Rocket Mortgage, LLC is a mortgage loan provider. It is headquartered in the One Campus Martius building in the heart of the financial district of Downtown Detroit, Michigan.
About Rocket Mortgage
Rocket Mortgage is America’s largest mortgage lender¹, helping millions achieve the dream of home ownership. We’ve revolutionized the industry with the world’s very first online mortgage experience.
Along the way Rocket became a word that defined what we did best. So in 2021, we changed our official company name from Quicken Loans to Rocket Mortgage as a testament to our obsession with making it easier for people to get a mortgage.
The mission behind Rocket Mortgage is clear: Make the complicated home financing process simpler – using innovative technology and amazing team members.
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.
If you’re buying a home, here’s when we recommend using Rocket Mortgage®:
- You’re just starting your home search.
- You have a home in mind and want to make an offer.
- You already have a signed purchase agreement.
If you’re refinancing, here’s when you can use Rocket Mortgage®:
- You need to get cash out of your home.
- You want to lower your monthly payment.
- You’re interested in shortening your loan term.
If you’re just trying to find out what you can afford, we recommend using our Home Affordability Tool.
If you’re thinking about refinancing and are just looking for payment estimates, check out our Refinance Calculator.
What is the downside to Rocket Mortgage?
Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn’t offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren’t offset by particularly low mortgage rates, according to the latest data.
How long does it take Rocket Mortgage to close?
How Long Does It Take To Close? On average, it takes about 30 – 45 days to close on a home, from filling out your mortgage loan application to showing up at the closing table. Closing day, the day you sign your final paperwork, lasts about 1 to 2 hours as long as everything goes as planned.
Is Rocket Mortgage the same as Quicken Loans?
One Giant Leap: Quicken Loans Announces It’s Changing Name to Rocket Mortgage. DETROIT, May 12, 2021 – Quicken Loans, America’s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced it will officially change its name to Rocket Mortgage on July 31
Does Rocket Mortgage charge an application fee?
Rocket Mortgage has no application fees or prepayment penalties for any of its loans. There can be late fees, which vary depending on how late the payment is. For a complete breakdown of the closing costs, including lender fees and discount points, you’ll need to submit an application.
Does Rocket Mortgage have a bad reputation?
Rocket Mortgage has a a 3.9 rating out of five stars from Trustpilot. It was ranked second by J.D. Power for customer satisfaction in mortgage origination in 2021.