Rocket Mortgage - Reviewed & Compared
Summary
One thing the internet has done is speed up all kinds of commerce. You can search millions of products in an instant, and buy them without ever leaving your house. And true to its name, Rocket Mortgage fits right into this. But is faster better? Let's find out.
Company Overview
It's impossible to talk about Rocket Mortgage without talking about Quicken Loans. Because they are generally one of the same – if you think of Quicken Loans as the main branch, then Rocket Mortgage is almost like an "app" (in fact, they have an app for it). They were launched in 2015.
Essentially, if you want a mortgage fast, then Rocket Mortgage is your ticket. They promote speed and simplicity, and are targeting the generation that clicks to do everything, and wants immediate results. In fact, they advertise that you can get an approved mortgage in as little as eight minutes. That's really, really fast.
This speed is backed by a long-standing, respected company, so even though the process is quick, consumers can feel good that they aren't dealing with amateurs, but a parent company that has won seven consecutive JD Power and Associates awards.
Again, I hate to keep referencing Quicken Loans, but it's inevitable.
MORE: Calculate your monthly mortgage payment
What Rocket Mortgage Does Best
They get you a mortgage with a minimal amount of clicks, and, assuming your credit is solid and other basic financials are in order, can have you approved in a matter of minutes.
That's really their biggest asset. They are looking to take the mystery out of mortgage shopping, and distilling it down to a few clicks. And really, when many major banks and lending institutions are with a few points of each other, maybe that's not such a bad thing.
Their website (which is part of the Quicken Loans site) is simple and straightforward, and looks to drive you through the process with a simple question and answer interface. Very simple, and very fast. Plus, they have an app for that!
MORE: Calculate your monthly mortgage payment
Any Negatives?
Well… yea. What's the rush? Do we really need a mortgage in mere minutes? For many people, this is a lifetime decision, and I can't help but feel the Rocket Mortgage website is a little too simple… like in a "c'mon, c'mon, forget the small details, let's get you approved" sense.
The supporting information is a little sparse too. Try as I might, it's hard to get information like rates or mortgage types from the Rocket Mortgage arm of the Quicken Loans website. Now, I can just click over to the Quicken Loans site if I want rates and information, but it's a little hard to tell where Rocket Mortgage ends and Quicken Loans begins. Besides, I'm reviewing Rocket Mortgage in this review.
All that said, for the consumer who is looking for a no-nonsense approach and knows exactly what they want and what rate they deserve, Rocket Mortgage could save them a lot of time.
What Others Are Saying
We can only go by Quicken Loans' accolades here. That said, they are significant – seven straight years of the JD Power and Associates award for customer service, and an A+ rating with the Better Business Bureau. We have to assume that Rocket Mortgage is included in these, but it would probably be a little better if they had their own awards attached to their name. Perhaps in the future, they will have had more time to garner separate accolades (remember, the Rocket Mortgage arm was launched in 2015, so it does take time to carve their own identity – and we are very comfortable with the Quicken Loans backing.)
Our Final Verdict: 9.1/10
Rocket Mortgage is Quicken Loans' answer for the consumer who prefers quick online interaction to get things done. And being backed by one of the biggest names in the mortgage and refinancing industry, anyone should feel good about using them. However, consumers who want to pour a pot of coffee and go over a myriad of options while taking their time should probably choose a different lender (or just bounce over to the Quicken Loans part of the website.)
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