What is the downside to rocket mortgage?

Asked by: Fae O'Conner  |  Last update: February 9, 2022
Score: 4.6/5 (52 votes)

You won't receive the personal customer service you find at a bank branch. Closing costs with Rocket Mortgage can be between 3% and 6% of your loan amount. You can't apply for Home Equity Lines of Credit via this lender. You need to have above a 620 credit score to apply for its traditional mortgage products.

Is Rocket Mortgage safe to use?

You can apply online or using your phone and choose a Quicken Loans mortgage solution that meets your needs. It's also among the best mortgage lenders for the self-employed. The Rocket Mortgage® platform is absolutely safe to use.

What's the catch with Rocket Mortgage?

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

Is Rocket Mortgage a good deal?

Rocket Mortgage has an A+ rating from the Better Business Bureau and a 3.9 rating out of five stars from Trustpilot. It was ranked second by J.D. Power for customer satisfaction in mortgage origination in 2021.

Is Quicken Loans a predatory lender?

Quicken Loans is a predatory lender. It's impossible to read the numerous lawsuits against the mortgage company and conclude otherwise. ... The owner of Quicken Loans, though, is Dan Gilbert, also owner of the Cleveland Cavaliers and a man whose vanity is exceeded only by his pettiness.

My Honest Review On Quicken Loans Mortgage - Pros And Cons Rocket Mortgage Review

32 related questions found

How long has Rocket Mortgage been in business?

We introduced Rocket Mortgage in 2015 – a digital platform we built from the ground up, creating the very first online mortgage process. By 2017, we became the nation's largest residential mortgage lender, surpassing 30,000 other lenders.

Is Quicken Loans affiliated with Intuit?

Intuit purchased the Quicken Loans business in December 1999.

What is the difference between Quicken Loans and rocket mortgages?

Along the way, Rocket became a word that defined what Quicken Loans did best. That's why on July 31, 2021, Quicken Loans changed its name to Rocket Mortgage. Rocket Mortgage inspired sister companies like Rocket Homes® and Rocket Loans® to do the same and revolutionize the way people find homes and get personal loans.

How do mortgage brokers rip you off?

In some cases, lenders accept your application and then charge you fees even if you cannot qualify for the mortgage. This is a way lenders rip off unsuspecting borrowers. Not only is your mortgage application declined but you may also lose hundreds of dollars in unnecessary fees.

How fast can you close with Rocket Mortgage?

You can refinance your mortgage loan to take advantage of lower interest rates, change your term, consolidate debt or take cash out of your equity. Though there is no exact time limit on how long a refinance can take, most refinances close within 30 to 45 days of your application.

Is Rocket loans a good company?

Rocket Loans receives 4.8 stars on TrustPilot based on over 3,000 reviews. It also boasts positive ratings on the Better Business Bureau (BBB) website, and the company has a 4.89-star customer rating and an A+ BBB rating.

Is Rocket Mortgage a direct lender?

Rocket Mortgage® is an online lender. Because we're online, we don't have offices that are open to the public.

Will a Rocket Mortgage call my employer?

We always have to be able to independently verify the number and then talk to an employer. We also have to verify the employment without any involvement from the client. We can't call your work number, for example, and have you hand the phone to your boss.

How do I cancel my Rocket Mortgage account?

After backing up, click on Tools on the top menu bar, then choose Account List (or hold down Ctrl+A on your keyboard). Select the account you want to delete and click Edit. In the Account Details window, click Delete Account. To delete the account, you must type YES in the Delete Account window, and then click OK.

Can I cancel a Rocket Mortgage application?

If you do not fully cooperate in or complete the application process (including submitting all required documentation in a timely manner), choose to withdraw your application, or choose not to close the transaction for any reason, you may be required to pay for some or all of Rocket Mortgage third party costs.

Why you shouldn't use a mortgage broker?

Working with a mortgage broker can save you time and fees. Cons to consider include that a broker's interests may not be aligned with your own, you may not get the best deal, and they may not guarantee estimates. Take the time to contact lenders directly to find out first hand what mortgages may be available to you.

Can you get scammed by mortgage broker?

Mortgage fraud is typically carried out for profit or for housing. Mortgage scams for profit: Those who attempt mortgage fraud for financial gain are typically lenders, brokers and other entities that make false claims in order to obtain monetary compensation or equity from lenders and homeowners.

Is it better to get a mortgage from a bank or mortgage broker?

A mortgage broker can offer a wider array of options and streamline the mortgage process, but working directly with a bank gives you more control and costs less. Whether it's better to work with a mortgage broker or get a home loan directly from a bank depends on your financial situation and your preferences.

Can you get denied after pre approval?

So, for the question “Can a loan be denied after pre-approval?” Yes, it can. Borrowers still need to submit a formal mortgage application with the mortgage lender that pre-approved your loan or a different one.

Does Rocket Mortgage report to credit bureaus?

Your lender doesn't report to the credit bureaus.

Although most major banks and financial institutions do report, some (generally smaller lenders) do not.

Who is the largest mortgage lender?

This statistic shows the leading residential mortgage lenders in the United States in 2020, by value of loans. In 2020, Quicken Loans was the largest mortgage provider in the United States with over 313.4 billion U.S. dollars in mortgage lending.

What company owns Quicken?

Intuit has sold Quicken to H.I.G. Capital. H.I.G. Capital according to Wikipedia has $19 billion of equity capital under management.

Does Dan Gilbert own Rocket Mortgage?

Gilbert owns several sports franchises, including the American Hockey League's Cleveland Monsters, and the NBA G League's Cleveland Charge. ... He operates the Rocket Mortgage FieldHouse in Cleveland, Ohio, home to the Cavaliers and Monsters.