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Are you searching for your dream home and need an affordable mortgage loan? Or want to refinance your existing mortgage to reduce your interest rate? Move over big banks. There’s a hugely popular online mortgage lender that’s putting traditional lending in its place. Rocket Mortgage has become the go-to mortgage lending source for millions of Americans. Read our Rocket Mortgage reviews to see what they can offer you.
Rocket Mortgage Review
- Extremely easy application and approval process
- Competitive interest and APR rates
- Widest variety of loan types and terms out of companies we’ve reviewed
- Many home-purchase and refinancing loans available
- Available in all 50 states
- Excellent customer support via live chat, phone and email 7 days/week
- BBB rating: A+
- Minimum credit score of 620 (580 for FHA loan)
- No physical branches
- No set fees listed on website (varies by state)
- Doesn’t offer home equity loans
What Is Rocket Mortgage vs Quicken Loans?
The different names can be confusing, but Rocket Mortgage and Quicken Loans are the same company — the Rocket Mortgage brand is just the mortgage lending arm of the online powerhouse lender, Quicken. When you use Rocket Mortgage’s online resources to apply for a loan, it’s Quicken Loans you’re dealing with as the lender. They are a direct lender that underwrites all of its own loans.
How Does Rocket Mortgage Work?
Check out the brief video below to see how Rocket Mortgage makes it easy to apply online for a loan — even when you’re on the go.
Key Features of Rocket Mortgage
- Third largest mortgage lender in the U.S. out of all online and non-Internet based lenders
- Originated $79 billion in mortgage loans in 2015
- Licensed by the Nationwide Mortgage Licensing System (NMLS) and A+ BBB rating
- Highest customer satisfaction rating by J.D. Power for seven years in a row
- Offers wide variety of loans, including fixed, adjustable, FHA, VA, HARP, Reverse Mortgage and more
- Can get approved in minutes
- Securely upload all necessary financial documents
- Get email and text updates on mortgage rate changes
- Opt-out feature lets you block promotional calls, emails and texts
What Are Borrowers Saying About Rocket Mortgage/Quicken Loans?
As part of our Rocket Mortgage reviews, we researched online consumer feedback on a variety of websites and forums. Here’s a balanced sampling of what we found.
Positive Rocket Mortgage Reviews
Quicken Loans made the entire refinance process so incredibly easy. All tasks are performed online in an easy user friendly, organized manner. If I had any questions throughout the refinance I would call. My calls were always returned quickly with an answer. I was treated kindly and respectfully at every step of the way. I HIGHLY recommend Quicken to anyone wanting to buy or refinance. Simply a wonderdul [sic] company! – Veronica G., Trustpilot 1/27/2017
I had a great experience with Quicken and all the people I dealt with on a regular basis. I found them to be very professional, concerned about inconveniencing me while doing all the necessary diligence in refinancing my loan. They were thorough, pleasant and serious about working on my behalf. I would do it all over again in an instant. – Mike M., BBB 12/21/2016
Negative Rocket Mortgage Reviews
One of the worst companies to do business with. They don’t tell you all the information and your mortgage payment will go up. Not the principle but the escrow accounts. I would not recommend anyone use Quicken Loans to finance their house. – Darrell D., BBB 1/6/2017
The process was not smooth and quick – it was long and frustrating. I kept getting the wrong information. I ended up choosing another title company and Quicken kept saying the loan was delayed because of the other title company when in actuality Quicken had not sent the paperwork. Then Quicken said the title company reported a lien when that was false information. It was a never ending battle. – Shane W., Trustpilot 10/20/2016
What’s Our Final Verdict on Rocket Mortgage?
We chose Rocket Mortgage as our winner for the best online mortgage lender. It’s hard to beat their streamlined online application and approval process and the resources available at your fingertips. Their award-winning customer service is top notch, and their reputation is excellent in the industry. Of course, we recommend you shop around for the best interest rates, but Rocket Mortgage should be on your shopping list. Be sure to see how Rocket Mortgage compares to similar companies in our Best Online Mortgage Lenders review.
Which online mortgage lender would you recommend and why?