What Is Rocket Mortgage?
Rocket Mortgage is the largest mortgage provider in the United States, assisting millions of people in realizing their dream of owning a home. Rocket Mortgage was the first company to offer a fully online mortgage application, which sparked a revolution in the industry.
Along the way, Rocket evolved into a term that represents what the company is all about. Because of this, in 2021, the company’s official name was changed from Quicken Loans to Rocket Mortgage. This demonstrates the company’s obsession with simplifying the process of obtaining a mortgage for its customers.
Rocket Mortgage Review
According to various trustworthy sources, such as U.S. News, Bankrate, and NerdWallet, Rocket Mortgage has earned a solid reputation, earning an average rating of between four and five stars out of five stars.
Many buyers and critics love Rocket Mortgage because:
- Rocket Mortgage has a stellar reputation in the industry for providing superior service to customers. The customer service department for new loans is available by phone or chat seven days a week.
- According to the most recent data made available by federal findings, the interest rates on mortgages offered by this institution are among the lowest available.
- Simple and straightforward digital application process. Streamlined online process with possibilities for document and asset retrieval, as well as the capacity to update your preapproval letter
- This financial institution makes available a broad range of loan options and allows for customizing loan terms. They also provide home equity loans.
- Should you want to do so, you can communicate with loan officials from Rocket Mortgage over the phone.
But many people do not like some of their policies and features, such as:
- There are no home equity lines of credit or USDA loans available (HELOCs). At this time, Rocket Mortgage does not provide loans from the United States Department of Agriculture.
- According to the most recent data from federal findings, origination costs are on the higher end of the spectrum in comparison to those charged by other lenders.
- A credit check is required to obtain a customized interest rate, and this check has the potential to affect your credit score.
- Because there are no branch sites, borrowers will not have the option of receiving service in person at any of the locations.
Should You Trust Rocket Mortgage?
Rocket Mortgage is an excellent option for prospective homeowners who are confident transacting business online. The Rocket Mortgage digital application is the standard for the industry, and the company’s mobile app makes the application process incredibly simple and convenient to complete while on the go. It is also helpful for borrowers searching for an easy way to compare rates.
YOURgage is a specialized loan that Rocket Mortgage offers. Borrowers can select their own repayment terms, which can range anywhere from eight to 29 years. The monthly payment on this loan with a fixed rate can be adjusted to fit comfortably within your budget constraints.
These are some additional choices such as:
- Conventional loans.
- Federal Housing Administration loans, including FHA, streamline refinancing.
- Veterans Affairs loans and interest rate reduction refinance loans.
- Jumbo loans.
Rocket Mortgage also offers the following:
- Cash-out refinancing.
U.S. News rated Rocket Mortgage with 4.4 out of a possible five stars. This score is based on the lender’s affordability, eligibility criteria for prospective borrowers, and customer service.
The Better Business Bureau has given Rocket Mortgage an A+ rating. Based on more than 3,600 reviews, Trustpilot rates Rocket Mortgage 3.9 out of 5 stars, which is an excellent rating.
In 2021, the Consumer Financial Protection Bureau received 566 complaints regarding mortgage products offered by Rocket Mortgage. The company promptly responded to 564 complaints, most of which were linked to applying for or refinancing a mortgage.