Rocket Mortgage
- Home equity loan
- N/A
- 680
- 844-490-3156
Rocket Mortgage, headquartered in Detroit, is one of the country’s largest online retail mortgage lenders. Established in 2015 as part of Quicken Loans, Rocket Mortgage quickly became a customer favorite.Â
Over the past decade, Rocket Mortgage has consistently scored top marks in customer satisfaction for mortgage originations in J.D. Power’s customer satisfaction survey. The company offers home equity loans to homeowners across the country except Texas.
Rocket Mortgage home equity loans are ideal for homeowners who need a sizable minimum loan amount and want to receive their funds as a lump sum. Its home equity loans are also a good option for people with high credit scores: The higher your score, the more money you can borrow. If, for example, your score is 680, you can borrow up to 75% of your home’s equity. With a 740 credit score, you can borrow up to 90% of your home’s equity.
Read more: Best Home Equity Loan Lenders
Rocket Mortgage: At a glance
| Products offered | Home equity loan |
| APR range | N/A |
| Loan amounts | $45,000 to $500,000 |
| Credit score requirements | 680 |
| Loan terms | 10, 15, 20, or 30 years |
| Average time for approval | N/A |
As of Aug. 30, 2024
Pros and cons
Pros
- Loans for second homes: Offers home equity loans for vacation homes or investment properties, as long as they’re single-family properties.
- Wide availability: Home equity loans are available to homeowners everywhere except Texas.
- High customer satisfaction: The lender consistently gets high marks for customer satisfaction. It is also known for its convenient online application process.
Cons
- High minimum loan amount: $45,000 is a high minimum loan amount. If your project is small, such as renovating a guest bathroom, taking out such a large loan may not make sense.
- No HELOC option: Offers a fixed-rate home equity loan but not a home equity line of credit. If you don’t need the entire sum right away, you’ll end up paying costly interest on money you don’t need, adding to the total cost of the loan.
- Credit score determines loan amount: You’ll need a credit score of at least 680 to qualify for a home equity loan. If you don’t have excellent credit, you can’t borrow against the equity you’ve built up in your home.
Rocket Mortgage’s home equity loan
Rocket Mortgage offers a standard home equity loan, with homeowners able to borrow between $45,000 and $500,000 (depending on their credit score and equity). You’ll pay the money back at a fixed interest rate over 10, 15, 20 or 30 years. You can use the funds for whatever you choose, but some popular options include home improvement projects and debt consolidation.
In addition to home equity loans, Rocket Mortgage also offers mortgages and refinancing.
Fees
Rocket Mortgage doesn’t disclose the fees it charges to take out a home equity loan. You should expect to pay closing costs, which typically range from 2% to 6% of the loan amount.
How to qualify
To qualify for Rocket Mortgage’s home equity loan, you must have a credit score of at least 680 and enough equity built up in your home to borrow the minimum loan amount of $45,000. Homeowners must also have a debt-to-income ratio no higher than 45% to be approved.Â
The specific amount you’re allowed to borrow will depend on your credit score. For example, Borrowers with a credit score of 760 or higher can borrow as much as 90% of their home’s value.Â
If you’ve had more than one late mortgage payment in the last 12 months, you won’t be considered for approval for a home equity loan. Properties in Texas don’t qualify, either.
Applying for a home equity loan with Rocket Mortgage
You can apply online or over the phone for a home equity loan with Rocket Mortgage. Your approval is subject to a review of your income, assets, credit and property value.Â
A home equity loan is a second mortgage on your house, so be prepared to show proof of sufficient income and employment through documents such as tax returns and pay stubs. You’ll also need copies of current mortgage statements to show that you’ve consistently made on-time payments and aren’t a risk to the lender.
Customer service
Here’s how to reach Rocket Mortgage’s customer service team:
- To speak with a home loan expert: Call 844-490-3165, Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), Saturday from 9 a.m. to 8 p.m. ET (6 a.m. to 5 p.m. PT) and Sunday 9 a.m. to 7 p.m. ET (6 a.m. to 4 p.m. PT).
- Chat online: An online chat function is also available from Monday through Friday, 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), and Saturday and Sunday, 8 a.m. to midnight ET (5 a.m. to 9 p.m. PT).
Rocket Mortgage
- Home equity loan
- N/A
- 680
- 844-490-3156
Rocket Mortgage, headquartered in Detroit, is one of the country’s largest online retail mortgage lenders. Established in 2015 as part of Quicken Loans, Rocket Mortgage quickly became a customer favorite.Â
Over the past decade, Rocket Mortgage has consistently scored top marks in customer satisfaction for mortgage originations in J.D. Power’s customer satisfaction survey. The company offers home equity loans to homeowners across the country except Texas.
Rocket Mortgage home equity loans are ideal for homeowners who need a sizable minimum loan amount and want to receive their funds as a lump sum. Its home equity loans are also a good option for people with high credit scores: The higher your score, the more money you can borrow. If, for example, your score is 680, you can borrow up to 75% of your home’s equity. With a 740 credit score, you can borrow up to 90% of your home’s equity.
Read more: Best Home Equity Loan Lenders
Rocket Mortgage: At a glance
| Products offered | Home equity loan |
| APR range | N/A |
| Loan amounts | $45,000 to $500,000 |
| Credit score requirements | 680 |
| Loan terms | 10, 15, 20, or 30 years |
| Average time for approval | N/A |
As of Aug. 30, 2024
Pros and cons
Pros
- Loans for second homes: Offers home equity loans for vacation homes or investment properties, as long as they’re single-family properties.
- Wide availability: Home equity loans are available to homeowners everywhere except Texas.
- High customer satisfaction: The lender consistently gets high marks for customer satisfaction. It is also known for its convenient online application process.
Cons
- High minimum loan amount: $45,000 is a high minimum loan amount. If your project is small, such as renovating a guest bathroom, taking out such a large loan may not make sense.
- No HELOC option: Offers a fixed-rate home equity loan but not a home equity line of credit. If you don’t need the entire sum right away, you’ll end up paying costly interest on money you don’t need, adding to the total cost of the loan.
- Credit score determines loan amount: You’ll need a credit score of at least 680 to qualify for a home equity loan. If you don’t have excellent credit, you can’t borrow against the equity you’ve built up in your home.
Rocket Mortgage’s home equity loan
Rocket Mortgage offers a standard home equity loan, with homeowners able to borrow between $45,000 and $500,000 (depending on their credit score and equity). You’ll pay the money back at a fixed interest rate over 10, 15, 20 or 30 years. You can use the funds for whatever you choose, but some popular options include home improvement projects and debt consolidation.
In addition to home equity loans, Rocket Mortgage also offers mortgages and refinancing.
Fees
Rocket Mortgage doesn’t disclose the fees it charges to take out a home equity loan. You should expect to pay closing costs, which typically range from 2% to 6% of the loan amount.
How to qualify
To qualify for Rocket Mortgage’s home equity loan, you must have a credit score of at least 680 and enough equity built up in your home to borrow the minimum loan amount of $45,000. Homeowners must also have a debt-to-income ratio no higher than 45% to be approved.Â
The specific amount you’re allowed to borrow will depend on your credit score. For example, Borrowers with a credit score of 760 or higher can borrow as much as 90% of their home’s value.Â
If you’ve had more than one late mortgage payment in the last 12 months, you won’t be considered for approval for a home equity loan. Properties in Texas don’t qualify, either.
Applying for a home equity loan with Rocket Mortgage
You can apply online or over the phone for a home equity loan with Rocket Mortgage. Your approval is subject to a review of your income, assets, credit and property value.Â
A home equity loan is a second mortgage on your house, so be prepared to show proof of sufficient income and employment through documents such as tax returns and pay stubs. You’ll also need copies of current mortgage statements to show that you’ve consistently made on-time payments and aren’t a risk to the lender.
Customer service
Here’s how to reach Rocket Mortgage’s customer service team:
- To speak with a home loan expert: Call 844-490-3165, Monday through Friday 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), Saturday from 9 a.m. to 8 p.m. ET (6 a.m. to 5 p.m. PT) and Sunday 9 a.m. to 7 p.m. ET (6 a.m. to 4 p.m. PT).
- Chat online: An online chat function is also available from Monday through Friday, 7 a.m. to midnight ET (4 a.m. to 9 p.m. PT), and Saturday and Sunday, 8 a.m. to midnight ET (5 a.m. to 9 p.m. PT).
