SCORE: 4.6
By Dhara Singh
Rocket Mortgage Evaluation 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 high mortgage originator in 2020. The lender presents 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 the moment 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 identify after July 31, 2021.
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Breakdown of Rocket’s evaluation 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 relating to new loans obtainable seven days per week through telephone or chat
Cons
- No brick-and-mortar areas
- Doesn’t provide USDA loans, house fairness traces of credit score (HELOCs) or house 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.
Repute
Quicken Loans has an A+ score from the Higher Enterprise Bureau and Rocket Mortgage has a 3.8 score 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 may 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.
Evaluation methodology
To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial workforce charges lenders on a scale of 1 to 5 stars primarily based on a wide range of elements referring to the lender’s services and products. The Easy Greenback’s companions compensate us, however our opinions are our personal, and companion relationships don’t affect our opinions. Right here is our full methodology.
Click on right here to view the remainder of Rocket Mortgage shopper opinions.
