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Rocket Mortgage Review – U.S. News 2024 Award Winner

2024 Editors’ Choice Award Winner: Best Mortgage Lender for Changing Rates

Over the past two years, fluctuating mortgage rates have made it difficult for homebuyers to estimate their housing costs. Through the Rocket Mortgage RateShield program, buyers can lock in a mortgage rate for up to 90 days while they shop for a home – and if rates decline during that period, Rocket Mortgage offers a one-time float-down option. It’s the best of both worlds: the locked rate won’t change if rates rise, but it can be lowered if rates fall.

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Rocket Mortgage offers a specialized loan called YOURgage, which allows borrowers to choose repayment terms from eight to 29 years. This fixed-rate loan can help you tailor your monthly payment to your budget.

For homeowners, Rocket Mortgage also offers:

Borrowers can apply through the Rocket Mortgage app or website, and all financial details and documents can be uploaded and shared digitally. Rocket Mortgage recommends that you have this information on hand for your application:

  • Income and employer information.
  • Social Security number.
  • Email address for each person on the loan.
  • Online banking username and password, or statements for checking, savings, retirement accounts and other assets the lender should consider.

Rocket Mortgage will use information from your application and your credit report to determine approval and provide loan recommendations.

If you’re approved for a loan, you will receive tools from Rocket Mortgage to get to the closing table. After you close the loan, the lender may continue to service it.

The lender’s terms, fees and conditions vary depending on loan type and other factors. Rocket Mortgage advertises 15- and 30-year conventional loans, 30-year VA and FHA fixed-rate loans, and YOURgage loans with your choice of fixed-rate terms from eight to 29 years.

Note that advertised rates are based on the assumption that discount points will be paid at closing and that your credit score is more than 720 and debt-to-income ratio is less than 30%.

Once you find the right loan, you can lock in the rate online by creating an account and answering a few questions about your income and your assets. Most lock periods are 15 to 60 days, according to Rocket Mortgage.

If you are looking to buy a home in Detroit, Rocket Mortgage offers a $2,500 closing cost credit if the purchase meets certain requirements.

Borrowers must meet certain requirements to qualify for a loan, although “the approval process is unique to each person,” according to Rocket Mortgage. Generally, you should have a credit score of at least 620, a maximum debt-to-income ratio of 45% and a two-year history of steady, verifiable income. Whether you are buying or refinancing, you will also need a home appraisal, which Rocket Mortgage will order for you.

Typically, you will need a credit score of 620 for a loan with Rocket Mortgage, but a score of 580 is enough in certain circumstances, according to the lender.

Rocket Mortgage has operations in Detroit, Cleveland and Phoenix but serves borrowers nationwide.

Rocket Mortgage received 4.4 out of 5 stars from U.S. News. This rating is calculated based on the lender’s affordability, eligibility criteria for potential borrowers, and customer service.

Rocket Mortgage has an A+ rating from the Better Business Bureau. Trustpilot scores Rocket Mortgage 3.9 out of 5 stars, which is a great rating, based on more than 3,600 reviews.

The Consumer Financial Protection Bureau received 566 complaints in 2021 related to Rocket Mortgage’s mortgage products. The company gave a timely response to 564 complaints, and the most common complaint related to applying for a mortgage or refinancing a mortgage.

Help is available from Rocket Mortgage with a phone call or online chat.

If you need guidance with a new loan, call 888-452-8179 from 7 a.m. to midnight Eastern time Monday through Friday; from 9 a.m. to 8 p.m. on Saturday; or from 9 a.m. to 7 p.m. on Sunday. Online chat is available from 7 a.m. to midnight Monday through Friday and from 8 a.m. to midnight Saturday and Sunday.

For help with a loan in process or one that has closed – and issues with signing in, call 800-603-1955 from 8:30 a.m. to 9 p.m. Eastern time Monday through Friday and from 9 a.m. to 4 p.m. Eastern time on Saturday.

Rocket Mortgage provides a fully online experience from start to finish for borrowers, with phone support as needed.

The Rocket Mortgage website features resources for buyers such as mortgage and refinance calculators and home affordability and equity tools.

When you are ready to apply for a loan, you will create a Rocket account that can help you fill out forms with pre-populated information and gain access to loan information and documents. You can sign into your account to make a one-time payment online or to set up autopay.

Borrowers can also use the Rocket Mortgage app to apply for a loan and to make payments.

  • People who prefer little to no face-to-face interaction.
  • People who have a credit score of 620.
  • People who need a home loans rather than home equity loans.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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