- Rocket Homes Blog (2024)

FAQs

Is Rocket Homes the same as Rocket Mortgage? ›

Hawaii License # RB-23371. TREC: Information about brokerage services, Consumer protection notice. Rocket Mortgage, LLC and Rocket Homes Real Estate LLC are separate operating subsidiaries of Rocket Companies, Inc.

Home equity is the current market value of your home, minus any liens such as a mortgage. You can leverage your home equity by using it to back a home equity loan or a home equity line of credit.

Cash Reserves

Cash reserve requirements vary by lender. For loan amounts below $1 million at Rocket Mortgage^®, you'll need 6 months' worth of reserves. For amounts over $1 million, a year of reserves is required.

Rocket Mortgage's Rocket Logic is a prime example of innovation in the mortgage industry. Its automation capabilities, powered by AI, have transformed the loan closing process, creating new standards for speed and efficiency.

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.

Key takeaways. The benefits of a home equity loan include consistent monthly payments, lower interest rates, long repayment timelines and a possible tax deduction. The downsides of a home equity loan include a significant equity requirement and the potential to lose your house or owe more than your home is worth.

How long do you have to repay a home equity loan? You'll make fixed monthly payments until the loan is paid off. Most terms range from five to 20 years, but you can take as long as 30 years to pay back a home equity loan.

In the simplest terms, your home's equity is the difference between how much your home is worth and how much you owe on your mortgage.

If you can make a 10% down payment, your credit score can be in the 500 – 579 range. Rocket Mortgage^® requires a minimum credit score of 580 for FHA loans. A mortgage calculator can help you estimate your monthly payments, and you can also see how your down payment amount affects them.

With a 680 credit score, you can qualify for mortgages, auto loans, credit cards, personal loans, and more. However, the interest rates and loan amounts you are approved for will vary by lender. Generally, you may be able to borrow between $5,000 – $300,000, depending on the type of product.

Is Rocket Mortgage a Chinese company? ›

Rocket Mortgage, LLC, formerly Quicken Loans, LLC, is an American mortgage lender, headquartered in Detroit, Michigan.

Why should I use Rocket Mortgage? Rocket Mortgage^® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.

Rocket Companies

Rock Holdings Inc.

Rocket Mortgage was formerly known as Quicken Loans, but officially changed its name in 2021. Owned by Rocket Companies, Rocket Mortgage has grown to become one of the most popular mortgage lenders in America.

Quicken Loans officially changed its name to Rocket Mortgage as a nod to what the company does best – take a complicated process and make it simpler and faster using technology.

Along the way, Rocket became a word that defined what Quicken Loans did best. That's why on July 31, 2021, Quicken Loans changed its name to Rocket Mortgage. Rocket Mortgage inspired sister companies like Rocket Homes® and Rocket Loans® to do the same and revolutionize the way people find homes and get personal loans.

Rocket Money was originally known as Truebill when it was founded in 2015. The company was acquired in 2021 by Rocket Companies—which also owns Rocket Mortgage, Rocket Loans, and is the issuer of the Rocket Visa Signature® Card. Its name changed in late August, 2022.