Rocket Mortgage is an online lender of mortgages in the United States.
Lenders offer a
wide range of purchase and refinance
includes a flexible-term product called "YOURgage", which allows borrowers to choose their loan terms between
eight and 29 years and cash-out refinancing.
Rocket Mortgage parent Quicken Loans, which Dan Gilbert founded in 1985, is still the chairman.
Online, borrowers can quickly compare rates and learn more about the mortgage process. They can also apply for loans online.
Rocket Mortgage can charge a lender fee, including an origination fee, a rate-lock fee, or other closing costs. These fees can vary depending on the loan type, tax and other factors.
Rocket Mortgage calls a Prequalified Approval, a credit assessment that allows borrowers to be preapproved online immediately.
Good credit is a must for conventional loans. A minimum down payment of 3%) is required.
Rocket Mortgage follows the conforming loan requirements of government-sponsored enterprises (GSEs), Fannie Mae, and Freddie Mac.
Bankrate's editorial staff rates mortgage lenders on a scale from one to five stars. It is based on many factors related to the lender's products or services.