Rocket Mortgage Review: Is It Really the Best Mortgage Lender?

Rocket Mortgage was launched by Quicken Loans in 2015 and is now an online-only mortgage provider that has quickly become one of the largest lenders in the United States, with #ERROR No data for Rocket_Mortgage.total_loan_count_last_12_months loans in the last 12 months. Its digital-first approach and straightforward product offerings have made it a convenient home loan lender for many homebuyers.

In our Rocket Mortgage review, we’ll look at how the company ranks against the competition in terms of customer satisfaction, interest rates, company stability, and loan options.

How we evaluated Rocket Mortgage

We evaluated Rocket Mortgage using a four-pillar approach. From most to least important, these four factors are the following:

• Customer satisfaction: We took into account customer reviews from third-party websites, Better Business Bureau (BBB) ratings, and industry awards and rankings, such as from J.D. Power.
• Rates and costs: We considered how current interest rates for conventional and other major loan types compared to the competition. We also factored in total borrowing costs and cost transparency.
• Market share and volume: We looked at the company’s total loan volume and industry standing in order to get a sense of its overall stability.
• Loan diversity: We gave companies points for offering a diverse range of products, but we also gave credit for companies that provided highly specialized service in one loan type.

Taken together, these metrics allow you to determine for yourself whether Rocket Mortgage is likely to offer the best service at the right price for your home mortgage needs.

Is Rocket Mortgage right for you?

Rocket Mortgage is a good choice if you’re looking for a quick preapproval for a straightforward mortgage application. The company’s digital-first approach means it can process loan applications quickly and it gets excellent grades for its customer satisfaction.

However, if you have a more complex financial situation, Rocket Mortgage may not be the best fit. Instead, you may be better off choosing a mortgage lender that offers in-person support or one that specializes in unique mortgage applications.

Rocket Mortgage pros and cons

Rocket Mortgage customer reviews

Rocket Mortgage stands out as one of the top mortgage lenders in terms of customer satisfaction. It routinely receives excellent customer reviews and ranks high in satisfaction surveys. It scored 747 in J.D. Power’s 2024 U.S. Mortgage Origination Satisfaction Study, well ahead of the 727 average and sixth-highest overall.[1]

Positive reviews highlight the fast processing times and the ease of applying online. However, there were some negative reviews, often related to communication issues and trouble verifying documents, which sometimes caused closing delays.

✅ Fast processing times

Rocket Mortgage reviews often mentioned how fast the entire application and closing process was. The company’s quick and efficient digital-first approach means they can process mortgages quickly, often within a matter of weeks.

✅ Convenient and stress-free application process

A number of reviews also pointed out that applying for a mortgage online was very convenient and that Rocket Mortgage’s representatives helped make the process go smoothly. Despite the company being exclusively online, many customers felt that representatives did a good job of keeping them informed and making the entire process stress-free.

❌ Lack of communication

However, there were some negative Rocket Mortgage reviews, which often had to do with poor communication. Some customers claimed that if problems arose, representatives were difficult to get a hold of. In some cases, Rocket Mortgage did a poor job of informing borrowers of the status of their application or what steps they needed to take next.

❌ Difficulty with verifying documents

We encountered a number of reviewers who specified having problems with verifying or uploading documents with Rocket Mortgage. Some reviews complained that documents needed to be uploaded multiple times or that Rocket Mortgage would give conflicting and changing advice about which documents they required. In some cases, these issues even led to closing delays.

Rates and costs

Rocket Mortgage’s rates are in-line with industry averages, although not necessarily always the cheapest. While small differences might not look like much, they add up over time. For example, with a $400,000 loan at 6.339% APR, you’ll pay around $496,400 in total interest over 30 years compared to $524,480 for a 6.663% loan. You’d pay $28,080 more in interest.

However, the actual rate you pay from Rocket Mortgage will depend on your credit score, income, down payment amount, location, and other factors. To get a more personalized estimate of your mortgage costs, Rocket Mortgage requires you to enter your personal information online, such as your phone number. That’s something that not all mortgage lenders require and it introduces a difficulty when you’re trying to compare rates.

Company stability: Is Rocket Mortgage legit?

Yes, Rocket Mortgage is a legit company. Created in 2015 by Quicken Loans as an online-only lender, it has quickly grown to be one of the largest mortgage providers in the United States, with #ERROR No data for Rocket. total loans in the past 12 months. In 2024, the company also grew by an impressive 25.1%, which helped make it the second largest home loan provider that year.[2].

Rocket Mortgage became so successful that parent company Quicken Loans rebranded itself to Rocket Mortgage in 2021. Today, Rocket Companies, of which Rocket Mortgage is a subsidiary, owns or is in the process of acquiring a number of real estate companies, including Redfin, Foresalebyowner.com, and Mr. Cooper.

While loan volume and market share aren’t the most important factors when choosing a mortgage, they’re still important since they suggest a company is highly stable. Plus, because larger companies are operating at scale, they’re sometimes able to offer more competitive rates.

Loan diversity and eligibility

Rocket Mortgage offers a wide diversity of loans. Aside from conventional loans, it also has FHA, VA, bridge and jumbo mortgages. It also offers HomeReady and ONE+, which are affordable mortgage programs designed for buyers with lower incomes and down payments.

However, while Rocket Mortgage does offer a good variety of loan types, it mainly deals in conventional loans. In fact, conventional loans make up #ERROR No data for Rocket. of its total loans, with similar stand alone second mortgages coming in second at #ERROR No data for Rocket.. It doesn’t offer construction loans or non-QM loans for unique income.

That focus on conventional loans means that if you’re looking for a specialized loan, such as VA or FHA loans, you may get better service from a lender that focuses on those loan types. For example, a number of military-focused credit unions specialize in VA loans and have exceptional expertise in that type of mortgage.

Should you choose Rocket Mortgage?

Rocket Mortgage can be a good choice if your financial situation is straightforward and you’d like to get your mortgage approved quickly. Its digital-first approach makes it a convenient choice for conventional or some specialized mortgages and its customer satisfaction is very high.

But Rocket Mortgage isn’t always the cheapest option, although this factor will depend on the actual rate and terms you qualify for. And if you have complex mortgage needs, such as a non-standard income source, you may be better off with a lender that can provide in-person and flexible support.

When you’re ready to buy a house, you can also save by going with a low commission realtor. With Clever, for example, you can compare multiple top real estate agents in your area. You’ll get the same full-service support as a traditional realtor, but you may be eligible for up to $500 cash back after closing. Get started with Clever today.