Rocket Mortgage review: Online lender with high customer ratings, but you'll need a solid credit score

  • Rocket Mortgage is the online mortgage platform under Quicken Loans.
  • You can get a conforming, jumbo, FHA, or VA mortgage through Rocket Mortgage.
  • It has an easy-to-use online interface with live chat seven days per week.
  • Click here to get a refinance or new home purchase rate from Rocket Mortgage »

Editor’s rating 4.5 / 5
Minimum credit score 620
Minimum down payment 3%
Types of mortgages Conforming, FHA, VA, ARM, jumbo, refinance

See Rates

Credit score and down payment shown are for conforming mortgages

Should you use Rocket Mortgage?

You might like Rocket Mortgage if you …  You might not like Rocket Mortgage if you … 
  • Would rather apply for a mortgage online
  • Want a quick, user-friendly experience
  • Need a conventional, FHA, VA, or jumbo mortgage, or need to refinance
  • Want a term as short as eight years
  • Want to speak with a lender face-to-face
  • Need a USDA loan, home equity loan, HELOC, reverse mortgage, or construction loan
  • Need to apply with alternative credit data (like utility bills) because you have a low or no credit score

The bottom line: Rocket Mortgage is a great option if you’re comfortable applying online and have a good credit score.

Rocket Mortgage interest rates

When you visit the Rocket Mortgage website, select “Rates” on its menu. It shows you interest rates and APRs on 30-year and 15-year fixed conforming mortgages, 30-year VA mortgages, and 30-year FHA mortgages. It also compares today’s rates with rates yesterday and one year ago.

You can read the assumptions for these rates on the website. For example, the 30-year rates shown are for $200,000 loan amounts and cover 1.375 point at closing.

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Unlike with some online lenders, you can’t plug in your information (like mortgage amount, down payment amount, or credit score) to see a more personalized rate on the site. You’ll need to create an account before you can do this.

Right now, the 30-year and 15-year conforming loan rates on Rocket Mortgage’s website are a little higher than the average rates listed on the Federal Reserve’s website.

How Rocket Mortgage works

Rocket Mortgage is the online mortgage application platform under Quicken Loans. Rocket Mortgage is available in all 50 US states, and it offers the following mortgage products:

  • Conventional mortgages (both conforming and jumbo)
  • FHA mortgages
  • VA mortgages
  • Both fixed-rate and adjustable-rate mortgages

You can’t get a USDA mortgage, home equity loan, HELOC, construction loan, or reverse mortgage through Rocket Mortgage.

If you’re refinancing, you can choose from the following options:

  • Traditional rate-and-term refinance
  • Cash-out refinance
  • VA IRRRL, if it’s on your primary residence
  • FHA streamline refinance

Some lenders allow you to apply with alternative credit data if you either don’t have a credit score or have a very poor one. For example, you could show proof that you have a history of paying utility bills on time. Rocket Mortgage doesn’t allow alternative credit data, so it’s a better fit for borrowers with good credit scores. The minimum credit score requirements depend on which type of mortgage you get.

You can chat online with an automated assistant 24/7. Chat online with a live representative Monday through Friday from 7:00 a.m. ET to midnight ET, or weekends from 9:00 a.m. to midnight ET.

If you need to talk about a new mortgage, you can talk with someone over the phone Sunday through Friday from 9:00 a.m. to 7:00 p.m. ET, or Saturday from 9:00 a.m. to 8:00 p.m. ET.

To talk about an in-process loan, closed loan, or signing in, call Monday through Friday from 8:30 a.m. to 9:00 p.m. ET, or Saturday from 9:00 a.m. to 4:00 p.m. ET.

Is Rocket Mortgage trustworthy?

Rocket Mortgage has ranked as the top lender for customer satisfaction from JD Power for 11 consecutive years. It also has an A+ in trustworthiness from the Better Business Bureau. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices.

In 2019, the US Justice Department required Rocket Mortgage’s parent company Quicken Loans to pay $32.5 million for alleged mortgage fraud. The Justice Department claimed Quicken Loans approved mortgage applications it shouldn’t have. Although Quicken Loans paid the settlement, the company never admitted to mortgage fraud.

If the mortgage fraud scandal makes you nervous, you may decide to go with another lender. But considering its great customer satisfaction and trustworthiness scores, you might still feel comfortable using Rocket Mortgage.

How Rocket Mortgage compares to similar lenders

We’ve compared Rocket Mortgage to two other online-only lenders: Better.com and Guild Mortgage.

Quicken Loans
Better.com

Types of mortgages

Conforming, jumbo, FHA, VA

Types of mortgages

Conforming, jumbo

Types of mortgages

Conforming, jumbo, FHA, VA, USDA, renovation, reverse

Alternative forms of credit

No

Alternative forms of credit

No

Alternative forms of credit

Yes

Get started

Get started

Get started

Rocket Mortgage review vs. Better.com review

Better.com doesn’t offer any government-backed mortgages, so you’ll want to go with Rocket Mortgage for an FHA or VA loan. Rocket Mortgage also provides a live chat feature, which is convenient if you don’t like talking on the phone.

However, Better.com makes it easy to see customized rates without signing up for an account first. It also provides you with a preapproval letter within 24 hours, whereas Rocket Mortgage’s turnaround time for letters varies.

Rocket Mortgage review vs. Guild Mortgage review

Guild Mortgage is probably better for people with low/no credit scores, because it accepts alternative credit data like utility bills. Guild also offers more types of mortgages, so you can use it if you need a USDA mortgage, renovation loan, or reverse mortgage.

Guild Mortgage is unavailable to residents of New Jersey or New York, so if you live in either of those states, Rocket Mortgage is the clear choice.

Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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