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Rocket Mortgage Review 2021 - Simple Dollars

SCORE: 4.6

By Dhara Singh

Rocket Mortgage Review 2021 | Simple Dollars

Simple Score

4.6 / 5.0

Simple Score Rocket Mortgage 4.6

Summary

Rocket Mortgage is the leading online mortgage lender in the US, with its parent, Quicken Loans, the nation's premier lender in 2020. The lender offers a variety of purchase and refinance options, including a flexible term product called "YOURgage," which allows borrowers to set their loan term from eight to 29 years, and cash refinance. Headquartered in Detroit, Quicken Loans was founded in 1985 by Dan Gilbert, who currently serves as chairman. Lenders have risen to prominence in recent years by adopting technology that allows borrowers to apply for loans entirely online through Rocket Mortgage, which Quicken Loans approved as its name after July 31, 2021.

Rocket review score details

  • Affordability: 14.75/15
  • Availability: 14/15
  • Borrower experience: 10/10

pros and cons

Pro
  • Low down payment requirements (at least 3 percent and below)
  • Customer service regarding new loans is available seven days a week by phone or chat
Counter
  • No brick-and-mortar locations
  • Does not offer USDA loans, home equity lines of credit (HELOCs) or home equity loans
  • Limited information about lender fees available online

Good for

Borrowers who want to easily compare rates, learn more about the mortgage process and apply for a loan, all online.

Reputation

Quicken Loans has an A+ rating from the Better Business Bureau and Rocket Mortgage has a 3.8 out of five star rating from Trustpilot. Quicken Loans has received the highest customer satisfaction rating from JD Power for 11 consecutive years for mortgage origination, and for seven consecutive years for mortgage services.

Refinance with a Rocket Mortgage

After creating an account, you can apply for refinancing via the Rocket Mortgage website or app. As of July 2021, Rocket Mortgage's refinancing rate is slightly higher than the national average for 30- and 15-year fixed-rate loans.

Review the rules

To determine mortgage lenders' SimpleScore, The Simple Dollar editorial team rated lenders on a one to five star scale based on various factors related to the lender's products and services. Simple Dollar partners compensate us, but our opinions are our own, and partner relationships do not affect our reviews. Here is our complete methodology.

Click here to see other Rocket Mortgage consumer reviews.