So you’ll have to call or chat with a representative to get some critical questions answered. The FAQ lists a few types of loans and its requirements, but there isn’t a complete public list of every loan offered. It’s not clear on the Rocket Mortgage site which types of loans it offers or what the minimum credit score requirements are for different mortgages. It has an array of tools to help you figure out how much home you can afford and a number of guides explaining loan types and terms. Rocket Mortgage has an easy-to-navigate site with a straightforward application process, and you can be preapproved in only minutes. The YOURgage has a minimum down payment of 3%, a credit score requirement of 620, and your debt-to-income ratio (DTI) must be 50% or less. It also has a unique loan product called the YOURgage®, which has a flexible repayment term of 8 to 29 years. Rocket Mortgage offers conventional loans with 15-year and 30-years terms. So it’s not the best lender for financing a rehab project, unless a cash-out refinance makes sense for you.
You also won’t be able to obtain any type of renovation loan, home equity loan, or home equity line of credit through Rocket Mortgage. Right now it offers the followings types of mortgages:Ĭurrently, Rocket Mortgage doesn’t offer USDA loans, construction loans, or adjustable-rate mortgages (ARM). Rocket Mortgage has a range of loan options for those who want to purchase a home and for homeowners looking to refinance an existing mortgage. However, it doesn’t offer construction loans, home equity loans, or renovation loans. Rocket Mortgage offers a wide range of both purchase loans and mortgage refinance loans, including government-backed mortgages. The Detroit-headquartered lender is licensed in all 50 states and the District of Columbia. We’ve ranked it as one of the best online mortgage lenders because of its highly rated customer service and simple online application process. It has been the top lender for customer satisfaction for 11 years running, according to J.D. Rocket Mortgage is the online mortgage lending site for Quicken Loans, the largest mortgage lender in the U.S. For more information about our scoring methodology, click here. As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships.
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