Rocket Mortgage Review

Andrew Reyes
A person holds a tablet that displays a screen reading "mortgage."

Rocket Mortgage is a private lender that offers home loan options through its parent company, Quicken Loans. You can apply, get pre-approved for a mortgage, and refinance your current mortgage completely online, through the company’s website or mobile app. If you’re technologically savvy and need to shop for a mortgage, learn more about Rocket Mortgage’s features in the following sections.

Table of Contents

What Is Rocket Mortgage and How Does It Work?

If you’re just starting your home search, have already found a home you want, or have a purchase agreement signed, it may be time to apply for a mortgage. If you prefer to complete the mortgage process online and don’t need to meet with a lender face-to-face, visit the Rocket Mortgage website or download the app and apply.

When you complete the online application, the system analyzes your financial situation, credit score, and other factors to determine the home loan options you qualify for. It provides a breakdown of costs so you can determine how large of a mortgage you feel you can afford.

You’re able to review and research these options right on the website and choose one that works for you. When you choose one of these options, you can sign your loan documents and close your mortgage completely online without meeting with a lender.

Rocket Mortgage Features

When you use Rocket Mortgage, you gain access to several services and features, some of which are explained in the following sections.


Rocket Mortgage doesn’t display current interest rates on the site. To find out what interest rate you qualify for with the lender, you must complete the online application.

The company’s origination fees are usually similar to its parent company, Quicken Loans. These fees are generally around 0.05% to 1% but you can opt to buy discount points to lower your rate.

Mobile App        

The Rocket Mortgage smartphone app is available for iOS and Android operating systems. It offers all the same services as the website and you can complete the entire mortgage application process from start to finish. Through the app, you can:

  • Fill out your mortgage application.
  • Receive your approval and review the costs of buying your home.
  • Upload photos of documents as requested.
  • Electronically sign your loan documents.
  • Contact a Rocket Mortgage representative to get questions answered.
  • Make mortgage payments.


You can complete all services with Rocket Mortgage online, either through the company’s website or mobile phone app. There are several ways to chat with a representative online or by phone. However, there are no Rocket Mortgage physical locations so you can’t meet with a lender face-to-face.


When you complete the Rocket Mortgage online mortgage application and there’s a loan option available for you, you’ll receive a pre-approval. Keep in mind, this pre-approval is different from a pre-qualification because it verifies your finances and confirms that you can close on the mortgage with the loan terms that are outlined. It gives you bargaining power when shopping for a home since the seller knows you’re already approved for a loan.

This pre-approval shows you the loan amount and terms. It’s an important part of the home-buying process because it provides you with realistic parameters on the purchase price of your home. If you like the loan that Rocket Mortgage offers, you can lock in your rate and loan term.


In addition to applying for a mortgage for a new home purchase, you can also refinance your current mortgage through Rocket Mortgage. When you choose this option, you also choose your goal for refinancing, such as lowering your monthly payment or pulling out cash to pay for home improvements.

Once you provide information on your home and financial situation, Rocket Mortgage offers different home loan options. Review these loan options before deciding whether you should refinance your home loan.

Rocket Mortgage Home Loan Rates

The home loan rates that you’re offered depend on several factors, including your financial situation, credit score, and the type of home you want to purchase. Once you complete your application, the company analyzes your debt-to-income ratio and other factors to identify the types of mortgages you qualify for.

You may see a few different mortgage options so it’s important to review the monthly mortgage payments, down payment requirements, and other terms before deciding which one is right for you.

In most cases, the interest rates associated with Rocket Mortgage are competitive with other lenders in the industry. When you receive a pre-approval, you’ll have a better idea of the home you can afford and other financial responsibilities you’ll need to account for, such as closing costs and your down payment.

How to Apply for a Rocket Mortgage

To apply for a home loan with Rocket Mortgage, you must visit the website or download the smartphone app. Click on “Buy A Home” and follow these steps:

  1. Choose the step in the homebuying process that applies to you, whether you just started researching, you’re ready to start looking, or you already found the home you want to purchase.
  2. Provide your contact information and Social Security number as requested.
  3. Provide additional information about your finances.
  4. Agree that Rocket Mortgage can pull your credit report.
  5. Review your loan options and interest rate.
  6. Choose the option that’s best for you.
  7. Lock in your rate and loan terms.

Once you’ve locked in a home loan, Rocket Mortgage displays a checklist that shows the tasks you need to accomplish to close on your mortgage. You may be required to upload documents and sign loan paperwork before closing.

If you’re looking for a quick way to get pre-approved for a mortgage or you’re interested in refinancing options, Rocket Mortgage’s online application may be right for you. Before locking in your loan, review the interest rate, term, down payment requirement, and monthly mortgage payment to ensure you’re comfortable with it.

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