Rocket Mortgage

Formerly Quicken Loans, Rocket Mortgage is the largest mortgage lender in the nation. The lender is also the originator of the digital home lending experience. Since its inception, it has helped millions from all walks of life meet their homeownership goals. Rocket Mortgage currently operates in all 50 states and Washington, D.C.

About Rocket Mortgage

Rocket Mortgage is a leading provider of purchase and refinance home loans. The brainchild of Dan Gilbert in 1985 as a way to boost accessibility to mortgages, it has morphed into the top residential mortgage lender nationwide.

Beyond its extensive lending solutions are a plethora of digital tools designed to simplify the mortgage process. Homebuyers also receive support tailored to their unique needs.

Loans Offered by Rocket Mortgage

Rocket Mortgage provides diverse loan options designed to meet your home financing needs. Each features competitive interest rates and flexible loan terms.

Conforming Loans

These mortgage products conform to Federal Housing Finance Agency (FHFA) loan limits. For 2024, the standard loan limit for a one-unit home increased to $766,550. Rocket Mortgage ensures that these loans are a conventional choice that can meet the needs of many homebuyers, offering competitive rates and terms.

Jumbo Loans

Jumbo Smart loans are used to purchase or refinance loans exceeding conforming loan limits. These loans are for more significant amounts and typically require a solid credit score, a more substantial down payment and detailed documentation to secure financing.

FHA Loans

FHA loans are designed for borrowers with lower credit scores or higher DTI ratios that need more flexibility. Rocket Mortgage ranks as a top choice for FHA loans, supporting borrowers who might be short on cash for a down payment.

VA Loans

VA loans are accessible by active-duty and veteran service members, offering unique benefits such as no mortgage insurance requirements. They are available with potentially lower rates and the benefit of no down payment, making homeownership more attainable for those who have served.

Refinance Loans

If you want to refinance your current mortgage, there are options to help you lower your monthly payment or get a better rate. You can also change your loan term or tap into your home equity. Refinance solutions include 30- and 15-year fixed-rate loans, adjustable-rate mortgages (ARMs), jumbo loans, FHA Streamline loans and VA Interest Rate Reduction Refinance loans.

Home Equity Loans

Home equity loans are second mortgages ideal for borrowers who want to convert equity into cash without refinancing, often for home improvements or debt consolidation. These fixed-rate loans provide a lump-sum payment with set monthly mortgage payments over the life of the loan.

Other Services By Rocket Mortgage

Beyond traditional mortgage products, Rocket Mortgage also offers other flexible solutions and tools to streamline the lending process.

ONE+

If you have minimum funds for a down payment, ONE+ requires just 1% down, and Rocket Mortgage contributes 2% to help you buy a home. This program makes it easier to achieve homeownership without providing much cash upfront.

Purchase Plus Credit Program

Purchase Plus aims to make homeownership in select metros more affordable by offering closing cost grants of up to $7,500. It helps reduce the financial burden for eligible buyers and promotes accessible housing opportunities.

BorrowSmart Access

BorrowSmart Access shares the same goal as Purchase Plus but offers down payment credits instead of closing cost grants. So, it’s an ideal option for buyers who need support meeting the hefty down payment requirements.

Rocket Mortgage App

The Rocket Mortgage App enhances your experience by providing the tools to manage your mortgage from anywhere. You can apply for and manage your loan, check the status of your application, receive real-time updates throughout the entire process and access loan payment options. It’s available for download on the App Store and Google Play.

The Rocket Mortgage Application Process

Rocket Mortgage breaks the lending process down into these simple steps:

• Step 1: Get a loan estimate online or via the mobile app. This process takes just a few minutes and lets you know what you can afford to spend on a new home.
• Step 2: Connect with a Home Loan Expert. They will contact you to review your application and discuss the best options for your home-buying goals.
• Step 3: Make an offer on the property, and upon acceptance, work with the team to finalize the purchase. During this step, you’ll also be asked to provide necessary financial documents, including income verification, employment history and credit information.
• Step 4: Close the loan. Once your loan is approved and your home offer is accepted, the dedicated Rocket Mortgage team will guide you through the remaining steps to close the deal.
• Step 5: Manage your loan by making timely payments and contacting the team for assistance if needed. (Note: Rocket Mortgage keeps most loans in-house following closing).

Before applying, it helps to have your Social Security number, income and employer information and online banking logins handy.

Rocket Mortgage Eligibility Requirements

It depends on the type of mortgage you select. Below is an overview of what to expect:

• 15- and 30-year fixed loans: 620 credit score, 3% down payment, debt-to-income (DTI) ratio of 50% or lower
• Jumbo loans: 680 credit score, DTI ratio of 45% or lower, LTV ratio of up to 89.99% (80% for ARMs and 15-year fixed mortgages)
• FHA loans: 580 credit score, 3.5% down payment, 1.75% upfront mortgage insurance premium
• VA loans: 580 credit score, 0% down payment, maximum DTI ratio of 60%, one-time VA funding fee
• Home equity loans: 680 credit score, maximum DTI of 45%, sufficient equity to pull out at least $45,000
• ONE+ by Rocket Mortgage: 620 credit score, 1% down payment, maximum DTI under 50%
• Purchase Plus credit program: 620 credit score, 3% down payment (credit can cover it), income not exceeding 140% of the area’s median income
• BorrowSmart Access: 620 credit score, 3% down payment, income not exceeding 140% of the area’s median income, maximum DTI of 40%

Pros of Using Rocket Mortgage

• Online rate disclosures
• Down payment assistance
• Low down payment options
• Flexible term lengths
• Closing cost discount when purchasing with a Rocket Mortgage agent

Cons of Using Rocket Mortgage

• No branch access
• Construction loans and HELOCs are not offered
• Mortgage loans not available in Puerto Rico

What Makes Rocket Mortgage Different?

Rocket Mortgage has distinguished itself in the home loan industry through its digital experience. It allows you to streamline the mortgage process by applying and managing your loan online. This can be an efficient way to refinance or purchase a home compared to traditional methods.

Within the Rocket Companies family, Rocket Mortgage leverages sister companies, like Rocket Homes and Rocket Loans, to provide a more integrated financial experience. Rocket Homes can assist you in finding a home by connecting you with a knowledgeable real estate agent, while Rocket Loans offers personal loans for your other financial needs.

These perks, combined with a seamless digital experience and a solid reputation, make Rocket Mortgage stand out.

Is Rocket Mortgage Worth It?

When considering Rocket Mortgage for your home loan needs, it’s essential to assess what it offers and if the options are ideal for your financial situation. Be sure to get a loan estimate and compare it to others from competitors. Also, decide if a digital lending experience works for you or if you prefer in-person support for any questions you may have.

Ultimately, if the loan options, rates and digital convenience align with what you’re looking for in a lender, Rocket Mortgage could be a viable choice for your first or next home loan.

How to Get Started with Rocket Mortgage

Visit the Rocket Mortgage website and complete the online form, or download the mobile app to start the application process.

FAQs About Rocket Mortgage