Rocket Mortgage

The Good

• Easy online registration from your smartphone app or computer
• Mortgage agents are available with just a click of a button
• The step by step registration guidance makes it very easy for first-time users
• Offers FHA, USDA and VA loans
• Flexible and adjustable mortgage rates

A product of Quicken Loans, Rocket Mortgage is an online based mortgage loan provider whose user-friendly mortgage mobile app makes the entire registration pretty convenient. Customers can follow a step-by-step process and get assistance from licensed mortgage advisors through the app.

Rocket Mortgages offers government-backed and conventional type loans such as FHA, USDA and VA loans. They can either be purchased or refinanced, all at either fixed or adjustable mortgage rates.

Just like its parent company, Quicken Loans, Rocket Mortgages charges a typical origination fee which is around 0.5-1% of the loan amount. However, loans such as USDA, VA and FDA loans typically carry a slightly higher fee on average. A notable feature of Rocket Mortgages’ customer service is its anticipation to incoming customer questions. They have answers ready for whatever question posed to them via the customer query channel.

Rocket Mortgages provides different tools which will allow your dreams to come true. Their seamless, user-friendly registration process puts them on top of the list of tech-savvy mortgage institutions of the country.

The Bad

• Doesn’t offer home equity loans or HELOCs
• Will not consider alternative credit histories, such as utility and rent payments
• Advertised mortgage rates may not be what you get

Rocket Mortgages came onto the scene a few years ago saying that you could apply for a mortgage in seconds and advertised the tagline, “Push button, get mortgage.”  They were and are huge spenders on advertising – including a Super Bowl ad – but all that money comes from somewhere.  While they are a very, very well run company, it’s just not that easy.  Getting a mortgage will always be a back-and-forth process to some extent.  They are likely quicker than others, but in our assessment, saving a few minutes is not the most important aspect of a mortgage you might have for more than a decade.  The final rate you receive is more important.  And you just can’t lock in an accurate rate that quickly. Once your credit score is calculated and the process is started, the rate you receive may be very different than what you saw on an advertisement or commercial.

The Summary

Rocket Mortgages is a great mortgage company. Their registration process is easier than most, and the step by step guide makes the process as quick as possible (though not necessarily as quick as advertised).

However, the rates listed on their website are not the actual rates that you will receive. So while they are great marketers, keep in mind that comparing options among final rates is always a good idea.