- Rocket Homes Blog (2024)

FAQs

Is Rocket Mortgage reliable? ›

Rocket Mortgage changed its name from Quicken Loans in the summer of 2021. This company offers a variety of loan options and customizable loan terms. The digital application process is user-friendly, and loan status information is always available. Rocket Mortgage has an excellent reputation for customer service.

The deposit amount varies depending on the purchase price, but a strong EMD is between 2% – 3% of the purchase price of the home. An offer with a strong EMD shows the seller that they are working with a serious and motivated buyer. Another way to show motivation is by shortening the standard contingency timeframes.

Hawaii License # RB-23371. TREC: Information about brokerage services, Consumer protection notice. Rocket Mortgage, LLC and Rocket Homes Real Estate LLC are separate operating subsidiaries of Rocket Companies, Inc.

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.

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.

“The rule I've always followed is to never go more than 25% below the listed price,” he says. “Chances are, after fees, commission, and sentimental value, the sellers are already hurting. If you dip below that point, they may disregard your offer entirely.”

Typically, a lowball offer is considered to be at least 20% below the asking price. If you're offering 10% below, the property should be in a good condition but may just need some cosmetic work done. The goal of offering 10% below the asking price is to use those extra funds to cover the repairs.

Between 10% And 20% Below Asking

Consider this range if the home needs new appliances, fixtures or cosmetic updates, like new carpets or flooring. For example, if you think you'll need to gut a bathroom and estimate it will cost $10,000, bringing in the offer at $10,000 under asking may be a good strategy.

How many offers are normal on a house? ›

Depends on the offer. If you are low-balling and offering below market, it may take 5, 10, 15 offers before someone accepts. The market is also a huge factor, desperate sellers will be more likely to accept. If you are offering what they're asking, it may only take 1 offer to seal the deal!

A kick-out clause allows a seller to accept another offer unless the buyer drops their contingencies. Kick-out clauses are most often employed during a seller's market. Home buyers must determine whether they want to follow through with a contingency-free purchase -- and possibly put themselves at risk.

Rocket Mortgage agrees to $3.5 million settlement in overtime pay case. Rocket Mortgage has agreed to pay up to $3.5 million to settle a class action lawsuit from mortgage bankers claiming that the company failed to properly pay them overtime wages.

Rocket Mortgage allows slightly lower credit scores than many other VA lenders. To get a VA loan with this lender, you'll need a score of at least 580 (many lenders require scores of 620 or higher on these loans). It also accepts debt-to-income ratios up to 60% on VA loans, according to its website.

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.

You only need to have a credit score of 580 in order to qualify for an FHA loan with Rocket Mortgage^®. You may be able to get an FHA loan with a score as low as 500 points if you can bring a down payment of at least 10% to your closing meeting.

Quicken Loans, the company behind Rocket Mortgage, has always been obsessed with finding a better way. That's why Rocket Mortgage was created: to make getting a mortgage easier.

Why should I use Rocket Mortgage? Rocket Mortgage^® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.