Should you use Rocker Mortgage for your home purchase this year? Here’s everything you need to know about the leading mortgage company.

Table of Contents:

Rocket Mortgage Review 2022 – Should I Borrow from Rocket Mortgage

What You Need To Know To Decide If You Should Borrow from Rocket Mortgage

1. The whole mortgage application process takes place online.

2. You have access to flexible loan terms.

3. Useful resources are available, particularly for first-time homebuyers.

4. Different types of loans and their accessibility

5. You’ll need an excellent credit score to get a suitable rate.

Frequently Asked Questions (FAQ)

What is rocket mortgage?

What is the downside to rocket mortgage?

Does Rocket mortgage have a good reputation?

Is Rocket mortgage safe to use?

Is Rocket loans a good company?

Who owns rocket mortgage?

Is Rocket Mortgage a black owned company?

Does Rocket Mortgage hurt your credit?

What is the difference between Quicken Loans and Rocket Mortgage?

Is Rocket Mortgage part of Quicken Loans?

Is Quicken Loans a predatory lender?

Is Rocket Mortgage easy to get?

How does Rocket Mortgage closing work?

Is Rocket Mortgage a bank?

Where is Rocket Mortgage located?

Rocket Mortgage Review 2022 – Should I Borrow from Rocket Mortgage

Rocket Mortgage revolutionized the mortgage market with its online mortgage application tools and on-demand help. Quicken Loans has fully rushed to the forefront of the mortgage industry now that Rocket has become the brand name of the online mortgage application process. Read on to learn more about the mortgage giant that closed $320 billion in volume in 2020.

What You Need To Know To Decide If You Should Borrow from Rocket Mortgage

From the ease of application to online accessibility, there are several reasons why homebuyers love Rocket Mortgage for their home financing needs. However, product limits, interest rates, and credit scores details could affect your decision. Here are five things you should know before borrowing from Rocket Mortgage.

1. The whole mortgage application process takes place online.

In most cases, Rocket Mortgage allows you to complete the mortgage process without talking with anyone. (If you’re self-employed, keep in mind that you won’t be able to do everything online.)

In addition, the organization offers home loan specialists available by phone during designated hours if you want customer assistance or professional help on matters such as an in-process loan. If you have a question about a new loan, you may also chat with them online at any time.

2. You have access to flexible loan terms.

In general, your loan length options are limited, with the industry-standard being 30-year and 15-year fixed-rate mortgages. You may pick between an eight-year and a 29-year loan term for your new mortgage with the YOURgage program.

3. Useful resources are available, particularly for first-time homebuyers.

In addition to assisting you with the mortgage application process, Rocket Mortgage can help you find houses and connect you with a real estate agent.

Before you decide to apply, the website offers a number of tools, like an affordability calculator, that may help you figure out how much house you can afford, your monthly payments, and even your closing costs. However, if affordability is on your mind, you should look to submitting an offer through Richr instead of a real estate agent. That way, you’ll get 2% of your home purchase price back in your pocket.

4. Different types of loans and their accessibility

Rocket Mortgage, which originates mortgages across the United States, can help customers acquire or refinance a second home or investment property.

However, it does not provide home equity loans or lines of credit. It also doesn’t accept USDA loan applications, which are mortgages issued by the US Department of Agriculture to low- and middle-income people in rural areas.

5. You’ll need an excellent credit score to get a suitable rate.

You may be eligible for a Rocket Mortgage loan with a credit score as low as 580; however, the type of loan you apply for may require better credit. In general, the higher your credit score, the better your loan terms will be. Knowing your credit scores is a great place to start when trying to enhance your credit.

If you wish to compare interest rates from numerous mortgage lenders or if your application is declined, bear in mind that you have up to 14 days to shop around without affecting your credit with several hard inquiries. This is essential because, while a single hard inquiry might lower your credit scores, many inquiries at once can have a significant impact on your credit.

Frequently Asked Questions (FAQ)

What is rocket mortgage?

Rocket Mortgage was the popular digital loan platform that streamlined the application process that Quicken Loans offered. However, as of July 2021, Rocket Mortgage announced it would be acting as its own rocket mortgage loans representative. Now, if you go to apply for a quicken rocket mortgage loan, you’ll be redirected to the rocket mortgage company site. Your rocket mortgages will no longer be originated by quicken loans for mortgage.

What is the downside to rocket mortgage?

As with many loan companies, there are a few downsides if you go with rocketmortgage. According to rocket mortgage reviews, they perform a hard credit check in order to get you any customized rocket mortgage interest rates. They also don’t offer lines of credit to homeowners or home equity loans compared to other full-service rocket mortgage competitors. The rocket mortgage fees are also noted to be considerably higher compared to other competitors such as Better or New American.

Does Rocket mortgage have a good reputation?

Despite having more mortgage rocket fees, they do have a good reputation. They received an A+ rating from the Better Business Bureau and a 4.8-star rating from Trustpilot.

Is Rocket mortgage safe to use?

Rocketmortgage.com is safe to use and has a rare A+ rating from the Better Business Bureau. Online mortgage provider, Rocket Mortgage, caters to tech-savvy customers that seek a digital approach from application to closing. Overall, most customer rocket mortgage review comments are optimistic about the experience.

Is Rocket loans a good company?

Over 3,500 customers have given Rocket Loans a 4.8-star rating on TrustPilot. An A+ BBB rating from the Better Business Bureau (BBB) is also available on the company’s website.

According to happy customers, the online loan application method is straightforward, and the rocket mortgage prequalification process is rapid. While some consumers are unhappy with the rocket mortgage rates, this discontent is often overshadowed by delight at how quickly the rocket mortgage payoff request is funded. It is unusual to see negative reviews, but they tend to focus on interest rates and difficulty in qualifying and being approved.

Who owns rocket mortgage?

In 1985, Dan Gilbert established a brick-and-mortar mortgage company called Rock Financial, which later changed its name to Rocket Mortgage.

At that time, they came up with Mortgage in a Box. The concept was simple: fill out a mortgage application at your own pace, then mail it back when you’re ready.

Two months after the debut of Mortgage in a Box, they had completed $35 million in loans.

In 1999, they made a couple more significant moves. During this time, they created the branch-based lender site RockLoans.com, rebranded as Quicken Loans mortgage, and partnered with Title Source, a title company with whom they still work today.

By 2014, Quicken Loans rocket mortgage was established as the biggest source of FHA loans.

Is Rocket Mortgage a black owned company?

Quicken Loans Rocket Mortgage is not directly a black-owned company. However, they partnered with Mobility Capital Finance, the Black-owned FinTech company out of New York City, branded as MoCaFi. They help Detroit citizens boost their credit or don’t have a bank account.

Does Rocket Mortgage hurt your credit?

Following a rocket mortgage pre-approval, your credit score may be negatively impacted for a period of time. Although a preapproval may affect your credit score, it is a crucial stage in the home-buying process and is strongly advised despite the temporary negative impact.

If you’re worried about your credit report, for the time being, don’t be. As long as you make your monthly payments on time and keep your credit card debt to a minimum, you may quickly repair any minor damage to your score that may have been done.

Additionally, you won’t have to deal with the hassle of looking for a home loan from a rocket mortgage preapproval and other companies and worry about multiple credit dings. Even if you apply for many house loans with different lenders in a short period of time, your credit score will not be affected. Only one hard inquiry will be made on your credit because you only seek one loan. Your credit score will only decline by a few points even if you get preapproved by three lenders.

If you apply for all of your preapprovals within a few days of each other, you should be OK. Each hard inquiry will be treated as a single inquiry for the purposes of calculating credit scores.

What is the difference between Quicken Loans and Rocket Mortgage?

You need to know the differences between Rocket Mortgage vs Quicken Loans if you want to use either company during the homebuying process. Rocket Mortgage is the online mortgage product from Quicken Loans. To apply for a loan, get accepted, and make payments once the transaction has been completed, you may utilize the Rocket Mortgage website to do so.

Although you’ll be working only with Rocket Mortgage during the transaction, Quicken Loans will really be handling the processing and production of your loan.

With over 541,000 loans originated in 2019, the most recent year for which numbers are available, Quicken Loans is the largest lender in the United States.

To serve as its “online retail lending platform,” the company, according to CEO Bill Emerson’s news release from November 2015, founded Rocket Mortgage in 2015.

Many customers apply for loans using the Rocket Mortgage platform that can be accessed online or via a mobile app, even though Quicken Loans has its own website.

Is Rocket Mortgage part of Quicken Loans?

Rocket mortgage by quicken loans is a different product offer when it comes to mortgages. You begin the Rocket application process online, providing information about where you work and where you bank. Many customers may have their pay stubs and bank statements retrieved immediately from their financial institutions, avoiding the need to gather and deliver such papers. As a result, it’s a lot easier—and a lot faster.

Is Quicken Loans a predatory lender?

Rocket Mortgage from Quicken Loans has a long history of happy customers and is not considered a predatory lender. In 2021, JD Power ranked it No. 2 in customer satisfaction for the 11th year in a row.

With an A+ rating from the BBB, Quicken Loans has been shown to be a trustworthy company. The BBB assesses trustworthiness by examining honesty in advertising, openness about company practices, and responses to customer complaints.

The US Justice Department penalized Quicken Loans $32.5 million for potential mortgage fraud in 2019. The Justice Department reportedly accused Quicken Loans of accepting mortgage applications it should not have. Even though the company rocket mortgage quicken loans never acknowledged mortgage fraud, compensation was paid.

Because of the current state of mortgage fraud, it is possible that you will select a different lender. However, Quicken Loans’ strong customer satisfaction and trustworthiness ratings make it a safe bet.

Is Rocket Mortgage easy to get?

Rocket mortgage payment is easy to get if you have a suitable credit score, at least over 500. You may need up to 580 to be approved. Rocket’s in contrast to other lenders, who may give an online application but quickly switch you to an in-person or over-the-phone loan officer.

It is possible to find a specific loan on Rocket’s website or app by answering certain questions. To help with the loan application and underwriting, you may then use an easy online tool on their website.

You may speak with a Rocket home loan specialist to get assistance, but you aren’t required to do so if you want to use their services. Everything can be done solely online.

Rocket Mortgage’s loan application should be user-friendly for a rocket mortgage first-time home buyer as well as the more experienced one.

How does Rocket Mortgage closing work?

After searching for a property, making an offer, and having it accepted, it’s time to close and get the keys to your new place. When dealing with rocket mortgage closing costs, you can do the full closing electronically instead of through face-to-face meetings, it is called a “virtual closing.”

You can anticipate meeting remotely utilizing a video conferencing program like Skype, Zoom, or Google Meet for a totally online closure. Payments for closing will almost certainly be made by electronic transfer, and mortgage paperwork will have to be signed online.

However, not all remote closings are created equal. Not every closure can be completed totally online due to varying e-closing rules across the country. Depending on your state, the process may change somewhat from what we explained above. However, you may anticipate seeing three primary “models” of online closure in the near future: hybrid, remote online notarization (RON), and in-person e-notarization (IPEN).

Is Rocket Mortgage a bank?

Quicken Loans, aka Rocket Mortgage, solely offers mortgages and loans; it does not provide banking, investing, or other financial services.

Where is Rocket Mortgage located?

Rocket Mortgage is available for consumers to apply for a loan online from anywhere in the U.S. Their headquarters is in the financial district located in downtown Detroit, Michigan.

When exploring the best mortgage option for you, it’s best to compare interest rates and origination fees with at least 3 lenders. The better your credit, the better your offer will be. However, it’s how you submit your offer that really counts. When you trust Care by Richr, you can get up to 2% cashback on your home purchase.