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Lender
Rating by Finanso®
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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.

Rocket Mortgage's pay off

Finanso.Multilogin™

To pay back the approved online personal loan:

  1. Sign in to your account.

  2. Open the Payment Center and set up your payment options.

  3. Link your bank account to your Rocket Mortgage account to use it for repayment.

You can make a one-time payments or set up an autopay. The autopay option allows you to specify a certain day in a month for a monthly payment. You can also choose a biweekly payment to pay back early. There is also an option to manage your payment account via the Automated Phone System. To do so, call 800-646-2133 and follow the instructions.

Early payoff

Rocket Mortgage charges no prepayment penalties. You can customize your payment schedule to pay back your loan early in a Payment Center.

FAQ

How fast can Rocket Mortgage close?

The closing process at Rocket Mortgage usually takes a week. The full process from application to closing can take from 30 to 40 days.

What credit report does Rocket Mortgage use?

Rocket Companies, Inc. subsidiaries, including Rocket Homes Real Estate LLC, Rocket Loans, and Rocket Mortgage, LLC, use data collected by the TransUnion credit reporting agency.

Does Rocket Mortgage service their own loans?

Rocket Mortgage services almost all of their loans except for jumbo loans. That means you can manage your loans via Rocket Mortgage in most cases.

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 01.10.2022
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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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