Rocket Mortgage FAQs
About Rocket Mortgage
What is Rocket Mortgage?
Rocket Mortgage® is an online mortgage experience and America’s largest mortgage lender1.
Rocket Mortgage® isn’t a calculator; it’s a way to get a mortgage. Just tell us about yourself, your home and your finances, and we’ll give you real interest rates and numbers – not just our best guess.
Then, Rocket Mortgage® will guide you through the mortgage process, from getting approved to closing to managing your payments. That expert guidance is a big reason why we’ve won so many awards for customer satisfaction.
Why should I use Rocket Mortgage?
Rocket Mortgage® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it’s there when you need a fast approval to buy a house or a way to lock your rate when rates drop.
If you’re buying a home, here’s when we recommend using Rocket Mortgage®:
- You’re just starting your home search.
- You have a home in mind and want to make an offer.
- You already have a signed purchase agreement.
If you’re refinancing, here’s when you can use Rocket Mortgage®:
- You need to get cash out of your home.
- You want to lower your monthly payment.
- You’re interested in shortening your loan term.
If you’re just trying to find out what you can afford, we recommend using our Home Affordability Tool.
If you’re thinking about refinancing and are just looking for payment estimates, check out our Refinance Calculator.
Where is Rocket Mortgage available?
You can use Rocket Mortgage® to get a loan in all 50 states and the District of Columbia. At this time, you can’t use Rocket Mortgage® to get a loan in Puerto Rico or anywhere outside the U.S.
Rocket Mortgage® is an online lender. Because we’re online, we don’t have offices that are open to the public. That doesn’t mean there aren’t real people waiting to help you, though! Check out our Talk To Us page to find out how to get in touch.
How safe is Rocket Mortgage to use?
How competitive are Rocket Mortgage rates?
You’ll get our best rates by starting your application online. You can see today’s rates and learn how rates are trending on our Mortgage Rates page.
Going with the lowest rate might seem smart, given how much interest you pay over the life of a mortgage. But there are times when choosing the lowest rate might not make the most sense.
What’s more important than just the lowest interest rate is getting the right mortgage for your situation – and a lender who helps you do that.
How accurate are the numbers I get from Rocket Mortgage?
When you apply with Rocket Mortgage®, we give you real numbers – not estimates.
Of course, your numbers can (and likely will) change slightly between the time you apply and the time your loan closes. For example, we may need to change your loan amount after you find a home or after we get the appraisal report.
How do I reach Rocket Mortgage’s customer service?
Our Home Loan Experts are available to answer your mortgage questions. Visit our Talk To Us page to get in touch.
How Rocket Mortgage Works
How does Rocket Mortgage work?
Rocket Mortgage® was designed to walk you through the entire mortgage process from application to closing. Our online application asks you a series of questions to evaluate your eligibility for a home loan. Then, we use the information you gave us, and information from your credit report, to provide you with mortgage recommendations and see if we can approve you.
Once you're approved, Rocket Mortgage® will provide all the tools you need to get your mortgage to closing. You can use it to communicate with us, send information and documents, and see your loan info and closing details.
After closing, if Rocket Mortgage® services your loan, here’s how you can use Rocket Mortgage®:
- Make payments.
- See past transactions.
- Review mortgage documents.
- Enroll in paperless statements.
- Access your tax and insurance information.
- See escrow changes.
Who can use Rocket Mortgage?
Rocket Mortgage® is best for people who have a credit score of 580 or above and are ready to buy a home or refinance within the next few months. Check your credit score through our sister company, Rocket Homes®.
If you already have a signed purchase agreement, apply online to get started. Afterwards, one of our Home Loan Experts will give you a call so we can speed up your mortgage process.
If you’re self-employed, you can start your application with Rocket Mortgage®, but you won’t be able to do everything online. We’ll connect you with a Home Loan Expert along the way.
What kind of loans can I get with Rocket Mortgage?
Rocket Mortgage® recommends loans you may be eligible for based on the information you provide.
When you use Rocket Mortgage® to buy a home, you may see mortgage recommendations for:
- Conventional loans
- FHA loans (including FHA Streamlines)
- VA loans (including Interest Rate Reduction Refinance loans)
- Jumbo loans
You can’t use Rocket Mortgage® to get a construction loan (i.e., a loan used to build a new home) or a home equity line of credit (HELOC). But you can use Rocket Mortgage® to get a cash-out refinance, which gives you money you can put toward the same things as a HELOC, like paying down debt.
What kind of homes can I use Rocket Mortgage to get a loan for?
Most people use Rocket Mortgage® to buy or refinance:
We don’t provide mortgages for manufactured or mobile homes. We encourage you to see if you can get approved for a single-family home.
We do provide mortgages for other less common property types. If you want to buy or refinance something not mentioned above, reach out to a Home Loan Expert.
Will I have to talk to anyone if I apply online?
There may be some situations in which you’ll need to chat with a Home Loan Expert, either online or by phone, to answer some questions.
Once your application is complete, we may need to call you while we’re working on finalizing your loan. We’ll use phone calls and emails to communicate important information about your appraisal, your closing and more.
What are the requirements for getting a loan with Rocket Mortgage?
We look for certain things when we evaluate a loan application. While the approval process is unique to each person, here are some general guidelines.
Ideally, your monthly expenses shouldn’t be more than 45% of what you earn each month. For a better understanding, read Debt-To-Income Ratio (DTI): What Is It And How Is It Calculated?
There are certain circumstances in which a credit score of 580 is enough, but typically you need a credit score of 620. Check your credit score through our sister company, Rocket Homes®. Our free Fresh Start program can help you boost your credit – just call (800) 769-6133.
Whether you’re purchasing or refinancing, you’ll typically need an appraisal. We work with an independent, third-party appraisal management company to order the appraisal for you.
What do I need to apply?
To start applying with Rocket Mortgage®, we recommend you have the following information on hand:
- A separate email address for each person that will be on the loan
- Your online banking username and password, or details about how much money is in each account you want us to consider for your approval (e.g., checking and savings accounts, retirement accounts, stocks and other assets)
- Your income and employer information
- Your Social Security number
How can I use Rocket Mortgage to get a preapproval letter?
Rocket Mortgage® gives you a Prequalified Approval Letter, which is an initial review of the basic financial information you shared. Similar to a preapproval letter, this provides an estimate of how much home you can afford, but does not verify your financial details or credit history.
After you get a Prequalified Approval Letter, the next step is to maximize your buying power with a Verified Approval Letter. We verify your income, assets and credit up front, which can help your offer stand out.
What does it cost to get a loan with Rocket Mortgage?
Applying with Rocket Mortgage® is free! There’s no cost to see your mortgage recommendations or get approved. However, if you decide to move forward with your loan, there are costs involved – just like with any other lender.
Things like the size and type of the loan, your credit score and interest rates all play a role in determining how much you’ll pay to borrow money.
Each lender might explain costs and fees a little differently. That makes it hard to know which lender is offering best deal. It’s better to base your mortgage decision on a variety of factors – such as loan type and lender reputation – rather than just on fees.
Read Mortgage Origination Fee: The Inside Scoop to learn more.
What can I expect my closing costs to be?
If you want to estimate how much you’ll need to bring to the closing table, it depends on whether you’re buying or refinancing.
If you’re buying a home, plan to have at least 3% of the purchase price for a down payment and between 3% and 6% of the purchase price for closing costs. Check out our closing cost estimator to see what that could look like for you.
If you’re refinancing with Rocket Mortgage, you might not need to pay out of pocket to close your loan. In many cases, we may automatically roll all your closing costs into your loan to make refinancing more affordable.
To learn more, read Closing Costs: What Are They, And How Much Will You Pay?
What credit score do I need to get approved?
Keep in mind that the score we use might be slightly different from the one you get from your credit card company or other source. We use a FICO® Score, but educational sources might use a different credit scoring model, such as a VantageScore.
We still encourage you to apply even if you think your score is slightly below 580. Our free Fresh Start program can help you boost your credit – just call (800) 769-6133.
How will applying with Rocket Mortgage affect my credit?
Your Rocket Mortgage® application may have a minor effect on your credit score, lowering it by just a few points. Checking your credit is a necessary step for getting a mortgage. It allows us to show you real mortgage options and interest rates – and get you approved.
You have a 45-day window in which multiple credit checks from mortgage lenders are recorded only once on your credit report. This is so you can shop around for a mortgage without your credit taking a big hit.
How does Rocket Mortgage do appraisals?
After you apply with Rocket Mortgage® and get approved, Rocket Mortgage will order an appraisal on your behalf, if it’s required for your loan.
By law, appraisers must be an independent third party not affiliated with you or your mortgage company. We don't have any say in the appraiser that's selected and don't own any appraisal companies.
The appraisal you’ll get with Rocket Mortgage® is just like the appraisal you’d get when you apply with any other lender. A third-party appraiser will visit the home you’re buying or refinancing to assess the property. From there, they’ll compare your property against similar, recently sold homes in the area to come up with an opinion of value.
Does Rocket Mortgage service its own loans?
We service almost all our loans except for jumbo loans. For many clients, that means after you close your loan with us, you can keep using Rocket Mortgage® to manage it.
Signing In To Rocket Mortgage
Where can I sign in to Rocket Mortgage?
What’s a Rocket Account and why do I need one?
Rocket Account powers your experience with Rocket Mortgage®.
Here are some ways that Rocket Account makes for a better, more seamless experience:
- Gain access to our entire suite of tools across our sister companies.
- Fill out forms seamlessly with your prepopulated information.
- Get timely recommendations like if now is a good time to refinance or if a personal loan is right for you.
- Access your loan information and documents securely with bank-level encryption.
What if I don’t remember my Rocket Account username?
It’s really easy to get help with that. Just visit the Forgot Username page and follow the instructions.
How do I reset my password?
If you know you have a Rocket Account, but you can’t remember your password, we can help. Go to the Forgot Password page and enter your username. We’ll send you an email so you can reset your password.
How do I create a Rocket Account?
Managing Your Mortgage
Where can I get information about COVID-19 and my mortgage?
How do I make a payment?
Here are your options:
Online. Sign in to your account and go to the Payment Center. From there, you can make a one-time payment or set up autopay.
If your account isn’t eligible for online payments, please call an Account Advisor at (800) 508-0944, option 4, Monday – Friday, 8:30 a.m. – 9:00 p.m. ET, or Saturday, 9:00 a.m. – 4:00 p.m. ET.
Mail. You can mail your payment to the following address:
P.O. Box 6577
Carol Stream, IL 60197-6577
How do I opt in to Rocket Mortgage text messages?
To receive text messages from Rocket Mortgage®, text ROCKET to 26293.