Rocket Mortgage is an online mortgage platform developed by Quicken Loans – America’s largest mortgage lender. Taking into account that Quicken Loan has no physical branch, Rocket Mortgage is there whenever you need it as it lets you work at your own pace. If you want a fast, convenient way to get a mortgage, you should think of Rocket Mortgage since it’s available 24/7. After this Rocket Mortgage reviews, you will equally see more reasons why you should try the company that provides award-winning customer service and expert advice whenever you need it. Just read till the end.
Rocket Mortgage Reviews on Operation Areas
People frequently ask whether Rocket Mortgage is available in their area? Yes, is the answer! The company is licensed in all 50 states of the nation. But since it is the online form of Quicken Loans, it does not have any physical locations. At this time, you can also use Rocket Mortgage to get a loan in Puerto Rico.
Rocket Mortgage Reviews on How It Works
Rocket Mortgage is not a mortgage calculator, rather, a way to get a mortgage. The platform is designed to walk you through the entire mortgage process from application to closing.
So, to get started, the online application asks you a series of questions to evaluate your mortgage eligibility. Just provide information about yourself, your home, and your finances, then they will give you real interest rates and numbers. The information will also be used to provide you with mortgage recommendations and see if you can be approved for a home loan.
Meanwhile, once you are approved, they will provide you with all the tools you need to get your mortgage to closing, ask questions about your mortgage, manage your payments, and more!
What Credit Score You Need to Get Approved
In this Rocket Mortgage reviews, we’ll bring to your notice that you can get approved for a Rocket Mortgage loan with a credit score as low as 580, so far as you meet with other eligibility criteria.
Moreover, it’s right to bear in mind that Rocket Mortgage uses FICO* credit score, which may be slightly different from the ones you get from your credit card company or other sources. Some educational sources might use a different credit scoring model too, such as a VantageScore. Sequel to that, you’re advised to qualify even if you think your score is slightly below 580.
Is Rocket Mortgage Right for You?
This part of our Rocket Mortgage reviews reveals if Rocket Mortgage is right for you. To be honest, the mortgage experience is for financially-savvy folks who have a good credit score, ready to buy a home or refinance within the next few months, and who want the most convenient way to do it.
Therefore, if you’re buying a home, we advise you to use Rocket Mortgage if;
- You are just starting your home search
- Have a home in mind that you want to make an offer
- You already have a signed purchase agreement.
However, if you’re six months or more away from buying a home, then Rocket Mortgage might not be right for you. Hence, if it’s just what you can afford that you are looking for, we recommend you use the Affordability Calculator.
Rocket Mortgage Reviews on Loan Cost Factors
When it comes to the factors that determine how much your loan costs, a lot of things come to mind. Such things include the size and type of your loan, your credit score, and your interest rates. All these play a role in determining how much you’ll pay to obtain a mortgage.
Under Rocket Mortgage, the best way to find out the cost of the loan is to apply and get a Loan Estimate. This Loan Estimate is a standard, government-required document that breaks down all the costs of your loan.
On the other hand, applying for a mortgage with Rocket Mortgage is free. There is no impending cost to see your mortgage recommendations or get approved. However, just like any other lender, costs are involved when you decide to further with your loan application.
What Can You Do Online With Rocket Mortgage?
Since is an online mortgage experience, you can virtually do everything online with Rocket Mortgage. It is the basic reason for its development by Quicken Loans. During its release back in 2015, Quicken Loans had explained, “We’re obsessed with finding a better way to help our clients get a mortgage. That’s why we build Rocket Mortgage, a completely online, self-service mortgage experience.”
Despite that, there may still be some situations in which you will need to chat with a Home Loan Expert, either online or by phone, to answer some questions.
With Rocket Mortgage, whether it’s an application, getting approved, closing your loan, or managing your mortgage, all is done online in one single platform.
Rocket Mortgage Reviews From Top Customers
Rocket Mortgage together with Quicken Loans is rated the Highest In Customer Satisfaction in the U.S. by J.D. Power. – J.D. Power ratings are your guide to finding which products or services ranked highest in J.D. Power Consumer Studies.
Below also, we will share the Rocket Mortgage reviews from top people who noticed the impact of Rocket Mortgage in the mortgage industry;
“Rocket Mortgage’s document and asset retrieval capabilities alone can save you a bunch of time and hassle.” – Review from NerdWallet.
“Progress toward moving the entire mortgage approval process online made an apparent leap forward with the introduction of Quicken Loans’ Rocket Mortgage.” – Review from The New York Times.
“Rocket Mortgage is more than just an online application. The service also verifies information, then provides a conditional approval as valid as something a loan officer would issue.” – Review from TechCrunch.
Our Rocket Mortgage reviews have every question you might want to ask about this mortgage company answered. And as an online mortgage experience, if you want a fast, convenient way to get a mortgage, then you should give Rocket Mortgage a try!
Perhaps you still have more questions to ask, you can make use of our comments box below! Otherwise, enjoy your cruise to obtaining your mortgage with Rocket Mortgage!