SCORE: 4.6
By Dhara Singh
Rocket Mortgage Overview 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 prime mortgage originator in 2020. The lender presents a broad choice 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 immediately acts as chairman. The lender gained prominence in recent times by adopting know-how that permits debtors to use for loans fully on-line by Rocket Mortgage, which Quicken Loans formally adopted as its title after July 31, 2021.
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Breakdown of Rocket’s assessment 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 through telephone or chat
Cons
- No brick-and-mortar areas
- Doesn’t provide USDA loans, house fairness strains of credit score (HELOCs) or house fairness loans
- Restricted details about lender charges accessible on-line
Good for
Debtors seeking to simply examine charges, be taught extra concerning the mortgage course of and apply for a mortgage, all on-line.
Fame
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 obtained 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’ll be able to apply for a refinance by the Rocket Mortgage web site or app. As of July 2021, Rocket Mortgage’s refinance charges have been barely greater than the nationwide common for 30- and 15-year fixed-rate loans.
Overview 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 primarily based 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 client critiques.
