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Rocket Mortgage Review 2021

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Editor’s note: The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

Nonbank lender Quicken Loans launched Rocket Mortgage, an online mortgage platform for borrowers looking for a fully digital experience, in 2015.

Rocket Mortgage’s mission is to simplify the mortgage process by allowing borrowers to shop for a home loan online and get preapproved in minutes by creating an account, answering questions about their assets, credit and financial information, and uploading supporting documents.

Pros and cons of a Rocket Mortgage loan


  • Offers a wide range of conventional and government-backed loan options
  • Originates loans in all 50 states
  • Provides a fully digital mortgage process
  • Provides custom loan repayment terms


Working with Rocket Mortgage

Rocket Mortgage is the online mortgage experience created by Quicken Loans. The platform allows you to complete a digital application to borrow a Quicken Loans mortgage.

Quicken Loans is licensed to originate mortgages in all 50 states and the District of Columbia. Residents of Puerto Rico are not eligible to apply. Because Quicken’s Rocket Mortgage platform is online only, there are no in-person branch locations.

In 2019, Quicken Loans originated about $145 billion in mortgages.

Rocket Mortgage borrowing requirements

The credit score required for a Rocket Mortgage loan depends on the type of mortgage program you choose, but the lowest credit score allowed is 580. This is in line with the 580 minimum score required for a 3.5% down payment on a loan backed by the Federal Housing Administration (FHA). On the other hand, borrowers applying for a conventional loan typically need at least a 620 credit score.

Rocket Mortgage provides loans for the following property types:

  • Single-family homes
  • Multifamily homes
  • Condominiums
  • Townhomes

Rocket Mortgage products


  • Conventional loans. Rocket Mortgage offers 15- and 30-year fixed-rate mortgages, as well as 5/1, 7/1 and 10/1 adjustable-rate mortgages.
  • Jumbo loans. Nonconforming or “jumbo” loans are available in amounts up to $3 million.
  • FHA loans. Borrowers may qualify for an FHA loan with a 580 credit score and a 3.5% down payment.
  • VA loans. Military members, veterans and eligible spouses may qualify for a mortgage backed by the U.S. Department of Veterans Affairs (VA) with a 0% down payment.


Rocket Mortgage provides:

Reverse mortgage

Quicken provides reverse mortgages through its subsidiary, One Reverse Mortgage, but announced it was pausing the origination of new loans starting in February 2020.

Rocket Mortgage special programs

Quicken Loans offers a special mortgage program for Rocket Mortgage applicants, called YOURgage®, which features custom loan terms ranging from eight to 29 years. The loan comes with a fixed mortgage rate and requires a minimum 3% down payment and 620 credit score.

The mortgage application process

  • How to apply. When you visit Rocket Mortgage’s website, you’ll fill in some basic personal information and details about your credit score range and any properties you currently own, if applicable. You’ll also be asked whether the home you’re buying is a primary residence, second home or investment property.
  • Disclosure process. The next part of the application process involves giving the lender information on your assets, including checking and savings accounts, stocks, other investments and retirement accounts. If you prefer, you can import your financial information to speed up the process. In many cases, you can upload documents digitally by taking a photo with your smartphone. You’ll also authorize Rocket Mortgage to pull your credit reports and scores. Within minutes, you can get a mortgage quote and download your mortgage preapproval letter to start shopping for a new home.
  • Submitting loan for approval. Once you find a home and the seller accepts your offer, your Rocket Mortgage home loan expert will order a home appraisal on your behalf to continue the approval process. You’ll also have the option to lock your mortgage rate for up to 90 days with its Rate Shield approval process. This ensures your interest rate and monthly payment won’t change before your closing day.
  • Final approval. Provided that your appraisal comes back without any issues and you’ve submitted all docs requested by the underwriting team, it’s time to finalize your loan and schedule closing. Three business days before your closing day, you’ll receive a closing disclosure that outlines the terms of your loan and your closing costs.
  • Closing. Quicken Loans has a partnership with Pavaso, an eClosing platform, which allows borrowers to scroll through their closing paperwork using a mobile device and provide electronic signatures for each document.
  • Servicing. Quicken Loans services 99% of the mortgages it originates, which likely means you can expect to make payments and manage your mortgage on the Rocket Mortgage website or app.

Communication during the process

Once you submit your application, Rocket Mortgage will assign a home loan expert as your main point of contact throughout the process of finalizing your application, choosing a loan and closing. Additionally, if you have questions throughout the process, there’s an online chat option on the Rocket Mortgage website, which will connect you with a home loan expert.

You can reach the Rocket Mortgage team to discuss your application at (800) 603-1955 Monday through Friday from 8:30 a.m. to 9 p.m. EST, and Saturdays from 9 a.m. to 4 p.m. EST.


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