Rocket Mortgage is the name for the online mortgage application platform run by Quicken Loans, the largest mortgage lender in the United States by volume of originations. Basically, when you apply for a loan through the Quicken Loans website, you get redirected to the Rocket Mortgage platform. Rocket Mortgage processes most of the half-a-million-plus mortgage loans originated by Quicken Loans each year.
Loan types : Refinance, Purchase, Home Equity
Loan products : Conventional, FHA, Jumbo, Fixed-rate, VA loans
Minimum credit score : 580
Repayment terms : 15-30 years
There’s a reason Quicken Loans–supported by its Rocket Mortgage platform–has risen to become the largest mortgage lender in the United States, bigger even than the big banks. The Rocket Mortgage application process is quick, seamless, and entirely digital. Rocket Mortgage has refined online mortgages down to only the most necessary steps, enabling it to pre-approve and close loans quicker than the traditional banks.
Depending on your perspective, the Rocket Mortgage advantage (fast online applications) is also a disadvantage (no physical branches). The other thing worth noting is that while the Rocket Mortgage online platform is great for most people, it doesn’t cater 100% to self-employed borrowers. If you’re self-employed, then you will probably have to speak to a Quicken Loans agent to complete an application.
As mentioned, Rocket Mortgage is Quicken Loans’ dedicated online platform. It can be used on a computer or mobile device.
Here are the steps:
1.Fill out a short initial form – 5 minutes.
2.Get pre-approved – 10-20 minutes.
3.Complete a formal application – times vary.
4.Upon close, you’ll be invited to e-sign the final documents on the Rocket Mortgage website or app.
Rocket Mortgage by Quicken Loans specializes in both purchase loans and refinance loans. An interesting fact about this lender is that it processes about three times more refinance loans than purchase loans, in contrast to other major lenders who typically process about an even volume of refinance and purchase loans.
Loans are split into the following categories.
Rocket Mortgage is one of only a handful of products and services offered by its parent company, Quicken Loans.
Other features include:
If you have excellent credit, then there are lenders that offer better rates than Rocket Mortgage. But if you just have above-average credit, then there’s a good chance you’ll find a competitive loan. Loan terms range from 15-30 years.
Technically, Rocket Mortgage is just an online platform, so if you want to speak with someone it will be with a Quicken Loans agent. You can request a call through the chat function on the Quicken Loans website or call (888) 452-8179 during extended business hours. There is also a full-feature Spanish version of the Rocket Mortgage platform and Quicken Loans has Spanish-speaking agents.
The numbers really do speak for themselves. Other mortgage lenders might offer better rates or different features to Rocket Mortgage by Quicken Loans, but, when it comes to a simple, stress-free, and streamlined mortgage application process, they are very highly rated. The words ‘rocket’ in Rocket Mortgage and ‘quick’ in Quicken Loans really do hit the nail on the head.