Rocket Mortgage Review [2024]: Will It Get You the Best Rates?

Rocket Mortgage provides a streamlined experience that could help you find the home loan that’s right for you, all from the comfort of your home.
Updated Jan. 5, 2024
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Rocket Mortgage Review: Will It Get You the Best Rates?

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When it comes time to purchase a new home, it’s best that you first learn how to get a loan and what the mortgage application process looks like. Not every loan company is created equally, with some rising well above the others for stellar reputations and an abundance of loan options.

As one of the best mortgage lenders available, Rocket Mortgage provides a seamless home loan experience for first-time homebuyers and experienced purchasers alike.

In this Rocket Mortgage review, you’ll learn how Rocket Mortgage works, which types of loan products it offers, and how this company differs from other mortgage lenders. This will help you make an informed decision on whether a Rocket Mortgage loan is right for you.

In this Rocket Mortgage review

An overview of Rocket Mortgage

Rocket Mortgage is an online mortgage experience that quickly connects consumers with preferred mortgages through Quicken Loans. The Rocket Mortgage brand was launched in 2015 as the digital mortgage arm of the Quicken Loans company, which is the largest mortgage lender in the U.S. Quicken Loans traces its earliest roots back to 1985, so the company has decades of experience within the mortgage lending industry.

Although most things have turned to digital experiences these days, Rocket Mortgage was the first end-to-end, completely online mortgage experience. You complete the whole mortgage process online, including applying for your home loan, getting approved, and locking in your rate. Borrowers don’t have to talk to anyone the entire time, which makes the process extremely easy and unique.

Which loan products does Rocket Mortgage offer?

Rocket Mortgage offers multiple types of home loan options to make sure you get the best deal on what you’re looking for. There are the typical conventional loans, known as YOURgage loans, and government-backed loans like Federal Housing Administration and Veterans Affairs loans. In addition, Rocket Mortgage also offers jumbo loans and refinancing options. Refinancing options include YOURgage, FHA, VA, and jumbo loans. Quicken Loans publishes an updated table of mortgage rates that changes daily and also illustrates market trends.

Every Rocket Mortgage loan typically includes an origination fee for the processing of the loan unless you qualify for an incentive from Quicken Loans. If you qualify for an incentive, Quicken Loans may waive the mortgage origination fee. The amount of each origination fee depends on multiple factors, including your credit score and loan size. Rocket Mortgage doesn’t currently offer Department of Agriculture loans, home equity lines of credit (HELOC), or home equity loans.

YOURgage loan at Rocket Mortgage

The YOURgage loan offers a flexible loan length between eight and 29 years with a fixed interest rate. A fixed-rate mortgage can make the most sense if you can lock into a low rate and you want to choose the exact length of the loan term.

Private mortgage insurance (PMI) is required if your down payment is less than 20% of the home price, though you can qualify for this loan with a minimum 3% down payment. Your debt-to-income ratio cannot be higher than 50%, and you need to cover the closing costs, which may be between 2-6% of your home’s purchase price.

Loan amount $50,000 to $510,000
Loan term 8 to 29 years
APR Varies
Credit needed 620+

FHA loan at Rocket Mortgage

FHA loans require only a 580 FICO Score and a minimum 3.5% down payment, so they’re great if you don’t have a lot of money for a down payment and your credit report isn’t the best. The FHA insures these loans, so they’re backed by the government.

In addition to your credit score and the down payment, you must cover the upfront mortgage insurance premium, which is typically equal to 1.75% of the loan amount. You also must cover around 2-6% in closing costs, and your debt-to-income ratio can’t be higher than 50%. These loans also require a history of steady employment.

Loan amount
  • Up to $472,030 for lower-cost areas (as of Feb. 23, 2023)
  • Up to $1,089,300 for higher-cost areas (as of Feb. 23, 2023)
Loan term 15, 20, 25, and 30 years
APR Fixed, from 7.669% (as of May 31, 2023)
Credit needed 580+

VA loan at Rocket Mortgage

VA loans are excellent options for qualified military veterans and current service members and their spouses. These loans are backed by the VA and are available as fixed- or adjustable-rate mortgages with multiple types of loan terms.

To qualify, you’ll need a certificate of eligibility from the VA, a minimum FICO Score of 620, and a debt-to-income ratio no higher than 60%. You may need to cover a funding fee from the VA, though you won’t need to pay mortgage insurance and you may not need a down payment.

Loan amount
  • Maximum guarantee is $726,200 (as of Feb. 23, 2022)
  • No limit for qualified individuals with full VA loan entitlement
Loan term 15, 20, 25, and 30 years
APR Fixed, from 7.338% (as of May 31, 2023)
Credit needed 620+

Jumbo loan at Rocket Mortgage

Jumbo loans are useful if you need a loan limit above the conventional loan limit. For most areas, the conventional loan limit is $726,200 (as of February 2023), but Rocket Mortgage provides jumbo loans up to $2 million.

Interest rates for jumbo loans are also typically lower than what you’d find with a conventional loan. The minimum down payment required is 20% of the home price, but jumbo loans can be used for either primary or secondary homes.

Refinancing a mortgage with Rocket Mortgage

If you are an existing homeowner and you want to get a lower rate or change the term on your current home loan, consider refinancing your mortgage with one of these refinancing options from Rocket Mortgage:

YOURgage refinance at Rocket Mortgage

A YOURgage refinance will typically have a loan amount above $100,000 and a loan term between eight and 30 years. You’d likely need a credit score of 620 or above to qualify for this type of loan.

Loan amount Above $100,000
Loan term 8 to 30 years
APR Varies
Credit needed 620

FHA and VA refinance at Rocket Mortgage

If you want to go with an FHA or VA refinancing loan, you’ll likely need at least a 620 credit score to qualify. These loans often have loan amounts below or above $100,000, and their terms are 15, 20, 25, or 30 years.

Loan amount Above or below $100,000
Loan term 15, 20, 25, and 30 years
APR Varies
Credit needed 620

Jumbo refinance at Rocket Mortgage

Jumbo refinancing loans from Rocket Mortgage will be available in varying loan amounts depending on your location and the limits in your area. You typically need a credit score of 700 to qualify for this type of refinancing, though you may need an even higher score to refinance loans of certain types.

Loan amount Varies
Loan term 30 years
APR Varies
Credit needed 700 or above

What makes Rocket Mortgage different

Rocket Mortgage is different from many other mortgage companies because you can do the whole process online and without talking to anyone. Of course, you can still contact Rocket Mortgage throughout the process, and a mortgage banker with local expertise in the area where you’re planning your home purchase will help you. So if you want to purchase a home in Colorado, you’d talk with a mortgage banker who has experience with the Colorado market.

When you begin your Rocket Mortgage experience, you’ll start with the online application and fill in data such as your typical personal information and your goals for a new home. Then you’ll be asked to provide financial information, including your employment and annual income. You’ll finally be required to enter your birthdate and Social Security number, and you’ll receive a hard inquiry to your credit. After this, you’ll be able to look through the different loan options based on the information you provided.

The nice thing about Rocket Mortgage is that it can retrieve financial information automatically as you’re going through the process. Through trusted data partners and with your consent, Rocket Mortgage can link your bank accounts so it can import relevant information about your financial assets. This is a lot easier than you collecting all the information yourself.

For an easier application process, you can keep track of your mortgage application through the Rocket Mortgage app. In the app, you can sign your loan application with an electronic signature, message the Rocket Mortgage team, and see what else is on your mortgage to-do list. Once you’re approved for your mortgage, you can then keep track of your mortgage payments through the app. The app makes it easy to set up auto-pay and custom push notifications about your mortgage and also to access any of your loan documents at any time.

In just about every way, Rocket Mortgage tries to make the home loan process a lot simpler and easier so the only thing you have to worry about is making your monthly payments on time.

What Rocket Mortgage customers are saying

Doing your research on a company can be well worth the time if it helps save you from making a poor decision that costs you money. Fortunately, it’s easy to look for different ratings and reviews online for most companies.

For Rocket Mortgage, you’ll find an A+ Better Business Bureau rating, 67% excellent reviews on Trustpilot, and ratings with a majority of three or more out of five on Consumer Affairs. On Credit Karma, more than half of all reviewers gave Rocket Mortgage a five-star rating.

FAQs about Rocket Mortgage

Is Rocket Mortgage good to use?

Rocket Mortgage can be a great home loan service to use if you want a straightforward and easy online experience with finding the right mortgage for your new home. The process of getting loan quotes doesn’t have to take any longer than a few minutes of your time, but you can pace yourself as much as you need. And with an A+ Better Business Bureau rating and 67% excellent reviews on Trustpilot, plenty of customers are having a high-quality experience.

Does Rocket Mortgage hurt your credit?

Using Rocket Mortgage to find a home loan can decrease your credit score for a small amount of time when you’re applying for loans. When you apply for a loan, lenders perform a hard inquiry on your credit history, which can impact your credit score. This happens every time you apply for a loan. However, multiple inquiries within a short period of time typically count as one inquiry because credit scoring models know you’re likely shopping around for the best rate and not actually opening up multiple loans at once.

What do I need to apply for a loan with Rocket Mortgage?

To apply for a loan with Rocket Mortgage, you’ll need the right paperwork and information readily available. Lenders look at your income and debt-to-income ratio, so you’ll need paperwork showing your employment history, wages, assets, and any debt you have, such as student loans or auto loans. Recent federal tax forms, pay stubs, and bank statements will likely be required. You’ll also need a photo ID and your Social Security number.

How much are closing costs with Rocket Mortgage?

Closing costs with Rocket Mortgage depend on the loan you end up going with. However, most closing costs fall within a 2% to 6% range of the total purchase price of your home.

What is the minimum credit score for Rocket Mortgage?

The minimum credit score for a Rocket Mortgage home loan is a 580 FICO Score. This is with an FHA loan from Rocket Mortgage.

Bottom line on Rocket Mortgage

Rocket Mortgage shines as a quick and easy online mortgage experience for consumers on the hunt for a home loan for their new house. It can also be a useful experience because Rocket Mortgage offers multiple loan types and mortgage products, and it can easily provide assistance throughout the process.

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Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post,, Yahoo! Finance, and Fox Business.

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