Rocket Mortgage 2021 Review | The Ascent by Motley Fool

Top perks

No. 1 in customer satisfaction

Quicken Loans, the home of Rocket Mortgage, is on fire when it comes to customer service. It ranks No.1 in two J.D. Power customer satisfaction surveys — mortgage origination and mortgage servicing. It has held the top position in the mortgage origination survey for 11 consecutive years and grabbed the No. 1 mortgage servicer prize for the last seven. Quicken Loans is extremely proud of these respected rankings. They illustrate how much customers like the application process, as well as the treatment they receive after they get a mortgage.

Online application process

Rocket Mortgage was a pioneer in online mortgage application technology. Its home loan process is entirely online, up to closing. In the Rocket Mortgage app, you can share information automatically by linking your asset accounts. The closing documents still need to be signed in ink, but you can plan to do that at the location and time of your choosing.

Mobile app

Rocket’s home buying app is a standout among mortgage lenders. You can begin your application via the app, upload documents, and manage payments, among other feature-rich capabilities. Rocket’s app excellence is corroborated by its consistently high app ratings.

  • iOS app rating: 4.9/5 stars
  • Android app rating: 4.8/5 stars
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Low down payment options

If you qualify for an FHA or VA loan, you can get a mortgage with a low down payment or no down payment. Rocket Mortgage also offers several affordable loan programs, including Freddie Mac’s Home Possible mortgage.

High allowable DTI

Rocket Mortgage offers loans that allow a debt-to-income ratio, or DTI, of up to 50%. Most lenders consider a DTI under 36% to be excellent. If your DTI is on the high side (44-50%), you might still qualify for a mortgage. Your application may need to be stronger in other areas, though. For example, you may need to make a larger down payment or have a higher credit score.

Customizable loan term

Mortgage loan terms don’t have to be 15 or 30 years, though those are the most common. Rocket Mortgage allows the borrower to set a term of any number of years between eight and 30.

90-day rate lock

Rocket Mortgage offers RateShield™ Approval, which combines mortgage pre-approval with a rate lock. On a 30-year conventional, FHA, or VA fixed-rate purchase loan, applicants are pre-approved once the information has been verified by an underwriter. The interest rate is then locked for up to 90 days. The mortgage rate lock has a float-down feature, which means that if interest rates fall, you’ll get the lower rate. If interest rates rise, your rate remains locked in at the lower level.

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Lender and servicer in one

Many lenders sell their mortgages after the loans close. When you pay your bill, you’re suddenly dealing with a different company than the one you worked with to get the loan. But Quicken Loans, which is under the same company umbrella, services 99% of Rocket Mortgage loans.

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