How does Rocket Mortgage work?

The Rocket Mortgage experience involves taking it to step by step, carefully, from one step to the next. It’s relaxed. As informal as taking out a six-figure loan.

Additionally, however, the lender tries to anticipate user questions and have answers available.

“A lot of people use Rocket Mortgage to explore options, whether it’s refinancing or buying a home,” said Regis Hadiaris, product manager at Rocket Mortgage. “There is a certain amount of information that people want to know the answers to before they tell us. You need some really good tools to answer these questions if you are going to try and do it yourself.”

Rocket Mortgage Products

Rocket Mortgage has the typical line of credit for non-banks. Traditional loans and state-guaranteed mortgages such as the FHA, VA, and USDA can be purchased or refinanced and at fixed or adjustable interest rates. Basically, it offers everything except home loans and home loan lines.

Most non-depository lenders don’t offer home loans or lines of credit because they don’t have bank deposit capital to fund them. Non-bank lenders sell loans to investors like crown corporations Fannie Mae and Freddie Mac who do not buy home loans.

While Rocket does not offer reverse mortgages, an affiliate, One Reverse Mortgage, does.

Rocket Mortgage Refinancing

The Quicken Loans Rocket Mortgage is the nation’s largest lender by volume, under the Mortgage Disclosure Act of 2018. With these low mortgage rates, home loan refinancing has remained popular in recent years, and Rocket Mortgage certainly has its fair share.


Rocket Mortgage’s intuitive refinancing process may be one reason. Choosing Home Refinance on the Home screen will take you to a three-tab decision tree that lists your options: withdraw money, reduce payment, and shorten your loan term.

Once you’ve decided on your goal and made a selection, the application process is tailored to your refinancing needs. At this point, you need to create an account to get started.

The Rocket Mortgage Process

It all starts by clicking or pressing one of the big “Refinance” or “Buy Home” buttons. Provides the usual credentials.

In the fundraising channel, you select a target, for example, B. “Reduce your monthly payment” and start with the essential details.

When you enter your home address, Rocket provides publicly available information for entering property information.

You can adjust your credit options using a drop-down menu. You can change the term, the amounts due at closing, or your interest rate. “

Asset information such as investments and bank accounts can be downloaded directly from 98% of US financial institutions. Income and employment information can also be imported for about 60% of American workers.

Rocket Mortgage Customer Service

In the rest of the application process, Rocket Mortgage customer service comes into play in both the real person and the virtual variant. First of all, the Rocket app offers helpful tips and information throughout the app. If you click on the question mark symbols during the entire application process, the relevant answers from the FAQ will be displayed. In the videos, the elements are explained further. If you are blocked, you can connect directly to a mortgage banker by pressing the “Talk to us” button.

Missile mortgage pre-approval

A few more steps and in a few minutes you will be in the “Show solutions” phase. Here, Rocket Mortgage receives your credit information, starts a “T-less” countdown, and displays your credit options.

You can adjust your credit options using a drop-down menu. You can change the term, the amount owed at closing, your interest rate, or compare mortgages with a fixed and variable interest rate. When you are happy with your loan option, press “Check if I am approved”. Rocket Mortgage checks your qualifications and sends the request to an automated subscription system.

If you get pre-approved from Rocket Mortgage, you can freeze the interest rate on your loan. When you buy a home, Rocket walks you through a similar process and hires you


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