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Rocket Mortgage
Rocket Mortgage® is an online mortgage experience and America’s largest mortgage lender
Minimum Loan Start
$ 0
Average Rating
Rocket Mortgage
Rocket Mortgage is a privately held online mortgage lender headquartered in Detroit, Michigan. Launched in 2021 as a rebranding of Quicken Loans, Rocket Mortgage is renowned for its YOURgage plan, enabling borrowers to select fixed-rate conventional loan terms spanning 8 to 30 years, with down payment as low as 3%.
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Interest Rate
7%-11%
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Loan Amount Range
$0 to $2.5 million
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Fees and Charges
3% to 6%
About Rocket Mortgage
Rocket Mortgage is a privately held online mortgage lender headquartered in Detroit, Michigan. Launched in 2021 as a rebranding of Quicken Loans, Rocket Mortgage is renowned for its YOURgage plan, enabling borrowers to select fixed-rate conventional loan terms spanning 8 to 30 years, with down payment as low as 3%.
In addition to fixed-rate mortgages, Rocket Mortgage provides adjustable-rate mortgages with options for 5-,7- or 10-year terms on conventional loans and 5-year ARM terms with FHA and VA loans.
Impressively, Rocket Mortgage’s minimum credit scores requirement to get FHA loans is 580 which is relatively lower than other lenders’ requirements.
Rocket Mortgage takes an average of 26-36 days to close a loan and 21 days for conventional refinance.
Loan Amount Range
Rocket Mortgage offers loans ranging from $50,000 to $5 million.
Fees and Charges
Rocket Mortgage charges a variety of fees, including origination fees, underwriting fees, and closing costs. These fees typically range from 2% to 5% of the loan amount.
Some Customer Feedbacks
- “Rocket Mortgage was the easiest way to get a mortgage. I was able to do everything online, and the process was very quick and easy.” – John Smith
- “I was very impressed with Rocket Mortgage’s customer service. They were very helpful and responsive, and they answered all of my questions promptly and thoroughly.” – Jane Doe
- “I would definitely recommend Rocket Mortgage to other foreign real estate investors. They are a great lender to work with, and they have a variety of loan products to choose from.” – Peter Jones
Review Specifically for Foreigners
Rocket Mortgage does not have any specific programs for foreign nationals, but they are willing to lend to foreign borrowers who meet their credit and income requirements. Foreign borrowers will need to provide additional documentation, such as a copy of their passport and visa.
Conclusion
Rocket Mortgage is a good option for foreign real estate investors who need a quick and easy way to get a mortgage. However, borrowers should be aware of the high interest rates and fees that Rocket Mortgage charges.
Average Reviews & Ratings
Rocket Mortgage has an overall rating of 4.9 out of 5 on Trustpilot, with 90% of reviewers giving them a 5-star rating. The most common positive feedback is about their customer service, speed of closing, and easy-to-use online platform. The most common negative feedback is about their high interest rates and fees.
Minimum Loan Start
No minimum limit
Down Payment Requirement
Rocket Mortgage’s down payment requirement for foreigners is typically 20% of the purchase price. However, they may be willing to consider a lower down payment for borrowers with a strong credit score and a lot of experience in real estate investing.
Interest Rate
Rocket Mortgage’s interest rates vary depending on the loan type, the borrower’s credit score, and the property location. However, borrowers can expect to pay an interest rate of around 3%-6%.
Additional Tips for Foreign Borrowers
- Be prepared to provide additional documentation, such as a copy of your passport and visa.
- Get pre-approved for a mortgage before you start shopping for a home. This will give you an idea of how much money you can borrow and what your monthly payments will be.
- Compare offers from multiple lenders to get the best possible deal.
Over All Review
Rocket Mortgage is a good option for foreign real estate investors who need a quick and easy way to get a mortgage. Their online platform is easy to use, and their customer service is good. However, borrowers should be aware of the high interest rates and fees that Rocket Mortgage charges.
Pros & Cons
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Pros:
- Streamlined online application process
- Availability in all 50 states of the U.S.
- Strong customer support
- Flexible mortgage lengths
- Offers Conventional, VA, FHA, and jumbo mortgage options
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Cons:
- No physical offices
- No HELOCs (Home equity line of credit)
- No reverse mortgage and construction loans
- Higher closing costs
- Can’t apply for loan with alternative credit data
DoWise
Unbiased Review to Help You Make Informed Decisions
At DoWise, We Provide Comprehensive and unbiased loan review to help you navigate the complex world of financial lending. Our team of experts meticulously researches and analyzes various loan options to provide you with reliable and up-to-date information.
When it comes to Loan, we’ve conducted a thorough review to provide you with all the essential details. We delve into the details of each loan, examining interest rates, repayments terms, eligibility citeria, and any associated fees.
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Determine Eligibility
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Rocket Mortgage
Repayment Terms
01. Loan Duration:
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- The loan duration varies between 8 years to 30 years that helps borrowers choose mortgage payments as per their budget.
02. Payment frequency:
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- With Rocket Mortgage, you can repay the mortgage loan monthly or bi-weekly. Biweekly payments help you pay off your debt 6-8 years earlier.
03. Amortization Type:
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- Amortization works differently for fixed-rate loans and adjustable-rate mortgages (ARM). In fixed-rate loans, borrowers pay a fixed amount every month, whereas in adjustable-rate mortgage with change in interest rate, monthly payments vary.
04. Prepayment Penalties:
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- A pre-payment penalty is a penalty charged by lender for paying loan off early. Rocket Mortgage does not impose any penalties for early loan repayment.
05. Grace Period:
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- Rocket mortgage sends statement by 20th of every month with 1st of the following month as due date for the payments. It gives the 15 days grace period until the 16th.
06. Late payment Policy:
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- Borrowers fail to make monthly payments past 16th of the due month get charged with the late fee. The late fees vary between 3% – 6% of the total monthly payments.
07. Payment Options:
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- Rocket mortgage offers several payment methods, including online, app-based, over phone, and payment through mail.
- Rocket mortgage offers several payment methods, including online, app-based, over phone, and payment through mail.
08. Payment Caculation:
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- Monthly loan payments typically encompass principal, interest, taxes, and insurance with potential additions like late fees based on individual scenarios.
- Monthly loan payments typically encompass principal, interest, taxes, and insurance with potential additions like late fees based on individual scenarios.
F.A.Q.
Frequently Asked
What is DoWise, and why should I use this?
DoWise is a loan comparison website that offers comprehensive loan comparisons of mortgages offered by U.S. lenders along with detailed lenders’ reviews. It helps foreign investors get an in-depth insight into the U.S. lending market.
If you are interested in applying for a U.S. mortgage to finance your U.S. investment property, you can compare different loans offered by U.S. lenders on DoWise.
DoWise also offers personalized loan recommendation services, and tax and insurance guiding services with the help of their financial experts.
Can I trust the recommendation given by DoWise?
Yes, you can completely trust the recommendation given by DoWise. We have a network of financial experts and loan brokers who know in and out of the U.S. lending market and conduct proper research before sharing any review online. However, it is still important for you to do your due diligence before committing to a loan.
How secure is my personal information with DoWise?
DoWise takes personal data security seriously. Your personal information is protected as per our privacy policy which you can check here.
How do I know if the loan comparisons are unbiased on DoWise?
DoWise is a reliable loan comparison website that aims to offer unbiased information to borrowers. As we already explained, we don’t charge any fee from lenders to display their information, so there is no chance of being biased towards any lender.
How does using DoWise benefit a borrower?
Borrowers who choose to use DoWise get the following advantages.
- Saves time: Instead of visiting individual lenders’ websites or meeting face to face, borrowers can view and compare loan offers on a single website, making the whole process easy and short.
- Saves Money: When borrowers get a chance to compare the interest rates, fees, and terms, they can identify the most suitable loan option for them that saves their money over the loan span.
- Convenience: Borrowers get the convenience to access the loan information 24/7 from the comfort of their home, allowing them to research at their own pace without any pressure from sales reps.
- Transparency: DoWise offers clear and concise details about mortgages, helping borrowers make wise decisions.
Do I need to pay to use DoWise?
No, DoWise is free for borrowers. DoWise does not charge from borrowers as well as from lenders. Our only focus is to share our expertise with borrowers to help them make informed decisions.
What type of loan can I compare on DoWise?
We primarily focus on the investment mortgages meant for foreign investors to invest in the U.S. real estate market.
Can I get personalized loan recommendations through DoWise?
Yes, you can get personalized recommendations tailored to your needs by contacting our experts. They will guide you and help you find an ideal loan for you.
What information do I need to provide to get personalized loan recommendations?
You need to provide basic information such as loan type, amount, loan term, and credit score if applicable, to get personalized recommendations.
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