Rocket Mortgage

Rocket Mortgage Review

Rocket Mortgage are offered by Quicken Loans (NMLS #3030), a direct lender founded in 1985 and based in Detroit, MI. Rocket Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 4 different mortgage programs offered. Rocket Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
• Specializes in single-family homes. Only offers mortgages for single-family homes, but not for multi-family properties or manufactured homes.
• Standard interest rates types. Rocket Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Origination fees of up to 1%. This is on the low end for lenders that charge an origination fee. However, plenty of lenders don't charge an origination fee. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• High maximum LTV ratio. Rocket Mortgage has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
• Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for Rocket Mortgage.
• High maximum DTI ratio. Rocket Mortgage has a maximum debt-to-income ratio of 45%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.

Rocket Mortgage Pros & Cons

Rocket Mortgage FAQ

What is the maximum loan term you can get with Rocket Mortgage?

Rocket Mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Quicken Loans offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Rocket Mortgage offers home loans with APRs starting at 2.746% .

Do they charge mortgage origination fees?

Yes, Rocket Mortgage may charge a loan origination fee of 0.5% to 1% of the loan amount.

Does Rocket Mortgage charge prepayment fees?

No, Rocket Mortgage does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, Rocket Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Rocket Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Rocket Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Rocket Mortgage is (800) 251-9080.

What is the support contact email?

The support contact email for is Support@RocketLoans.com.