Rocket Mortgage Review 2023 - NerdWallet (2024)

Rocket Mortgage review: what borrowers say

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

Rocket Mortgage review: variety of loan types

Rocket Mortgage offers a loan lineup that's fairly typical of nonbank lenders. Conventional loans are available with fixed or adjustable rates, and government-backed FHA and VA loans are available, too. A customizable fixed-rate conventional loan with a term from eight to 29 years is also available, in addition to the standard 15- or 30-year mortgage.

Rocket was the largest FHA lender in the nation in 2021, boasting nearly 14,000 more FHA loans than the second-largest FHA lender.

Borrowers seeking to put their home equity to work with Rocket can look to home equity loans or cash-out refinance. Home equity lines of credit, or HELOCs, aren’t available.

Rocket Homes, a sister company to Rocket Mortgage, helps match home buyers and sellers with real estate agents.

Rocket Mortgage review: ease of application

You can apply in the Rocket Mortgage app or on the Rocket Mortgage website, which is fully optimized for mobile. You'll start by creating an account, then answering basic questions like the ZIP code where you're planning to buy a home. If you'd prefer to work with an actual person face to face (or at least, screen to screen), you can reach out to a mortgage broker affiliated with Rocket Mortgage.

Once you're satisfied with your loan choice, Rocket Mortgage verifies your qualifications and submits the application to an automated underwriting system. While the loan is in underwriting, you can sign in to your Rocket account (in a web browser or the app) to manage outstanding tasks, upload documents, e-sign paperwork and monitor the progress of your loan processing.

Rocket Mortgage review: rates and fees

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Rocket Mortgage review: rate transparency

On its rates page, Rocket Mortgage offers sample rates for fixed-rate purchase and refinance loans. There, you'll find its current interest rates and APRs, as well as the points you'd need to buy upfront to get a given rate and APR combo, for 30-year fixed rate home loans as well as 30-year FHA, VA and jumbo loans.

You can also select "view legal disclosures" to see the assumptions Rocket makes to determine those rates (for example, that the loan is for a single-family home that will be a primary residence); viewing sample rates isn't the same as getting personalized rates.

For rates customized to your situation, you'll have to begin the process of applying online with Rocket Mortgage. Even "pre-qualified approval" (Rocket's version of pre-qualification) includes a hard credit inquiry, so it's important to be sure you're serious about considering Rocket as a lender before applying.

Alternatives to Rocket Mortgage

Here are some comparable lenders we review that borrowers can consider.

Better offers a similar digital experience, and Freedom Mortgage, the nation’s second-largest FHA lender, offers comparable government-backed loans.

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