Rocket Mortgage was developed by Quicken Loans to provide debtors a completely digital on-line mortgage expertise. Rocket Mortgage’s platform is designed to permit debtors to buy their mortgage on-line and get preapproved in minutes by creating an account, with customer support obtainable from the preliminary loan software to managing your month-to-month funds as soon as the loan closes.
The corporate is headquartered in Detroit and gives its services in all 50 states and the District of Columbia.
9.5/10 Lendingtree’s mortgage lender score
LendingTree’s mortgage lender score relies on a 10-point scoring system that components in a number of options, together with digital software and shutting processes, obtainable loan merchandise and on-line and in-person accessibility. LendingTree’s editorial workforce calculates every score primarily based on a evaluation of data obtainable on the lender’s web site. Lenders obtain a half-point on the “customary product choices” criterion if they provide not less than two of the 4 customary loan packages (Standard/FHA/VA/USDA). In some instances, extra info was supplied by a lender consultant.
Right here’s how we scored Rocket Mortgage:
= 1 pt = 0 pts
- Software on-line
- Product data on-line
- Charges listed on-line
- Useful articles about mortgages/homebuying
- Normal product choices (Standard/FHA/USDA)
- Particular packages
- Information about qualify for merchandise supplied on-line
- E-closing availability
- Licensed in not less than 35 states
- After-hours and weekend entry to loan officers
Rocket Mortgage professionals and cons
You’ll be able to apply for and shut your buy or refinance loan utterly on-line
You’ll be able to attain a loan officer after common enterprise hours and on weekends
You’ll be able to qualify for a VA loan with a credit score rating as little as 580
You gained’t discover any dwelling fairness loan or HELOC choices
You’re restricted to FHA and VA government-backed loans — Rocket Mortgage doesn’t supply USDA loans
You gained’t have an choice for any in-person service
Rocket Mortgage borrowing necessities
Rocket Mortgage charges and costs
Rocket Mortgage publishes every day charges on its web site for 30- and 15-year fixed-rate typical loans, in addition to VA and FHA 30-year fixed-rate mortgages. The quoted charges included mortgage factors on the time of this evaluation, permitting you to “purchase down” to a decrease rate of interest.
Rocket Mortgage’s web site doesn’t present details about lender charges, however estimates complete closing prices could vary between 3% and 6% of the house worth.
Rocket Mortgage merchandise
PURCHASE AND REFINANCE
Rocket Mortgage gives typical buy and refinance loans, with pointers set by Fannie Mae and Freddie Mac. You’ll want a 620 credit score rating and can pay non-public mortgage insurance coverage (PMI) in case you have lower than 20% fairness once you purchase or refinance. PMI pays again lenders for losses should you can’t pay your mortgage they usually foreclose.
You’ll want a minimal 580 credit score rating at Rocket Mortgage to refinance or purchase a house with a loan insured by the Federal Housing Administration (FHA). Present FHA debtors could possibly refinance with no appraisal or revenue paperwork via the FHA streamline refinance program.
Navy debtors could also be eligible for no-down-payment mortgages assured by the U.S. Division of Veterans Affairs (VA). Though Rocket Mortgage solely requires a 580 minimal credit score rating for a purchase order loan assured by the VA, you’ll want not less than a 620 rating if you wish to decrease your fee with a VA rate of interest discount refinance loan (IRRRL).
Mortgage phrases on Rocket Mortgage’s web site characteristic 15- and 30-year fixed-rate mortgage choices. Nevertheless, Rocket Mortgage prospects can select their very own time period starting from eight to 29 years with the Quicken Loans® YOURgage®.
Rocket Mortgage doesn’t presently supply a 5/1 adjustable-rate mortgage (ARM), in line with its web site. Though the web site references typical preliminary ARM durations of 5, seven and 10 years, it doesn’t present details about whether or not Rocket Mortgage presently gives them.
First-time homebuyer packages embody typical 3% down buy loans via Fannie Mae and Freddie Mac, so long as you meet this system revenue limits in your space. Eligible army servicemembers could benefit from Rocket Mortgage’s 580 credit score rating minimal to purchase a house via the VA loan program with no down settlement. The minimal is considerably lower than the 620 minimal rating most VA-approved lenders require.
Though FHA pointers permit lenders to make loans to debtors with scores between 500 and 579 with a ten% down settlement, Rocket Mortgage units their minimal rating at 580 no matter down settlement.
The QuickenMortgage® YOURgage® program provides debtors the distinctive choice to decide on a time period between eight and 29 years, versus the usual 10-, 15-, 20-, 25- and 30-year choices most lenders supply. Debtors with a 620 credit score rating, 3% down settlement and most 50% debt-to-income (DTI) ratio could qualify for the YOURgage loan (your DTI ratio is a measure of how a lot of your month-to-month revenue is spent in your mortgage and different month-to-month debt).
Private loans with loan quantities of as much as $45,000 are supplied should you don’t wish to take out a brand new loan on your private home. They’re obtainable via Rocket Loans — sister firm to Rocket Mortgage. The charges are constant and the steadiness is paid in equal month-to-month installments. There aren’t any prepayment penalties and the phrases are sometimes three to 5 years.