SCORE: 4.6
By Dhara Singh
Rocket Mortgage Evaluate 2021 | The Easy Greenback
Overview
Rocket Mortgage is a number one on-line mortgage lender within the U.S., with its father or mother, Quicken Loans, the nation’s prime mortgage originator in 2020. The lender affords a broad number 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 at present acts as chairman. The lender gained prominence in recent times by adopting know-how that enables debtors to use for loans utterly on-line by way of 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
Professionals and cons
Professionals
- Low down cost requirement (as little as 3 % down)
- Customer support concerning new loans obtainable seven days every week through cellphone or chat
Cons
- No brick-and-mortar areas
- Doesn’t supply USDA loans, dwelling fairness traces of credit score (HELOCs) or dwelling fairness loans
- Restricted details about lender charges obtainable on-line
Good for
Debtors seeking to simply examine charges, study extra in regards to the mortgage course of and apply for a mortgage, all on-line.
Status
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 very 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 greater than the nationwide common for 30- and 15-year fixed-rate loans.
Evaluate methodology
To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial staff charges lenders on a scale of 1 to 5 stars primarily based on a wide range of elements referring to the lender’s services. The Easy Greenback’s companions compensate us, however our opinions are our personal, and accomplice relationships don’t affect our evaluations. Right here is our full methodology.
Click on right here to view the remainder of Rocket Mortgage client evaluations.