Rocket Mortgage Service
Rocket Mortgages is one of the best online mortgage providers in the United States. They do business online and has great customer service. It is owned by the well-established Quicken Loans.
Founded in 2015 as a subsidiary of Quicken Loans, Rocket Mortgage is a mobile-friendly mortgage application process. Both Rocket Mortgage, as well as Quicken Loans, has the same interest rates and other services. Quicken Loans focuses more on phone calls and chats, whereas Rocket Mortgage focuses on mobile apps. Though Rocket Mortgage wants to make the entire process online, it will allow you to talk to a loan officer if you require it.
Minimum credit: 620
Minimum down payment: 3%
Origination fee: 0.5% – 1%
Other fees: Just like Quicken Loans, Rocket Mortgage has a deposit fee. This deposit fee is called Good Faith Deposit and it covers your credit card report, home appraisal and loan processing fees. Good Faith Deposit will be around $400 to $750 and this will be refunded by the company at the time of loan closure.
Available States: Available in all states
Pros & Cons
- Immediate verification. Rocket Mortgage enables you to check your eligibility for a specific type of loan instantly. You can receive a quote within minutes after applying online.
- Complete online process. Rocket Mortgage is a mobile app and makes the entire process online.
- Flexible lending. They have a wide variety of loan terms, which gives flexibility to users.
- Fast loan processing. Rocket mortgage claims that most of its borrowers close their loans within a week with their application approved.
- Time-saving. Rocket Mortgages’s document and asset retrieval process can save time when compared to other competitors.
- No Home equity loans. Rocket Mortgage doesn’t offer home equity loans or HELOCs.
- No physical loan office. If you prefer to meet a loan officer and have a face-to-face discussion, then Rocket Mortage is not the best option for you.
- No alternative credit data. No alternative credit data is taken into care while applying for a mortgage. It just looks at credit scores and debt-to-income ratios.
- Good Faith Deposit. An initial deposit worth $400 to $750 has to be made as a good faith deposit.
What types of loans does Rocket Mortgage offer?
- FHA Loans
- Jumbo Loans
- USDA Loans
- VA Home Loans
- Home Equity
- Purchase a Home
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