About Rocket Mortgage

Brief Summary of Services: 

• Fixed-rate mortgages 
• Adjustable-rate mortgages 
• Mortgage refinancing 

Rocket Mortgage Synopsis 

Review Summary: Rocket Mortgage is currently the largest mortgage company in the country. It only provides services online or over the phone. The entire Rocket line of loan products also includes personal loans and auto loans. 

Recommended for: Rocket Mortgage is a great option for those comfortable with an exclusively online mortgage experience.   

Pros and Cons of Rocket Mortgage 

Rocket Mortgage Reviews 

Rocket Mortgage Review 

Overview 

Rocket Mortgage is currently the largest mortgage lender in the country.  

It specializes in offering mortgage loans through its online platform, but borrowers may also apply for loans over the phone. 

Rocket Mortgage is known for being the first mortgage company in the world to create an online mortgage experience from the initial application to the closing.  

It does provide access to mortgage experts by phone, but it does not have any physical offices for customers to receive consultations or services in person.  

J.D. Power ranked Rocket Mortgage as the top company in customer satisfaction for mortgage servicing, and number two in customer satisfaction for mortgage origination. 

It has closed seven million loans, and its app for iPad is highly rated with over 100,000 reviews. 

Rocket Mortgage Loans 

Rocket Mortgage offers the following home loans:  

• 30-year fixed mortgage 
• 15-year fixed mortgage 
• Adjustable-rate mortgage 
• FHA Loan 
• Jumbo Loans (up to $2.5 million) 
• VA Loans 
• Mortgage Refinancing 
• YOURgage (Mortgage with custom term limits) 

Rocket Mortgage Process  

If you decide to work with Rocket Mortgage, this is the process you can expect to follow:  

• Apply for your mortgage online or over the phone 
• Credit review by Rocket 
• Rocket mortgage provides information about how much you can afford in a house 
• Find a house and make an offer 
• Close on house 
• Manage your mortgage 

Rocket Mortgage Rates and Fees 

Rocket Mortgage charges the following fees: 

• Origination fees (mortgage processing and underwriting): $1,200 (approx.) 
• Rate Lock Fees: $125 to $750 per $100,000 borrowed 
• No prepayment penalties 

Rocket Mortgage Company Information 

Quicken Loans changed its name to Rocket Mortgage in 2021. 

Quicken Loans created Rocket Mortgage in 2015 as the first lender to provide electronic closings across all 50 states.  

The company was originally launched in 1985 as Rock Financial. It began its shift from a traditional mortgage company to an online lender in the late 1990s.  

It was named Quicken Loans after Rock Financial was purchased by Intuit in 1999.  

The company has the following offices:  

• Detroit, Michigan (headquarters) 
• Phoenix, Arizona 
• Cleveland, Ohio 
• Charlotte, North Carolina 

Quicken Loans was rebranded as Rocket Mortgage in 2021.  

States Where Rocket is Licensed 

Rocket Mortgage is available in all 50 states and the District of Columbia. 

Reviews last updated: 4/1/24. (Reviews are typically updated monthly.)

Ratings last updated: 12/4/23. (Ratings are typically updated quarterly.)

This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.