Rocket Mortgage is the name for the online mortgage application platform run by Quicken Loans, the largest mortgage lender in the United States by volume of originations. Basically, when you apply for a loan through the Quicken Loans website, you get redirected to the Rocket Mortgage platform. Rocket Mortgage processes most of the half-a-million-plus mortgage loans originated by Quicken Loans each year.
As mentioned, Rocket Mortgage is Quicken Loans’ dedicated online platform. It can be used on a computer or mobile device.
Here are the steps:
1.Fill out a short initial form – 5 minutes.
- Select from purchase or refinance.
- Select the type of home (e.g. single family, multi family, condominium), property use (e.g. primary residence, investment property), and how soon you plan to purchase.
- Enter your estimated credit score.
- Provide contact details and create a contact for your account.
- Within a few seconds of completing the form, you’ll receive an email with a link to the next step.
2.Get pre-approved – 10-20 minutes.
- Provide information about your current home.
- Provide information about your future home (if purchasing).
- Provide personal information (e.g. employment, income).
- See your pre-approved offers.
3.Complete a formal application – times vary.
- Rocket Mortgage will show you a list of documents you need to provide to complete the formal application.
- You can exit and resume the process as many times as you wish.
- Once complete, you can check in on your status with your email and the password you created at the beginning.
- If anything’s missing from your documentation, a Quicken Loans agent (technically Quicken Loans, because Rocket Mortgage is only the online platform) will be in touch.
4.Upon close, you’ll be invited to e-sign the final documents on the Rocket Mortgage website or app.
- 100% online application
- Quick pre-approval and closing times
- Millions of satisfied borrowers
- No branches
- Lack of support for self-employed borrowers
- Shares your data across Quicken services
There’s a reason Quicken Loans–supported by its Rocket Mortgage platform–has risen to become the largest mortgage lender in the United States, bigger even than the big banks. The Rocket Mortgage application process is quick, seamless, and entirely digital. Rocket Mortgage has refined online mortgages down to only the most necessary steps, enabling it to pre-approve and close loans quicker than the traditional banks.
Depending on your perspective, the Rocket Mortgage advantage (fast online applications) is also a disadvantage (no physical branches). The other thing worth noting is that while the Rocket Mortgage online platform is great for most people, it doesn’t cater 100% to self-employed borrowers. If you’re self-employed, then you will probably have to speak to a Quicken Loans agent to complete an application.
Rocket Mortgage by Quicken Loans specializes in both purchase loans and refinance loans. An interesting fact about this lender is that it processes about three times more refinance loans than purchase loans, in contrast to other major lenders who typically process about an even volume of refinance and purchase loans.
Loans are split into the following categories.
- Fixed-rate mortgages
- Conventional loans
- Jumbo loans
- FHA loans
- VA loans
Rocket Mortgage is one of only a handful of products and services offered by its parent company, Quicken Loans.
Other features include:
- Rocket Homes Real Estate – a separate platform that helps you search properties and matches you with local real estate agents.
- Rocket Loans – a separate online lending platform offering personal loans from $2,000 to $45,000.
- Personalized financial recommendations for product offerings from Quicken Loans and partners.
- Access to customized tools and articles from across Quicken Loans and partner sites.
If you have excellent credit, then there are lenders that offer better rates than Rocket Mortgage. But if you just have above-average credit, then there’s a good chance you’ll find a competitive loan. Loan terms range from 15-30 years.
Here’s a sample of interest rates from Rocket Mortgage from December 2020 (when the average interest rate in the U.S. was 2.71% for a 30-year fixed-rate mortgage and 2.26% for a 15-year fixed mortgage rate).
- 30-year fixed: 3.500% (3.743% APR)
- 15-year fixed: 2.375% (2.898%)
- VA 30-year fixed: 2.25% (2.628% APR)
- FHA 30-year fixed: 2.25% (3.471% APR)
Technically, Rocket Mortgage is just an online platform, so if you want to speak with someone it will be with a Quicken Loans agent. You can request a call through the chat function on the Quicken Loans website or call (888) 452-8179 during extended business hours. There is also a full-feature Spanish version of the Rocket Mortgage platform and Quicken Loans has Spanish-speaking agents.
The numbers really do speak for themselves. Other mortgage lenders might offer better rates or different features to Rocket Mortgage by Quicken Loans, but nobody can compete with this service when it comes to a simple, stress-free, and streamlined mortgage application process. The words ‘rocket’ in Rocket Mortgage and ‘quick’ in Quicken Loans and really do hit the nail on the head: this is the quickest online mortgage platform out there.