It’s important to note that Rocket is a mortgage lender rather than a mortgage broker, meaning that borrowers will receive a loan directly from the company. It also refinances existing home loans so borrowers can change their loan terms, possibly lowering their monthly payments and interest rates in the process. Rocket Mortgage is a lender specializing in home loans, offering different types of financing to help people afford to buy a new home. Photo: / Jeff Keleher About Rocket Mortgage For instance, a 90-day rate-lock option could help borrowers avoid rate hikes during the approval process. The company has also rolled out new offerings to respond to shifting mortgage industry trends. 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.

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