Rocket Mortgage Review - Get a Home Loan in 10 Minutes

(Editor Rating)



Quicken Loans hopes to disrupt the mortgage market with their new Rocket Mortgage. Learn what it is and how you can get a home loan in just 10 minutes in our Rocket Mortgage review. 

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  • Very fast quote
  • Completely online
  • Very easy to use

Editor's note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser.
For years, Quicken Loans has prided itself as being the best online mortgage broker in town. Its simple application process has helped it grow into one of the largest mortgage companies in the business, accounting for 6% of the mortgages in the United States.

That puts them right behind banking giants like Wells Fargo and Chase in the race to control mortgage market share. Not bad for an “online” broker.

Even with all of their success, the Quicken Loans application process has never been a fully online experience. Yes, potential borrowers started the application process online. But as with every other mortgage company, submitted applications were given to a loan officer who then guided the applicant through the process. That’s how it has always worked…until now.

Enter Rocket Mortgage, Quicken Loans answer to the modern demand for fully online transactions. Now, mortgage applicants can close the entire loan application process without ever having to talk to another human being. That’s a pretty impressive undertaking, and it could totally change the way Americans apply for mortgages. In fact, Dan Gilbert – founder of Quicken Loans – recently told TechCrunch that he believes Rocket Mortgage will be a disruptor in the home financing space similar to how the iPhone disrupted the cell phone market. When you take a look at the product, it’s hard not to believe his hype.

How Rocket Mortgage Works

Rocket Mortgage is changing the game for mortgage applications. It automates the verification process, eliminating the need to send all of your banking information to a human being (typically multiple times). As somebody who has applied for several new mortgages and refinanced a handful of others, I can see how this new process could be a gigantic stress reliever and time saver. Honestly, I can’t believe that it’s taken so long for a mortgage broker to go this route.

See also: How to calculate the true value of a mortgage refinance

Instant access to your bank records is impressive. But the most important feature of Rocket Mortgage is its ability to approve new loans at lightning speed, eliminating the waiting period for the borrower. Rocket Mortgage can approve applications in less than 10 minutes! That is incredible, and a huge reason that this process could be extremely successful.

The interface is simple and straightforward, as is the application process itself. Rather than simply throwing hard to understand raw forms on the screen for you to fill out, Rocket Mortgage makes it easy by asking you a series of questions. Your answers to those questions will determine how the rest of the interview goes. Much like a modern tax program, Rocket Mortgage then imports your answers to the proper forms.

The process starts by asking whether you are buying a home or refinancing an existing mortgage. Depending on which button you select, the rest of the process is customized to fit that goal. Borrowing from automated financial tools like Personal Capital and Betterment, Rocket Mortgage will ask you to link your financial accounts to their program. This allows them to check your financial statements online without you having to send them the physical copies of your banking information.


After entering all of the relevant information, you are able to see a complete “real-time” itemization of your fees, interest rates, and projected payment. Through a simple set of sliders, you can adjust the length of your loan or “buy points” to decrease your monthly payments. When you’re happy with what you see, hit the submit button to lock in your rate and send your application off for immediate approval.

Alternative: Get multiple mortgage rate quotes from LendingTree

Rocket Mortgage Pros and Cons


  • Entirely Online — The entire application process can be completed entirely online without ever talking to another human being.
  • Approval in Minutes — Because Rocket Mortgage asks you to connect your financial accounts, you can have your loan approved within a few minutes.
  • Real-time Transparency — After completing the questionnaire, you’ll be able to see how buying points or adjusting the term of the loan can affect your payment schedule through real-time information.
  • Close Within a Week — Your loan through Rocket Mortgage and Quicken Loans can close within a week, provided third-parties don’t slow down the process.


  • For as much as it is an advantage, not having the opportunity to talk to a human loan officer could potentially be a disadvantage as well. Because of the DIY nature of Rocket Mortgage, consumers may lose out by applying for a mortgage that isn’t necessarily the best choice for their situation. Qualified applicants usually have several mortgage options available to them. Since most consumers are not mortgage experts, this is certainly one area where a human loan officer could help steer their client in the right direction.

Will It Work?

At this point, we can only guess how the public will respond to Rocket Mortgage. While the benefits of the plan may be welcomed by some, some do-it-yourselfers are bound to make some costly errors. That’s going to create some very unhappy people, even if the fault is entirely their own.

It is possible that consumers may decide that they want more human interaction. These are huge sums of money we are talking about here. However, if you’ve ever applied for a mortgage, you’ve almost certainly prayed to be left alone by the mortgage company at some point during the process. So, my hunch is that consumers are going to love it.

It is far too early to know whether or not Quicken Loans’ huge gamble on Rocket Mortgage will pay off. Only time will tell if it truly disrupts the mortgage market as it is capable of doing. But, in this age of increasing automation and demand for more customer control, it looks like Rocket Mortgage is a solid bet to come out a winner.

Author Bio

Total Articles: 25
Greg Johnson is a writer and entrepreneur who leveraged his online business to quit his 9-5 job, spend more time with his family, and travel the world. As a money nerd, he focuses most of his writing on topics that relate to budgeting, frugality, and investing. With his wife Holly, Greg co-owns two websites – Club Thrifty and Travel Blue Book. Find him on Pinterest and Twitter @ClubThrifty.
Article comments
dave says:

Close in a week? I’m not sure how given the fact that one can’t even sign their loan documents until 3 days after they’ve acknowledged receipt of a closing disclosure. Most mortgage loans require an appraisal and most of those take a week start to finish. Lastly, I can see where the big banks will start slowing this down by road blocking access to peoples bank statements. This rush to close loans is what escalated into the last big financial crisis. Automation certainly has its place, but this need to rush the loan process seems fraught with more peril than value, in my opinion

Ed says:

I got as far as the salary information part of the process. The site couldn’t automatically find it. And that was the end for me.

Robin Smith says:

Greg–this is a disappointing article. There was no mention of the internal working behind the mortgage. For instance, is credit score a factor and if so, how is it used? I am able to write this article myself with a few hours of research. In the end, I gather that Rocket Mortgage simply placed the process of applying for a mortgage online and is simply an implementation of mobile technology strategy. The mortgage process cannot be said to have changed if only the interface changes. I agree the application process has changed–but what is an improved application process to an outdated product? I rather as a more fitting example of a company changing the mortgage business. Please do in depth research–let us know what companies will accept what parameters. For example, which mortgage company is best for a second home; which mortgage company is best for purchasing distressed property for purpose of rehab. Please stretch your legs–dig in.

Todd says:

they throw out there that this timeline can be met. It sounds like Dave has or does work in the mortgage industry where I have spent that last 27 years. Under the new TRID regulations it does not happen like they want you to believe.

John says:

After uploading tons of documents all I got was a pre-qual, not even a pre-approval for a loan. They seem to have 5 star reviews everywhere. My experience was worst than 1 star. And I have near perfect credit score!

Mike C says:

My experience was the same. 840 credit score and the customer service was ridiculous and condescending. Apparently, all of the excellent reviews are conjured by their marketing firm somehow. Who ever does their marketing deserves a star for the excellent display of smoke and mirrors.

Mike C says:

I really like Rob Berger and DoughRoller but this review is an absolute sham and probably received compensation from Rocket Mortgage/Quicken Loans. If you dig deep enough on the web beyond the paid for reviews you’ll find the 2.3 star that Rocket Mortgage actually gets. They are marketing masters.
I used them for a loan and it was an absolutely horrendous process and you’ll have to take my word that I was a very well qualified buyer with no other debts and an 840 credit score. I kept uploading and uploading documents. And then kept getting asked for the same documentation and verifications over and over again by multiple different people. It seemed that I got a new loan officer every week. Then the final terms came through and it was not even close to what they promised on the initial call.
I finally received the loan and within the first 5 months of the mortgage it was sold 4 different times do I had to go through the laborious task of switching payee accounts and it got sold so frequently that my payments kept getting lost and I was accused of not making payments and literally had to track them down myself. I did not get an 840 credit score by not making payments or making late payments so obviously I am a methodical and conscientious consumer of credit.
Did this Greg Johnson guy that is reviewing Rocket Mortgage actually go through the process and get a loan? Very doubtful. I know that Rob doesn’t own Dough Roller anymore but I am hoping that he reads this.

Stephen F Alfera Sr says:

In my experience, this article seems right on. I have worked with over a dozen mortgage lenders in my life and I have never been as impressed with the professionalism as I am with Rocket Mortgage. I was skeptical at first of an online, long distance lender but that feeling went away almost immediately. My refinance was smooth from first contact to servicing. I would HIGHLY recommend them to anyone looking for a fair rate and a smooth transaction.

Unknown says:

This company is the worst lender I have talked with. Always asking for everything to be sent in multiple times and don’t understand what the complications are of when told fully financed and then all of a sudden no matter what you have records of you are denied. And this is also very upsetting when you loose money that you put out for all requirements to be done because they done verify everything before saying your approved. I will not recommend them to anyone and I would say not to use this company at all.