Rocket Mortgage Reviews
About Rocket Mortgage
Rocket Mortgage is a brand new approach to securing a mortgage loan provided by Quicken Loans, which allows people to completely secure a mortgage entirely online including through the use of a mobile application.
How Does It Work?
According to their website, the goal of Rocket Mortgage is to “put the power in your hands” when it comes to either getting an initial mortgage approval or a refinance of your existing mortgage
Customers will be able to submit bank statements and pay stubs without requiring paper copies of anything, and Rocket Mortgage will pull your credit score at no financial cost to you.
While there are many other mortgage calculators online that can show people what to expect when applying for a mortgage loan, the reality is that many of these calculators take the numbers and information you supply and make assumptions when providing an estimate of what to expect. But that is not what Rocket Mortgage does.
This mobile application allows their customers to submit their real information directly to their Quicken Loans database where it will be assessed the same way an underwriter would. When rates are provided for their customers, they are not estimates, they are real mortgage loan offers.
Using this website to receive a mortgage quote is completely free, but certainly the cost of accepting a real estate loan depends on many different factors. The first and most obvious is the amount of you plan to borrow, combined with the length of time you take to pay it back, and the interest rate that is being applied.
In addition, borrowers will want to pay close attention to agreements that will apply additional fees or charges during the term of your loan for actions like late payments, loan extensions, and more.
Loans do not have Refund Policies, but they may have periods during which they can canceled and the borrowed money can be returned without any payment of interest or penalties. Customers should speak directly to the lender or check to see whether this information is included in the terms of the loans that are provided to you.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 800-251-9080 or through the Quicken Loan’s Live Chat feature whenever it is available.
Rocket Mortgage is actually getting fairly positive reviews at this time, with a lot of people being excited about the kind of transparency this online process is bringing to the loan industry.
There have been some criticisms of this system, with some people saying that while the mortgage loan process can be long and drawn out, condensing the process into ten minutes is not necessarily the answer, especially since many of the other aspects of securing a mortgage can’t be sped up. This means that while your mortgage offer is ready in ten minutes, securing your actual mortgage can still take a week or more.
However, since Rocket Mortgage customers are always welcome to take advantage of the Quicken Loans team for any help and assistance they may need.
Competitors and Alternatives?
If you have experience with this company or their products, please leave your Rocket Mortgage reviews below.
3 ‘Rocket Mortgage’ Reviews
They really haven't "revolutionized" anything. Al they've done is build a database of all of your public financial records, so that they can pre-populate some of the material that is typically required in a mortgage application. Then the "magic" happens. In my one and only experience, the first quote was ridiculous. They were telling me I needed PMI, even though it was a conventional loan with 20% down. So someone started on-line chatting with me, and said "let me see what I can do". Then he came back with at least a realistic quote. Nevertheless, the rates were ~1/4 point higher than others, and the fees were completely out of line. When I told him that, his response was, "well we're the biggest lender in the country, so we must be doing something right." Then he started up with "whats it going to take to get you to sign today? No thanks. good-bye.
Absolute disaster. Same experience as above. Contrary to their advertising, they actually take significantly LONGER than other mortgage companies to get the job done. The mortgage process for us has dragged on and on despite us having provided every single thing agent asked us for (some things twice) weeks ago. Chose this company because of obviously false advertising claims about the speed of obtaining the mortgage. Inept handling of information, empty promises, repeated stalling tactics. Can't reach our agent on multiple occasions, sometimes for several days on end. Absolutely unacceptable level of customer service.
I refinanced a loan back in 2014 (?) everything went smooth, took a bit to long to go to closing but I was happy with the service. I think now Quicken Loans has gotten to big for themselves. I went thru Rocket Mortgage to start a new loan process to get a new house. Jay was helpful and available to answer all questions. And he was there for us in the end when our closing agent couldn't be reached. They have compartmentalized so much that you don't know who is working on your loan. I dealt with 6 different people during my loan process to get a new home. No one knowing how to answer questions because "its not their department". In the end they lost my trust and cost me more money because someone failed to finish the job before leaving for the day. My closing date had to be changed, messing up the moving date, everything had to be stored for three days, pets had to be boarded and we had to find a place to stay. The whole thing was a nightmare and 4 month later they have done nothing to compensate for our added expenses.