Rocket Mortgage® Reviews 2024 | Intuit Credit Karma (2024)

FAQs

What is the downside to Rocket Mortgage? ›

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.

Your Credit Karma score should be the same or close to your FICO Score, which is what any prospective lender will probably check. The range of your credit score (such as “good” or “very good”) is more important than the precise number, which will vary by source and edge up or down often.

In general, you'll want a credit score of 620 to borrow from Rocket Mortgage. However, Rocket says they approve mortgages for borrowers with a credit score of just 580—and in some cases, those with an even lower score may still qualify assuming you meet other criteria.

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.

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.

Why should I use Rocket Mortgage? Rocket Mortgage^® lets you work at your own pace, while providing award-winning customer service and expert advice.

They may differ by 20 to 25 points, and in some cases even more. When Credit Karma users see their credit score details, they are viewing a VantageScore, not the FICO score that the majority of lenders use. A VantageScore has the same credit score range as FICO, and uses some of the same information as a FICO score.

Credit Karma uses a different scoring system than the one mortgage lenders use. There are two main scoring systems: FICO – it was created in the 1950s and is used by mortgage lenders. VantageScore – it began in 2006 and is what Credit Karma uses.

More often than not, the accuracy of credit karma scores is in the right wheelhouse. The scores are not perfect and sometimes they can truly be way off so don't rely on Credit Karma. Instead, if you're buying a home or vehicle allow your credit report to be run by your financier and see for yourself where you stand.

Conventional mortgage guidelines require a minimum 620 credit score. You'll snag the best mortgage rates and lower PMI premiums with credit scores of 780 or higher.

How much income do I need for a 300K mortgage? ›

To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific annual salary will vary depending on your credit score, debt-to-income ratio, type of home loan, loan term, and mortgage rate. Homeownership costs like HOA fees can also impact affordability.

In order to get a Verified Approval Letter from Rocket Mortgage, you'll need to provide us with several documents that we can use to verify your finances, including: Paystubs. W-2s. Income tax returns.

What credit score is needed to buy a $300K house? The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

Your credit score has less bearing on your ability to get a mortgage than you might think. The minimum FICO score for a conventional loan is 620. The best rate comes with a score of 740 or higher.

It can take as little as eight days to close on a new house with Rocket Mortgage, which is a pretty fast closing process. On average, the closing process takes about 26 days, but this depends on the market where you're buying your new house.

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.

Is Rocket Money safe? Rocket Money utilizes the same security technology as banks do including 256-bit encryption. Its partner, Plaid, is trusted by many prominent fintech companies including Venmo. In short, Rocket Money is about as safe as any online financial service can be.

Local lenders may be more flexible in their underwriting criteria—things like the minimum credit score or debt-to-income ratio requirements. Because they're smaller and more independent than big banks, they can consider unique circ*mstances or non-traditional loan scenarios for buyers in their community.

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.