Rocket Mortgage underwriting guidelines aren’t too different from other mainstream lenders. This company says it can complete the preapproval process in just 24 hours. Rocket’s underwriters will verify your personal finances by checking your pay stubs, recent bank statements, and credit score. You’ll need to provide some financial information, including your social security number, income, assets, and debts, along with supporting documents to verify these numbers. Rocket’s preapproval process happens entirely online. Preapprovals can also confirm your price range by showing how much you could borrow. Your journey with Rocket Mortgage - or any other lender - should begin with a mortgage preapproval.Ī preapproval letter shows real estate agents and home sellers that you’re serious about buying a new home and have financing in place to make an offer. But you always have the option to talk to a real-live home loan expert over the phone. In fact, if you really don’t want to talk to another person, you can opt to communicate via its Talk to Us page. It provides a secure environment where you can communicate with loan officers, upload documents, monitor your loan information, and access your closing documents all online.
Rocket Mortgage offers rich online and mobile functionality. So if those things appeal to you, Rocket Mortgage just might make your shortlist. You might find lower interest rates elsewhere, but it may be challenging to find such an easy-to-use online mortgage application or higher customer satisfaction ratings. These borrowers will be directed to FHA loans that require a minimum down payment of 3.5 percent. Having said that, the website does say this lender will entertain applications from those with scores as low as 580. But the whole idea is that the system itself is so well designed that it will gently lead you through the entire loan process experience.Īnd it helps if you’re a “safe” borrower - meaning Rocket tends to prefer homeowners with a decent credit score and a reasonable debt-to-income ratio (DTI). The lender promises “expert advice when you need it” from its home loan experts. Of course, we’d only recommend Rocket to those who are comfortable using its online application processes. So, is this all-digital lender really worth it? Its satisfaction scores suggest that current customers don’t have much to complain about. Rocket Mortgage describes itself this way: “If you don’t have the patience for banks and want a fast, convenient way to see your mortgage options, you should give Rocket Mortgage a try.” This can offer additional peace of mind when house-hunting in a rising-rate environment. But if rates rise, their rate won’t increase. If rates fall during that time, the borrower can drop their rate once. Rocket’s RateShield allows home buyers to lock their preapproved interest rate for up to 90 days while they shop for a home.
One benefit of working with Rocket Mortgage is that it offers 90-day rate lock protection through its RateShield program. Then compare the interest rates, closing costs, and other fees you’re offered to see which lender can give you the best deal. Instead, pick three to five lenders you’re interested in and get rate quotes from each one. That means you shouldn’t take average rates (or advertised rates) at face value. Your own rate depends on factors like your credit score, down payment, loan type, and home price. Remember that interest rates vary a lot by customer. Average 30-year mortgage rates at major lendersĪverage rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA). In 2021 - the most recent data available - Rocket Mortgage rates were slightly lower, on average, than the interest rates of some top competitors. Is Rocket Mortgage the best lender for you?.Mortgage loan products at Rocket Mortgage.Rocket Mortgage customer service reviews.
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