Rocket Mortgage FAQs
About Rocket Mortgage
What is Rocket Mortgage?
Rocket Mortgage® is an online mortgage experience developed by Quicken Loans®, America’s largest mortgage lender.
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, you can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
Why should I use Rocket Mortgage?
Rocket Mortgage® lets you work at your own pace, while providing award-winning customer service and expert advice when you need it. It's available 24 hours a day, 7 days a week. That 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 want a fast, convenient way to get a mortgage, you should give Rocket Mortgage® a try.
Are Rocket Mortgage and Quicken Loans the same company?
Rocket Mortgage® is an online mortgage experience developed by Quicken Loans®. When you use Rocket Mortgage® to get a mortgage, Quicken Loans® processes the loan. They determine if you qualify and make sure the loan meets required guidelines.
How accurate is my Rocket Mortgage solution?
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.
Is Rocket Mortgage safe to use?
Where can I sign in to Rocket Mortgage?
How do I make a payment?
Things may look a little different since we updated the look and feel of our website, but the process for making a payment is the same. Here are your options:
Online. Sign in to your account – or create one if you haven’t already – and visit Make A Payment.
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.
Nothing changed if you have autopay or automatic withdrawal set up. You can still edit, cancel or change payments from the Payment Center.
Mail. You can mail your payment to the following address:
P.O. Box 6577
Carol Stream, IL 60197-6577
Where is Rocket Mortgage available?
You can use Rocket Mortgage® to get a loan in all 50 states. At this time, you can’t use Rocket Mortgage® to get a loan in Puerto Rico or anywhere outside the U.S.
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.
Will using Rocket Mortgage affect my credit?
Your Rocket Mortgage® application may have a minor effect on your credit score, lowering it by 3 to 5 points or fewer. Checking your credit is a necessary step for getting a mortgage. It allows us to show you real mortgage solutions and interest rates – and get you approved.
How does Rocket Mortgage do appraisals?
After you apply with Rocket Mortgage® and get approved, Quicken Loans® will order an appraisal on your behalf, if it’s required for your loan.
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.
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
Will I have to talk to anyone if I apply online?
In most cases, Rocket Mortgage® allows you to apply online without talking to anyone. However, 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 if I'd rather talk to someone about my mortgage options?
Our Home Loan Experts are available to answer your mortgage questions. Visit our Talk To Us page to get in touch.
What credit score do I need to get approved?
You can get approved with a credit score as low as 580, as long as you meet our other eligibility criteria.
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. For that reason, we still encourage you to qualify even if you think your score is slightly below 580.
Who Can Use Rocket Mortgage
Who is Rocket Mortgage for?
Rocket Mortgage® is for financially-savvy folks who have good credit, are ready to buy a home or refinance within the next few months, and want the most convenient way to do it.
If you’re buying a home, we recommend using Rocket Mortgage® if you
- Are just starting your home search.
- Have a home in mind and want to make an offer.
- Already have a signed purchase agreement.
Rocket Mortgage® might not be right for you if you’re 6 months or more away from buying a home. If you’re just trying to find out what you can afford, we recommend using our Affordability Calculator.
If you’re thinking about refinancing and are just looking for rates or payment estimates, check out our Refinance Calculator.
Can I use Rocket Mortgage if I have bad credit?
Rocket Mortgage® is best for people who have a credit score of 580 or above.
Can I use Rocket Mortgage if I need a cosigner?
If you think you’ll need a cosigner to get a mortgage, we recommend calling or chatting with a Home Loan Expert.
Can I use Rocket Mortgage if I'm self-employed?
You can start your application with Rocket Mortgage® if you’re self-employed, but you won’t be able to do everything online. We’ll connect you with a Home Loan Expert along the way since we’ll have a few extra questions for you.
Buying A Home With Rocket Mortgage
Can Rocket Mortgage tell me how much home I can afford?
Yes! If you’re ready to get approved to buy a home, Rocket Mortgage® is a great way to understand exactly how much you can afford. Because Rocket Mortgage® considers your credit score and financial information in determining how much you can afford, it’ll give you more accurate numbers than a calculator would.
How much money do I need to buy a home with Rocket Mortgage?
How much you need depends on the type of loan and the purchase price of the home. In general, you’ll want to have at least 3% of the home’s purchase price for a down payment. You’ll also want to have between 2% and 5% of the purchase price for closing costs – even for no-down-payment loans, such as VA loans.
Can I use Rocket Mortgage to get a preapproval letter?
Rocket Mortgage® gives you a Prequalified Approval Letter, which is like a preapproval letter. It shows you and your real estate agent how much you can afford so you can make offers with confidence.
Once you’ve got your approval, you can make it even stronger by contacting a Home Loan Expert for a Verified ApprovalSM. With a Verified ApprovalSM, we verify your income, assets and credit before you shop for a home. It’s the next best thing to a cash offer, and it’s only available from Quicken Loans®.
Can I use Rocket Mortgage if I already have a purchase agreement?
Yes! Once you’ve filled out your online application, one of our Home Loan Experts will give you a call so we can speed up your mortgage process.
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 apply, you may see mortgage recommendations for conventional loans, FHA loans, VA loans or jumbo loans.
Can I get a construction loan with Rocket Mortgage?
You can’t use Rocket Mortgage® to get a construction loan (i.e., a loan used to build a new home). However, you can use Rocket Mortgage® to get a loan for a newly built house.
Can I use Rocket Mortgage to buy a mobile or manufactured home?
No. Quicken Loans® doesn’t currently finance mortgages for mobile or manufactured homes. For personal loans up to $35,000, check out our sister company, Rocket Loans®.
Can I use Rocket Mortgage to buy a condo?
Yes! You can apply to buy a condo with Rocket Mortgage®. However, since buying a condo can be a bit more complicated than buying another property type, we’ll need to connect you with a Home Loan Expert along the way.
Can I use Rocket Mortgage to buy a second home or investment property?
Yes! You can use Rocket Mortgage® to buy a second home or investment property.
Refinancing With Rocket Mortgage
How much cash do I need to close with Rocket Mortgage?
You don’t need to pay out of pocket to close your refinance loan with Rocket Mortgage®. We’ll automatically roll all your closing costs into your loan to make refinancing more affordable.
What kind of refinance loans can I get with Rocket Mortgage?
When you refinance with Rocket Mortgage®, you can get a loan to take cash out, lower your payment, shorten your term, or even do a combination of those depending on your numbers.
Rocket Mortgage® recommends loans you may be eligible for based on the information you provide. When you use Rocket Mortgage® to apply, you may see mortgage recommendations for conventional loans, FHA loans (including FHA Streamlines), VA loans (including Interest Rate Reduction Refinance loans) and jumbo loans.
Can I get a home equity line of credit (HELOC) with Rocket Mortgage?
No. Quicken Loans® doesn’t currently offer HELOCs, so they’re not available through Rocket Mortgage®. 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.
Can I use Rocket Mortgage to refinance a mobile or manufactured home?
No. Quicken Loans doesn’t currently finance mortgages for mobile or manufactured homes. For personal loans up to $35,000, check out our sister company, Rocket Loans®.
Can I use Rocket Mortgage to refinance a condo?
Yes! You can use Rocket Mortgage® to refinance a condo. However, since refinancing a condo can be a bit more complicated than refinancing another property type, we’ll need to connect you with a Home Loan Expert along the way.
Can I use Rocket Mortgage to refinance a second home or investment property?
Yes! You can use Rocket Mortgage® to refinance a second home or investment property.
Rate And Cost Information
Are Rocket Mortgage rates competitive?
Rocket Mortgage® rates are the most competitive rates offered by Quicken Loans®. You’ll get our best rates by starting your application online.
What does it cost to get a loan from Rocket Mortgage?
There are a lot of factors that go into determining how much your loan costs. 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 the money.
The best way to figure out the cost of the loan is to apply and get a Loan Estimate. The Loan Estimate is a standard, government-required document that breaks down all the costs of your loan.
Is Rocket Mortgage free to use?
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.
Where can I find a Rocket Mortgage location near me?
The company behind Rocket Mortgage® is Quicken Loans®, 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.