Quicken Loans mortgage review: Simple online process

A smiling couple at their kitchen table use a laptop to look into a mortgage from Quicken Loans.Image: A smiling couple at their kitchen table use a laptop to look into a mortgage from Quicken Loans.
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Rocket Mortgage (formerly Quicken Loans) at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loans: Yes
  • Adjustable rates: Yes (7/6 ARM, 10/6 ARM)
  • Fixed rates: Yes (8 to 30 years)

Quicken Loans, which changed its name to Rocket Mortgage in 2021, offers a variety of home loans in all 50 states and the District of Columbia. It has a simple online mortgage process and good transparency about mortgage rates and eligibility requirements.


  • Online mortgage process
  • Flexible fixed-rate terms
  • Transparent about rates and requirements


  • Doesn’t offer home equity lines of credit (HELOCs)
  • Doesn’t offer USDA loans

4 things to know about Rocket Mortgage (formerly Quicken Loans) home loans

1. Rocket Mortgage offers a true digital application experience

In many cases, you can go through the entire mortgage process online without needing to speak with someone or meet in person. That’s a big bonus if you prefer an online application.

The lender notes that it may need to call you while it works on finalizing your loan, though — and if you need help during the loan process, Rocket Mortgage provides both phone and chat support.

2. Fixed-rate mortgage terms are flexible

Like many other lenders, Rocket Mortgage offers standard 15- and 30-year fixed-rate mortgage home loans. But if you want more flexibility for your budget, its custom YOURgage program allows you to pick a term anywhere between eight and 29 years.

That feature is worth a look if you want to customize your loan term and monthly payment.

Check out our online mortgage calculator to get some ideas about what scenario might work best for you.

3. Rates and requirements are transparent

Not all mortgage lenders list their interest rates on their websites, but Rocket Mortgage does. That makes it easier for you to compare your options when shopping for a loan.

Additionally, Rocket Mortgage provides general requirements for each kind of loan on its website — listing preferred credit scores, debt-to-income ratios and other criteria. Disclosing these details removes some of the guesswork for prospective homebuyers.

4. Multiple home loan options available

Rocket Mortgage offers several types of home loans, including fixed- and adjustable-rate conventional loans, FHA loans, VA loans, jumbo loans and mortgage refinancing. The company also offers mortgages for a second home or investment properties.

But the lender doesn’t offer HELOCs or USDA loans. Rocket Mortgage also doesn’t offer home loans for manufactured or mobile homes.

Who is a Rocket Mortgage loan good for?

You might consider Rocket Mortgage if you want a fully digital mortgage experience. If you’re a first-time homebuyer or feel overwhelmed by the process, you’ll still have the option to speak with someone for guidance or get your questions answered.

The lender can also be a good fit for homebuyers who want a customized loan through YOURgage. The program’s flexibility can help you get a mortgage payment tailored to your budget.

How to apply for a Rocket Mortgage home loan

Rocket Mortgage has a list of requirements on its website for the various home loans it offers. Among the requirements for a 30-year fixed mortgage, for example, you’ll need a down payment of at least 3%, a minimum credit score of 620 and a debt-to-income ratio of no more than 50%.

Requirements for other loans vary. You can complete the simple application process online or via the lender’s mobile app.

If you qualify for preapproval, Rocket Mortgage will typically run a hard credit inquiry and  provide conditional approval, rates and loan options. Before you get started, have the following information handy:

  • A separate email address for each person who will be on the loan
  • Your online banking username and password, or details about how much money is in each account you want Rocket Mortgage to consider for your approval
  • Your income and employer information
  • Your Social Security number

Not sure if Rocket Mortgage (previously Quicken Loans) is right for you? Consider these alternatives.

If you want to compare rates with several lenders or your application is denied, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

  • Better Mortgage: This lender also offers an online mortgage experience but doesn’t charge lender fees, keeping your upfront costs low.
  • Movement Mortgage: If you prefer in-person service, this lender has hundreds of physical locations nationwide.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.