No USDA loanĬurrently, Rocket Mortgage does not offer this loan type.īefore you apply, do your best to clean up your credit report and score. Also, Rocket Mortgage does not offer a low down payment mortgage without private mortgage insurance (PMI). You might qualify for down payment assistance, but those programs are not administered by Rocket Mortgage. Rocket Mortgage does offer the Home Possible® mortgage to borrowers with low and moderate incomes. If you don't qualify for an FHA or VA loan, you'll probably need to come up with a down payment. If you're interested in accessing a portion of your home equity in the form of cash, the only way to do so through Rocket Mortgage is with a cash-out refinance loan. You can't get a home equity loan or home equity line of credit (HELOC) with Rocket. No home equity loan or home equity line of credit (HELOC) Live humans are available to assist, but you won't be able to talk face to face. You cannot do business in person with Rocket Mortgage. What could be improved No physical branches But Rocket Mortgage services nearly all of the loans it makes. When you pay your bill, you're suddenly dealing with a different company than the one you worked with to get the loan. Many lenders sell their mortgages after the loans close. If interest rates rise, your rate remains locked in at the lower level. The mortgage rate lock has a float-down feature, which means that if interest rates fall, you'll get the lower rate. The interest rate is then locked for up to 90 days. 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. Rocket Mortgage offers RateShield™ Approval, which combines mortgage pre-approval with a rate lock. Rocket Mortgage allows the borrower to set a term of any number of years between eight and 30. Mortgage loan terms don't have to be 15 or 30 years, though those are common. For example, you may need to make a larger down payment or have a higher credit score. Your application may need to be stronger in other areas, though. If your DTI is on the high side (over 44%), you might still qualify for a mortgage. Most lenders consider a DTI under 36% to be excellent. Rocket Mortgage offers loans that allow a debt-to-income ratio, or DTI, of 57% and higher in some cases. Rocket Mortgage also offers several affordable loan programs, including Freddie Mac's Home Possible® mortgage. If you qualify for an FHA or VA loan, you can get a mortgage with a low down payment or no down payment. Rocket's app excellence is corroborated by its consistently high app ratings. You can begin your application via the app, upload documents, and manage payments, among other feature-rich capabilities. Rocket's home-buying app is a standout among mortgage lenders. Whether you will have to sign in the physical presence of a notary will depend on your state's laws and other factors. Rocket Mortgage says that some borrowers can even sign all closing documents remotely. In the Rocket Mortgage app, you can share information automatically by linking your asset accounts. Its home loan process is entirely online, up to closing. Rocket Mortgage was a pioneer in online mortgage application technology. Power's customer satisfaction survey, losing out to Guild Mortgage by only 8 out of 1,000 points. In 2021, Rocket Mortgage came in second place in J.D. 1 mortgage servicer prize for eight years. It held the top position in the mortgage origination survey for 11 consecutive years and grabbed the No. Power customer satisfaction surveys - mortgage origination and mortgage servicing. Rocket Mortgage is on fire when it comes to customer service.
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