Business Insider's personal finance team reviewed Rocket Mortgage and found it to be one of the best mortgage lenders and an industry leader. Rocket Mortgage earns a 4.46 out of 5-star rating from Business Insider, based on its loan options, affordability, customer satisfaction, and trustworthiness.
Rocket Mortgage, formerly known as Quicken Loans, stands out thanks to its reputation for good customer service, an easy online process, and affordable mortgage options (including a 1% down mortgage). Read our review and learn about what we like (and don't like) about this lender.
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Conforming, jumbo, FHA, VA, ONE+, Purchase Plus, BorrowSmart Access, home equity loan
- Affordable mortgage programs
- Quick, user-friendly online experience
- Terms as short as eight years
- Offers mortgages in all 50 U.S. states and Washington, D.C.
- Can't apply in person
- No USDA loan, HELOC, reverse mortgage, or construction loan
- Can't apply with alternative credit data (like utility bills)
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.
- Minimum credit score and down payment displayed are for conforming mortgages
- Offers homes loans in all 50 U.S. states and Washington, D.C., but there are no physical branches
Overview of Rocket Mortgage
Mortgage Options
Rocket Mortgage is an online mortgage lender that offers mortgages in all 50 U.S. states, including the following products:
- Conforming mortgages: The most popular type of mortgage, these loans allow 3% down payments but require a decent credit score.
- Jumbo mortgages: These mortgages are for loan amounts that exceed the conforming loan limit ($806,500 in 2025), so they're useful if you're buying a property with a high price tag. Rocket Mortgage's jumbo mortgages go up to $3 million.
- FHA mortgages: FHA loans are good for first-time and low-income borrowers, since they allow smaller down payments and low credit scores.
- VA mortgages: Backed by the U.S. Department of Veterans Affairs, these mortgages are for military members and veterans who meet minimum service requirements.
- Home equity loans: You can use a home equity loan to borrow against the equity in your property. Loan amounts go from $45,000 to $350,000.
Borrowers may be eligible for Rocket's Welcome Home RateBreak program, a lender-paid temporary buydown that reduces your mortgage rate by two percentage points for the first year you have your mortgage and then by one percentage point the second year. After that, your rate returns to normal. This is known as a 2-1 buydown. This is only available on HomeReady and Home Possible mortgages, which are a type of conventional loan.
Affordable Mortgage Programs
Rocket Mortgage is also offering a few affordable mortgage products that can help those with lower incomes or little savings become homeowners:
- The recently launched RocketRentRewards is a program that gives renters a lender credit of up to $5,000 for their closing costs.
- Its ONE+ mortgage allows down payments as low as 1% with no mortgage insurance, and includes a 2% grant from the lender (up to $7,000). This mortgage is available nationwide, but only those who earn 80% or less of the area median income can qualify.
- The Purchase Plus program offers a credit of up to $7,000 to offset your down payment and closing costs. This program is only available in specific census tracts within 21 metro areas around the country.
- Rocket also offers Freddie Mac's BorrowSmart Access program, which includes a $3,000 credit for your down payment. This program is only available in certain counties within 10 eligible metro areas around the country.
About Rocket Mortgage
Rocket Mortgage started as Rock Financial in 1985 as a mortgage broker. It was renamed Quicken Loans in 1999 after being purchased by Intuit Inc., the company that used to own the personal finance software Quicken. In 2021, it changed its name again to Rocket Mortgage.
How to Apply for a Rocket Mortgage
To apply with Rocket Mortgage, you can get started online. The lender's online application platform will walk you through the process step by step, asking you questions about your finances and credit.
If you prefer to talk over the phone, give the lender a call during the following hours:
- Monday through Friday: 7 a.m. to midnight ET
- Saturday: 9 a.m. to 8 p.m. ET
- Sunday: 9 a.m. to 7 p.m. ET.
You can chat online with an automated assistant 24/7. Talk online with a live representative Monday through Friday from 7 a.m. to midnight ET, or weekends from 8 a.m. to midnight ET.
Rocket Mortgage Prequalification and Preapproval Process
The terms prequalification and preapproval can describe different things depending on the lender. Often, prequalification refers to a more informal assessment of a borrower's finances, while preapproval might require the borrower to submit documents showing their earnings and savings.
If you're getting ready to start the homebuying process or are still making offers on homes, you can get prequalified with Rocket Mortgage to get an idea of how much you can afford to borrow. Then, you'll have the option to obtain a Verified Approval, which involves an underwriter looking more closely at your finances and verifying how much mortgage you can afford.
Alternatively, if you're already under contract on a home, you'll jump right into the approval process.
Rocket Mortgage Mobile App
You can also apply with Rocket Mortgage on the lender's mobile app. The app lets you see Rocket Mortgage's rates, start an application, upload documents, easily access your approval letter, and quickly adjust your approval amount to tailor your preapproval when you make offers on homes.
After you close on your loan, you can use the app to make payments or set up autopay, view important loan information, and see an estimate of your home's value.
Rocket Mortgage Interest Rates and Fees
Comparing Rocket Mortgage Rates to Other Lenders
Based on our review of Home Mortgage Disclosure Act data, Rocket Mortgage rates are right around average compared to other lenders.
To explore current Rocket Mortgage rates, go to its website and navigate to the "Mortgage Rates" page. From there, you can see sample mortgage rates for a handful of mortgage types for both new purchase and refinance loans.
Note that these sample rates include discount points, which you'll pay for at closing to lower your rate. If you get a mortgage with no points, you'll likely pay a higher rate than what you see here.
To see a personalized rate quote, you'll need to fill out a form and provide your phone number.
Understanding Rocket Mortgage Fees and Costs
In 2023, the average borrower getting a conventional loan with this lender paid $5,031 in origination charges, according to our review of HMDA data. This is around the average compared to other lenders.
Pros and Cons of Rocket Mortgage
Pros
- Offers affordable mortgage programs, including lender credits up to $7,000 and a 1% down conventional loan.
- Easy, user-friendly experience
- Conforming, FHA, VA, or jumbo mortgage lending options
- Terms as short as eight years
One of this lender's biggest strengths is its extremely user-friendly online experience. The initial application takes just a few minutes to complete, and you can view your loan details online or using the mobile app. You can also easily access your preapproval letter from the Rocket Mortgage app and adjust your approval amount to match any offers you make on homes. This can be a good strategy if you don't want a seller to know you were preapproved for more than you're offering.
We're also fans of the mortgage options it offers, which include affordable mortgage programs and flexible term lengths. Rocket Mortgage is a great choice for first-time homebuyers thanks to the assistance it has (including its 1% down mortgage).
Cons
- Not able to speak with a loan officer face-to-face
- Doesn't have a USDA loan, HELOC, reverse mortgage, or construction loan
- Can't apply with non-traditional credit (like utility bills) if you don't have a credit score
Because it puts such an emphasis on its online offerings, this probably isn't a good lender for you if you want the option to visit a physical branch and work with your loan officer in person — Rocket Mortgage doesn't have any in-person branches. There are also a few popular loan types that it doesn't offer, so be sure it offers the loan you want before you apply.
Is Rocket Mortgage Trustworthy?
We found Rocket Mortgage to be a trustworthy lender, with an A+ rating from the Better Business Bureau, no recent major scandals, and a long history of being in the mortgage industry.
What Borrowers Are Saying About Rocket Mortgage
Business Insider looked at positive and negative Rocket Mortgage reviews, borrower feedback, online forums, BBB complaints, and other sources to understand what borrowers think about this lender and what the Rocket Mortgage customer service experience is like. Overall, we think that it's a strong lender that many borrowers will have a smooth experience with. However, we did notice some common themes when reviewing borrower experiences.
Keep in mind that Rocket is a large mortgage lender — according to the Consumer Financial Protection Bureau, it was the largest mortgage lender by number of loans originated in 2023. Because of this, you may not get the same smooth service and ease of communication that you'd get with a smaller, local lender. However, Rocket Mortgage does rank highly in customer satisfaction, and many borrowers have good experiences with this lender.
Knowledgeable and Professional Teams
Many positive customer reviews mention how smoothly Rocket Mortgage's process was thanks to their loan officers and other company representatives they worked with. They say employees guided them through the process and had good communication.
Poor Help With More Complicated Loans
Other previous customers have said that Rocket Mortgage isn't as adept when it comes to mortgages that have details that make them slightly more complex, like if you're buying a less common property type. In some cases, borrowers say they've had trouble getting issues resolved with company reps.
Too Many Phone Calls
Some borrowers and prospective borrowers have complained that Rocket Mortgage inundated them with repeated phone calls. In fact, a class-action lawsuit was filed against the lender in 2023 for making unsolicited phone calls. The lender has said the suit is "baseless," according to HousingWire.
Issues With Preapprovals
We've seen some complaints from both borrowers and real estate agents that borrowers will sometimes obtain preapproval from the lender only to have trouble getting the loan fully approved later down the road.
Often, a preapproval is only as good as the information the borrower provides. If information that is self-reported isn't 100% accurate, it can mess with your ability to get approved once an underwriter looks at your application.
How Rocket Mortgage Compares
Rocket Mortgage vs. Better Mortgage
Like Rocket Mortgage, Better Mortgage also offers a quick and easy online application process. But Rocket also offers a live online chat feature, which can be a convenient way to get your questions answered.
Better makes it easy to see customized rates without signing up for an account first. To see customized Rocket Mortgage rates, you'll need to provide the lender with contact info. We also found that Better's average rates are on the low end, while Rocket's are just average.
Rocket Mortgage vs. Guild Mortgage
Guild Mortgage is one of our best mortgage lenders for first-time buyers. It's a better option for people with no credit score, because its Complete Rates program allows borrowers to apply using non-traditional credit data like utility bills. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, renovation loan, or reverse mortgage.
Guild Mortgage is unavailable to residents of New York.
Rocket Mortgage FAQs
Does Rocket Mortgage have a good reputation?
Rocket Mortgage has a reputation for providing good customer service and a convenient application process. The company has strong customer reviews, so you may like it if customer support is a high priority.
What bank is behind Rocket Mortgage?
Rocket Mortgage, formerly known as Quicken Loans, is a part of Rocket Companies. It was founded in 1985 by Dan Gilbert.
Is Rocket Mortgage legit?
Yes, Rocket Mortgage is a real mortgage lender that's licensed to lend in all 50 states.
Does Rocket Mortgage do HELOCs?
Rocket Mortgage doesn't do HELOCs. However, you can get a home equity loan or a cash-out refinance from this lender.
Why You Should Trust Us: How We Reviewed Rocket Mortgage
To review Rocket Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 4 out of 5
This lender offers a solid range of different types of mortgage loans, though there are a few popular loan types, like USDA loans and construction loans, that it doesn't offer.
Affordability: 4.5 out of 5
We like that Rocket Mortgage has multiple mortgage options for borrowers with less money for a down payment. With this lender, you can get a regular conforming loan with just a 3% down payment, or its ONE+ loan with just 1% down. It also allows credit scores down to 580 on its VA loans, which is lower than many other VA mortgage lenders.
Customer Satisfaction: 4.35 out of 5
This lender has a 4.7 out of 5-star rating on Trustpilot, based on over 30,000 customer reviews. Rocket Mortgage customer reviews frequently mentioned how smooth the process was with this lender and that company representatives were very communicative.
Rocket also ranked high in J.D. Power's 2024 Mortgage Origination Satisfaction Study, which measures customer satisfaction.
Trustworthiness: 5 out of 5
Rocket Mortgage has an A+ rating from the BBB. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices. The lender also has no recent major scandals.
