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Rocket Mortgage Assessment 2021 – The Easy Greenback


SCORE: 4.6

By Dhara Singh

Rocket Mortgage Assessment 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 mother or father, Quicken Loans, the nation’s high mortgage originator in 2020. The lender presents a broad choice 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 present acts as chairman. The lender gained prominence in recent times by adopting expertise that permits debtors to use for loans utterly on-line by way of 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

Execs and cons

 Execs
  • Low down fee requirement (as little as 3 % down)
  • Customer support concerning new loans obtainable seven days per week through cellphone or chat
 Cons
  • No brick-and-mortar places
  • Doesn’t provide USDA loans, house fairness strains of credit score (HELOCs) or house fairness loans
  • Restricted details about lender charges obtainable on-line

Good for 

Debtors seeking to simply evaluate charges, be taught extra in regards to the mortgage course of and apply for a mortgage, all on-line.

Fame

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 possibly can apply for a refinance by way of the Rocket Mortgage web site or app. As of July 2021, Rocket Mortgage’s refinance charges have been barely larger than the nationwide common for 30- and 15-year fixed-rate loans.

Assessment methodology 

To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial workforce charges lenders on a scale of 1 to 5 stars based mostly on a wide range of components referring to the lender’s services and products. The Easy Greenback’s companions compensate us, however our opinions are our personal, and companion relationships don’t affect our critiques. Right here is our full methodology.

Click on right here to view the remainder of Rocket Mortgage shopper critiques.

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