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Rocket Mortgage Overview 2021 – The Easy Greenback


SCORE: 4.6

By Dhara Singh

Rocket Mortgage Overview 2021 | The Easy Greenback

SimpleScore

4.6 / 5.0

SimpleScore Rocket Mortgage 4.6

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 gives a broad collection of buy and refinance choices, together with a flexible-term product referred to 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 this time acts as chairman. The lender gained prominence lately by adopting expertise that permits debtors to use for loans utterly on-line by Rocket Mortgage, which Quicken Loans formally adopted as its title after July 31, 2021.

Breakdown of Rocket’s overview 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 relating to new loans out there seven days every week by way of telephone or chat
 Cons
  • No brick-and-mortar areas
  • Doesn’t provide USDA loans, dwelling fairness traces of credit score (HELOCs) or dwelling fairness loans
  • Restricted details about lender charges out there on-line

Good for 

Debtors trying to simply examine charges, be taught 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 obtained 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’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 had been barely larger 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 group charges lenders on a scale of 1 to 5 stars based mostly on a wide range of elements regarding the lender’s services and products. The Easy Greenback’s companions compensate us, however our opinions are our personal, and associate 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.

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