- Rocket Homes Blog (2024)

FAQs

Is Rocket Mortgage reliable? ›

Rocket Mortgage, formerly known as Quicken Loans, is a strong lender in general and our "best overall" pick for the best mortgage refinance lenders. It's a great option if you're comfortable applying online and have a good credit score.

Rocket Mortgage, LLC and Rocket Homes Real Estate LLC are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT).

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.

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.

Who can use Rocket Mortgage? Rocket Mortgage^® is best for people who have a credit score of 580 or above and are ready to buy a home or refinance within the next few months. Check your credit score through our sister company, Rocket Homes^®.

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

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.

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.

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.

Rocket Mortgage has an A+ rating from the Better Business Bureau. Trustpilot scores Rocket Mortgage 3.9 out of 5 stars, which is a great rating, based on more than 3,600 reviews. The Consumer Financial Protection Bureau received 566 complaints in 2021 related to Rocket Mortgage's mortgage products.

Is Rocket Mortgage better than a bank? ›

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 Mortgage's online-first process makes the application process smooth, whether you log in using RocketMortgage.com or the mobile app. You'll need credit scores of at least 580 to qualify with Rocket Mortgage.

Rocket Mortgage charges fewer servicing fees than most other servicers. Most importantly, there's no charge to make a payment on your mortgage, whether over the phone or online.