Just be careful here: Financing your closing costs will mean a higher loan balance and, ultimately, that equates to more interest paid over the life of the loan. The biggest benefit of refinancing with Rocket Mortgage is that your closing costs can be rolled into the loan balance, making your refinance significantly more affordable upfront. Rocket Mortgage does not offer home equity lines of credit (HELOCs). The company offers a variety of refinance programs, including FHA streamlines and VA Interest Rate Reduction Refinance Loans (IRRRLs). You can choose to refinance to lower your payment or rate, take cash out of your home, shorten your loan term, or a combination of any of these in some cases. Mobile and manufactured homes are ineligible. Rocket Mortgage also offers refinancing on primary homes, second homes, investment properties, and condos. You’re not refinancing a mobile or manufactured home.You want to lower your payment, take cash out, or shorten your loan term.You want your closing costs rolled into your new loan balance.If you’re considering Rocket Mortgage for your home purchase, here’s what you should know:
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Learn More: How to Get a Mortgage Pre-Approval
Once you’re closer to purchasing, you can apply for a mortgage pre-approval with Rocket (or another lender of your choice). If you’re six months or more from buying a home, consider using a mortgage calculator to help gauge your price range before you begin shopping for one. Ultimately, Rocket Mortgage says it’s best if you’re close to purchasing a home before you use its service. One of the biggest perks of Rocket Mortgage is that its online application and pre-approvals are up and running 24-7, so you can apply, gauge your mortgage options, and lock in your rate on your own schedule. They also require a credit score of at least 580 to qualify.
You can buy a primary home, second home, condo, or investment property through their online process, but not a mobile home or manufactured home. Rocket Mortgage offers all types of mortgage loans, including FHA, conventional, VA, and jumbo mortgages. You’re not buying a mobile or manufactured home.You want a self-service, fully digital mortgage process.Rocket Mortgage is one of our vetted partner lenders, and you can use Credible to compare prequalified rates from Quicken Loans and other lenders in just a few minutes.īut before you decide if Rocket Mortgage is right for you, here’s what you should know: Borrowers can choose to connect with a Rocket Mortgage representative via phone if desired, but it’s not necessary, and the entire loan process can be completed online for most borrowers. Rocket Mortgage offers a totally online-based application. Though Rocket Mortgage borrowers apply for their loan through the company’s digital platform, Quicken Loans actually processes the loan. Rocket Mortgage is an online mortgage lender owned by Quicken Loans, the nation’s highest-rated mortgage servicer for six years running, according to J.D.
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