Rocket Mortgage is the largest mortgage lender in the United States¹, helping millions of people achieve the dream Rocket Mortgage, formerly known as QuickenLoans, is a pioneer in online home lending. Perhaps it's best known for its quick and easy application process, and for its excellent customer service. Rocket Mortgage is the largest online retail mortgage lender in the U.S. This online lender offers a wealth of educational content on its website to help buyers better understand the mortgage and homebuying processes.
Appraisal and other services from different providers will increase your closing costs, as is the case with any mortgage. Rocket Mortgage offers an option called Overnight Underwrite, a quick and verified approval tool for obtaining a home loan. Rocket Mortgage is one of the top FHA loan lenders, which are lower and more flexible down payment options for first-time homebuyers. On the other hand, Rocket Mortgage offers Rate Shield, a product that allows you to set an interest rate for 90 days before finding a home, which does include a lower price, but it will cost you 1 basis point.
Although the company itself doesn't employ any mortgage brokers, it works with thousands of independent mortgage brokers across the country, many of them with physical branches you can go to for an in-person experience. Like most lenders, Rocket Mortgages offers you the ability to lower your interest rate by purchasing mortgage points in advance. Rocket Mortgage has a verified approval process called Overnight Underwrite, which can approve a mortgage in as little as 2 hours. Rocket Mortgage offers most types of home loans and is one of the largest online mortgage lenders in the country.
While some lenders offer a lower quote, which allows you to lower your locked interest rate if rates fall, Rocket Mortgage doesn't offer this option as a standard feature. There's no strong credit attraction when you're looking for general Rocket Mortgage rates or getting a prequalification, but getting pre-approved or verified requires heavy credit pressure. Rocket Mortgage offers many different types of home loans, including conventional, jumbo and mortgage loans backed by the Federal Housing Administration (FHA) and U. Even if you apply for your loan from a different company, you could end up making your payments to Rocket Mortgage.
Rocket Mortgage's down payment requirements are the same standard requirements for all home loans. In fact, in 1998, Rocket Mortgage (then under the Quicken Loans brand) was one of the first companies to take advantage of the convenience that the Internet could provide to mortgage applicants. We ranked Rocket Mortgage based on the elements that have a significant impact on the cost of the mortgage, the borrower's eligibility requirements, the variety of loan options, and the loan features that can affect the homebuying process.