Home Equity

What Credit Bureau Does Rocket Mortgage Use

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

Using Rocket Mortgage, you can apply for a home loan from the comfort of your own home and get pre-approved in just a few minutes. Getting a loan and understanding the mortgage application procedure is essential before purchasing a new house. Despite the fact that some loan companies have great reputations and a variety of lending possibilities, not all of them are made equal.

Rocket Mortgage is one of the top mortgage lenders accessible, offering a smooth home financing experience to both first-time and seasoned buyers.

To better understand how Rocket Mortgage works, what sorts of loan packages are available from them, and how they vary from other mortgage lenders, keep reading our Rocket Mortgage review. This will assist you in making an informed choice about whether a Rocket Mortgage loan is the best option for your situation.

A look at Rocket Mortgage’s features

Rapid access to Quicken Loans’ recommended mortgage products is the goal of Rocket Mortgage, an online mortgage service. Quicken Loans, the nation’s largest mortgage provider, debuted its digital mortgage division, Rocket Mortgage, in 2015. Founded in 1985, Quicken Loans is a mortgage lender with decades of expertise in the market.

Rocket Mortgage was the first all-digital mortgage experience, despite the fact that most things nowadays are digital. You may apply for a house loan, get pre-approved, and then lock in your interest rate all from the comfort of your own home. Customers don’t have to speak with anyone during the entire process, making it exceptionally simple and distinctive.

Where can I get a loan from Rocket Mortgage?

If you’re seeking the greatest bargain on a house loan, Rocket Mortgage has a variety of solutions available. Yourgage loans are a common type of conventional loan, whereas FHA and VA loans are guaranteed by the federal government. Jumbo loans and refinancing are also available through Rocket Mortgage. You may refinance through YOURgage, FHA, VA, and jumbo loans, among other programs. In addition to a daily mortgage rate table, Quicken Loans also provides a snapshot of the market’s trends.

Unless you qualify for an incentive from Quicken Loans, every Rocket Mortgage loan includes an origination charge for completing the transaction. Quicken Loans may waive the origination cost if you are eligible for one of their incentives. In addition to your credit score and loan amount, the origination fee amount is determined by a number of other variables. As of this writing, Rocket Mortgage doesn’t provide any USDA loans or home equity lines of credit (HELOCs).

YOURgage loan at Rocket Mortgage

The YOURgage loan has a fixed interest rate and a loan term of eight to 29 years. Fixed-rate mortgages are ideal when you want to lock in a low-interest rate for a certain period of time and have complete control over the loan’s term.

If your down payment is less than 20% of the purchase price, you will be forced to purchase private mortgage insurance (PMI). However, you may qualify for this loan with as little as a 3% down payment. You must have a debt-to-income ratio of no more than 50%, and you must pay the closing expenses, which can range from 2% to 6% of the purchase price of your new property.

Rocket Mortgage offers FHA loans.

A 580 FICO score and a 3.5% down payment are all you need to qualify for an FHA loan, so it’s a wonderful option if you’re short on cash if your credit isn’t stellar. FHA insurance ensures the safety of these loans, making them government-backed.

The upfront mortgage insurance cost, which is normally 1.75 percent of the loan amount, must be paid in addition to your credit score and down payment. You must also pay a closing cost of between 2% and 6% of the purchase price, and your debt-to-income ratio cannot exceed 50%. These loans also need a solid job history.

Rocket Mortgage offers a VA loan.

For military veterans, current service members, and their spouses, VA loans are a wonderful alternative. VA-insured loans are offered in a variety of loan arrangements, including fixed- and adjustable-rate mortgages.

To be eligible, you’ll need a VA eligibility certificate, a FICO score of 620, and a debt-to-income ratio no greater than 60%. In order to avoid paying mortgage insurance or a down payment, you may be required to reimburse a financing charge from the VA.

Jumbo loan at Rocket Mortgage

To get a higher maximum than the standard loan limit, you can employ a jumbo loan. Jumbo loans up to $2 million are available via Rocket Mortgage, which provides conventional loans up to $548,250 (as of July 24, 2021). The interest rates for jumbo loans are often lower than those of conventional loans. Jumbo loans can be utilized for both primary and secondary residences, requiring a 20% down payment.

Loan consolidation with Rocket Mortgage

The following refinancing options are available from Rocket Mortgage if you already own a house and wish to decrease your interest rate or lengthen the term of your loan:

YOURgage refinance at Rocket Mortgage

A typical YOURgage refinancing will include a loan amount of at least $100,000 and a loan period of at least eight to 30 years. A credit score of at least 620 is probably required to get this sort of loan.

Rocket Mortgage offers FHA and VA refinancing.

A credit score of at least 620 is often required for an FHA or VA refinance loan. These loans often have loan amounts between $100,000 and $300,000 with periods of 15, 20, 25, or 30 years.

Rocket Mortgage offers jumbo refinances.

Rocket Mortgage’s jumbo refinancing loans are available in a variety of loan levels, based on where you live and the local lending regulations. To be eligible for this form of refinancing, you normally need a credit score of 700, however, you may need an even higher score to refinance specific types of loans.

What distinguishes Rocket Mortgage from the rest?

Unlike many other mortgage businesses, Rocket Mortgage allows you to complete the entire procedure online and without ever speaking to a human being! You may always get in touch with a local mortgage banker at Rocket Mortgage if you have any questions or concerns at any point in the process. As a result, if you want to buy a house in Colorado, you need to speak with a mortgage banker who is familiar with the state’s real estate marketplace.

In order to get started, you’ll need to complete the online application, which includes information like your name, address, and financial aspirations. This is followed by questions on your finances, such as where you work and how much money you make each year. Finally, you’ll have to provide your date of birth and Social Security number, which will result in a hard credit inquiry. Using the data you’ve supplied, you’ll be able to compare the various loans available to you.

With Rocket Mortgage, you don’t have to worry about manually entering your financial information because it does it all for you. In order for Rocket Mortgage to import essential information about your financial holdings, it needs your permission to link your bank accounts. This is a lot less time-consuming than attempting to gather all of the information on your own.

The Rocket Mortgage app allows you to monitor the progress of your mortgage application. Sign your loan application electronically, send messages to the Rocket Mortgage staff, and see what else is on your mortgage to-do list using the Rocket Mortgage mobile app! You may use the app to keep track of your mortgage payments once you’ve been authorized. Auto-payment and personalized push alerts for your mortgage may both be set up using the app and any loan paperwork can be accessed whenever you need them.

Aside from completing your monthly payments on time, Rocket Mortgage wants to make the process of getting a home loan as straightforward and stress-free as possible.

Customer Feedback on Rocket Mortgage

If your research about a firm helps you avoid making a bad decision that loses you money, it’s definitely worth the effort. Fortunately, it’s simple to get a variety of evaluations and ratings for most businesses on the internet.

Customers have given Rocket Mortgage an average of 3.3 out of 5 stars on Consumer Affairs, while the Better Business Bureau has given them an A+ rating. Rocket Mortgage has five-star ratings from more than half of the reviews on Credit Karma.

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