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Working With Rocket Mortgage

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Rocket Mortgage offers rich online and mobile functionality.

It provides a secure environment where you can communicate with loan officers, upload documents, monitor your loan information, and access your closing documents.

In fact, if you really dont want to talk to another person, you can opt to communicate via its Talk to Us page. But you always have the option to talk to a real live home loan expert over the phone.

Rocket Mortgage pre-approval

Your journey with Rocket Mortgage or any other lender should begin with a mortgage pre-approval.

A pre-approval letter shows real estate agents and home sellers youre serious about buying and have financing in place to make an offer. Pre-approvals can also confirm your price range by showing how much you could borrow.

Rockets pre-approval process happens entirely online. Youll need to provide some financial information, including your income, assets, and debts, along with supporting documents to verify these numbers.

Rockets underwriters will verify your financial information by checking your pay stubs, recent bank statements, and credit score.

This company says it can complete the pre-approval process in just 24 hours.

Rocket Mortgage eligibility

Rocket Mortgage underwriting guidelines arent too different from other mainstream lenders. Your income, assets, credit report, and existing debts will all help determine whether youd qualify for a mortgage loan.

And your credit score isnt everything.

What Does It Cost To Get A Loan With Rocket Mortgage

Applying with Rocket Mortgage® is free! Theres no cost to see your mortgage recommendations or get approved. However, if you decide to move forward with your loan, there are costs involved just like with any other lender.

Things like the size and type of the loan, your credit score and interest rates all play a role in determining how much youll pay to borrow money.

Each lender might explain costs and fees a little differently. That makes it hard to know which lender is offering best deal. Its better to base your mortgage decision on a variety of factors such as loan type and lender reputation rather than just on fees.

Should I Use Rocket Mortgage Instead Of Another Lender

  • If speed and convenience are your top priorities
  • Rocket Mortgage might be just the ticket
  • But know that putting in a little time to shop around for a home loan
  • Could save you a lot of money and provide a great ROI, even if it takes a tad longer

All in all, it appears that Quicken wants to keep up with all the tech-minded debutants entering the mortgage space, while also appealing to a new generation that demands instant gratification and doesnt want to talk to anyone, ever.

Of course, I think there will always be a place for traditional face-to-face correspondence in the mortgage world seeing how important and complex it is for most folks.

And like other tech-based solutions, Quicken Loans Rocket Mortgage will only be successful if borrowers answers are honest and accurate, much like a standard home loan application.

At the end of the day, its recommended that you still shop around as opposed to taking the easiest route to a mortgage. While the application process might be faster, savings thousands for even a few hours more work seems like a no-brainer.

Personally, Id rather take my time and pay less each month for the next 360 months, but thats just me.

Ultimately, while convenience is great, a lower mortgage rate with fewer fees is much better, even if it takes a little more time and legwork.

And lots of other lenders are catching up technology-wise, so you might be able to get a similar experience and snag a lower mortgage payment at the same time.

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What Is Rocket Mortgage By Quicken

  • A streamlined home loan approval process offered by Quicken Loans
  • One of the largest mortgage lenders in the nation
  • Allows customers to import financial information into the loan application
  • Instead of faxing/printing/uploading documents slowly

Officially, its known as Rocket Mortgage by Quicken Loans, but the fine print says the lending services are provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc.

So in a sense, its just Quicken Loans new persona, which is aimed at making things super easy, something everyone is really into these days thanks to the internet.

They also have a personal loans subsidiary known as RocketLoans that is known as a Quicken Loans family company. Its unclear if these are separate companies, or if Rocket Mortgage is simply a brand.

Anyway, the process goes beyond just taking online applications and actually gives applicants the ability to import documentation from other vendors, similar to how TurboTax will allow you to import your financials.

So you can simply enter login info for checking accounts, a brokerage account, mutual funds, a Roth IRA, and so on, instead of downloading documents and uploading them.

This makes the home loan process, whether youre refinancing or buying, more accurate and a lot faster.

I took Rocket Mortgage for a spin this morning but only made it so far before I was asked to enter my social security number. Thats when I closed the browser and gave up, for obvious reasons.

Rocket Mortgage Site And Apps

Rocket Mortgage

One of Rocket Mortgages convenience drives is their commitment to a seamless site and apps. The Rocket Mortgage website is easy to use. Mortgage seekers really can apply and get approved in minutes.

Their Rocket Mortgage Launchpad app lets users launch a mortgage from an iPhone or other mobile device. Their mortgage calculator app lets users see how much home they can afford. It also gives insights into the amount of monthly payments and total interest.

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How Competitive Are Rocket Mortgage Rates

Youll get our best rates by starting your application online. You can see todays rates and learn how rates are trending on our Mortgage Rates page.

Going with the lowest rate might seem smart, given how much interest you pay over the life of a mortgage. But there are times when choosing the lowest rate might not make the most sense.

Whats more important than just the lowest interest rate is getting the right mortgage for your situation and a lender who helps you do that.

How Mortgage Companies Work

Mortgage companies are in the business of originating home loans for people looking to buy a house or refinance an existing home loan. However, mortgage companies like Rocket, loanDepot, and UWM Holdings, which have also experienced pops recently, are not licensed banks, so they don’t hold a lot of mortgages on their balance sheets.

Instead, companies like Rocket take most of the loans they originate and sell them into the secondary market to government-sponsored entities like Fannie Mae, Freddie Mac, and Ginnie Mae. In return, they’re paid fees. This isn’t Rocket’s only form of revenue, but it’s the main one, so the more loans the company originates, the more money it will make.

For instance, revenue from the gain on the sale of these loans accounted for roughly 61% and 76% of Rocket’s total revenue in 2019 and 2020, respectively.

Mortgage companies like Rocket also earn fees for servicing the mortgages they sell into the secondary market, but selling the loans into the secondary market is the meat of the business.

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How We Make Money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Democrat On Powerful House Ways And Means Committee Apparently Violated Stock

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Rocket Companies closed 2019 with $5.1 billion in revenues and net income of $894 million, with net profits rising 46% from 2018. Gilbert first took the company public in 1998 when it was named Rock Financial and sold it a year later to financial software giant Intuit for $370 million. In 2002, Gilbert bought it back from Intuit for $64 million and renamed it Quicken Loans. The 2008 financial crisis and collapse of the housing market led many traditional banks to exit the mortgage lending business, giving nonbank lenders like Quicken an opportunity to pick up the slack.

The firm sought to present itself more as a fintech company than a mortgage lender in its initial filing with the Securities and Exchange Commission on July 28, touting its innovative technologies and trusted digital solutions. While Rocket Companies has been offering mortgages for more than three decades, it was the 2015 launch of its online platform, Rocket Mortgages, that enabled the firm to gain market share by offering mortgages online and through a mobile app. With the IPO coming at a time when interest rates are near zero, Gilbert is betting that Rocket can continue its rapid rise by signing up younger homebuyers attracted by low interest rates and an easy-to-use digital platform. In its filing, the company claimed that 75% of borrowers who applied online or through the Rocket Mortgages app were first-time homeowners or millennials.

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Applying Online With Rocket Mortgage

  • It starts by clicking or tapping on one of the “Home Purchase” or “Home Refinance” buttons. You provide the usual contact information to sign in.

  • Answer a few more questions and soon you’re at the “See solutions” stage. This is where Rocket Mortgage pulls your credit data and reveals your loan choices. Customize your options by changing the term, the money due at closing or your interest rate or compare fixed- and adjustable-rate mortgages.

  • Once you’re satisfied with your loan choice, Rocket Mortgage verifies your qualifications and submits the application to an automated underwriting system.

  • Upon approval, you can lock your loan rate and, if necessary, get a preapproval letter.

  • Once the loan is at the underwriting stage, you and your mortgage team will use Rocket to manage outstanding tasks, e-sign paperwork, monitor the progress of your loan processing, and even schedule your loan closing.

Can Rocket Mortgage Be Trusted

Millions whove seen the popular ad campaign are asking, Can I trust Rocket Mortgage? The short answer is Yes, but with a couple warnings. The tables below have the quick info on trust and Rocket Mortgage. We cover their Better Business Bureau A+ score, customer reviews, web reviews and more.

Rocket Mortgage is the famous 8 minute mortgage company with the high profile ad campaign. It turns out their trust level is actually quite high. The highest BBB rating possible and years of customer satisfaction awards are reasons Rocket Mortgage can be trusted. Points against them are reports of higher than average interest rates and a lawsuit by the U.S. Government.

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Loan Depot Vs Quicken Loans

Finding the best lender at a good mortgage rate may seem like a difficult task, but we will help you. Today we will be comparing Loan Depot Vs Quicken Loans, which are two large companies.

We will be taking a look at mortgage rates, the loan process, features, and more.

A little history about each company.

Rock Financial was founded by Dan Gilbert, Gary Gilbert, and Lindsay Gross in 1985. Two years later the name was later changed to Rock Financial Corp. In 1999 Rock Financial Corp. was later purchased for $532M by Intuit Inc. In 2002, the company would later receive another name change to Quicken Loans.

LoanDepot was founded in 2010 by Anthony Hsieh. LoanDepot is based in Foothill Ranch, California. Today the company has over 4,000 employees. Since its launch, LoanDepot has received over $100 billion in funding.

What Are The Requirements For A Fnma Loan

2020 Rocket Mortgage Classic raises $2.7 million for ...

You should always feel free to speak with a Home Loan Expert about your situation, but the following is a short list of general guidelines for Fannie Mae loan approval:

  • With loans from either Fannie Mae or its competitor Freddie Mac, youll need a median FICO® Score of at least 620 between the three major credit bureaus Experian, Equifax® and TransUnion®.
  • Debt-To-Income Ratio: DTI, which compares your monthly debt payments to your before-tax monthly income, should be no higher than 50% in most cases to qualify for a Fannie Mae loan.
  • Down Payment: For second homes and investment properties, the down payment requirements are higher, but for a one-unit primary residence, the down payment needed could be anywhere from 3% 5%.
  • Reserves: Reserves, the number of mortgage payments lenders want to see in your account in case you experience a loss of income or other financial hardship, could be up to 6 months with a Fannie Mae loan, although 2 months is a good starting point generally.

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Mortgage Loan Products At Rocket Mortgage

Rocket Mortgage can offer the following loan options:

  • Fixed-rate mortgages Most people choose a 30-year fixed-rate loan. But with Rockets YOURGage program, you can choose a term anywhere from 8 to 30 years
  • Adjustable-rate mortgages These can be more affordable than fixed-rate mortgages at first, but they come with the risk of higher rates later. You can fix your rate for a period of 5, 7, or 10 years, after which it will move up and down with the market
  • FHA loans Backed by the Federal Housing Administration, FHA loans are great for home buyers with imperfect credit and low down payments . But they come with high monthly mortgage insurance payments
  • VA loans Eligible service members, veterans, and surviving spouses can buy homes with no down payment, lower credit requirements, and no continuing mortgage insurance payments
  • Jumbo loans Borrow up to $3 million, if Fannie Mae and Freddie Macs conforming loan caps are cramping your style

The big things Rocket doesnt offer are construction loans, home equity loans, and USDA-backed loans.

USDA loans help rural home buyers and require no down payment. If youre interested in this type of mortgage, youll need to check out some other lenders.

End Of Confusion: Quicken Loans Will Officially Change Name To Rocket Mortgage

Dave Bartkowiak Jr., Digital Managing Editor

DETROIT Quicken Loans will officially have its name changed to Rocket Mortgage this summer.

This hopefully will end the confusion some have had with the company that falls under billionaire businessman Dan Gilberts Rocket Companies . Quicken will now carry the Rocket brand name that many know it by in the first place.

Now based in Downtown Detroit, Quicken Loans was founded by Gilbert in the late 1990s and has since become one of Americas largest mortgage lenders. In 2015, the company launched its fully digital, completely online, mortgage lending platform called Rocket Mortgage, hence the ensuing naming confusion.

More than 20 years ago, Dan Gilbert, our founder and chairman, had a vision of putting the entire mortgage process online to simplify the lending experience and add more transparency. Since then, we developed proprietary technology to improve every piece of the process but we officially revolutionized the mortgage industry when we launched Rocket Mortgage in 2015, said Jay Farner, Rocket Mortgage CEO. Rocket Mortgage has grown to be the industry leader and the measuring stick for all other lenders. With this official name change, we will have a consistent brand that is synonymous with innovation and excellence.

Quicken Loans will officially change its name to Rocket Mortgage on July 31.

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Points In Rocket Mortgages Favor

Beyond trust, there are several reasons to prefer Rocket Mortgage to the old style of walking, cap in hand, into a bank branch office to ask for a loan. The process is quick and painless and can be done online. Weve outlined the reasons in the table below.

Points in Rocket Mortgage’s Favor
8 minute mortgage
High customer satisfaction
No in-person meetings with bankers

Simply put, customers love the 8-minute mortgage approval . They love the quick approvals process. They love not having to meet with a banker to get a loan. They love that it all takes place online. All these things plus Rocket Mortgages commitment to customer service result in exceptionally high customer satisfaction ratings.

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