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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Rocket Mortgage's loan



To be eligible to qualify for a mortgage loan, you should meet certain criteria. First, you should be a US citizen or permanent resident. The next main criterion is a relevant credit score. You need at least 620 points to qualify for a conventional purchase loan and 580 to qualify for FHA or VA loan. You will also need a DTI ratio of 50% or less to successfully apply for a mortgage.

Application details

To successfully apply for a mortgage, you may need the following documents:

  • A government-issued identification: passport or ID card;

  • Social Security Card;

  • Credit documentation to check your credit history and score;

  • Proof of income and employment verification;

  • Proof of assets.

You can apply for a mortgage loan in a few minutes. The full verification of documents takes from 24 hours to a few days. Closing or refinancing a home takes 30-40 days. The success of your application depends on the completeness and correctness of your document list.

How to apply for a loan

Here is a simple checklist on the loan application to Rocket Mortgage:

  • Check your documents for pre-approval: personal identification, Social Security Card, pay stubs, bank statements, tax documents, credit report, and source of income confirmations;

  • Sign up at the Rocket Mortgage website via the Apply for home purchase or Apply for Refinance button;

  • Answer the pre-approval questions and give Rocket Mortgage permission to look at your credit report;

  • After the credit verification, you will get mortgage solutions suitable for your specific case. Select the payment plan you like the most;

  • If you are approved, you will get a Pre-Qualified Approval letter.

You can also start a Verified Approval for an in-depth check of your documents or RateShield approval to lock up your rates for 90 days before shopping for a home. Then you will have time to choose a home and submit a home offer with your real estate agent.

When you are ready, provide the lender with your property details and additional personal information. To finalize a mortgage loan, attend a closing meeting and provide your Closing Disclosure, down payment, and your ID.


Is Rocket Mortgage the same as Quicken Loans?

Quicken Loans LLC was rebranded to Rocket Mortgage LLC in 2021. If you choose a home loan option on the Quicken Loans website, it will redirect you to Rocket Mortgage.

Are Rocket Mortgage fees high?

Rocket Mortgage charges origination fees of an average level for U.S. lenders, according to Freddie Mac. However, payment plans for homebuyers with a poor credit score can differ significantly, and the interest rates can be much higher.

How long does Rocket Mortgage take to get approved?

The approval process at Rocket Mortgage takes from 24 hours to a few days.

Calculate mortgage loan payments at Rocket Mortgage

Rocket Mortgage calculator will allow you to calculate an approximate payment schedule for the loan

Rocket Mortgage calculator
Interest rates are given in accordance with the rates of the Rocket Mortgage in Washington, D.C. as of 24.09.2022
Loan amount

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100000 $
10000000 $
Loan term

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What to focus on before applying for a loan with Rocket Mortgage

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Rocket Mortgage and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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