Likewise, Rocket Mortgage’s mortgage rates are also slightly higher than average. Compared to other lenders, Rocket Mortgage charges higher origination fees on average. At Rocket Mortgage, the overall rates and fees are set by Quicken Loans. When it comes to finding a lender, one of the most important factors is the loan’s cost. The lender does not offer any United States Department of Agriculture ( USDA) loans for low-income buyers.Rocket Mortgage does not provide home equity lines of credit or home equity loans.The lender does not offer a lot of details about its lender fees.If you need in-person assistance, you cannot go to a brick-and-mortar location. Rocket Mortgage is an online lender, so there are no physical storefronts.You can access fixed-rate (FRM), VA, adjustable-rate (ARM), flexible-term, jumbo and FHA loans.Your down payment can be as low as 3 percent. The lender only requires a low down payment.Rocket Mortgage offers excellent customer service online or via phone.You can enjoy having a float-down rate lock.Fortunately, the loan company generally makes up for these drawbacks in other ways. Likewise, it does not have products like home equity lines of credit. While online and phone customer service are always available, Rocket Mortgage does not have any brick-and-mortar storefronts that you can go to. Like any loan company, there are some benefits and drawbacks to working with Rocket Mortgage. Plus, many clients love the company’s customer service. While Rocket Mortgage generally has higher interest rates than its competitors, the mortgage application process is extremely convenient. People like going to Quicken Loans and Rocket Mortgage because of their online application process.
In addition, they are known for being the second-biggest lenders for VA and FHA loans. Currently, Quicken Loans and Rocket Mortgage are the top mortgage loan originators in the country. Like its parent company, it provides online mortgages. Originally, Rocket Mortgage was created in 2015 by Quicken Loans. If you want a reverse mortgage, you will have to go to One Reverse Mortgage, which is affiliated with Quicken Loans. Unfortunately, home equity lines of credit and home equity loans are not available through Rocket Mortgage. Other than conventional loans and mortgages, you can also refinance your current home. You can also get government-backed mortgages like a United States Federal Housing Administration (FHA) loan or a United States Veterans Affairs (VA) loan. Like many traditional lenders, you can find conventional loans with fixed and adjustable rates.
The actual loan types are determined by Quicken Loans. Once you submit your application, underwriters will quickly work to approve your loan. Rocket Mortgage is known for providing an online platform for loan shopping.
To get a more thorough Rocket Mortgage review, read on. The entire process can easily be completed online through the help of Rocket Mortgage’s top-notch customer service team. When you apply for a loan with Rocket Mortgage, you can select loan terms ranging from 8 to 30 years. Run by Quicken Loans, Rocket Mortgage is one of the best online mortgage lenders.
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