Rocket Mortgage Review 2023′ summarizes the content of the text.
Rocket Mortgage Review 2023' summarizes the content of the text.
Rocket Mortgage: A Strong and Reputable Online Mortgage Lender
Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Rocket Mortgage, formerly known as Quicken Loans, is a strong lender in general and our “best overall” pick for the best mortgage refinance lenders. It’s a great option if you’re comfortable applying online and have a good credit score. The lender also recently introduced a handful of affordable mortgage programs geared toward cash-strapped borrowers, including a mortgage that allows down payments of just 1%.
Rocket Mortgage: Overall Lender Rating
Rocket Mortgage ranked as the top lender for customer satisfaction from J.D. Power in 2022. It also has an A+ rating from the Better Business Bureau. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices. On Trustpilot, Rocket has a 4.6 out of 5-star rating, based on 7,783 customer reviews.
Rocket Mortgage: Pros and Cons
Rocket Mortgage, with its user-friendly online platform, offers several advantages and disadvantages.
Pros: – Easy application process with an online chat feature – Competitive interest rates and fees – Quick turnaround time for preapproval letters – Good customer service, ranked No. 1 in J.D. Power’s 2022 US Mortgage Origination Satisfaction Study
Cons: – Limited mortgage options, unable to provide USDA mortgages, HELOCs, construction loans, or reverse mortgages – No option to apply with alternative credit data if you don’t have a credit score or have a poor one
Rocket Mortgage Interest Rates and Fees
When you visit the Rocket Mortgage website, select “Rates” on its menu. It shows you interest rates and APRs on various mortgage types, including conforming mortgages, VA mortgages, FHA mortgages, and jumbo mortgages. Unfortunately, unlike some online lenders, you can’t input your information to see personalized rates on the site. You’ll need to create an account before you can view customized rates.
As of now, the 30-year conforming loan rate on Rocket Mortgage’s website is around the current average rates. In 2022, the average borrower getting a conventional loan with this lender paid $4,702 in origination charges, which is on par with other lenders.
Compare Rocket Mortgage to Other Lenders
To make an informed decision, it’s important to compare Rocket Mortgage with other lenders in the market.
Rocket Mortgage vs. Better
Better is another reputable online mortgage lender, particularly suitable for first-time homebuyers. It offers a quick and easy application process, charging no lender fees at closing. Both Rocket Mortgage and Better provide a live online chat feature, making communication convenient. However, Better allows you to see personalized rates without signing up for an account, and they provide a preapproval letter within 24 hours.
If customer service is a top priority, Rocket Mortgage may be the preferred choice, as it ranked No. 1 in J.D. Power’s 2022 US Mortgage Origination Satisfaction Study. Better ranked below average in the study.
Rocket Mortgage vs. Guild Mortgage
Guild Mortgage is a top mortgage lender for first-time buyers. It stands out for its flexibility, offering mortgages to those with no credit scores by considering non-traditional credit data like utility bills. Additionally, Guild Mortgage provides a wide range of mortgage options, including USDA mortgages, renovation loans, and reverse mortgages.
However, Guild Mortgage is unavailable to residents of New Jersey or New York. For individuals living in these states, Rocket Mortgage becomes the clear choice.
How Rocket Mortgage Works
Rocket Mortgage, the online mortgage lender formerly known as Quicken Loans, operates in all 50 states. They offer various mortgage products, including conventional mortgages (conforming and jumbo), FHA mortgages, VA mortgages, fixed-rate and adjustable-rate mortgages, and home equity loans.
Additionally, Rocket Mortgage provides affordable mortgage programs for lower-income individuals: – The ONE+ mortgage allows down payments as low as 1% with no mortgage insurance, offering a 2% grant from the lender. – The Purchase Plus program offers a credit of up to $7,500 to offset down payments and closing costs, available in specific census tracts in select cities. – Rocket also participates in Freddie Mac’s BorrowSmart Access program, providing a $3,000 credit for down payments in certain metro areas.
For refinancing, Rocket Mortgage offers traditional rate-and-term refinancing, cash-out refinancing, VA IRRRL on primary residences, and FHA streamline refinancing.
Rocket Mortgage provides 24/7 online chat support with an automated assistant. For phone assistance, they offer different hours depending on the purpose: new mortgages, in-process loans, closed loans, or signing in.
In Conclusion
Rocket Mortgage stands out as a strong and reputable online mortgage lender. With its user-friendly platform and affordable mortgage programs, it offers a great option for those comfortable with the online application process and with good credit scores. Its top rankings for customer satisfaction and excellent reputation make it an attractive choice for borrowers. However, it’s important to compare Rocket Mortgage with other lenders to find the best fit for individual needs and preferences.
