- Rocket Homes Blog (2024)

FAQs

Is Rocket Mortgage reliable? ›

Rocket Mortgage changed its name from Quicken Loans in the summer of 2021. This company offers a variety of loan options and customizable loan terms. The digital application process is user-friendly, and loan status information is always available. Rocket Mortgage has an excellent reputation for customer service.

The deposit amount varies depending on the purchase price, but a strong EMD is between 2% – 3% of the purchase price of the home. An offer with a strong EMD shows the seller that they are working with a serious and motivated buyer. Another way to show motivation is by shortening the standard contingency timeframes.

Rocket Homes is a real estate company that connects home buyers and sellers to real estate agents and buyers to mortgage lenders. The agents then handle the property searches and transactions, and Rocket Mortgage (or another mortgage lender) handles the financing.

The request for highest and best offers means the seller sets a timetable for buyers to provide their strongest offers. Buyers then submit the offer with the most money they can afford and the most favorable conditions for the seller, such as waiving the inspection.

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.

Minimum credit score needed

You may be approved for a Rocket Mortgage loan with credit scores as low as 580, though the type of loan you apply for could require better credit.

“The rule I've always followed is to never go more than 25% below the listed price,” he says. “Chances are, after fees, commission, and sentimental value, the sellers are already hurting. If you dip below that point, they may disregard your offer entirely.”

Typically, a lowball offer is considered to be at least 20% below the asking price. If you're offering 10% below, the property should be in a good condition but may just need some cosmetic work done. The goal of offering 10% below the asking price is to use those extra funds to cover the repairs.

When it comes to buying a house, the highest offer always gets the house — right? Surprise! The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house.

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.

What bank is behind Rocket Mortgage? ›

Quicken Loans, the company behind Rocket Mortgage, has always been obsessed with finding a better way. That's why Rocket Mortgage was created: to make getting a mortgage easier.

Plus, its team members have spent more than 1 million hours volunteering in the neighborhoods where they live work and play. Rocket Mortgage has closed more than $1.7 trillion in home loans since 1985 and services more than 2.5 million families' mortgages every month.

There's no reliable formula here. Typically, a low-ball offer is at least 15% to 20% lower than the asking price: offering $240,000 on a home valued at $300,000, for example. But sometimes a seller may be asking too much. If you can back up your offer with market data, you're making a serious offer.

The amount you may want to reduce your home's asking price depends on many factors, including the median price in your area, what comparable homes nearby are selling for and the length of time the home has been on the market. According to a Zillow study, the average price cut is 2.9 percent of the list price.

your first offer is your best offer.

All too often sellers will be very adamant when a listing first comes on the market. Activity is good and the home seller is feeling confident. Go back to when your agent gave you pricing on your home. A real estate agent will give a range that a home is worth.

Rocket Mortgage offers a much wider variety of loan products than the average local bank does and has much more flexible requirements as a result. Though it can be possible to find a local bank that can work with your particular situation, expect to have to shop around more.

Rocket Loans has an A+ rating on Better Business Bureau (BBB) and a 4.8 out of 5 star rating on Trustpilot out of more than 6,000 reviews.

To successfully get a home loan with Rocket Mortgage, you need a minimum credit score between 580 to 680, depending on the type of loan you apply for. In addition, your monthly DTI shouldn't be more than 45%—but lower is always better.