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Published: Aug 16, 2022 14 min read
Happy couple look at their new house
Money; Getty Images

Rocket Mortgage, formerly known as QuickenLoans, is a pioneer in online mortgage lending. It's perhaps best known for its fast and easy application process, and consistently good customer service.

Its user-friendly website gives prospective home buyers access to several different types of mortgages, and plenty of online resources to help them navigate the process.

Table of Contents:

Rocket Mortgage Overview

  • Flexible loan terms
  • 90 day interest rate lock
  • High loan limits
  • Multiple ways of applying for a mortgage
  • Links to down payment assistance programs
  • No home equity lines of credit
  • No Rocket Mortgage branches
  • You need to pay a deposit to apply

Rocket Mortgage Is an online lender based in Detroit, Michigan. The company offers several different mortgage options and can originate loans in all 50 states plus the District of Columbia (DC).

Its website is easy to navigate, as is the online application process. You’ll have access to information on both purchase and refinance rates, which are important resources when determining the right type of loan for your needs, plus extended customer service hours.

The lender also offers tools to help potential buyers achieve their homeownership goals such as Verified Approval, which allows a borrower to obtain a preapproval letter online, and Rate Shield, which locks in their approved mortgage rate for 90 days.

You can submit a mortgage application online, through the app, or by phone with one of Rocket’s customer service representatives. You can also apply through one of the hundreds of mortgage brokers located throughout the country who offer Rocket’s products. Once approved, you can make monthly mortgage payments online or send them in by mail.

Rocket Mortgage’s Services

Home buyers applying for a home loan with Rocket Mortgage will be able to learn about different loan categories, choose from a variety of flexible loan terms and shop for competitive interest rates.

How to qualify for a loan with Rocket Mortgage

Minimum credit score requirements:

  • Conventional loan - 620
  • FHA - 580
  • VA - 580
  • Jumbo 30-year fixed-rate - 680
  • Jumbo adjustable-rate - 700

Debt-to-income ratio:

The ideal DTI is 45% of your monthly income. However, a higher DTI may be accepted depending on your complete financial profile and the type of loan you’re applying for.

  • Conventional loans - typically 50% or lower, although it could be as high as 65%
  • FHA loans - up to a maximum of 57%
  • VA loans - up to 60%
  • Jumbo Smart Loan - 45% or lower

Minimum down payment requirements:

  • Conventional loan - 3%
  • FHA - 3.5%
  • VA - 0%
  • Jumbo - 20%
  • Jumbo Smart Loan - 10.01%

Required documentation

It helps to speed up the loan process if you have all the paperwork required on hand. In addition to a copy of your credit report, which Rocket will request from the credit bureaus once you give the go-ahead, you’ll need to submit some — if not all— of the following documents.

  • Social security number of applicant(s)
  • Pay stubs for the past two pay periods
  • W2s and 1099s for the past two years
  • Tax returns for the past two years
  • A list of all your assets
  • A list of all your debts, includings student loans, personal loans, credit cards, auto loans and monthly expenses
  • If you are self-employed, your profit and loss statements

Costs and fees

Applying for a mortgage means you will have to pay closing costs, which typically range between 2% and 6% of the total loan amount. The most common costs include (but aren’t limited to):

  • Loan origination fee - can be up to 1% of the loan amount and covers the cost of processing and underwriting the loan
  • Application fee - could be as high as $500 and is non-refundable even if you aren’t approved for the loan.
  • Appraisal fee - usually range between $300 and $600 but could be higher
  • Attorney fees - costs vary by state and typical rates in your area
  • Third-party fees - could include insurance fees and taxes.
  • Title insurance

Other fees associated with a mortgage:

  • Prepayment fees - some lenders will charge a fee if you pay the mortgage back before the end of the term
  • Late fees - charged as a penalty if you do not make your monthly payments on time.

What Rocket Mortgage offers

Mortgage options:

Loan terms:

Flexible terms between 8 and 30 years

Maximum loan amounts:

Conventional loans:

  • Single-unit home - From $726,200 to $1,089,300 for high cost areas
  • 2-unit home - From $929,850 to $1,394,775 for high cost areas
  • 3-unit home - From $1,123,900 to $1,685,850 for high cost areas
  • 4-unit home - From $1,396,800 to $2,095,200 for high cost areas

Jumbo Smart Loan from Rocket

  • $2.5 million

FHA loans:

  • Single-unit home - From $472,030 to $1,089,300 for high cost areas
  • 2-unit home - From $604,400 to $1,394,775 for high cost areas
  • 3-unit home - From $730,525 to $1,685,850 for high cost areas
  • 4-unit home - From $907,900 to $2,095,200 for high cost areas

VA loans:

  • Most lenders will use the conventional loan limits as a guide.
  • The maximum VA jumbo loan amount is $2 million if you qualify.

What Rocket Mortgage doesn’t offer

Types of loan products:

Rocket Mortgage’s Credentials

Rocket Mortgage has been recognized by several organizations as one of the best mortgage lenders in the country. It consistently ranks among the top companies in customer satisfaction, and has also been recognized as one of the best places to work.

Licenses and Registrations

  • Rocket Mortgage is licensed to operate in all 50 states and the District of Columbia.

Awards and Certifications

  • Named Gold Award Winner in Kiplinger’s Personal Finances’ 2021 list ranking the “Best Firms for Customer Service: Mortgage Lenders.”
  • Rated #1 in Fannie Mae’s Star Rating Scorecard
  • Rated #1 in Freddie Mac’s Servicer Success Scorecard
  • Has appeared in the top 30 of Fortune’s list of 100 Best Companies to Work For during the past 19 years, ranking #7 on the 2022 list.

Regulatory or Legal Actions

In the three-year period between July of 2019 and July 2022, there have been 1,863 complaints filed with the Consumer Financial Protection Bureau (CFPB) against Rocket Mortgage. Most of these complaints concern difficulties in applying for a mortgage or a refinance loan.

The CFPB keeps track of complaints filed against companies operating in the U.S. and records how those companies respond. The CFPB has marked most of the complaints against Rocket as being resolved in a timely manner by the lender.

Rocket Mortgage has also seen a total of 8 regulatory actions taken by the National Mortgage Licensing System (NMLS) between 2016 and 2022. The three most recent actions occurred in 2021 and were related to how the lender advertised its interest rates in marketing materials. All actions were resolved.

In August 2022, a class action lawsuit was filed against Rocket Mortgage alleging the lender sent unsolicited text and voice messages to consumers, which is a violation of the Telephone Consumer Protection Act. The case has yet to be heard.

Rocket Mortgage’s Accessibility

Borrowers considering Rocket Mortgage will find the lender has a strong online presence. Rocket can also meet the needs of customers who prefer in-person interactions through its network of independent mortgage brokers.


Rocket Mortgage is licensed to operate in all 50 states plus the District of Columbia. The lender is primarily an online lender. Borrowers have 24/7 access to educational materials, rate quotes, mortgage loan applications and account management tools through Rocket’s website or app. More personalized assistance can be obtained with a licensed mortgage banker via email, chat, or phone, or through an independent mortgage broker.

Contact information

There are multiple ways to connect with Rocket Mortgage:

  • Website chat
  • Via the Rocket Mortgage app
  • Via email
  • By phone

User experience

The website is easy to navigate. All you need to do is answer some questions about what you are looking for — whether that’s background research, a new purchase loan or a refinance. You’ll be prompted to create an account (or sign in if you already have one.)

From there, you can sync up your bank and investment accounts to your Rocket account. This streamlines the application process and cuts down on the amount of documentation you’ll need to upload. Next, you’ll be presented with some loan options, before proceeding to apply for the one that best fits your needs.

If you’re a first-time homebuyer or are unsure of what type of loan may work best for you, you can click on Rocket Mortgage’s “learning center” tab to access nearly 1,000 articles on home buying, loan types, mortgage basics, loan refinancing and mortgage calculators, among other topics.


Borrowers who are comfortable with the online application process can access their account whenever they want. Those who require some help going through the process will have several options for contacting Rocket Mortgage (see above).

While these contact options are available seven days a week, they aren’t available 24 hours a day:

Online chat is available (all times are Eastern times):

Monday - Friday: 7:00 a.m. to midnight

Saturday - Sunday: 8:00 a.m. to midnight

By phone at (888) 452-8179 for loan advice:

Monday - Friday: 7:00 a.m. to midnight

Saturday: 9:00 a.m. to 8:00 p.m.

Sunday: 9:00 a.m. to 7:00 p.m.

By phone at (800) 603-1955 for help signing in, following up on an application or managing your account:

Monday - Friday: 8:30 a.m to 9:00 p.m.

Saturday: 9:00 a.m. to 4:00 p.m.

Rocket Mortgage’s Customer Satisfaction

Rocket Mortgage is known for its commitment to providing a positive experience for its customers. The company has received mostly positive reviews from homeowners who have used its services and has consistently ranked among the top mortgage lenders in the country for customer satisfaction.

Customer complaints

While Rocket Mortgage has garnered mostly positive feedback on review sites such as TrustPilot, the company has its share of detractors. Out of a total of 4,120 reviews, 19% classified the company as being “Bad”, the lowest rating available, while another 3% rated the company as being “Poor.”

The most common issues mentioned by these negative reviews are problems with the mortgage process, paperwork errors, and delays in loan closings.

Third-party ratings

Rocket Mortgage ranked number one in JD Powers’ U.S. Primary Mortgage Servicer Satisfaction Study for eight consecutive years between 2014 and 2021. For 2022, the survey was redesigned as the U.S. Mortgage Servicer Satisfaction Study. Rocket Mortgages ranked second in customer satisfaction this year.

Rocket has a 3.9 star rating on TrustPilot, with 67% of all reviews classifying the company as being “Excellent” and another 8% saying the company was “Great.” Most positive reviews mentioned how quick and easy the application process was. Many reviewers also mentioned how knowledgeable and helpful Rocket’s home loan experts were during the application process.

Rocket Mortgage has a rating of Ba1 with Moody’s, which is the highest non-investment grade category assigned by the rating agency.

Rocket Mortgage FAQ

Is Rocket Mortgage reputable?

Yes. Rocket Mortgage started out as Rock Financial in 1985 as a brick and mortar lender. In 1999, the company launched as an online lender, adopting its current name in July of 2021. Today, the company is the largest loan originator in the U.S., having processed more than $1.5 trillion in home loans.

How do you apply for a loan with Rocket Mortgage?

There are three different ways you can apply for a loan with Rocket Mortgage. You can submit an application online on your computer, through the Rocket Mortgage app on your phone, or by calling Rocket Mortgage and speaking with a licensed loan officer.

Is Rocket Mortgage better than a bank?


Rocket Mortgage isn't necessarily better than a bank. It is a different way of obtaining a mortgage. If you are comfortable filling out applications and submitting documentation online, the lender may provide a quicker route to homeownership. It may have more loan options, lower fees and a faster approval process compared to a local bank.

If you prefer face-to-face interaction with your lender, then a bank may be the better choice. Rocket Mortgage is an online lender and does not have branches per se, although its loan products are available from independent mortgage brokers who may have brick and mortar locations. Your best bet is to compare both and go with a lender you are more comfortable with.

Does Rocket Mortgage approve anyone?

Rocket Mortgage will approve anyone who meets their application requirements. The typical credit score required for a conventional loan is 620, although you can qualify for an FHA loan with a score as low as 580. There will also be income and debt-to-income ratio requirements that can change depending on the type of loan you are applying for.

How we evaluated Rocket Mortgage

Our methodology for evaluating Rocket Mortgage looked at multiple factors, including a variety of loan products, minimum requirements for approval, documentation required and costs associated with obtaining a home loan. We also looked at user reviews to get an idea of what the customer experience is like. Finally, we considered third party-rankings to determine how the company fared compared to its competitors.

Summary of Money’s Rocket Mortgage Review

Rocket Mortgage is the largest mortgage originator in the country for good reason. Borrowers can choose from a variety of standard loan options and flexible loan terms to best suit their financing needs. The online application has been streamlined and is easy to navigate on your own or with Rocket’s highly-ranked customer service team.

The mortgage rates offered on the website are competitive but you may find lower rates elsewhere. You’ll also have to pay a deposit to submit your application, which you may not have to do with some other lenders.