Reviews
Rocket Mortgage review: how does it work and is it good?
Are you looking for a mortgage? Get the inside scoop on our Rocket Mortgage review before you apply. Read on!
Advertisement
by Suzana Brito
Rocket Mortgage: Full, Honest, and Detailed Review
This Rocket Mortgage review will break down how it works and what makes it different from other mortgage options on the market.
How to apply for Rocket Mortgage
Find out how to apply for a Rocket Mortgage with us. Keep reading to find the tips you need.
Plus, we’ll give you a scoop on this mortgage’s pros and cons and some more important information. Keep reading to learn more!
Credit Score | 620 |
Loans Offered | Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA |
Minimum Down Payment | 3% |
APR | Adjustable or Fixed-rates that depend on loan type and terms. |
Terms | 15 to 30 years. |
What is the Rocket Mortgage?
Rocket Mortgage is an online lender in the United States.
It offers a good option for borrowers looking for easy ways to compare rates, learn more about the mortgage process and apply for a loan online.
Rocket Mortgage is well-rated by lenders and offers conventional and government-backed FHA and VA loans with adjustable or fixed APRS.
However, Rocket Mortgage doesn’t offer home-equity loans, home-equity lines of credit, or HELOCs.
Rocket Mortgage provides a conventional loan with fixed rates from 8 to 29 years, besides its other loans that range from 15-30 years.
You’ll be required to pay at least a 3% down payment. Depending on the loan amount, and other things they analyze in your application, you might have to put down some more.
So, be sure to have the necessary funds, and reach one of their agents if you have questions about the process.
Rocket Mortgage has a good reputation among its clients. It was considered the largest FHA loan lender in 2021.
Finally, the application is easy and online. Borrowers can pre-qualify and decide if this is the loan they want.
Advertisement
You will be redirected to another website
Is the Rocket Mortgage good?
Whether Rocket Mortgage is good will depend on each borrower’s needs, circumstances, and budget.
We can help you make this decision by presenting you with some of the benefits and drawbacks of Rocket Mortgage. Read on!
Advertisement
Pros
- You can find the best mortgage options to repay in 15-30 years.
- The competitive rates makes this loan one of the best mortgage options.
- Have you got questions? Don’t worry! You will find all the support you need over the phone.
Cons
- Rocket Mortgage will check your credit score if you want a customized rate, which might lower it for a while.
- There are no branches for Rocket Mortgage.
- It doesn’t work with USDA loans or home equity lines of credit.
- It charges expensive origination fees.
Does Rocket Mortgage check credit scores?
Yes, it does. Rocket Mortgage checks borrowers’ credit scores as part of the loan process.
They consider it when evaluating if you are creditworthy so that it might bring your score down a little bit.
Want to apply for the Rocket Mortgage? We will help you!
If you liked the Rocket Mortgage review, you could start your Rocket Mortgage application today.
Check out our post below. It will only take you a few minutes to learn how to apply!
How to apply for Rocket Mortgage
Find out how to apply for a Rocket Mortgage with us. Keep reading to find the tips you need.
Suzana Brito
Trending Topics
Chase Ultimate Rewards partners: complete list
There are a number of Chase Ultimate Rewards partners for you to redeem your points with, but what’s the smartest way of doing it?
Keep ReadingApplication for the Luxury Black card: how does it work?
If you wish to enjoy the Luxury Black credit card benefits, you'll find all the information you need right here in this article.
Keep ReadingFederal Pell Grant: receive up to $7,395
Do you want to know more about the Federal Pell Grant? We've got! Learn how this benefit will help you cover your education costs!
Keep ReadingYou may also like
What are the chances of the US going into another recession?
The recent economic volatility has many people worried about recession fears. But just how high is the risk of another crash?
Keep ReadingFirst Progress Platinum Select Mastercard® Secured Credit Card application: how does it work?
Do you need a card to build your credit score? If so, read on to apply for the First Progress Platinum Select Mastercard® Secured Card!
Keep ReadingChase Sapphire Preferred® Card review
The Chase Sapphire Preferred® Card has a $95 annual fee, but it comes with several perks that may be worth the cost. Check out our review!
Keep Reading