Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
The bottom line: Rocket Mortgage is our “best overall” pick for the best mortgage refinance lenders. It’s a great option if you’re comfortable applying online and have a good credit score. However, its mortgage offerings are relatively basic.
Rocket Mortgage: Overall Lender Rating
Types of Loans Offered
Conforming, jumbo, FHA, VA, refinance
Rocket Mortgage
Details
Types of Loans Offered
Conforming, jumbo, FHA, VA, refinance
Rocket Mortgage: Pros and Cons
Rocket Mortgage Interest Rates
When you visit the Rocket Mortgage website, select “Rates” on its menu. It shows you interest rates and APRs on 30-year and 20-year fixed conforming mortgages, 30-year VA mortgages, 30-year FHA mortgages, and 30-year jumbo mortgages.
You can read the assumptions for these rates on the website. For example, the 30-year mortgage rates shown include 2 points at closing and assume you have a credit score over 720 and a debt-to-income ratio below 30%.
Unlike with some online lenders, you can’t plug in your information (like mortgage amount, down payment amount, or credit score) to see a more personalized rate on the site. You’ll need to create an account before you can see customized rates.
Right now, the 30-year conforming loan rate on Rocket Mortgage’s website is slightly higher than current average rates.
Compare Rocket Mortgage to Other Lenders
Rocket Mortgage vs. Better
Better is one of our best online mortgage lenders, and it’s a particularly good choice if you’re a first-time homebuyer thanks to its quick and easy application process. It also charges no lender fees at closing, making it an affordable option.
Both Rocket Mortgage and Better provide a live online chat feature, which is convenient if you don’t like talking on the phone.
Better makes it easy to see customized rates without signing up for an account first. It also provides you with a preapproval letter within 24 hours, whereas Rocket Mortgage’s turnaround time for letters varies.
If customer service is important to you, you might prefer Rocket Mortgage, which ranked No. 1 in J.D. Power’s 2022 US Mortgage Origination Satisfaction Study. Better ranked below average in the study.
Rocket Mortgage vs. Guild Mortgage
Guild Mortgage is our best mortgage lender for first-time buyers. It’s probably better for people with no credit score, because its Complete Rates program allows borrowers to apply using non-traditional credit data like utility bills. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, renovation loan, or reverse mortgage.
Guild Mortgage is unavailable to residents of New Jersey or New York, so if you live in either of those states, Rocket Mortgage is the clear choice.
How Rocket Mortgage Works
Rocket Mortgage is the online mortgage lender that used to be known as Quicken Loans. Rocket Mortgage is available in all 50 US states, and it offers the following mortgage products:
You can’t get a USDA mortgage, home equity loan, HELOC, construction loan, or reverse mortgage through Rocket Mortgage.
If you’re refinancing, you can choose from the following options:
Some lenders allow you to apply with alternative credit data if you either don’t have a credit score or have a very poor one. For example, you could show proof that you have a history of paying utility bills on time. Rocket Mortgage doesn’t allow alternative credit data, so it’s a better fit for borrowers with good credit scores. The minimum credit score requirements depend on which type of mortgage you get.
You can chat online with an automated assistant 24/7. Chat online with a live representative Monday through Friday from 7 a.m. ET to midnight ET, or weekends from 9 a.m. to midnight ET.
If you need to talk about a new mortgage, you can talk with someone over the phone Sunday through Friday from 9 a.m. to 7 p.m. ET, or Saturday from 9 a.m. to 8 p.m. ET.
To talk about an in-process loan, closed loan, or signing in, call Monday through Friday from 8:30 a.m. to 9 p.m. ET, or Saturday from 9 a.m. to 4 p.m. ET.
Is Rocket Mortgage a Reputable Business?
Rocket Mortgage ranked as the top lender for customer satisfaction from J.D. Power in 2022. It also has an A+ rating from the Better Business Bureau. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices.
On Trustpilot, Rocket has a 3.6 out of 5-star rating, based on 4,331 customer reviews.
Rocket Mortgage FAQ
Rocket Mortgage is a good choice if you’re comfortable with an online application process. The company has strong customer service reviews, so you may like it if customer support is a high priority.
The lender doesn’t offer certain types of mortgages, including USDA mortgages. It also doesn’t have physical locations, so if you want to walk into a branch to speak with someone in person, you’re better off using a different lender.
The fees are lower than what many brick-and-mortar lenders charge. Fees often vary depending on your situation, so ask an employee for a complete list of fees.
Rocket Mortgage’s mortgage approval requirements are average compared to other mortgage lenders. You’ll need at least a 620 credit score, though you may qualify for an FHA loan with a score as low as 580. Rocket Mortgage might not be the best choice for someone with a rocky credit history.
Rocket Mortgage, formerly known as Quicken Loans, is a part of Rocket Companies. It was founded in 1985 by Dan Gilbert.
Yes, Rocket Mortgage is a real mortgage lender that’s licensed to lend in all 50 states.
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