Rocket Mortgage Assessment 2021 – The Easy Greenback

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POINTS: 4.6

From Dhara Singh

Rocket Mortgage Rating 2021 | The simple dollar

SimpleScore

3.4 / 5.0

SimpleScore Rocket mortgage 3.4

overview

Rocket Mortgage is a leading online mortgage lender in the United States, with parent company Quicken Loans, the nation’s leading lender in 2020. The lender offers a wide variety of purchase and refinancing options, including a flexible-term product called YOURgage. This enables borrowers to set the term of their loan from eight to 29 years and to pay off a refinancing. Quicken Loans is headquartered in Detroit and was founded in 1985 by Dan Gilbert, who now serves as chairman. The lender has grown in prominence in recent years with the introduction of technology that enables borrowers to apply for loans entirely online through Rocket Mortgage, which Quicken Loans officially adopted as its name after July 31, 2021.

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Breakdown of Rocket’s review score

  • Affordability: 14.75 / 15
  • Availability: 14/15
  • Borrower’s Experience: 10/10

Advantages and disadvantages

benefits
  • Low down payment requirement (from 3 percent less)
  • Customer service for new loans seven days a week by phone or chat
disadvantage
  • No stationary locations
  • Does not offer USDA loans, home equity lines of credit (HELOCs), or home equity loans
  • Limited information on lender fees available online

Good for

Borrowers who want to easily compare rates, learn more about the mortgage process and apply for a loan – all online.

call

Quicken Loans has an A + rating from the Better Business Bureau and Rocket Mortgage has a 3.8 out of five star rating from Trustpilot. Quicken Loans has received the highest customer satisfaction rating from JD Power for 11 consecutive years for mortgage lending and for seven consecutive years for mortgage servicing.

Refinance with Rocket Mortgage

After you’ve created an account, you can apply for refinancing through the Rocket Mortgage website or app. In July 2021, Rocket Mortgage refinancing rates were slightly above the national averages for 30- and 15-year fixed-rate loans.

Verification methodology

To determine a mortgage lender’s SimpleScore, The Simple Dollar editorial team rates lenders on a scale of one to five stars based on a variety of factors related to the lender’s products and services. Simple Dollar’s partners compensate us, but our opinions are our own and partner relationships do not affect our ratings. Here is our full methodology.

To see the rest of Rocket Mortgage customer reviews, click here.

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