Looking to buy a home? Rocket Mortgage might be the right lender for you. As one of the largest mortgage lenders in the United States, Rocket Mortgage has revolutionized the industry with its online mortgage application, starting back when it was known as Quicken Loans.
Why Choose Rocket Mortgage?
Rocket Mortgage pioneered time-saving technology that has become industry standard. They offer a variety of loans, including:
- FHA Loans: Rocket is the top originator of FHA Loans in the United States.
- Conventional Loans: Flexible terms from 8 to 29 years.
- VA Loans: For eligible veterans and service members.
- Jumbo Loans: For homes that exceed conventional loan limits.
Convenience at a Cost
Rocket Mortgage is known for its fast and seamless online experience. Whether you’re uploading documents, e-signing, or tracking your loan, their app and website offer a user-friendly journey. However, this convenience comes at a price, as Rocket tends to have higher fees compared to its competitors.
How to Get Started with Rocket Mortgage
Getting started with Rocket is easy:
- Create an account on their website or app.
- Answer simple questions about yourself and the home you're buying.
- Upload required documents and track your loan status digitally.
However, note that even their pre-qualification process involves a hard credit check, which will show up on your credit report.
What Sets Rocket Apart
Rocket Mortgage stands out for helping borrowers with limited funds for a down payment. Their extensive loan options and integration with sister companies like Rocket Homes can save you money at closing. However, their customer service can be challenging to reach at times.
Bottom Line
If you’re looking for a fast, digital-first mortgage experience, Rocket Mortgage is an excellent choice. But if you prefer a more personalized or hands-on experience, you might want to explore other lenders.
For more information and to compare lenders, visit NerdWallet.