Rocket Mortgage review 2025

Here’s a look at what Rocket Mortgage has to offer.

Lender details checked Aug. 1, 2025 and subject to change.

Who is Rocket Mortgage best for?

With its nationwide popularity and strong customer reviews, Rocket Mortgage can be well worth considering for most homebuyers—particularly those who don’t mind a fully digital experience. Rocket Mortgage is an online lender with no physical locations.

Rocket Mortgage also has options specifically meant for first-time homebuyers and lower-income borrowers, with several programs that can help customers in these situations to overcome common obstacles—such as a minimal down payment and limited credit history.

Rocket may also be a good choice for those willing to limit their selection of real estate agents in exchange for a rate reduction or closing cost assistance. For example, when you use Redfin and Rocket Mortgage for your new home, you’ll get 1% off your mortgage rate for a year (up to $6,000 in savings).

On the other hand, Rocket Mortgage is not a good choice for anyone needing a USDA loan or a home equity line of credit (HELOC) as it does not offer those. Also, its rates may be slightly above average in some cases, meaning those with great credit might be able to get a better deal elsewhere.

Rocket Mortgage pros and cons

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Rocket Mortgage home loan options

Rocket Mortgage has a wide selection of mortgage options to suit the needs of many financial situations. Here are some borrower profiles and related loan options you can get through Rocket Mortgage.

Lender details checked Aug. 1, 2025.

Affordable payments

30-year mortgages

American homebuyers overwhelmingly prefer 30-year mortgages over shorter terms. Though you end up paying more interest over the life of the loan, the longer repayment term can help keep your monthly mortgage payments lower. Rocket Mortgage offers 30-year, conventional loans that borrowers with good-to-excellent credit may find suit them well. Baseline criteria you’ll want to meet to apply for this type of loan include:

• A down payment of at least 3% 
• A credit score of 620 or higher0 (usually)
• A debt-to-income ratio of less than 50%

If you want to pay off your mortgage before the full 30-year term is up, Rocket Mortgage doesn’t charge an early payment penalty.

HomeReady and Home Possible

HomeReady and Home Possible loans, programs through Fannie Mae and Freddie Mac, respectively, are designed for low- to moderate-income borrowers. They are 30-year conventional fixed mortgages that make home buying more accessible with features such as:

• Low down payment requirements (3% rather than the typical 5%)
• The potential to receive a credit toward your down payment or reduced closing costs
• Relaxed restrictions for down payment sources
• Lower private mortgage insurance (required with down payments under 20%) costs

You’ll need a credit score of 620 and above and what Rocket refers to as a “manageable” debt-to-income ratio to qualify.

Interest savings

15-year mortgages

In contrast with a 30-year mortgage, a 15-year mortgage will come with considerably higher monthly payments for the same home—but if you can swing it, you’ll likely save tens of thousands (possibly even hundreds of thousands) of dollars in interest over the life of your loan.

Rocket Mortgage’s 15-year fixed home loans require:

• A down payment of at least 3%
• A credit profile above 620
• A debt-to-income ratio of less than 50%

Adjustable-rate mortgages

Most borrowers prefer fixed-rate mortgages, where the interest rate stays the same for the life of the loan. By contrast, an adjustable-rate mortgage (ARM) may offer a low initial fixed rate during a specified period of time—but after that period the loan is subject to a rate that can change based on the market and other factors. 

Rocket Mortgage offers the following 30-year ARM structures: 

• 5/1: A five-year fixed interest rate, followed by annual adjustment periods
• 5/6: A five-year fixed interest rate, followed by adjustment periods every six months
• 7/1: A seven-year fixed interest rate, followed by annual adjustment periods
• 7/6: A seven-year fixed interest rate, followed by adjustment periods every six months
• 10/1: A 10-year fixed interest rate, followed by annual adjustment periods
• 10/6: A 10-year fixed interest rate, followed by adjustment periods every six months

Again, you’ll need a credit score of 620 and a debt-to-income ratio below 50% to qualify.

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Borrow cash from your equity

Home equity loans

Rocket Mortgage offers home equity loans, which allow you to tap into your existing home equity without doing a cash-out refinance. Rocket Mortgage offers borrowers from $45,000 to $350,000. You’ll apply for a term length of 10 or 20 years.

You can use the money for nearly any purpose, from debt consolidation to home renovations to large purchases. Just note that you won’t qualify if:

• You don’t have sufficient equity to take out at least $45,000
• Your credit score is below 680
• Your debt-to-income ratio is above 45%

Before taking out a Rocket Mortgage home equity loan, consider that you’ll now be making two monthly payments: your mortgage and your new loan. You’ll also pay closing costs.

Bridge loan

A bridge loan allows you to put equity from your current home toward a down payment of another home. This can be helpful for those who want to buy a house before their current one sells.

Bridge loans may offer a less stressful selling process, as you can get settled in your new home and wait for a great offer on your old one to come along. It also prevents you from tacking a sale contingency onto your listing.

Rocket Mortgage offers a six-month loan of up to $500,000 (depending on your equity). You’ll pay interest each month, and you can pay off the loan when your house sells.

Less-than-perfect credit

FHA loans

A Federal Housing Administration (FHA) helps those with lower credit scores to buy a home. If your credit score is above 580 and your debt-to-income ratio is less than 57%, you may qualify for a 15- or 30-year mortgage. 

You’ll pay at least a 3.5% down payment. And in addition to closing costs, you’ll pay an initial mortgage insurance premium (MIP) of 1.75% (and an ongoing monthly MIP).

If you think you might struggle to qualify for a conventional mortgage, this could be what you need to become a homeowner.

Larger-than-normal home loan

Jumbo loans

A jumbo loan is one that exceeds conforming loan limits set by the Federal Housing Finance Agency (FHFA). Rocket Mortgage offers jumbo conventional, FHA, and VA loans for up to $3 million. You’ll have to make a minimum down payment starting at just over 10% and will need a credit score of at least 680. You’ll also need a debt-to-income ratio of less than 45%.

Military-specific

VA loans

VA loans, issued by private lenders and backed by the U.S. Department of Veterans Affairs, are exclusively for eligible U.S. military members and veterans, including surviving spouses. You can open a fixed-rate loan with a 15, 20, 25, or 30-year term. You can also open a 5-year ARM or a jumbo loan.

No down payment is required for a VA loan, and you won’t be charged for private mortgage insurance (PMI). Plus, you don’t necessarily need a great credit score to qualify; a 580 or above credit score may be sufficient.

Rocket Mortgage also recommends a debt-to-income ratio of less than 50%.

Refinancing

Rocket Mortgage offers refinance loans to help you replace your current mortgage. You can refinance a conventional loan, FHA loan, VA loan, or jumbo loan. Rocket Mortgage also offers both 30-year- and 15-year refinances, including fixed-rate loans and ARMs.

When refinancing, you can choose between a standard refinance or a cash-out refinance, which is when you borrow more than your current loan balance and take the rest out in cash. A standard refinance can be a good option if you simply want to lower your interest rate or monthly payment. But if you want cash for debt consolidation, home renovations, or some other purpose, then a cash-out refinance could be what you need.

Does Rocket Mortgage offer discounts or assistance?

One feature of Rocket Mortgage that really stands out from the competition is the number of different discount and assistance programs it offers. Whether you’re a low-income borrower or perhaps have only a small nest egg saved toward your down payment, Rocket Mortgage may have a program that can help make homeownership a reality for you.

ONE+ by Rocket Mortgage

Rocket Mortgage’s ONE+ program empowers qualifying low-income borrowers to get a 30-year conventional loan with less money down. If you fall under the income threshold and meet the other loan requirements, you’ll be required to put just 1% down on your loan. Rocket Mortgage will cover an additional 2% (or $2,000) of your down payment. Rocket’s contribution is capped at $7,000.

To qualify, you must meet the following requirements:

• Your loan must be no more than $350,000
• You must have an income that falls at or below 80% of your Area Median Income (AMI)
• You must be purchasing a single-family home as your primary residence
• Have a credit score of at least 620
• Have a debt-to-income ratio of less than 50%

Of course, you’ll still pay closing costs for your loan.

BorrowSmart by Rocket

Those with qualifying income who live in eligible states may qualify for the Freddie Mac BorrowSmart program through Rocket Mortgage. It offers a credit of up to $10,000 to help you with the down payment required for refinancing.

HomeReady and Home Possible mortgages

If you qualify for a HomeReady loan from Fannie Mae or a Home Possible loan from Freddie Mac, you may be able to buy a home with a lower down payment and more affordable PMI requirements than you first expected. Qualifying buyers may also be able to get a loan-level price adjustment (LLPA) credit of 1% of the loan amount up to $2,500 from Rocket. 

Rocket RentRewards

RentRewards is a program that helps you to transition from renter to owner. It offers 10% of your yearly rent (up to $5,000) as a credit on your closing costs. Let Rocket know how much you pay for rent, and you may be able to get the credit when purchasing a primary residence.

How to apply for a home loan with Rocket Mortgage

If you’re considering a mortgage from Rocket Mortgage, start by viewing its rates online and comparing them to those of other lenders on the market. Rocket Mortgage shares example rates on its website.

You can also get a personalized rate based on your location, home price, and credit profile. Getting an estimated rate doesn’t affect your credit and is more accurate than looking at the rates listed on the lender’s website. You’ll have to enter some personal information, though.

Once you’re actually ready to apply for your loan, here’s how to get started:

1. Open the application. Click “Apply Now” in the upper right-hand corner of the Rocket Mortgage website.
2. Complete the prequalification form. Rocket Mortgage will ask you a few questions about your financial situation, and then you’ll speak to a loan officer to find out how much you may be able to get approved for. This step should only require a soft credit inquiry, which won’t affect your credit score.
3. Apply for your loan. If you’re happy with your prequalification from Rocket Mortgage, you can move on to the official application. This will require more in-depth information about your finances, as well as a hard inquiry on your credit report, which will affect your credit score.
4. Provide additional information: During your application and underwriting process, a loan officer at Rocket Mortgage may request additional information to help make a decision about and close on your loan. Make sure to respond to these requests in a timely manner — this will help you close on your loan as quickly as possible.

Is Rocket Mortgage reputable?

In 2024, Rocket Mortgage was the second-highest-producing mortgage originator behind United Wholesale Mortgages, according to HousingWire.

Rocket Mortgage also comes highly recommended by third-party companies. The lender scored first place first in J.D. Power’s 2025 U.S. Mortgage Servicer Satisfaction Study. It also landed in the top six in the 2024 U.S. Mortgage Origination Satisfaction Study. These rankings suggest that borrowers who choose Rocket Mortgage are pleased with their service.

Rocket Mortgage has impressive reviews from past and current borrowers. It has 4.7/5 stars on Trustpilot. Out of more than 37,000 reviews, 82% of them have five-star ratings, and only 7% have one-star or two-star ratings.

Alternatives to Rocket Mortgage

Despite its popularity, Rocket Mortgage won’t be right for everyone (nor is any lender, for that matter). It’s always important to shop around rate quotes to find the best deal. Here are a couple of other lenders to consider as alternatives to Rocket Mortgage.

Rate Mortgage vs. Rocket Mortgage

Like Rocket Mortgage, Rate Mortgage is one of the top lenders in the country. It has many of the same loan types as Rocket Mortgage, with the added bonus of USDA loans, non-qualified mortgages, and HELOCs, which Rocket Mortgage doesn’t offer.

Rate offers a convenient online mortgage process. It also offers a couple of other loan perks, including its same-day mortgage, which offers the chance for same-day approval and closing in as little as 10 days for select borrowers.

It’s worth considering Rate if you want a fast approval process and closing or you want a loan option that Rocket Mortgage doesn’t offer.

CrossCountry Mortgage vs. Rocket Mortgage

CrossCountry Mortgage ranked fourth in HousingWire’s top 25 mortgage lenders of 2024, just a few spots behind Rocket Mortgage. It offers a solid selection of loan types, including some that Rocket Mortgage doesn’t offer, including HELOCs, reverse mortgages, USDA loans, and non-qualified mortgages.

CrossCountry Mortgage can also be a great option for first-time homebuyers to consider. It has several down payment assistance programs specifically aimed at helping first-time buyers with what is for many the single biggest challenge to purchasing a home. You could potentially get up to $5,250 in down payment assistance and closing costs without having to pay it back.

Like Rate, CrossCountry Mortgage may also be a good option if you want a fast closing process. Its FastTrack Credit Approval program allows qualified customers to close on a home in as few as 10 days.

Is Rocket Mortgage right for you?

There’s no single mortgage lender that’s right for everyone, but Rocket Mortgage can be a good option for most borrowers, as made clear by its excellent customer satisfaction ratings and top ranking in the J.D. Power 2025 U.S. Mortgage Servicer Satisfaction Study..

When you’re choosing a mortgage lender, whether it’s Rocket Mortgage or a different institution, it’s important to think about the type of loan you need—then you can seek out reputable lenders that offer that mortgage type. Make sure to shop around for rate quotes to find out if Rocket Mortgage can offer you the best rate.

Rocket Mortgage may be an especially good option for borrowers who qualify for one of the many discount and assistance programs or those for whom customer satisfaction is a top priority.

How we evaluated this mortgage lender

When evaluating Rocket Mortgage, we looked at features that are important to borrowers, including its variety of loan types, customer satisfaction, availability, and more. 

We looked closely at how accessible Rocket Mortgages loans are. For example, does it have loan offers for people of all credit and income levels, and does it offer any programs to make it easier for people to qualify for mortgages?

Finally, we evaluated Rocket Mortgage’s borrower experience, from initially searching for interest rates to getting a personalized rate quote to ultimately applying for and closing on a loan.

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Frequently asked questions

What fees does Rocket Mortgage charge?

Rocket Mortgage doesn’t disclose its exact loan fees, but it states that average closing costs range from 3% to 6% of the loan amount. Keep in mind that some of these are lender fees, while others are third-party fees.

What credit score do I need to get a loan from Rocket Mortgage?

You may be able to qualify for a FHA or VA loan from Rocket Mortgage with a credit score as low as 580, assuming you meet the other eligibility criteria. However, if you’re applying for a conventional loan, you’ll need a credit score of at least 620.

Will applying for a mortgage with Rocket Mortgage hurt my credit score?

Applying for a mortgage with Rocket Mortgage (or any lender) can temporarily lower your credit score. Applying for a mortgage results in a new hard inquiry on your credit report, which affects your credit score. However, if you’re shopping with multiple lenders, you can apply for multiple mortgages within a 45-day period, and they’ll all appear as one hard inquiry on your credit report, minimizing the impact on your credit score.

How quickly can I get a home loan from Rocket Mortgage?

The amount of time it takes to get a loan from Rocket Mortgage depends on several factors, including the complexity of your loan and financial situation and how responsive you are to the lender’s requests for additional information or documents. According to Rocket Mortgage’s website, the underwriting process typically takes between 30 and 45 days from start to finish.

What types of support does Rocket Mortgage offer customers?

Rocket Mortgage offers several different types of customer support, including telephone and online chat. 

Existing customers can speak to a representative at 800-603-1955 between 8:30 a.m. and 9 p.m. Eastern Time from Monday to Friday or between 9 a.m. and 4 p.m. Eastern Time on Saturdays.

Borrowers shopping for loans can reach customer service at 888-452-8179 between 7 a.m. and 12 a.m. Eastern Time Monday through Friday, 9 a.m. to 8 p.m. Eastern Time on Saturdays, and 9 a.m. to 7 p.m. Eastern Time on Sundays.

The chat feature is available on the Rocket Mortgage website, and while you start off talking to the AI assistant, you can be transferred to a customer service representative, often quickly.