![]() (Though it’s important to note: Rocket’s loan advisors are available by phone until midnight EST most days.) The lender also doesn’t offer USDA loans, and its closing costs were on the higher end of the range for lenders we analyzed. For one, Rocket is fully online, so you can’t get in-person help should you need it. (To be fair, a lot of companies now offer these services-at least, to some degree, but Rocket led the way.) You can even apply for your loan and message customer service via the company’s handy mobile app.Ĭaveats: There are drawbacks to using Rocket Mortgage-despite it being our top-ranked lender. Rocket’s average closing time-just 21 days for refinances and 34 for purchase loans-is also on the low end of those we analyzed.įinally, we can’t talk about Rocket without nodding to its robust digital platform, which allows borrowers to apply online, customize their loan options and in many cases, sign their closing documents digitally. You can choose the typical 30-year term or go for shorter-term options-as low as eight years for fixed-rate loans. The lender boasts a range of loan programs, and terms are flexible, too. ![]() (Unfortunately, both of these expire on March 30.) This offered to cover a portion of a borrower’s future refinance costs if interest rates drop in the next few years. Its Rate Advantage program was noteworthy, too. The company also recently had an Inflation Buster mortgage, in which Rocket footed the bill for a one-year mortgage rate buy-down to help offset the costs of higher inflation. With the Purchase Plus program, for example, qualifying first-time buyers can get up to $7,500 toward their down payment and another $500 to cover their appraisal. Though many companies offer incentives to buyers with smaller incomes or little in savings, Rocket has some of the most notable. The company also has a slew of cost-assistance programs. That’s nearly double the next-biggest lender.Īccording to our analysis of Home Mortgage Disclosure Act data for 2021, Rocket logged the second-lowest average interest rates for the year, behind only Freedom Mortgage. ![]() The company-formerly Quicken Loans and the first major online mortgage lender in the industry-originated more than 1.2 million loans in 2021. ![]() It’s one of the biggest names in mortgage, and from our analysis-which saw the company rise to the top in rates, service and loan offerings-we see why. Why we picked it: Rocket Mortgage is no hidden gem. Interest rates: Second-lowest average rate of lenders analyzed.Credit score minimum: 580 (FHA, VA), 620 (conventional), 680 (jumbo).States served: 50 states and Washington, D.C.Loan options: Conventional, FHA, VA, jumbo, home equity. ![]()
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