SCORE: 4.6
By Dhara Singh
Rocket Mortgage Review 2021 | The Simple Dollar
Overview
Rocket Mortgage is a leading online mortgage lender in the U.S., with its parent, Quicken Loans, the nation’s top loan originator in 2020. The lender offers a broad selection of purchase and refinance options, including a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 29 years, and cash-out refinancing. Headquartered in Detroit, Quicken Loans was founded in 1985 by Dan Gilbert, who today acts as chairman. The lender gained prominence in recent years by adopting technology that allows borrowers to apply for loans completely online through Rocket Mortgage, which Quicken Loans officially adopted as its name after July 31, 2021.
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Breakdown of Rocket’s review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 10/10
Pros and cons
Pros
- Low down payment requirement (as little as 3 percent down)
- Customer service regarding new loans available seven days a week via phone or chat
Cons
- No brick-and-mortar locations
- Doesn’t offer USDA loans, home equity lines of credit (HELOCs) or home equity loans
- Limited information about lender fees available online
Good for
Borrowers looking 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 rating out of five stars from Trustpilot. Quicken Loans has received the highest customer satisfaction ranking from J.D. Power for 11 consecutive years for mortgage origination, and for seven consecutive years for mortgage servicing.
Refinancing with Rocket Mortgage
After creating an account, you can apply for a refinance through the Rocket Mortgage website or app. As of July 2021, Rocket Mortgage’s refinance rates were slightly higher than the national average for 30- and 15-year fixed-rate loans.
Review methodology
To determine a mortgage lender’s SimpleScore, The Simple Dollar’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. The Simple Dollar’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
Click here to view the rest of Rocket Mortgage consumer reviews.
