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Rocket Mortgage

2022 review

Rocket Mortgage offers a quick and easy online application process, perfect for first-time home buyers. The company offers refinance loans as well.

10.0 / 10
Editorial Score Team
April 21, 2022

Products & Services

Rocket Mortgage offers various home loan products, including fixed, adjustable, FHA, VA, jumbo, and refinancing. It does not offer home equity loans or home equity lines of credit.

10 / 10
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Rocket Mortgage
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Online Services
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Available in all states
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Available loan types
8.0 / 10
8.0 / 10

YOURgage Mortgages

Rocket Mortgage offers a custom mortgage option called YOURgage. These mortgages come with terms from 8 to 30 years with a fixed interest rate. This type of loan is best if you want an interest rate that remains the same for the entire term, and you have a minimum credit score of 620.

With YOURgage mortgages, you can make a minimum down payment as low as 3%. You’ll need a debt-to-income ratio (DTI) of 50% or less, as well as money to cover closing costs (2% to 6% of the purchase price.) If you put down less than 20%, you may have to pay for mortgage insurance.

After you fill out the application form, you’ll see personalized rates and options. If you choose to continue with the application process, you can upload the necessary documents through the website or mobile app. You can view the status of your loan online, as well as choose a closing date and location.

Fixed-Rate Mortgages

Fixed-rate mortgages provide you with a set interest rate over a fixed term, typically 15 or 30 years. With this type of loan, you know exactly what your monthly payment is so you can budget for it each month. With 15 year terms, you’ll pay more each month, but ultimately pay less in interest. With 30 year loans, you’ll pay less each month but pay more in interest over time.

To qualify for a 15 or 30 year fixed-rate loan, you’ll need:

  • 3% down payment or more
  • A credit score of 620 or higher
  • DTI ratio of 50% or less
  • 2% to 6% of the purchase price in cash to cover closing costs

Adjustable-Rate Mortgages

Adjustable-rate mortgages allow you to get a lower fixed interest rate with lower monthly payments for the first years of your loan term. This type of loan usually has a lower interest rate than that of a 30 year fixed interest rate, though there is no guarantee. The FHA and VA both offer their own version of adjustable-rate mortgages.

You can choose to have the lower rates for the first 5, 7, or 10 years of your term. After that, your interest rate is subject to change depending on the market. It may change as often as every six months. However, it won’t increase more than 5% of the original rate.

To qualify for this type of loan, you’ll need to pay a down payment of at least 5%. You’ll also need a credit score of 620 or higher. You’ll need a DTI ratio of 50% or less and a maximum loan-to-value ratio (LTV) of 95% or less.

Federal Housing Administration (FHA) Loans

You may be eligible for an FHA loan if you have a credit score of 580 or above and are able to provide a down payment of at least 3.5%. This type of loan is insured through the Federal Housing Administration, which protects lenders from payment defaults. In turn, this makes it easier for you to qualify and get lower interest rates.

To be approved for an FHA loan, you’ll need a DTI ratio of 50% or less, funding to cover the upfront mortgage insurance premium (UFMIP), and money to cover closing costs, which is usually 2% to 6% of the purchase price. You’ll also need to be able to show proof of a steady history of employment.

Veterans Affairs (VA) Loans

This type of loan was created specifically for qualified veterans and service members, as well as their spouses. VA loans are backed by the Department of Veterans Affairs and can be either fixed or adjustable with various term options.

To qualify for a VA loan, you’ll need:

  • A minimum credit score of 620
  • DTI ratio of 60% or less
  • Money for the VA funding fee
    • Note: This fee can sometimes be rolled into the loan. It may not apply if you receive VA disability, are a surviving spouse, or have a service-connected disability.)
  • Certificate of Eligibility issued by the VA

As with the other loan processes, you’ll need to fill out a questionnaire that collects your personal information as well as information about the house you’re purchasing. From there, you can apply online through the Rocket Mortgage portal.

Jumbo Loans

Jumbo loans allow you to purchase or refinance a home with a purchase price of $548,251 to $2.5 million. This type of loan can be used to finance primary residences, second homes, or investment properties.

To qualify for a jumbo loan, you’ll need a DTI ratio of 45% or less, an LTV of 89.99%, and a credit score of 680 or higher. Typically, you’ll only need one appraisal. You’ll also need to be able to provide a down payment of at least 10%.

It is now easier than ever to apply for a jumbo loan online, as there are fewer requirements, especially for self-employed individuals. When you apply, you’ll be asked to provide some personal, financial, and employment information. You’ll also be asked about the home type and loan amount.

Refinance Loans

People refinance their mortgages for three reasons: to lower monthly payments, pull cash out, or shorten the loan term. In all cases, you should be an established homeowner with a good amount of equity in your home.

You can refinance to either lower your interest rate and monthly payment, pull money out by leveraging your investment in order to renovate the home or pay down other debt, or shorten the loan term.

The Rocket Mortgage all-online platform offers all three refinance options. As with other loan types, you’ll need to provide some basic personal, financial, and home information. From there, the platform will guide you through the refinance. You’ll be able to track your progress online and speak with live mortgage experts at any time.

Rates and Terms

Rocket Mortgage offers loans of varying amounts. Conventional loans are available up to $548,250, although, in high-cost areas, that number jumps to $822,375. Quicken Loans also offers jumbo loans up to $2.5 million.

The fees vary depending on which loan product you’re interested in, as well as your personal financial information. You receive cost information fairly early in the process, once you’ve entered all of your prequalification documents, so that you can determine if Rocket Mortgage is right for you.

Terms also vary depending on loan type. With YOURgage loans, you can choose a term from 8 to 29 years. You can also choose standard 15- and 30-year terms.

Application Process and Qualifications

The application process starts with the prequalification questionnaire. In this section, you’ll be asked for the following information:

  • Loan type
  • Home description
  • Credit score
  • Property use (primary, secondary, or investment)
  • Location
  • Purchase timeline
  • Purchase price
  • Down payment amount
  • Employment status
  • Financial information such as late mortgage payments, bankruptcy, and foreclosure
  • Personal information (address, name, contact information)

Once complete, you’ll receive more personalized rates and options. Next, you can apply completely online. You’ll need to provide documentation that verifies the information you’ve entered. Rocket Mortgage can auto-verify much of what you enter which speeds the entire process up.

You’ll need the following documentation:

  • Two years worth of income tax documents
  • 30 or 60 days worth of bank statements
  • Recent pay stubs, W-2s, or any other employment verification documents

After your application is preapproved, you’ll get RateShield Approval, which fixes your interest rate for 90 days while you search for the right home. If you sign a purchase agreement, Rocket Mortgage will check to see if rates have dropped since you originally locked in a rate. If they have, you are able to lock in the new, lower rate for 40 to 60 days.

Qualification varies depending on what type of loan you’re interested in:

  • 15- and 30-year fixed-rate and YOURgage mortgages require a credit score of 620 or higher, a downpayment of 3% or more, and a DTI ratio of 50% or less.
  • Adjustable-rate mortgages require a credit score of 620 or higher, a down payment of 5% or more, and a DTI ratio of 50% or less.
  • Jumbo loans require a credit score of 680 or higher, a down payment of at least 10%, and a DTI ratio of 45% or less.
  • FHA loans require a credit score of 580 or higher, a down payment of 3.5% or more, and a DTI ratio of 50% or less.
  • VA loans do not require a downpayment, but you will need a credit score of 620 or higher, a certificate of eligibility, and a DTI ratio of 60% or less.

Approval Time

Application and approval both occur online with Rocket Mortgage. Preapproval takes about 1-3 days, which is in line with the market average.

While you’re doing all of the other home-buying work and preparing to sign a purchase agreement, Rocket Mortgage is working on your mortgage approval. This takes takes just 28 days on average, three times faster than the industry average of 60 to 90 days.

Customer Service

I tested out Rocket Mortgage’s live chat feature. Initially, you interact with an automated chat bot which can cover several basic questions:

Customer Service

Customer Service

Customer Service

After going through the prompts and filling in some additional information, I typed in “agent” and was immediately connected with a customer service representative. After reviewing my chat with the bot, she quickly transferred me to a licensed expert.

The expert who helped me was incredibly fast to respond, knowledgeable, and friendly. He was ready to answer my questions and I found him to be informative without being pushy. Overall, my experience with the live chat was speedy, easy, and comfortable.


Rocket Mortgage offers a variety of mortgage options, though it does not offer home equity loans and HELOCs. The superior customer service and intuitive, all-online application process make home financing much easier to navigate than the traditional homebuying process.

Rocket Mortgage is fulfilling its promise of taking the complicated world of mortgages and simplifying it so that more people feel confident and comfortable in the process. Team
Written by
  • Easy-to-use online application website and mobile app.
  • Down payments as low as 3% with multiple loan options.
  • Excellent customer service reputation.
  • No brick and mortar or face-to-face customer service.
  • Doesn’t offer home equity loans or lines of credit.
Bottom Line

Rocket Mortgage, an all-online home loan provider, is known for its easy application process. It offers various mortgage options, including fixed, adjustable, FHA, VA, jumbo, and refinancing. You can get a loan with as low as 3% down and a credit score of 620.

The online process doesn’t mean you’re all alone. Even before you apply, you can reach out to live mortgage experts to help you through the process via chat, phone, or email.