SCORE: 4.6
By Dhara Singh
Rocket Mortgage Assessment 2021 | The Easy Greenback
Overview
Rocket Mortgage is a number one on-line mortgage lender within the U.S., with its guardian, Quicken Loans, the nation’s high mortgage originator in 2020. The lender presents a broad collection of buy and refinance choices, together with a flexible-term product known as “YOURgage,” which permits debtors to set the phrases of their mortgage from eight to 29 years, and cash-out refinancing. Headquartered in Detroit, Quicken Loans was based in 1985 by Dan Gilbert, who right this moment acts as chairman. The lender gained prominence in recent times by adopting expertise that enables debtors to use for loans fully on-line by way of Rocket Mortgage, which Quicken Loans formally adopted as its identify after July 31, 2021.
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Breakdown of Rocket’s evaluate rating
- Affordability: 14.75/15
- Availability: 14/15
- Borrower expertise: 10/10
Execs and cons
Execs
- Low down cost requirement (as little as 3 % down)
- Customer support concerning new loans accessible seven days per week by way of telephone or chat
Cons
- No brick-and-mortar places
- Doesn’t supply USDA loans, dwelling fairness traces of credit score (HELOCs) or dwelling fairness loans
- Restricted details about lender charges accessible on-line
Good for
Debtors trying to simply examine charges, study extra in regards to the mortgage course of and apply for a mortgage, all on-line.
Repute
Quicken Loans has an A+ ranking from the Higher Enterprise Bureau and Rocket Mortgage has a 3.8 ranking out of 5 stars from Trustpilot. Quicken Loans has acquired the best buyer satisfaction rating from J.D. Energy for 11 consecutive years for mortgage origination, and for seven consecutive years for mortgage servicing.
Refinancing with Rocket Mortgage
After creating an account, you possibly can apply for a refinance by way of the Rocket Mortgage web site or app. As of July 2021, Rocket Mortgage’s refinance charges had been barely increased than the nationwide common for 30- and 15-year fixed-rate loans.
Assessment methodology
To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial crew charges lenders on a scale of 1 to 5 stars based mostly on a wide range of components referring to the lender’s services and products. The Easy Greenback’s companions compensate us, however our opinions are our personal, and accomplice relationships don’t affect our critiques. Right here is our full methodology.
Click on right here to view the remainder of Rocket Mortgage shopper critiques.
