Rocket Mortgage 2021 Review – NerdWallet
Rocket Mortgage at a glance
Rocket Mortgage is the online loan purchase and application process offered by Quicken Loans. When you apply for a mortgage through Rocket, Quicken’s underwriters decide if you are approved. The Rocket Mortgage star rating you see above is based on the products and services offered by Quicken Loans.
Rocket Mortgage Types and Products
The loan offers displayed in the Rocket Mortgage experience are dictated by Quicken Loans. This means that you see the range of loans from typical non-bank lenders. Conventional loans and government guaranteed mortgages – like FHA and VA – are available, for purchase or refinancing, and at fixed or adjustable rates. Home equity loans and home equity lines of credit are not available.
Although Quicken / Rocket does not offer reverse mortgages, an affiliate, One Reverse Mortgage, does.
Rocket Mortgage Online Practice
Rocket Mortgage was launched by Quicken Loans in an explosion of ads touting the convenience of the push button at orbit speed.
Everything about the Rocket Mortgage process is about moving gradually but quickly from one stage to the next. It’s relaxed. Well, as casual as taking out a six figure loan.
Apply online with Rocket Mortgage
To get started, click or tap one of the “Buy a Home” or “Refinance a Home” buttons. You provide the usual contact details to connect.
Answer a few more questions and you will soon be at the “See Solutions” step. This is where Rocket Mortgage extracts your credit data and reveals your loan choices. Customize your options by changing the term, money owed at closing, or your interest rate – or compare fixed rate and variable rate mortgages.
Once you are happy with your loan choice, Rocket Mortgage checks your qualifications and submits the application to an automated underwriting system.
Once the loan is in the underwriting stage, you and your mortgage team will use Rocket to manage outstanding tasks, sign documents online, track your loan processing progress, and even plan your loan closing.
Rocket Mortgage Highlights
Most of your financial information, such as bank and investment accounts, can be downloaded directly by Rocket Mortgage from many US financial institutions. Rocket can also import income and employment information for many American workers.
By clicking on the question mark icons throughout the application process, you will get answers to the relevant FAQs. The videos also help explain the items as you go. Pressing the “Talk to Us” button puts you in touch with a mortgage banker.
A typical online application takes about half an hour, according to Rocket Mortgage. But the point is to go at the pace you are most comfortable with.
Rocket Mortgage Rates and Fees
One of the most important considerations when choosing a mortgage lender is understanding the cost of the loan. Because Rocket Mortgage serves as a digital bridge to Quicken Loans, the rates and fees you see listed in Rocket are determined by the lender, Quicken Loans.
In order to provide consumers with a general idea of what a lender might charge, NerdWallet rates lenders on two factors regarding mortgage fees and rates:
The average origination fee of a lender compared to the median of all lenders reporting under the Home Mortgage Disclosure Act. Quicken Loans, the lender behind Rocket Mortgage, earns 2 out of 5 stars on this factor.
The mortgage rates offered by a lender compared to the best available on comparable loans. Quicken Loans earns 3 out of 5 stars on this factor.
Borrowers should consider the balance between lender fees and mortgage rates. While it may not always be the case, paying an upfront fee can lower the interest rate on your mortgage. Some lenders will charge a higher upfront fee to lower their advertised interest rate and make it more attractive. Some lenders just charge a higher upfront fee.
You can decide to buy reduction points – fees paid with your closing costs – to reduce your mortgage rate.
When deciding whether to pay a higher upfront fee, you need to consider how long you plan to live in your home and how much money you need to ask for. closing costs when you sign the loan documents.
Rocket mortgage rate transparency
If you’re trying to get a feel for the going interest rates, you won’t find national rate samples on the Rocket website. For this you will need to go to QuickenLoans.com. There you will find a page (“Mortgage Rates Today”) listing current loans and interest rates.
For custom rates based on your situation, create a Rocket Mortgage account and provide information to get a custom rate, but remember that viewing these rates may involve a difficult credit check.
You may find that the bounce between Rocket Mortgage and Quicken Loans throughout the loan process is a bit jarring at first. It is likely that Rock Holdings, the parent company of Rocket and Quicken, will phase out the Quicken name eventually. They have been paying for Quicken naming rights for years, while the Rocket name has gained marketing momentum.