Rocket Mortgage is an online mortgage lender with a large offering of purchase and refinance home loans.
Why We Like It
We picked Rocket Mortgage for its flexible borrowing options. For example, the lender’s YOURgage home loan allows borrowers to choose between a loan term of eight to 29 years. The company also offers One+ By Rocket Mortgage, a low-down-payment loan. With this option, borrowers only need to put down 1% and Rocket Mortgage will cover an additional 2%.
What We Don’t Like
According to our research, Rocket Mortgage interest rates tend to run higher than the national average. In addition, it can take 30 to 45 days to close a purchase loan.
Who It’s Best For
Rocket Mortgage is best for borrowers who want flexible loan terms and a fully digital mortgage experience.
How to apply
Borrowers can apply online or through Rocket Mortgage’s app. The lender can preapprove loans within eight minutes.
Phone support is available for in-process and closed loans by calling (800) 603-1955; available hours are Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. For new loans, call (888) 452-8179; available hours are Monday through Friday from 7 a.m. to midnight ET, Saturday from 9 a.m. to 8 p.m. ET and Sunday from 9 a.m. to 7 p.m. PT.
Chat support is available seven days a week. You reach chat support Monday through Friday from 7 a.m. to midnight ET and Saturday and Sunday from 8 a.m. to midnight ET.
Speed
As of February 2025, the average time to close a conventional purchase loan with Rocket Mortgage is 30 to 45 days.
Eligibility
- Minimum credit score of 580 for FHA and VA loans, 620 for conventional mortgages and 680 for jumbo loans
- Minimum down payment of 0% for VA loans, 3% for some conventional loans and 3.5% for FHA loans
- Alternative credit data, such as rent and utility payments, is accepted
Loan types
Rocket Mortgage offers fixed- and adjustable-rate conventional mortgages, as well as jumbo, FHA and VA loans. It also offers its own fixed-rate conventional loan, YOURgage, with customizable terms. The lender offers home equity loans, but it doesn’t offer USDA loans or HELOCs.
