Rocket Mortgage creates a personalized home buying experience for each client. For instance, its adjustable rate mortgage is great because it has a lower starting interest rate that might fluctuate later in the term. It requires a credit score of 620 and a debt-to-income ratio of 50% or less.

At a Glance: Rocket Mortgages

  • Rocket

    • 30-Year Fixed-Rate Mortgage: 3% 15-Year Fixed-Rate Mortgage: 3% FHA Loan: 3.5% Adjustable Rate Mortgage: Not specified Jumbo Loan: Not specified VA Loan: None Minimum Down Payment
    • 30-Year Fixed-Rate Mortgage, 15-Year Fixed-Rate Mortgage, FHA Loan, Adjustable Rate Mortgage, Jumbo Loan, VA LoanLoan Products Offered
    • Available in all U.S. statesStates of Operation
    • YesOnline Application


Rocket Mortgage Loan Types, Details and Requirements

MoneyGeek's Rocket Mortgage loan review can help you assess the lender's mortgage products, application processes and any rates or fees you may encounter.

Mortgage Types Offered

Rocket Mortgage provides a variety of mortgage options, including:

  • 30-Year Fixed-Rate Mortgage
  • 15-Year Fixed-Rate Mortgage
  • FHA Loan
  • Adjustable Rate Mortgage
  • Jumbo Loan
  • VA Loan

A customizable fixed-rate conventional loan with a term ranging from eight to 29 years is also available, in addition to the standard 15- or 30-year mortgage. However, home equity loans and home equity lines of credit, also known as HELOCs, are not available with Rocket Mortgage.

Mortgage Rates

Interest rates are charged by most lenders, although some impose higher rates than others. As of this writing, MoneyGeek’s Rocket Mortgage loan review found that rates range from 5.25% to 5.87%.

Your rate will vary depending on your credit score and other factors. Rates can also change at any time. You may get customized rates and a mortgage recommendation through Rocket Mortgage’s website.

Additional Fees

Rocket Mortgage may charge an origination fee, a rate-lock fee and other closing costs, which vary depending on the loan type, taxes and other factors.

The origination fee charged by Rocket Mortgage can range from 0.5% to 1% of the loan amount before prepaid interest points. It is used to cover costs such as loan processing and underwriting. Meanwhile, with some limits, Rocket Mortgage will lock your rate for 15, 45, 60 or 90 days.

Minimum Borrowing Requirements

Good credit, which means a FICO score of 620 or above, and a minimum down payment of 3% are required for Rocket Mortgage conventional loans. Borrowers must also maintain a debt-to-income ratio (DTI) of less than 50%. This Rocket Mortgage loan review by MoneyGeek discusses how the minimum borrowing requirements vary based on the product.

30-Year Fixed-Rate Mortgage

For 30-year fixed loans, Rocket Mortgage requires a minimum credit score of 620 and a down payment of at least 3%. Your interest rate is locked in for the duration of the loan, so you don't have to be concerned about rising rates.

15-Year Fixed-Rate Mortgage

For 15-year fixed loans, Rocket Mortgage requires a minimum credit score of 620 and a down payment of at least 3%. Since your interest rate is set, you won't have to worry about your mortgage payment altering if interest rates rise, with the exception of any changes in taxes and insurance.

FHA Loan

For FHA loans, Rocket Mortgage requires a credit score of at least 580 and a down payment of at least 3.5% of the new home's purchase price. You have the option of a 15- or 30-year term, as well as a fixed or variable interest rate.

Adjustable Rate Mortgage

For ARM loans, Rocket Mortgage requires a credit score of 620 or higher. Most ARMs have a lower introductory interest rate that remains constant throughout the fixed-rate period. During the fixed-rate period, lower introductory rates usually equal lower monthly payments.

Jumbo Loan

A higher credit score may be required if you want a larger loan, a shorter loan term or an adjustable interest rate. A Jumbo Smart loan can be used to fund a principal residence, a second residence or an investment property.

VA Loan

You do not need perfect credit to secure a VA loan. It has a 580 credit score threshold. To prove to lenders that you're a qualifying service member or surviving spouse, you will need a COE. A VA loan allows you to buy a new home with no money down in most circumstances.

Rocket Mortgage Application Requirements

When Rocket Mortgage evaluates a loan application, they look for a few factors. While each person's approval procedure is distinct, there are some fundamental rules to follow. Ideally, your monthly costs should not exceed 45% of your monthly income.

MoneyGeek’s Rocket Mortgage loan review outlines more of the following information that you need to prepare on hand to start your application:


Email address

Including separate email addresses for each person that will be on the loan.


Bank accounts

Details about your finances and any relevant assets that ought to be considered for your approval (e.g., checking and savings accounts, retirement accounts, stocks and bonds).


Your income and employer information


Your Social Security number

Rocket Mortgage also needs to track your assets when you buy or refinance a home. Having two years of employment history with confirmation of current, solid income is also preferred. In certain cases, a credit score of 580 will suffice. But, in most cases, a credit score of 620 is required.

Is Rocket Right for You?

Since a mortgage is a significant investment, it's vital to weigh all of your options before choosing a lender. To assist you, MoneyGeek's Rocket Mortgage loan review examines homebuyer profiles.

Who Rocket Is Perfect for

For a totally digital home loan journey with outstanding customer service, Rocket Mortgage is excellent. Rocket Mortgage provides a simple application process and an easy-to-navigate website. Plus, you can get preapproved in minutes.

Rocket Mortgage is perfect for those who do not want any hassle, as it features a number of tools to assist you in determining how much property you can afford. It also offers articles that explain loan types and terms. It also provides nonstandard term lengths to assist you in matching mortgage payments to your budget.

Who Should Not Choose Rocket

Borrowers who do not meet typical credit or income restrictions are left with fewer options from Rocket Mortgage. For people who do not match these criteria, Rocket Mortgage may not be the best option.

Rocket Mortgage may not be the greatest option for consumers building credit because obtaining a tailored rate from this lender necessitates a hard credit inquiry, which can negatively impact your credit history.

How to Apply for a Rocket Mortgage Loan

MoneyGeek's Rocket Mortgage loan review gives you an idea of what to expect if you apply with this lender.



Borrowers can get preapproved online instantly with a prequalified approval, which only looks at your credit, or request a verified approval, which includes a look at your income and assets.


Fill Out Application Form

You will be asked for details on the loan and property in issue, as well as your credit and financial status after you have created an account. This step can be completed using the Rocket Mortgage app, which allows you to e-sign the application.


Wait for Pre-Approval

Once you have accomplished the application process with Rocket Mortgage, you will have to wait for approval from the lender. Rocket Mortgage may need to contact you after you submit your application in order to finalize your loan. The lender will provide crucial information regarding your appraisal, closing and more via phone calls and emails.


Review Loan Agreement

Before you sign a loan with Rocket Mortgage, make sure you understand the terms. By examining your loan agreement and selecting what you want to modify, you may protect yourself and ensure compliance with your lender.


Sign Loan Agreement

You can sign your Rocket Mortgage loan agreement when you read and understand all of the information in your loan agreement. If you have not done so already, go over the contract again or seek help to better understand the terms.


Receive or Direct Funds

At this point, you will have to wait until you receive the funds from Rocket Mortgage.


Make Payments

You have two options, including online or mail payments. Sign in to your account online and go to the Payment Center and you may either make a one-time payment or set up autopay from there.

You can also send your payment to the following address:

Rocket Mortgage P.O. Box 6577 Carol Stream, IL 60197-6577

What to Do if You Are Rejected by Rocket

A low credit score, insufficient income or a lack of credit history, among other things, could prevent you from getting a Rocket Mortgage loan. If this happens to you, you should find out why your mortgage application was turned down and what you can do about it.

MoneyGeek recommends you get further information from the bank, a financial advisor or a loan officer if you have been denied a loan. It is also a good idea to investigate other options that may be available so you can examine a variety of lenders and loan offers to get the best option for you.

Frequently Asked Questions About Mortgages From Rocket

This Rocket Mortgage loan review can help you decide if it is the right choice for you. MoneyGeek covers some of the most frequently asked questions about the lender to help you make a well-informed decision.