![]() ![]() While some lenders may try to entice borrowers with the promise of low interest rates, Rocket Mortgage stresses the importance of finding the right loan terms to suit every situation. In general, Rocket presents a commitment to a strong customer experience. Rather than using traditional mortgage processes that may be slower to respond to customer needs, Rocket focuses on digital workflows to manage every stage of the loan journey, from application to closing. Although Rocket Mortgage employs many knowledgeable and experienced loan officers, those staff members do not operate out of local branch offices. Most notably, the lender has completely removed local loan officers from the mortgage process. Rocket Mortgage positions itself as a cutting-edge company shaking up a mortgage industry that’s set in its ways. Somewhat misleading mortgage rate calculator.Responsive online chat staffed by live agents.Convenient mortgage management via mobile app.Loan terms: 15 or 30 years on fixed-rate loans 7 or 10 years on ARMs. ![]() Loan types: Fixed rate, ARM, VA, FHA, jumbo.Prequalification process: Online, phone.Application process: Online, phone, app.Eligibility requirements are similarly in line with industry standards, and borrowers with stable finances should be able to qualify for a variety of loan options. Although rates and fees will vary depending on the borrower’s specific financial situation, Rocket’s rates are comparable to industry averages and should be competitive with many other lenders. The company’s user-friendly online workflows stand out in an industry that’s still catching up to the digital revolution. Our Verdict: Rocket Mortgage offers a relatively quick and streamlined process to obtain financing for a home purchase or to refinance an existing home loan. Does Rocket Mortgage strike the right balance between convenience and effectiveness, giving borrowers a more user-friendly journey through the mortgage process without sacrificing the strong quality control standards that this industry demands? Our Rocket Mortgage review takes a closer look at what this lender has to offer and if it makes sense for people looking to take out a home loan or refinance to work with Rocket. The company’s dedication to online processes may make it a welcome addition to the mortgage industry for prospective home buyers who would rather manage their loan online than sit down and talk to a loan officer face to face. From its inception, the lender’s singular focus has been to provide borrowers with an easier way to apply for and secure financing to purchase a home or change the terms of their existing mortgage with the help of digital solutions. That’s not the case with Rocket Mortgage, though. Case in point: the almost glacial speed with which some lenders have embraced digital platforms over the past decade-plus. The mortgage industry can be a bit old-fashioned at times, slow to adjust to broader trends. ![]()
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