Rocket Mortgage Review 2024 | Bankrate (2024)

FAQs

What is the downside to using Rocket Mortgage? ›

Rocket doesn't offer home equity lines of credit but does offer fixed-rate home equity loans — and the currently out-of-favor cash-out refinance. Few homeowners are likely to refinance their low-rate mortgage for a higher-rate loan, no matter how much cash they might get.

In general, you'll want a credit score of 620 to borrow from Rocket Mortgage. However, Rocket says they approve mortgages for borrowers with a credit score of just 580—and in some cases, those with an even lower score may still qualify assuming you meet other criteria.

Rocket Mortgage^® requires a minimum credit score of 580 for FHA loans. A mortgage calculator can help you estimate your monthly payments, and you can also see how your down payment amount affects them.

Loan Application And Preapproval: A Few Days

You'll also give the lender permission to look at your credit history and score. The lender will look at all this information and determine whether you meet their qualifications for getting a loan. This will typically take less than a week to complete.

Rocket Loans has an A+ rating on Better Business Bureau (BBB) and a 4.8 out of 5 star rating on Trustpilot out of more than 6,000 reviews.

To comfortably afford a $500,000 house, you'll likely need an annual income between $125,000 to $160,000, depending on your specific financial situation and the terms of your mortgage. Remember, just because you can qualify for a loan doesn't mean you should stretch your budget to the maximum.

What is the easiest type of mortgage to get? Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.

Bank statements aren't the only documents you'll need to provide during the mortgage application process. If you're on your company's payroll, you'll likely need to provide your recent pay stubs and W-2s. If you're self-employed, you'll need to submit your tax returns.

Credit Score

For a $300,000 home, you'll likely need a good credit score: 740+: Best rates and terms. 700-739: Slightly higher rates. 660-699: Higher rates, may require larger down payment.

What credit score is needed to buy a 700k house? ›

For a $700,000 home mortgage loan, you'll need an excellent credit score: 760+: Best rates and terms. 740-759: Slightly higher rates.

The required credit score for a $350K loan will vary by loan type and lender. No matter what, though, you can expect a better interest rate the better your credit score. Most lenders require a minimum credit score of 620 to grant approval for a conventional loan.

Keep in mind that Rocket is a large mortgage lender — according to the Consumer Financial Protection Bureau, it was the largest mortgage lender by number of loans originated in 2022. Because of this, you may not get the same smooth service and ease of communication that you'd get with a smaller, local lender.

Rocket Mortgage lends in every state in the country, and offers a wide range of loan options that can serve just about every type of borrower. Plus, the lender accepts credit scores as low as 580 for FHA loans and VA loans, so those with subpar credit who are otherwise eligible for a loan could still qualify.

In 2023, three players shot 24-under par through four rounds with Rickie Fowler eventually winning in a playoff. This week, Tom Kim is the favorite in the 2024 Rocket Mortgage Classic odds at +1200. Cameron Young is the +1600 second choice in the Rocket Mortgage Classic 2024 field.

Cons. Rocket Money is well-suited for users who want to manage their subscriptions, track expenses, and negotiate bills all in one place. If you're not comfortable linking your financial accounts to third-party apps, Rocket Money isn't suitable for you.

Why should I use Rocket Mortgage? Rocket Mortgage^® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.

Affordability: 8.4/10. Rocket Mortgage isn't the cheapest option out there. The lender's advertised rates are often higher than Bankrate's national averages, and you'll also pay lender charges, such as origination and rate-lock fees.

The bankers' class-action suit, filed in Arizona last year, alleged that Rocket Mortgage violated the Fair Labor Standards Act when it did not pay the correct amount of overtime wages.