance Loan (VA IRRRL), cash-out refinances, and jumbo loans. However, borrowers are unable to finance a new home purchase with a USDA loan through Rocket. Furthermore, this lender does not offer home equity lines of credit (HELOC) of construction loans.

Is Rocket Mortgage the best lender for you?

Rocket Mortgage is one of the most popular mortgage companies in the U.S. That’s probably because it has stellar customer service reviews and a whole host of great online tools.

In other words, if you want to get a mortgage quickly and easily, Rocket is worth a look.

Just keep in mind that rates from any single company aren’t competitive for everyone. Compare your Loan Estimate from Rocket Mortgage with a few other companies to be sure you’re getting the best possible deal.