By Bankrate Staff Jan. 1, 2021
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At a glance
Find my best matches Mortgage percent icon
Conventional fixed-rate mortgages, adjustable-rate mortgages (ARMs), VA and FHA loans, flexible-term, jumbo loans; refinancing options include cash-out refinancing Location Icon
Available in all U.S. states Credit good icon
620 for conventional loans; 620 for VA loans; 580 for FHA loans; 760 for jumbo purchases; 700 for jumbo refinances
Pros and cons
- Online and phone customer service available Loan options include fixed-rate, adjustable-rate (ARM), VA, FHA, flexible-term and jumbo loans Low down payment requirement (as little as 3 percent down) Customer service regarding new loans available seven days a week via phone or chat Float-down rate lock available
- No brick-and-mortar locations Doesn’t offer home equity loans or home equity lines of credit (HELOCs) Limited information about lender fees available online
Rocket Mortgage overview
- Conventional fixed-rate mortgages Adjustable-rate mortgages (ARMs) VA FHA loans Flexible-term Jumbo loans Cash-out refinancing
Rocket Mortgage lender fees include origination fees, rate-lock fees and closing costs. These expenses vary by loan type and taxes.
Closing costs can include title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and survey fees.
Minimum borrower requirements
Rocket Mortgage generally follows the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement.
Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.
For FHA and VA loans, those requirements are set by the government. You can find them here:
- FHA loan requirements VA loan requirements
Other mortgage lender reviews:
- LoanDepot Mortgage Review Freedom Mortgage Mortgage Review Mr. Cooper Mortgage Review United Wholesale Mortgage Mortgage Review Costco Mortgage Mortgage Review
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Rocket Mortgage consumer reviews
5 stars 4 stars 3 stars 2 stars 1 stars 2027 79 17 9 12
Star ranking and total number reflects the lifetime consumer reviews received while this lender has been an advertiser on Bankrate.
4.9 Level of service
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