Best Mortgage Products
Based on In-Depth Reviews

Best Online Experience

Screenshot Rocketmortgage.com, May 2021.

How to apply

The application process is simple, with questions leading consumers through each step. While a completely online experience may seem scary to some people, as though it may not offer enough support, Rocket does a good job of providing assistance, giving users the ability to chat in real time with a loan specialist.

The application process as we tested it is straightforward. It asks bite-sized questions about your loan needs and goals, personal assets, credit score, and other pertinent loan information in nine short sections. If you have all the answers at hand, the process takes less than five minutes. Keep in mind that the more accurate you are with the information you input, the more precisely the final loan package will be tailored to your needs.

Fees

Rocket Mortgage’s average origination fees are about 0.50% of the loan amount. Government-backed FHA and VA loans fees are slightly higher, but don’t go over 1% of the loan. These fees exclude any discount points you may want to purchase to lower your interest rate. Speaking of rates, it’s impossible to see prevailing rates on the Rocket website, as consumers can only access these after creating an account and entering some information. 

Screenshot Rocketmortgage.com, May 2021.

Customer Experience

As is typical in the mortgage industry, customer sentiment about Rocket is mixed. Positive feedback emphasized the efficient process and good customer support, while negative comments cited an impersonal touch, which is not surprising due to the company’s large size and the very nature of its online experience. Rocket Mortgage does offer an online Learning Center that has very comprehensive resources consumers can use to learn about the mortgage process. Purchasing a home is difficult, and we think it’s a plus when companies address this need.