Rocket Mortgage® Reviews 2024 | Intuit Credit Karma (2024)

FAQs

What is the downside to Rocket Mortgage? ›

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.

Your Credit Karma score should be the same or close to your FICO score, which is what any prospective lender will probably check. The range of your credit score (such as "good" or "very good") is more important than the precise number, which will vary by source and edge up or down often.

You can get approved with a credit score as low as 580, as long as you meet our other eligibility criteria. Check your credit score through our sister company, Rocket Homes^®. Keep in mind that the score we use might be slightly different from the one you get from your credit card company or other source.

Rocket Mortgage^® requires a minimum credit score of 580 for FHA loans. A mortgage calculator can help you estimate your monthly payments, and you can also see how your down payment amount affects them.

Rocket Mortgage investors are pushing for a federal Michigan court to certify their class action lawsuit, which accuses the mortgage giant of misleading shareholders regarding the company's financial health in 2021. The suit has been pending for almost three years.

Conventional loans.

You'll likely need a credit score over 620 to qualify and will be required to put down between 3% and 20% of the home cost. Down payments under 20% are subject to private mortgage insurance (PMI) premiums.

Minimum credit score needed

You may be approved for a Rocket Mortgage loan with credit scores as low as 580, though the type of loan you apply for could require better credit.

Your credit score has less bearing on your ability to get a mortgage than you might think. The minimum FICO score for a conventional loan is 620. The best rate comes with a score of 740 or higher.

It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.

What credit score is needed to buy a $300K house? The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

Why would someone use Rocket Mortgage? ›

Rocket Mortgage charges fewer servicing fees than most other servicers. Most importantly, there's no charge to make a payment on your mortgage, whether over the phone or online.

Rocket Mortgage offers a much wider variety of loan products than the average local bank does and has much more flexible requirements as a result. Though it can be possible to find a local bank that can work with your particular situation, expect to have to shop around more.

Trustpilot features almost 6,000 reviews, and 91 percent of users award Rocket Loans with a 5-star rating.

Is Rocket Money safe? Rocket Money utilizes the same security technology as banks do including 256-bit encryption. Its partner, Plaid, is trusted by many prominent fintech companies including Venmo. In short, Rocket Money is about as safe as any online financial service can be.