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With the Income You Need to Buy a Median-Priced Home rising - you may need to Learn About Adjustable Rate Mortgages to preserve affordability.

With the Income You Need to Buy a Median-Priced Home rising - you may need to Learn About Adjustable Rate Mortgages to preserve affordability.

Rocket Mortgage Review 2022

Established 1985

1050 Woodward Ave., Detroit, MI 48226-1906

NMLS #3030


Summary:

Rocket Mortgage is one of America’s largest mortgage lenders, offering an extensive array of products. They have continuously added to their digital platforms to give consumers the freedom to complete much of the mortgage process online. Formerly known as Quicken Loans, they have embraced this online-centric Rocket product so much so that they have entirely re-branded around it.

Good Fit For:

Customers looking for an all-around mortgage experience. Rocket Mortgage offers a variety of products and ways to work with their customers through the mortgage process.


Highlights:

  • Wide-range of products and terms, including VA & FHA loans
  • Ranked highest in customer satisfaction for Primary Mortgage Origination by J.D. Power for 11 straight years, 2010 through 2020.
  • They typically service the majority of loans they originate

Things to keep in mind:

  • No home equity or HELOC
  • While their rates are competitive there are sometimes lower options available

Products:

Purchase Options

  • Conventional
  • FHA
  • VA
  • Jumbo Loan
  • YOURgage - choose your own term

Refinance Options

  • Rate and Term
  • Cash-out Refinance
  • FHA Streamline

Customer Experience

While you’ve almost certainly heard of Rocket Mortgage before, it was probably as a product or platform, not as an entire company. Well, in 2021, Quicken Loans officially rebranded themselves completely as Rocket Mortgage as part of a company-wide effort to advance their online mortgage process. Rocket Mortgage provides you with the tools to handle the mortgage process completely online, including their Rocket Mortgage mobile app.

You’ll start with an online application which will allow you to upload and verify your information, customize your mortgage options among a variety of products, including FHA and VA program, get your approval, and lock your rate without ever speaking to a person. That’s not to say that you’re completely on your own. Having been in business since 1985, their team can help you answer any questions along the way and work with you through the entire process. They’ve been ranked highest in customer satisfaction for Primary Mortgage Origination by J.D. Power for 11 straight years, 2010 through 2020.

Rocket Mortgage provides several resources, like articles and calculators, to research your options and become a more knowledgeable customer. They also claim to have removed "middleman" steps to reduce the paperwork and use an online pre-qualification process, which allows them to provide you with product comparisons and quotes.


Scores:

  • Reviewer
    Rating
  • A+
  • [ 4.5/ 5]
  • [ 5.0/ 5]
  • [ 4.4/ 5]
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