Check out the rate comparisons for yourself here: Mortgage This is perhaps because it’s solely online and therefore can afford to have lower rates than lenders with many branches. Regardless of the style of loan, Rocket Mortgage seems to fall on the better half of the market when it comes to its interest rates. How Rocket Mortgage Compares to Other Lenders These payment calculations do not include homeowners insurance, property taxes or closing costs. There are lots of variables that go into accurately determining this number, so its reasonable to expect slightly different results. Here's what you're likely to pay over the life of a couple different mortgage options from Rocket Mortgage. It's up to the person taking out a mortgage to determine how much of a down payment they'd like to make. Your home value can be used to determine your down payment, closing costs, loan amount and more. While the interest rate and APR of your Rocket Mortgage are an important part of determining how much you'll owe, the value of your home is also important in determining your monthly payment. What Your Monthly Mortgage Payments Could Be With Rocket Mortgage The company also requires a minimum credit score of 620 for approval, with rates only shown to you once you initiate the application process. Jumbo loans are mortgages that are worth $647,200 or more, though Rocket Mortgage caps what they offer at $3 million. Once the 5-, 7- or 10-year initial payment period of your Rocket Mortgage ARM passes, your rate will follow the LIBOR index. Fixed-rate options come in 30- and 15-year terms, while ARMs are available in 5/1, 7/1 and 10/1 intervals. As a matter of fact, you can even refinance with a YOURgage loan.Īlthough a mortgage opportunity like this might take the headlines, Rocket Mortgage also includes fixed-rate, adjustable-rate, jumbo, FHA, USDA and VA loans in its portfolio. Add this in with the fact that you can choose a term from 8 to 30 years, and you’ve got an extremely customizable loan. These loans will allow you to finance as much as 97% of your home’s value, leaving you with a minimum down payment of just 3%.

The YOURgage SM loan from Rocket Mortgage and Quicken is one of the more distinctive offerings you’ll come across on the mortgage market. If you don’t have much for a down payment, the YOURgage SM 8- to 30-year mortgage affords you the chance to get a loan for up to 97% of your home’s value, leaving you with a minuscule down payment of 3%. While Rocket Mortgage has all the typical loans you’ll normally find across the market, such as jumbo, VA, fixed-rate and adjustable-rate mortgages (ARMs), it does have a unique in-house offer. Possibly because of the online nature of the business, though, its interest rates are very good, even when compared to some of the largest traditional lenders. Quicken Loans, its parent company, is the largest online mortgage lender, affording Rocket Mortgage many more resources than much of its web-based competition. Rocket Mortgage is one of the top mortgage lenders in the U.S., in terms of rates, loan offerings and customer service.

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