Rocket Mortgage: 2023 Home Equity Review

Rocket Mortgage is headquartered in Detroit and is the nation’s largest online mortgage broker, with nearly $4 billion in assets under management. Rocket Mortgage was founded in 2015 as part of Quicken Loans, and quickly became a favorite.

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The company is consistently ranked No. 1 in customer satisfaction for mortgage originators in J.D. Power’s top ten customer satisfaction surveys. last year. Except for Texas, Rocket Mortgage offers a home loan options to homeowners across the country.

Rocket Mortgage: At a glance

APR

N/A

Loan money

$45,000 to $350,000

Small score points

680

Repayment conditions

10 years or 20 years

Standard time for approval

N/A

Rocket Mortgage home equity loans are best suited for homeowners who need a low down payment and are looking to get their money back in full. Its home loans are also a good option for high income people credit score, because the maximum amount of home equity you are eligible to borrow depends on your credit score. The higher your score, the more money you can borrow. If, for example, your score is 680 or higher, you should put 25% equity in your home, but if your score is more than 700, you should only put 15% in your house.

Things we like

  • Second home loans: Not all lenders offer home loans rest house or savings bankbut Rocket Mortgage does, if they are family properties.
  • General availability: It’s available to homeowners everywhere, except Texas.
  • high customer satisfaction: Rocket Mortgage repeatedly receives high ratings from customers who report positive experiences when applying for loans with the online mortgage company.

Things we don’t like

  • Maximum loan amount: The minimum loan amount of $45,000 is high, although it depends on what you are using the money for. If your project is small, like renovating a bathroom, it may not be appropriate to take out a large loan.
  • Home equity line of credit, or HELOC, options: Rocket Mortgage only offers fixed rates home loan your money is given as a savings account. Homeowners who may not need the full amount right away will end up paying expensive interest on a fund they don’t really need, in addition to the full cost of the loan.
  • Credit scores determine loan amounts: If you no good credit, you cannot borrow from all the money you have built into your home, no matter how much you have paid. Even if you have 30% of the money in your home, for example, if your score is less than 700, Rocket Mortgage will not allow you to borrow all 30%, less the number of loans available to you.

Home loan system

In addition to a home loan, Rocket Mortgage also offers mortgages and refinancing.

Payment

Rocket Mortgage does not disclose the fees charged to take out a home loan.

How to qualify

You need to have 15% to 25% equity built up in your home to qualify for a Rocket Mortgage home equity loan. The specific percentage you need depends on how high the score is. Only borrowers with a credit score of 760 or higher are eligible to borrow up to 90% of their home’s value, for example. Homeowners must also have a debt-to-income ratio of no more than 45% to be approved.

If you have made more than one late mortgage payment in the past 12 months, you will not be considered for approval for a Rocket Mortgage home equity loan. Property in Texas is also not eligible.

Getting started

You can apply online or over the phone for a home loan at Rocket Mortgage. Your approval is based on the lender’s review of your income, assets, debts and property value. A home equity loan is a second mortgage on your home, so be prepared to show proof of sufficient income and employment through documents such as tax returns. returns and fixed charges. You’ll also need copies of current mortgage statements to show that you’ve been making regular payments and aren’t a hindrance to your loan.

Customer service

You can reach customer service at 888-452-8179 to speak with a loan expert Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), Saturday from 9 a.m. to 8 p.m. ET (6 a.m. to 5 p.m. PT) and Sunday 9 a.m. to 7 p.m. ET (6 a.m. to at 4pm PT). An online chat is also available Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT ) and Saturday and Sunday from 8 a.m. to midnight ET (5 a.m. to 9 p.m. PT).

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