Rocket Mortgage by Quicken Loans review

Rocket Mortgage by Quicken Loans is a deft digital mortgage loan platform that delivers fast decisions on applications.

Rocket Mortgage by Quicken Loans review
(Image: © Rocket Mortgage)

Top Ten Reviews Verdict

Rocket Mortgage offers speedy verdicts on loan applications, a digital-only process and an impressive learning center in support. Although there’s a chance that your credit score will be impacted as soon as you apply, the resultant quote will be among the most accurate you can get.


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    Digital application process

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    Fast loan application results

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    Impressive document and asset retrieval tools


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    Credit scores and debt-to-income ratio credit assessment

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    The application may affect your credit score

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    Digital experience may seem impersonal

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Rocket Mortgage - which is a subsidiary of Quicken Loans - stands out for its accessibility above all else, and earns well-deserved recognition in our guides to both the best mortgage lenders and mortgage refinance companies as a result. Key to this is the Rocket Mortgage app that allows 24-hour access to your loan and refinance options, meaning you can manage your account when and wherever you like. 

A comprehensive learning center is central to the platform too, and includes information regarding how to mortgage or refinance your property, in-depth explanations of acronyms and common terms, and great tips on how to maximize your investments and refinance options. The site is focused on fast, efficient and real-time digital engagement and it ticks all these boxes really well – so much so, that you can get a valid conditional approval within minutes of your application, and likely without needing to speak to anyone.

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As Rocket Mortgage will affect your credit score when you apply, it is best to make sure it is the platform you want to use, or else have between three and five points to lose on your score, before you start. That said, it subsequently provides an accurate quote that, rather than being just an estimate of what you can expect, is actually a solid offer that can be used to make a sound decision. Alternatively, if you want to avoid affecting your credit score before committing to a Rocket Mortgage solution, there are calculators that can be used to get a rough idea of your costs.  

A refinance mortgage with Rocket Mortgage allows you to take a loan for cash, lower your payment terms, shorten your payment terms, or create your own combination of the above. The platform provides conventional loans, FHA loans, VA loans and jumbo loans.

Rocket Mortgage review: Application process

Key features

Application process: Easy, online, accessible 
APR: Variable dependent on loan type 
Fees: 2-5% of home’s total cost, closing fees. Origination fee
Calculators, service and support: refinance calculator, mortgage calculator, learning center, accessible customer service and support, app

  • Quick results  
  • Possible to complete all online

Rocket Mortgage is similar to Reali and SoFi in that it's possible to complete an entire application process online. However, if you’re self-employed or want to undertake a loan option that doesn’t quite fit in with normal criteria, it is likely you will need to speak with one of their loan advisors to complete additional questions before you can continue. 

Before you start the process, you’ll need your banking and financial information, your employer information, and your social security number. Then it’s simply a case of selecting the option that’s relevant to you – mortgage or refinance – and signing into the site. It won’t take long and useful tips are provided along the way. 

Rocket Mortgage review: Credit score requirements

  • Recommended minimum score of 580
  • Uses your FICO Score

If you can meet the other eligibility criteria of Rocket Mortgage, it is possible to get approved with a credit score as low as 580. However, in using your FICO Score – which can differ slightly from the score used by perhaps your credit card issuer – it could be worth trying to qualify even if you think your score is slightly below 580. 

Remember, however, that a Rocket Mortgage application may have a minor effect on your credit score, and could lower it by 3 to 5 points.

Rocket Mortgage Review

(Image credit: Future)

Rocket Mortgage review: Other requirements

  • 3% of purchase price for down payment
  • Income and employer information 

In terms of how much money you need to buy a home with Rocket Mortgage, much depends on the type of loan and the value of the home in question. In general, it is suggested that you have at least 3% of the home’s purchase price for a down payment.

To apply, you will need your income and employer information, your Social Security number, and a separate email address for each person that will be on the loan. You will also be asked for your online banking username and password, or details about how much money is in each account you want considered for your approval – this could include checking and savings accounts, retirement accounts, stocks and other assets.

Rocket Mortgage review: Interest rates and charges

  • Fee information difficult to find
  • Must apply to get rates

There’s no cost associated with seeing your mortgage recommendations or to get approved, but it is difficult to find information about APRs and fees solely from the Rocket Mortgage site. It is suggested that you will need between 2% and 5% of the purchase price for closing costs – even for no-down-payment loans, such as VA loans - but that's about all there is upfront. 

Instead, you’ll need to create an account before you can really dig into your costs and estimates, with the size and type of the loan, your credit score, and interest rates all playing a role in determining how much you’ll pay to borrow the money. While the company’s commitment to providing a personalized rate can be seen as a positive, if you just want a quick idea of the rates on offer, this can also prove a frustration. 

Rocket Mortgage review: Service

Rocket Mortgage

(Image credit: Rocket Mortgage)
  • Easy to navigate and informative site
  • App allows 24/7 management 

The Rocket Mortgage site is easy to navigate, with plenty of prominent buttons, a learning center and a well laid-out FAQ section. The advice and insight is clear and informative, and you can give them a call if there are any further questions you need to ask. That said, a search button might also prove a good addition for a purely digital platform, but there are two onsite calculators – one for refinance and one for affordability - that can be used to get an approximate idea of your costs. 

Then there is the Rocket Mortgage app, through which new borrowers can tap to e-sign their entire mortgage application, and existing customers can easily manage their payments, bank account and autopay. Push notifications can be customized to let you know when your payment is due or when there's a change to your escrow account, and you can access all of your loan documents at any time, including statements and tax forms. 

Rocket Mortgage review: What users say

Rocket Mortgage receives a rating of 3.6 out of 5 stars on Trustpilot, a site which aggregates user reviews. Of the near 3,000 reviews, an impressive 65% consider the service they received to be Excellent. The ease with which it's possible to apply, and the friendliness and expertize of its customer service agents are all regularly applauded. Many of the less impressed customers appear to have experienced delays in closing their loans. 

As a subsidiary of Quicken Loans, any reviews of Rocket Mortgages on ConsumerAffairs are linked to the parent company. 

Should you use Rocket Mortgage?

Rocket Mortgage is an accessible and attractive platform that offers a quick and easy route to mortgage and refinance quotes from the comfort of your own home. Superb support is built into every part of the application process, and the information available on the site is excellent. 

There are some frustrations over the transparency of rates and fees, which only become known when you apply - and this could have a slight impact on your credit score too. However, the quote that this produces will provide an excellent idea of the deal that you can finally expect to receive - and there’s the added control available through the Rocket Mortgage app to be thankful for as well. 

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Tamsin Oxford
TTR Contributor

Tamsin Oxford is a freelance technology journalist with a career that spans numerous platforms, technology solutions, markets and industries. She has written and edited numerous technology publications that include PC Zone, PC Format, PC Answers, PC World and many more. Tamsin has written about many different subjects during her time working across Top Ten Reviews.